ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3542736 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
2200 Eller Drive, P.O. Box 13038, | ||
Fort Lauderdale, Florida | 33316 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Part I. | |||
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Part II. | |||
Item 1. | |||
Item 2. | |||
Item 4. | |||
Item 6. |
ITEM 1. | FINANCIAL STATEMENTS |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data, unaudited) | |||||||
June 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 301,026 | $ | 462,188 | |||
Restricted cash | 18,347 | 21,281 | |||||
Marketable securities | 32,821 | 66,898 | |||||
Receivables: | |||||||
Trade, net of allowance for doubtful accounts of $2,852 and $3,652 in 2012 and 2011, respectively | 278,917 | 303,843 | |||||
Other | 66,686 | 51,793 | |||||
Inventories | 72,929 | 69,109 | |||||
Deferred income taxes | 11,123 | 11,123 | |||||
Prepaid expenses and other | 13,968 | 9,323 | |||||
Discontinued operations | 3,551 | 44,989 | |||||
Total current assets | 799,368 | 1,040,547 | |||||
Property and Equipment | 3,304,524 | 3,018,145 | |||||
Accumulated depreciation | (934,092 | ) | (867,914 | ) | |||
Net property and equipment | 2,370,432 | 2,150,231 | |||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 323,874 | 249,753 | |||||
Construction Reserve Funds & Title XI Reserve Funds | 192,420 | 259,974 | |||||
Goodwill | 57,054 | 57,054 | |||||
Intangible Assets, Net | 21,116 | 21,528 | |||||
Other Assets | 81,553 | 102,348 | |||||
Discontinued Operations | — | 46,699 | |||||
$ | 3,845,817 | $ | 3,928,134 | ||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current portion of long-term debt | $ | 24,546 | $ | 41,091 | |||
Current portion of capital lease obligations | 4,719 | 2,368 | |||||
Accounts payable and accrued expenses | 131,130 | 185,156 | |||||
Other current liabilities | 160,198 | 150,864 | |||||
Discontinued operations | (15 | ) | 22,047 | ||||
Total current liabilities | 320,578 | 401,526 | |||||
Long-Term Debt | 940,910 | 995,450 | |||||
Capital Lease Obligations | 117 | 3,068 | |||||
Deferred Income Taxes | 582,780 | 566,920 | |||||
Deferred Gains and Other Liabilities | 132,248 | 143,390 | |||||
Discontinued Operations | — | 9,717 | |||||
Total liabilities | 1,976,633 | 2,120,071 | |||||
Equity: | |||||||
SEACOR Holdings Inc. stockholders’ equity: | |||||||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued nor outstanding | — | — | |||||
Common stock, $.01 par value, 60,000,000 shares authorized; 36,636,706 and 36,444,439 shares issued in 2012 and 2011, respectively | 366 | 364 | |||||
Additional paid-in capital | 1,271,617 | 1,256,209 | |||||
Retained earnings | 1,560,416 | 1,512,679 | |||||
Shares held in treasury of 15,689,148 and 15,511,323 in 2012 and 2011, respectively, at cost | (987,485 | ) | (971,687 | ) | |||
Accumulated other comprehensive loss, net of tax | (5,831 | ) | (7,958 | ) | |||
1,839,083 | 1,789,607 | ||||||
Noncontrolling interests in subsidiaries | 30,101 | 18,456 | |||||
Total equity | 1,869,184 | 1,808,063 | |||||
$ | 3,845,817 | $ | 3,928,134 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Operating Revenues | $ | 494,422 | $ | 509,283 | $ | 992,307 | $ | 947,294 | |||||||
Costs and Expenses: | |||||||||||||||
Operating | 403,210 | 409,365 | 787,322 | 751,108 | |||||||||||
Administrative and general | 45,120 | 39,170 | 91,298 | 80,824 | |||||||||||
Depreciation and amortization | 43,685 | 39,330 | 83,012 | 77,660 | |||||||||||
492,015 | 487,865 | 961,632 | 909,592 | ||||||||||||
Gains on Asset Dispositions and Impairments, Net | 4,419 | 10,301 | 9,961 | 17,556 | |||||||||||
Operating Income | 6,826 | 31,719 | 40,636 | 55,258 | |||||||||||
Other Income (Expense): | |||||||||||||||
Interest income | 7,641 | 3,297 | 10,617 | 7,029 | |||||||||||
Interest expense | (12,413 | ) | (10,465 | ) | (24,437 | ) | (20,505 | ) | |||||||
Debt extinguishment losses, net | — | — | (160 | ) | (48 | ) | |||||||||
Marketable security gains (losses), net | 11,596 | (4,754 | ) | 14,954 | (3,220 | ) | |||||||||
Derivative gains (losses), net | 3,487 | (6,601 | ) | (632 | ) | (9,919 | ) | ||||||||
Foreign currency gains (losses), net | (992 | ) | 1,416 | 1,560 | 6,475 | ||||||||||
Other, net | 443 | (56 | ) | 389 | (234 | ) | |||||||||
9,762 | (17,163 | ) | 2,291 | (20,422 | ) | ||||||||||
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies | 16,588 | 14,556 | 42,927 | 34,836 | |||||||||||
Income Tax Expense | 5,975 | 5,877 | 16,583 | 13,550 | |||||||||||
Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | 10,613 | 8,679 | 26,344 | 21,286 | |||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 1,051 | 872 | 2,293 | 914 | |||||||||||
Income from Continuing Operations | 11,664 | 9,551 | 28,637 | 22,200 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | (365 | ) | (184 | ) | 19,035 | (1,364 | ) | ||||||||
Net Income | 11,299 | 9,367 | 47,672 | 20,836 | |||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 50 | 336 | (65 | ) | 635 | ||||||||||
Net Income attributable to SEACOR Holdings Inc. | $ | 11,249 | $ | 9,031 | $ | 47,737 | $ | 20,201 | |||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||
