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SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Information about Operations in Different Segments

Summarized financial information is shown in the following tables:

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

Revenues (1):

 

 

 

 

 

 

 

 

AEA

 

$

28,131

 

 

$

62,625

 

MEA

 

 

310,052

 

 

 

270,255

 

ASA

 

 

181,248

 

 

 

396,152

 

Total revenues:

 

$

519,431

 

 

$

729,032

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes:

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

AEA

 

$

183

 

 

$

16,099

 

MEA

 

 

64,377

 

 

 

46,039

 

ASA

 

 

29,775

 

 

 

45,656

 

Segment operating income

 

 

94,335

 

 

 

107,794

 

Corporate and Other(2)

 

 

(38,350

)

 

 

(71,801

)

Total operating income

 

 

55,985

 

 

 

35,993

 

Interest expense, net

 

 

(17,706

)

 

 

(11,238

)

Other non-operating income (expense), net

 

 

614

 

 

 

(3,391

)

Income before provision for income taxes

 

$

38,893

 

 

$

21,364

 

 

 

 

 

 

 

 

 

 

Capital expenditures(3):

 

 

 

 

 

 

 

 

AEA

 

$

5,251

 

 

$

2,585

 

MEA

 

 

5,852

 

 

 

2,234

 

ASA

 

 

3,512

 

 

 

27,008

 

Corporate and Other(4)

 

 

48,234

 

 

 

73

 

Total capital expenditures:

 

$

62,849

 

 

$

31,900

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

AEA

 

$

4,013

 

 

$

10,319

 

MEA

 

 

7,903

 

 

 

5,346

 

ASA

 

 

7,575

 

 

 

6,618

 

Corporate and Other

 

 

1,890

 

 

 

2,259

 

Total depreciation and amortization:

 

$

21,381

 

 

$

24,542

 

 

(1)

Intersegment transactions included in revenues were not significant for either of the periods presented.

(2)

Corporate and Other operating results for the first quarter of 2017 and 2016 include a $3 million gain on sale of assets and $32 million impairment charge related to our Agile vessel, respectively.

(3)

Total capital expenditures represent expenditures for which cash payments were made during the period. Capital expenditures for the first quarter of 2017 and 2016 exclude $2 million in accrued liabilities related to capital expenditures outstanding as of beginning of each respective period.

(4)

Corporate and Other capital expenditures in the first quarter of 2017 include the purchase of the Amazon, a pipelay and construction vessel. Following the purchase we sold this vessel to an unrelated third party and simultaneously entered into an 11-year bareboat charter agreement, see Note 8, Sale Leaseback.

 
Information about Segment Assets by Country

 

 

March 31, 2017

 

 

December 31, 2016

 

 

 

(In thousands)

 

Segment assets:

 

 

 

 

 

 

 

 

AEA

 

$

527,583

 

 

$

727,328

 

MEA

 

 

1,383,599

 

 

 

907,936

 

ASA

 

 

713,031

 

 

 

976,470

 

Corporate and Other

 

 

625,950

 

 

 

610,496

 

Total assets

 

$

3,250,163

 

 

$

3,222,230