Continuing operations | $ | 11,614 | $ | 9,215 | $ | 28,702 | $ | 21,565 | |||||||
Discontinued operations | (365 | ) | (184 | ) | 19,035 | (1,364 | ) | ||||||||
$ | 11,249 | $ | 9,031 | $ | 47,737 | $ | 20,201 | ||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.44 | $ | 1.40 | $ | 1.02 | |||||||
Discontinued operations | (0.01 | ) | (0.01 | ) | 0.92 | (0.06 | ) | ||||||||
$ | 0.55 | $ | 0.43 | $ | 2.32 | $ | 0.96 | ||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||
Continuing operations | $ | 0.56 | $ | 0.43 | $ | 1.37 | $ | 1.00 | |||||||
Discontinued operations | (0.02 | ) | (0.01 | ) | 0.92 | (0.06 | ) | ||||||||
$ | 0.54 | $ | 0.42 | $ | 2.29 | $ | 0.94 | ||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic | 20,584,567 | 21,166,037 | 20,552,114 | 21,135,557 | |||||||||||
Diluted | 20,871,380 | 21,517,725 | 20,883,570 | 21,478,759 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net Income | $ | 11,299 | $ | 9,367 | $ | 47,672 | $ | 20,836 | ||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||
Foreign currency translation adjustments | (1,415 | ) | 371 | 1,785 | 1,745 | |||||||||||
Reclassification of net foreign currency translation losses to foreign currency gains (losses), net | — | — | 758 | — | ||||||||||||
Derivative losses on cash flow hedges | (247 | ) | (2,195 | ) | (747 | ) | (2,294 | ) | ||||||||
Reclassification of net derivative losses on cash flow hedges to interest expense or equity in earnings of 50% or less owned companies | 857 | 103 | 1,591 | 851 | ||||||||||||
Other | — | — | 42 | — | ||||||||||||
(805 | ) | (1,721 | ) | 3,429 | 302 | |||||||||||
Income tax (expense) benefit | 249 | 602 | (1,145 | ) | (106 | ) | ||||||||||
(556 | ) | (1,119 | ) | 2,284 | 196 | |||||||||||
Comprehensive Income | 10,743 | 8,248 | 49,956 | 21,032 | ||||||||||||
Comprehensive Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (44 | ) | 336 | 92 | 635 | |||||||||||
Comprehensive Income attributable to SEACOR Holdings Inc. | $ | 10,787 | $ | 7,912 | $ | 49,864 | $ | 20,397 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (in thousands, unaudited) | |||||||||||||||||||||||||||
SEACOR Holdings Inc. Stockholders’ Equity | Non- Controlling Interests In Subsidiaries | Total Equity | |||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Shares Held In Treasury | Accumulated Other Comprehensive Loss | |||||||||||||||||||||||
December 31, 2011 | $ | 364 | $ | 1,256,209 | $ | 1,512,679 | $ | (971,687 | ) | $ | (7,958 | ) | $ | 18,456 | $ | 1,808,063 | |||||||||||
Issuance of common stock: | |||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | — | 1,696 | — | — | 1,696 | ||||||||||||||||||||
Exercise of stock options | 1 | 4,561 | — | — | — | — | 4,562 | ||||||||||||||||||||
Director stock awards | — | 184 | — | — | — | — | 184 | ||||||||||||||||||||
Restricted stock and restricted stock units | 1 | 399 | — | (32 | ) | — | — | 368 | |||||||||||||||||||
Purchase of treasury shares | — | — | — | (17,431 | ) | — | — | (17,431 | ) | ||||||||||||||||||
Amortization of share awards | — | 10,233 | — | — | — | — | 10,233 | ||||||||||||||||||||
Cancellation of restricted stock | — | 31 | — | (31 | ) | — | — | — | |||||||||||||||||||
Acquisition of subsidiary with noncontrolling interests | — | — | — | — | — | 13,268 | 13,268 | ||||||||||||||||||||
Issuance of noncontrolling interests | — | — | — | — | — | 83 | 83 | ||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (1,798 | ) | (1,798 | ) | ||||||||||||||||||
Net income (loss) | — | — | 47,737 | — | — | (65 | ) | 47,672 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 2,127 | 157 | 2,284 | ||||||||||||||||||||
Six months ended June 30, 2012 | $ | 366 | $ | 1,271,617 | $ | 1,560,416 | $ | (987,485 | ) | $ | (5,831 | ) | $ | 30,101 | $ | 1,869,184 |
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, unaudited) | |||||||
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Net Cash Provided by Operating Activities of Continuing Operations | $ | 84,135 | $ | 130,791 | |||
Cash Flows from Investing Activities of Continuing Operations: | |||||||
Purchases of property and equipment | (186,541 | ) | (127,407 | ) | |||
Proceeds from disposition of property and equipment | 11,920 | 25,080 | |||||
Cash settlements on derivative transactions, net | (202 | ) | 4,052 | ||||
Investments in and advances to 50% or less owned companies | (32,731 | ) | (26,503 | ) | |||
Return of investments and advances from 50% or less owned companies | 26,421 | 5,100 | |||||
Net advances on revolving credit line to 50% or less owned companies | (300 | ) | (8,916 | ) | |||
Principal payments (advances) on third party notes receivable, net | 19,536 | (20,323 | ) | ||||
Net decrease (increase) in restricted cash | 2,934 | (325 | ) | ||||
Net decrease in construction reserve funds and Title XI reserve funds | 67,554 | 9,206 | |||||
Net increase in escrow deposits on like-kind exchanges | — | (3,396 | ) | ||||
Repayments on leases, net | 1,793 | 2,777 | |||||
Business acquisitions, net of cash acquired | (148,084 | ) | (28,696 | ) | |||
Net cash used in investing activities of continuing operations | (237,700 | ) | (169,351 | ) | |||
Cash Flows from Financing Activities of Continuing Operations: | |||||||
Payments on long-term debt and capital lease obligations | (96,106 | ) | (7,509 | ) | |||
Net borrowings (repayments) on inventory financing arrangements | (14,798 | ) | 5,793 | ||||
Proceeds from issuance of long-term debt | 38,134 | — | |||||
Common stock acquired for treasury | (17,431 | ) | — | ||||
Proceeds and tax benefits from share award plans | 6,659 | 6,251 | |||||
Purchase of subsidiary shares from noncontrolling interests | — | (1,149 | ) | ||||
Dividends paid to noncontrolling interests, net of cash received | (1,715 | ) | (403 | ) | |||
Net cash provided by (used in) financing activities of continuing operations | (85,257 | ) | 2,983 | ||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 1,478 | 5,635 | |||||
Net Decrease in Cash and Cash Equivalents from Continuing Operations | (237,344 | ) | (29,942 | ) | |||
Cash Flows from Discontinued Operations: | |||||||
Operating Activities | (11,749 | ) | 31,399 | ||||
Investing Activities | 87,904 | (3,982 | ) | ||||
Financing activities | — | — | |||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 27 | 21 | |||||
Net Increase in Cash and Cash Equivalents from Discontinued Operations | 76,182 | 27,438 | |||||
Net Decrease in Cash and Cash Equivalents | (161,162 | ) | (2,504 | ) | |||
Cash and Cash Equivalents, Beginning of Period | 462,188 | 365,329 | |||||
Cash and Cash Equivalents, End of Period | $ | 301,026 | $ | 362,825 |
1. | BASIS OF PRESENTATION AND ACCOUNTING POLICY |
2012 | 2011 | ||||||
Balance at beginning of period | $ | 9,968 | $ | 21,045 | |||
Revenues deferred during the period | 13,550 | 3,978 | |||||
Revenues recognized during the period | (7,697 | ) | (8,334 | ) | |||
Balance at end of period | $ | 15,821 | $ | 16,689 |
2. | FAIR VALUE MEASUREMENTS |
Level 1 | Level 2 | Level 3 | |||||||||
ASSETS | |||||||||||
Marketable securities(1) | $ | 32,759 | $ | 62 | $ | — | |||||
Derivative instruments (included in other receivables) | 1,510 | 5,408 | — | ||||||||
Construction reserve funds and Title XI reserve funds | 192,420 | — | — | ||||||||
LIABILITIES | |||||||||||
Short sale of marketable securities (included in other current liabilities) | 13,507 | 138 | — | ||||||||
Derivative instruments (included in other current liabilities) | 8,029 | 8,064 | — |
(1) | Marketable security gains (losses), net include unrealized gains of $0.2 million and losses of $1.8 million for the three months ended June 30, 2012 and 2011, respectively, related to marketable security positions held by the Company as of June 30, 2012. Marketable security gains (losses), net include unrealized gains of $2.6 million and losses of $4.1 million for the six months ended June 30, 2012 and 2011, respectively, related to marketable security positions held by the Company as of June 30, 2012. |
Estimated Fair Value | |||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | ||||||||||||
ASSETS | |||||||||||||||
Cash, cash equivalents and restricted cash | $ | 319,373 | $ | 319,373 | $ | — | $ | — | |||||||
Investments, at cost, in 50% or less owned companies (included in other assets) | 9,315 | see below | |||||||||||||
Notes receivable from other business ventures (included in other receivables and other assets) | 40,900 | see below | |||||||||||||
LIABILITIES | |||||||||||||||
Long-term debt, including current portion | 965,456 | — | 992,255 | — |
Level 1 | Level 2 | Level 3 | |||||||||
ASSETS | |||||||||||
Investment in Illinois Corn Processing LLC(1) | $ | — | $ | 30,916 | $ | — |
(1) | During the six months ended June 30, 2012, the Company marked its equity investment in its Illinois Corn Processing LLC ("ICP") joint venture to fair value following the acquisition of a controlling interest (see Note 6). The investment's fair value was determined based on a fair value analysis of the assets and liabilities of ICP. |
3. | DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES |
Derivative Asset | Derivative Liability | ||||||
Derivatives designated as hedging instruments: | |||||||
Interest rate swap agreements (cash flow hedges) | $ | — | $ | 4,135 | |||
— | 4,135 | ||||||
Derivatives not designated as hedging instruments: | |||||||
Options on equities and equity indices | 326 | 2,719 | |||||
Forward currency exchange, option and future contracts | 307 | 746 | |||||
Interest rate swap agreements | — | 2,866 | |||||
Commodity swap, option and future contracts: | |||||||
Exchange traded | 1,485 | 5,160 | |||||
Non-exchange traded | 4,800 | 467 | |||||
6,918 | 11,958 | ||||||
$ | 6,918 | $ | 16,093 |
Derivative losses, net | |||||||
2012 | 2011 | ||||||
Forward currency exchange contracts, effective and ineffective portions | $ | — | $ | 6,484 | |||
Decrease in fair value of hedged items included in property and equipment corresponding to effective portion of derivative gains | — | (6,522 | ) | ||||
$ | — | $ | (38 | ) |
Other comprehensive income (loss) | Derivative losses, net | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest rate swap agreements, effective portion | $ | (747 | ) | $ | (2,294 | ) | $ | — | $ | — | |||||
Interest rate swap agreements, ineffective portion | — | — | (19 | ) | (27 | ) | |||||||||
Reclassification of derivative losses to interest expense or equity in earnings of 50% or less owned companies | 1,591 | 851 | — | — | |||||||||||
$ | 844 | $ | (1,443 | ) | $ | (19 | ) | $ | (27 | ) |
Derivative losses, net | |||||||
2012 | 2011 | ||||||
Options on equities and equity indices | $ | (910 | ) | $ | 332 | ||
Forward currency exchange, option and future contracts | 373 | 1,812 | |||||
Interest rate swap agreements | (542 | ) | (1,276 | ) | |||
Commodity swap, option and future contracts: | |||||||
Exchange traded | (1,456 | ) | (3,547 | ) | |||
Non-exchange traded | 1,922 | 250 | |||||
U.S. Treasury notes, rate-locks and bond future and option contracts | — | (7,425 | ) | ||||
$ | (613 | ) | $ | (9,854 | ) |
4. | BUSINESS ACQUISITIONS |
Trade and other receivables | $ | 18,244 | |
Other current assets | 16,657 | ||
Investments, at Equity, and Advances to 50% or Less Owned Companies | (42,358 | ) | |
Property and Equipment | 176,202 | ||
Intangible Assets | 2,438 | ||
Other Assets | (332 | ) | |
Accounts payable | (4,673 | ) | |
Other current liabilities | (3,727 | ) | |
Long-Term Debt | (946 | ) | |
Other Liabilities | (166 | ) | |
Noncontrolling interests in subsidiaries | (13,264 | ) | |
Accumulated other comprehensive loss, net of tax | 9 | ||
Purchase price(1) | $ | 148,084 |
(1) | Purchase price is net of cash acquired of $3.7 million. |
5. | EQUIPMENT ACQUISITIONS, DISPOSITIONS AND DEPRECIATION AND IMPAIRMENT POLICIES |
2012 | 2011 | ||||||
Balance at beginning of period | $ | 119,570 | $ | 131,836 | |||
Deferred gains arising from asset sales | 7,280 | 4,597 | |||||
Amortization of deferred gains included in operating expenses as a reduction to rental expense | (9,526 | ) | (11,194 | ) | |||
Amortization of deferred gains included in gains on asset dispositions and impairments, net | (2,455 | ) | (2,461 | ) | |||
Balance at end of period | $ | 114,869 | $ | 122,778 |
Offshore support vessels | 20 | |
Wind farm utility vessels | 10 | |
Helicopters(1) | 15 | |
Inland river dry cargo and deck barges | 20 | |
Inland river liquid tank barges | 25 | |
Inland river towboats | 25 | |
U.S.-flag tankers | 25 | |
RORO vessels | 20 | |
Harbor and offshore tugs | 25 | |
Ocean liquid tank barges | 25 |
(1) | Effective July 1, 2011, the Company changed its estimated useful life and salvage value for helicopters from 12 to 15 years and 30% to 40%, respectively, due to improvements in new aircraft models that continue to increase their long-term value and make them viable for operation over a longer period of time. For the three months ended June 30, 2012, the change in estimate increased operating income by $4.4 million, net income by $2.9 million, and basic and diluted earnings per share by $0.14. For the six months ended June 30, 2012, the change in estimate increased operating income by $8.4 million, net income by $5.4 million, and basic and diluted earnings per share by $0.26. |
6. | INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES |
7. | COMMITMENTS AND CONTINGENCIES |
8. | MULTI-EMPLOYER PENSION PLANS |
9. | LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS |
10. | STOCK REPURCHASES |
11. | EARNINGS PER COMMON SHARE OF SEACOR |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Basic Weighted Average Common Shares Outstanding | 20,584,567 | 21,166,037 | 20,552,114 | 21,135,557 | |||||||
Effect of Dilutive Share Awards: | |||||||||||
Options and Restricted Stock | 286,813 | 351,688 | 331,456 | 343,202 | |||||||
Diluted Weighted Average Common Shares Outstanding | 20,871,380 | 21,517,725 | 20,883,570 | 21,478,759 |
12. | SHARE BASED COMPENSATION |
Director stock awards granted | 2,000 | |
Employee Stock Purchase Plan (“ESPP”) shares issued | 22,641 | |
Restricted stock awards granted | 116,600 | |
Restricted stock awards canceled | 330 | |
Shares released from Deferred Compensation Plan | — | |
Restricted Stock Unit Activities: | ||
Outstanding as of December 31, 2011 | 1,130 | |
Granted | — | |
Converted to shares and issued to Deferred Compensation Plan | (370 | ) |
Outstanding as of June 30, 2012 | 760 | |
Stock Option Activities: | ||
Outstanding as of December 31, 2011 | 1,272,192 | |
Granted | 98,975 | |
Exercised | (73,297 | ) |
Forfeited | — | |
Expired | (13,625 | ) |
Outstanding as of June 30, 2012 | 1,284,245 | |
Shares available for future grants and ESPP purchases as of June 30, 2012 | 1,310,026 |
13. | SEGMENT INFORMATION |
The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments. | ||||||||||||||||||||||||||
Offshore Marine Services $’000 | Aviation Services $’000 | Inland River Services $’000 | Marine Transportation Services $’000 | Emergency and Crisis Services $’000 | Commodity Trading and Logistics $’000 | Other $’000 | Corporate and Eliminations $’000 | Total $’000 | ||||||||||||||||||
For the three months ended June 30, 2012 | ||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
External customers | 123,359 | 62,983 | 49,750 | 25,704 | 8,456 | 206,745 | 17,425 | — | 494,422 | |||||||||||||||||
Intersegment | (83 | ) | 2 | 3,552 | 88 | (17 | ) | — | 130 | (3,672 | ) | — | ||||||||||||||
123,276 | 62,985 | 53,302 | 25,792 | 8,439 | 206,745 | 17,555 | (3,672 | ) | 494,422 | |||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Operating | 94,084 | 39,002 | 37,463 | 16,722 | 5,808 | 202,126 | 11,562 | (3,557 | ) | 403,210 | ||||||||||||||||
Administrative and general | 13,146 | 7,195 | 3,773 | 2,934 | 4,211 | 3,411 | 2,996 | 7,454 | 45,120 | |||||||||||||||||
Depreciation and amortization | 15,859 | 10,464 | 7,244 | 5,666 | 491 | 1,591 | 1,904 | 466 | 43,685 | |||||||||||||||||
123,089 | 56,661 | 48,480 | 25,322 | 10,510 | 207,128 | 16,462 | 4,363 | 492,015 | ||||||||||||||||||
Gains on Asset Dispositions, Net | 624 | 1,077 | 858 | — | — | — | 1,860 | — | 4,419 | |||||||||||||||||
Operating Income (Loss) | 811 | 7,401 | 5,680 | 470 | (2,071 | ) | (383 | ) | 2,953 | (8,035 | ) | 6,826 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Derivative gains (losses), net | — | (180 | ) | — | — | — | 3,393 | — | 274 | 3,487 | ||||||||||||||||
Foreign currency losses, net | (354 | ) | (12 | ) | (71 | ) | (3 | ) | (20 | ) | (14 | ) | (7 | ) | (511 | ) | (992 | ) | ||||||||
Other, net | 11 | — | — | 49 | — | — | 208 | 175 | 443 | |||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,001 | 756 | 439 | (774 | ) | 147 | — | (518 | ) | — | 1,051 | |||||||||||||||
Segment Profit (Loss) | 1,469 | 7,965 | 6,048 | (258 | ) | (1,944 | ) | 2,996 | 2,636 | |||||||||||||||||
Other Income (Expense) not included in Segment Profit | 6,824 | |||||||||||||||||||||||||
Less Equity Earnings included in Segment Profit | (1,051 | ) | ||||||||||||||||||||||||
Income Before Taxes, Equity Earnings and Discontinued Operations | 16,588 |
Offshore Marine Services $’000 | Aviation Services $’000 | Inland River Services $’000 | Marine Transportation Services $’000 | Emergency and Crisis Services $’000 | Commodity Trading and Logistics $’000 | Other $’000 | Corporate and Eliminations $’000 | Total $’000 | ||||||||||||||||||
For the six months ended June 30, 2012 | ||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
External customers | 244,297 | 124,035 | 99,646 | 51,900 | 18,619 | 416,441 | 37,369 | — | 992,307 | |||||||||||||||||
Intersegment | 65 | 2 | 7,146 | 175 | 35 | — | 130 | (7,553 | ) | — | ||||||||||||||||
244,362 | 124,037 | 106,792 | 52,075 | 18,654 | 416,441 | 37,499 | (7,553 | ) | 992,307 | |||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Operating | 169,424 | 78,678 | 72,646 | 32,480 | 12,681 | 405,359 | 23,376 | (7,322 | ) | 787,322 | ||||||||||||||||
Administrative and general | 25,002 | 16,872 | 7,755 | 5,409 | 7,465 | 6,552 | 5,813 | 16,430 | 91,298 | |||||||||||||||||
Depreciation and amortization | 28,741 | 20,094 | 14,251 | 11,317 | 975 | 2,651 | 4,062 | 921 | 83,012 | |||||||||||||||||
223,167 | 115,644 | 94,652 | 49,206 | 21,121 | 414,562 | 33,251 | 10,029 | 961,632 | ||||||||||||||||||
Gains on Asset Dispositions | 2,469 | 2,842 | 2,785 | — | 5 | — | 1,860 | — | 9,961 | |||||||||||||||||
Operating Income (Loss) | 23,664 | 11,235 | 14,925 | 2,869 | (2,462 | ) | 1,879 | 6,108 | (17,582 | ) | 40,636 | |||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Derivative gains (losses), net | — | (304 | ) | — | — | — | 454 | — | (782 | ) | (632 | ) | ||||||||||||||
Foreign currency gains (losses), net | 769 | 905 | (93 | ) | 6 | (6 | ) | 65 | (23 | ) | (63 | ) | 1,560 | |||||||||||||
Other, net | 11 | 30 | — | 79 | — | — | 208 | 61 | 389 | |||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 2,830 | (5,663 | ) | 689 | (991 | ) | 214 | 6,154 | (940 | ) | — | 2,293 | ||||||||||||||
Segment Profit (Loss) | 27,274 | 6,203 | 15,521 | 1,963 | (2,254 | ) | 8,552 | 5,353 | ||||||||||||||||||
Other Income (Expense) not included in Segment Profit | 974 | |||||||||||||||||||||||||
Less Equity Earnings included in Segment Profit | (2,293 | ) | ||||||||||||||||||||||||
Income Before Taxes, Equity Earnings and Discontinued Operations | 42,927 | |||||||||||||||||||||||||
Capital Expenditures | 64,383 | 87,034 | 13,108 | 4,084 | 420 | — | 14,731 | 2,781 | 186,541 | |||||||||||||||||
As of June 30, 2012 | ||||||||||||||||||||||||||
Property and Equipment | 789,831 | 773,884 | 377,326 | 203,995 | 1,406 | 41,660 | 160,265 | 22,065 | 2,370,432 | |||||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 68,081 | 41,882 | 53,859 | 90,626 | 441 | — | 68,985 | — | 323,874 | |||||||||||||||||
Inventories (1) | 5,738 | 26,496 | 2,038 | — | 752 | 36,617 | 1,288 | — | 72,929 | |||||||||||||||||
Goodwill | 13,367 | 352 | 4,345 | 550 | 37,138 | — | 1,302 | — | 57,054 | |||||||||||||||||
Intangible Assets | 5,029 | — | 8,377 | 1,318 | 5,531 | 502 | 359 | — | 21,116 | |||||||||||||||||
Other current and long-term assets, excluding cash and near cash assets(2) | 148,525 | 79,699 | 49,890 | 3,691 | 16,629 | 62,889 | 52,950 | 37,974 | 452,247 | |||||||||||||||||
Segment Assets | 1,030,571 | 922,313 | 495,835 | 300,180 | 61,897 | 141,668 | 285,149 | |||||||||||||||||||
Cash and near cash assets(2) | 544,614 | |||||||||||||||||||||||||
Discontinued operations | 3,551 | |||||||||||||||||||||||||
Total Assets | 3,845,817 |
(1) | Inventories for Commodity Trading and Logistics includes raw materials of $3.4 million and work in process of $2.4 million resulting from the acquisition of ICP (see Note 4). |
(2) | Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds. |
Offshore Marine Services $’000 | Aviation Services $’000 | Inland River Services $’000 | Marine Transportation Services $’000 | Emergency and Crisis Services $’000 | Commodity Trading and Logistics $’000 | Other $’000 | Corporate and Eliminations $’000 | Total $’000 | ||||||||||||||||||
For the three months ended June 30, 2011 | ||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
External customers | 93,360 | 68,475 | 38,682 | 24,249 | 21,275 | 245,321 | 17,921 | — | 509,283 | |||||||||||||||||
Intersegment | 26 | 18 | 2,760 | 87 | — | — | — | (2,891 | ) | — | ||||||||||||||||
93,386 | 68,493 | 41,442 | 24,336 | 21,275 | 245,321 | 17,921 | (2,891 | ) | 509,283 | |||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Operating | 68,242 | 42,457 | 28,717 | 13,584 | 12,328 | 237,644 | 9,158 | (2,765 | ) | 409,365 | ||||||||||||||||
Administrative and general | 11,078 | 6,229 | 3,166 | 2,146 | 3,555 | 2,202 | 3,210 | 7,584 | 39,170 | |||||||||||||||||
Depreciation and amortization | 12,205 | 12,390 | 5,791 | 5,728 | 498 | 12 | 2,237 | 469 | 39,330 | |||||||||||||||||
91,525 | 61,076 | 37,674 | 21,458 | 16,381 | 239,858 | 14,605 | 5,288 | 487,865 | ||||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | 3,607 | 6,172 | (22 | ) | — | — | — | 544 | — | 10,301 | ||||||||||||||||
Operating Income (Loss) | 5,468 | 13,589 | 3,746 | 2,878 | 4,894 | 5,463 | 3,860 | (8,179 | ) | 31,719 | ||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Derivative gains (losses), net | — | (811 | ) | — | — | — | 828 | — | (6,618 | ) | (6,601 | ) | ||||||||||||||
Foreign currency gains (losses), net | (408 | ) | 338 | — | 6 | (7 | ) | (16 | ) | (24 | ) | 1,527 | 1,416 | |||||||||||||
Other, net | — | — | 3 | 56 | 2 | — | — | (117 | ) | (56 | ) | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 200 | 1,054 | 666 | — | — | (1,051 | ) | 3 | — | 872 | ||||||||||||||||
Segment Profit | 5,260 | 14,170 | 4,415 | 2,940 | 4,889 | 5,224 | 3,839 | |||||||||||||||||||
Other Income (Expense) not included in Segment Profit | (11,922 | ) | ||||||||||||||||||||||||
Less Equity Earnings included in Segment Profit | (872 | ) | ||||||||||||||||||||||||
Income Before Taxes, Equity Earnings and Discontinued Operations | 14,556 |
Offshore Marine Services $’000 | Aviation Services $’000 | Inland River Services $’000 | Marine Transportation Services $’000 | Emergency and Crisis Services $’000 | Commodity Trading and Logistics $’000 | Other $’000 | Corporate and Eliminations $’000 | Total $’000 | ||||||||||||||||||
For the six months ended June 30, 2011 | ||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
External customers | 173,683 | 124,630 | 82,610 | 41,473 | 50,108 | 439,333 | 35,457 | — | 947,294 | |||||||||||||||||
Intersegment | 47 | 18 | 5,301 | 175 | — | — | — | (5,541 | ) | — | ||||||||||||||||
173,730 | 124,648 | 87,911 | 41,648 | 50,108 | 439,333 | 35,457 | (5,541 | ) | 947,294 | |||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Operating | 131,262 | 75,922 | 56,601 | 22,563 | 27,104 | 424,662 | 18,300 | (5,306 | ) | 751,108 | ||||||||||||||||
Administrative and general | 22,848 | 13,249 | 5,863 | 3,563 | 6,366 | 4,862 | 5,830 | 18,243 | 80,824 | |||||||||||||||||
Depreciation and amortization | 24,738 | 24,309 | 11,413 | 10,706 | 1,000 | 25 | 4,526 | 943 | 77,660 | |||||||||||||||||
178,848 | 113,480 | 73,877 | 36,832 | 34,470 | 429,549 | 28,656 | 13,880 | 909,592 | ||||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 7,971 | 8,366 | 675 | — | — | 544 | — | 17,556 | ||||||||||||||||||
Operating Income (Loss) | 2,853 | 19,534 | 14,709 | 4,816 | 15,638 | 9,784 | 7,345 | (19,421 | ) | 55,258 | ||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Derivative losses, net | — | (501 | ) | — | — | — | (3,922 | ) | — | (5,496 | ) | (9,919 | ) | |||||||||||||
Foreign currency gains (losses), net | 317 | 691 | — | 22 | (58 | ) | (21 | ) | (23 | ) | 5,547 | 6,475 | ||||||||||||||
Other, net | — | — | 4 | 56 | 2 | — | (1 | ) | (295 | ) | (234 | ) | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 935 | 955 | 410 | — | (1,000 | ) | (386 | ) | — | 914 | ||||||||||||||||
Segment Profit (Loss) | 4,105 | 20,679 | 15,123 | 4,894 | 15,582 | 4,841 | 6,935 | |||||||||||||||||||
Other Income (Expense) not included in Segment Profit | (16,744 | ) | ||||||||||||||||||||||||
Less Equity Earnings included in Segment Profit | (914 | ) | ||||||||||||||||||||||||
Income Before Taxes, Equity Earnings and Discontinued Operations | 34,836 | |||||||||||||||||||||||||
Capital Expenditures | 33,025 | 50,233 | 33,137 | 8,315 | 25 | — | 1,498 | 1,174 | 127,407 | |||||||||||||||||
As of June 30, 2011 | ||||||||||||||||||||||||||
Property and Equipment | 620,146 | 629,619 | 338,289 | 249,818 | 855 | 131 | 148,929 | 19,338 | 2,007,125 | |||||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 57,697 | 35,341 | 42,378 | — | — | 12,929 | 59,676 | — | 208,021 | |||||||||||||||||
Inventories | 4,164 | 24,788 | 2,511 | 365 | 404 | 49,255 | 1,633 | — | 83,120 | |||||||||||||||||
Goodwill | 13,367 | 352 | 1,743 | 606 | 37,084 | — | 1,302 | — | 54,454 | |||||||||||||||||
Intangible Assets | 6,992 | — | 908 | 1,732 | 7,290 | — | 474 | — | 17,396 | |||||||||||||||||
Other current and long-term assets, excluding cash and near cash assets(1) | 130,342 | 63,643 | 41,543 | 5,308 | 32,894 | 76,119 | 61,548 | 26,942 | 438,339 | |||||||||||||||||
Segment Assets | 832,708 | 753,743 | 427,372 | 257,829 | 78,527 | 138,434 | 273,562 | |||||||||||||||||||
Cash and near cash assets(1) | 796,088 | |||||||||||||||||||||||||
Discontinued operations | 101,219 | |||||||||||||||||||||||||
Total Assets | 3,705,762 |
(1) | Cash and near cash assets includes cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Offshore Marine Services | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||||
Operating Revenues: | |||||||||||||||||||||
United States, primarily U.S. Gulf of Mexico | 53,839 | 44 | 32,842 | 35 | 101,156 | 42 | 52,003 | 30 | |||||||||||||
Africa, primarily West Africa | 16,186 | 13 | 13,254 | 14 | 33,273 | 14 | 32,721 | 19 | |||||||||||||
Middle East | 13,051 | 11 | 10,670 | 11 | 25,070 | 10 | 22,428 | 13 | |||||||||||||
Brazil, Mexico, Central and South America | 11,533 | 9 | 14,336 | 16 | 29,820 | 12 | 26,245 | 15 | |||||||||||||
Europe, primarily North Sea | 25,613 | 21 | 18,784 | 20 | 49,674 | 20 | 35,530 | 20 | |||||||||||||
Asia | 3,054 | 2 | 3,500 | 4 | 5,369 | 2 | 4,803 | 3 | |||||||||||||
123,276 | 100 | 93,386 | 100 | 244,362 | 100 | 173,730 | 100 | ||||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | |||||||||||||||||||||
Personnel | 47,684 | 39 | 34,216 | 37 | 83,668 | 34 | 66,668 | 38 | |||||||||||||
Repairs and maintenance | 12,319 | 10 | 10,180 | 11 | 23,135 | 10 | 18,685 | 11 | |||||||||||||
Drydocking | 10,810 | 9 | 5,305 | 6 | 16,138 | 7 | 9,968 | 6 | |||||||||||||
Insurance and loss reserves | 4,559 | 4 | 3,467 | 4 | 8,197 | 3 | 6,233 | 4 | |||||||||||||
Fuel, lubes and supplies | 8,904 | 7 | 5,964 | 6 | 15,770 | 6 | 11,375 | 7 | |||||||||||||
Leased-in equipment | 5,145 | 4 | 3,701 | 4 | 10,883 | 4 | 7,158 | 4 | |||||||||||||
Brokered vessel activity | 247 | — | 273 | — | 532 | — | 2,743 | 1 | |||||||||||||
Other | 4,416 | 3 | 5,136 | 5 | 11,101 | 5 | 8,432 | 5 | |||||||||||||
94,084 | 76 | 68,242 | 73 | 169,424 | 69 | 131,262 | 76 | ||||||||||||||
Administrative and general | 13,146 | 11 | 11,078 | 12 | 25,002 | 10 | 22,848 | 13 | |||||||||||||
Depreciation and amortization | 15,859 | 13 | 12,205 | 13 | 28,741 | 12 | 24,738 | 14 | |||||||||||||
123,089 | 100 | 91,525 | 98 | 223,167 | 91 | 178,848 | 103 | ||||||||||||||
Gains on Asset Dispositions | 624 | — | 3,607 | 4 | 2,469 | 1 | 7,971 | 4 | |||||||||||||
Operating Income | 811 | — | 5,468 | 6 | 23,664 | 10 | 2,853 | 1 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | (354 | ) | — | (408 | ) | — | 769 | — | 317 | — | |||||||||||
Other, net | 11 | — | — | — | 11 | — | — | — | |||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 1,001 | 1 | 200 | — | 2,830 | 1 | 935 | 1 | |||||||||||||
Segment Profit | 1,469 | 1 | 5,260 | 6 | 27,274 | 11 | 4,105 | 2 |
Operating Revenues by Type. The table below sets forth, for the periods indicated, the amount of operating revenues earned by type. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||
Operating Revenues: | |||||||||||||||||||
Time charter: | |||||||||||||||||||
United States, primarily U.S. Gulf of Mexico | 50,470 | 40 | 30,153 | 32 | 95,123 | 39 | 47,532 | 27 | |||||||||||
Africa, primarily West Africa | 15,576 | 13 | 12,182 | 13 | 32,169 | 13 | 28,496 | 17 | |||||||||||
Middle East | 11,016 | 9 | 8,808 | 10 | 21,357 | 9 | 18,237 | 11 | |||||||||||
Brazil, Mexico, Central and South America | 9,682 | 8 | 12,782 | 14 | 25,631 | 11 | 23,269 | 13 | |||||||||||
Europe, primarily North Sea | 25,718 | 21 | 18,735 | 20 | 49,280 | 20 | 35,431 | 20 | |||||||||||
Asia | 2,920 | 2 | 3,546 | 4 | 5,291 | 2 | 4,866 | 3 | |||||||||||
Total time charter | 115,382 | 93 | 86,206 | 93 | 228,851 | 94 | 157,831 | 91 | |||||||||||
Bareboat charter | 701 | 1 | 209 | — | 1,406 | 1 | 416 | — | |||||||||||
Brokered vessel activity | 174 | — | 301 | — | 488 | — | 3,669 | 2 | |||||||||||
Other marine services | 7,019 | 6 | 6,670 | 7 | 13,617 | 5 | 11,814 | 7 | |||||||||||
123,276 | 100 | 93,386 | 100 | 244,362 | 100 | 173,730 | 100 |
Time Charter Operating Data. The table below sets forth the average rates per day worked, utilization and available days data for each group of Offshore Marine Services’ vessels operating under time charters for the periods indicated. The rate per day worked is the ratio of total time charter revenues to the aggregate number of days worked. Utilization is the ratio of aggregate number of days worked to total calendar days available for work. Available days represents the total calendar days during which owned and chartered-in vessels are operated by the Company. | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Rates Per Day Worked: | |||||||||||||||
Anchor handling towing supply | $ | 24,541 | $ | 32,179 | $ | 28,051 | $ | 31,215 | |||||||
Crew | 7,134 | 6,334 | 7,462 | 6,477 | |||||||||||
Mini-supply | 7,424 | 7,494 | 7,417 | 7,578 | |||||||||||
Standby safety | 9,679 | 9,180 | 9,453 | 9,031 | |||||||||||
Supply | 14,354 | 13,561 | 15,593 | 13,406 | |||||||||||
Towing supply | 9,269 | 8,484 | 9,285 | 9,804 | |||||||||||
Specialty | 14,557 | 9,351 | 13,637 | 8,077 | |||||||||||
Liftboats | 17,454 | — | 17,454 | — | |||||||||||
Overall Average Rates Per Day Worked (excluding wind farm utility and liftboats) | 11,272 | 11,142 | 12,246 | 10,655 | |||||||||||
Liftboats | 17,454 | — | 17,454 | — | |||||||||||
Wind farm utility | 2,802 | — | 2,627 | — | |||||||||||
Overall Average Rates Per Day Worked | 10,019 | 11,142 | 10,409 | 10,655 | |||||||||||
Utilization: | |||||||||||||||
Anchor handling towing supply | 63 | % | 53 | % | 70 | % | 44 | % | |||||||
Crew | 84 | % | 70 | % | 81 | % | 68 | % | |||||||
Mini-supply | 98 | % | 77 | % | 98 | % | 69 | % | |||||||
Standby safety | 87 | % | 89 | % | 87 | % | 86 | % | |||||||
Supply | 75 | % | 74 | % | 80 | % | 69 | % | |||||||
Towing supply | 51 | % | 33 | % | 49 | % | 51 | % | |||||||
Specialty | 45 | % | 63 | % | 54 | % | 68 | % | |||||||
Overall Fleet Utilization (excluding wind farm utility and liftboats) | 79 | % | 71 | % | 80 | % | 68 | % | |||||||
Liftboats | 70 | % | — | % | 70 | % | — | % | |||||||
Wind farm utility | 93 | % | — | % | 90 | % | — | % | |||||||
Overall Fleet Utilization | 80 | % | 71 | % | 81 | % | 68 | % | |||||||
Available Days: | |||||||||||||||
Anchor handling towing supply | 1,547 | 1,547 | 3,094 | 3,077 | |||||||||||
Crew | 3,276 | 3,933 | 6,639 | 7,803 | |||||||||||
Mini-supply | 637 | 728 | 1,274 | 1,507 | |||||||||||
Standby safety | 2,195 | 2,291 | 4,470 | 4,541 | |||||||||||
Supply | 1,649 | 1,591 | 3,354 | 3,139 | |||||||||||
Towing supply | 360 | 494 | 724 | 1,034 | |||||||||||
Specialty | 273 | 353 | 546 | 713 | |||||||||||
Overall Fleet Available Days (excluding wind farm utility and liftboats) | 9,937 | 10,937 | 20,101 | 21,814 | |||||||||||
Liftboats | 1,656 | — | 1,656 | — | |||||||||||
Wind farm utility | 2,730 | — | 5,377 | — | |||||||||||
Overall Fleet Available Days | 14,323 | 10,937 | 27,134 | 21,814 |
Owned | Joint Ventured | Leased-in | Pooled or Managed | Total | ||||||||||
2012 | ||||||||||||||
Anchor handling towing supply | 14 | 2 | 3 | — | 19 | |||||||||
Crew | 31 | 7 | 7 | 3 | 48 | |||||||||
Mini-supply | 5 | 2 | 2 | — | 9 | |||||||||
Standby safety | 24 | 1 | — | — | 25 | |||||||||
Supply | 9 | 2 | 9 | 8 | 28 | |||||||||
Towing supply | 2 | 1 | — | — | 3 | |||||||||
Liftboats(1) | 18 | 2 | — | — | 20 | |||||||||
Specialty | 3 | 3 | — | 3 | 9 | |||||||||
Wind farm utility | 29 | — | 1 | — | 30 | |||||||||
135 | 20 | 22 | 14 | 191 | ||||||||||
2011 | ||||||||||||||
Anchor handling towing supply | 15 | 2 | 2 | — | 19 | |||||||||
Crew | 39 | 3 | 7 | 3 | 52 | |||||||||
Mini-supply | 6 | — | 2 | — | 8 | |||||||||
Standby safety | 25 | 1 | — | — | 26 | |||||||||
Supply | 10 | — | 9 | 9 | 28 | |||||||||
Towing supply | 3 | 1 | 2 | — | 6 | |||||||||
Liftboats | — | 2 | — | — | 2 | |||||||||
Specialty | 3 | 5 | — | 3 | 11 | |||||||||
Wind farm utility | — | — | — | — | — | |||||||||
101 | 14 | 22 | 15 | 152 |
(1) | On March 30, 2012, Offshore Marine Services acquired 18 liftboats, real property and working capital from Superior Energy Inc. for $142.5 million. |
Aviation Services | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
United States | 53,606 | 85 | 48,632 | 71 | 99,836 | 80 | 87,865 | 70 | |||||||||||||||
Foreign | 9,379 | 15 | 19,861 | 29 | 24,201 | 20 | 36,783 | 30 | |||||||||||||||
62,985 | 100 | 68,493 | 100 | 124,037 | 100 | 124,648 | 100 | ||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Personnel | 16,724 | 27 | 15,390 | 22 | 32,423 | 26 | 30,017 | 24 | |||||||||||||||
Repairs and maintenance | 8,456 | 13 | 12,810 | 19 | 18,754 | 15 | 22,541 | 18 | |||||||||||||||
Insurance and loss reserves | 2,413 | 4 | 2,536 | 4 | 5,159 | 4 | 4,144 | 3 | |||||||||||||||
Fuel | 5,382 | 9 | 5,534 | 8 | 10,001 | 8 | 9,717 | 8 | |||||||||||||||
Leased-in equipment | 296 | — | 476 | 1 | 741 | 1 | 965 | 1 | |||||||||||||||
Other | 5,731 | 9 | 5,711 | 8 | 11,600 | 9 | 8,538 | 7 | |||||||||||||||
39,002 | 62 | 42,457 | 62 | 78,678 | 63 | 75,922 | 61 | ||||||||||||||||
Administrative and general | 7,195 | 11 | 6,229 | 9 | 16,872 | 14 | 13,249 | 11 | |||||||||||||||
Depreciation and amortization | 10,464 | 17 | 12,390 | 18 | 20,094 | 16 | 24,309 | 19 | |||||||||||||||
56,661 | 90 | 61,076 | 89 | 115,644 | 93 | 113,480 | 91 | ||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 1,077 | 2 | 6,172 | 9 | 2,842 | 2 | 8,366 | 7 | |||||||||||||||
Operating Income | 7,401 | 12 | 13,589 | 20 | 11,235 | 9 | 19,534 | 16 | |||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Derivative losses, net | (180 | ) | — | (811 | ) | (1 | ) | (304 | ) | — | (501 | ) | — | ||||||||||
Foreign currency gains (losses), net | (12 | ) | — | 338 | — | 905 | 1 | 691 | — | ||||||||||||||
Other, net | — | — | — | — | 30 | — | — | — | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 756 | 1 | 1,054 | 2 | (5,663 | ) | (5 | ) | 955 | 1 | |||||||||||||
Segment Profit | 7,965 | 13 | 14,170 | 21 | 6,203 | 5 | 20,679 | 17 |
Operating Revenues by Service Line. The table below sets forth, for the periods indicated, the amount of operating revenues earned by service line. | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
U.S. Gulf of Mexico, primarily from oil and gas services | 37,816 | 60 | 31,063 | 45 | 72,014 | 58 | 57,223 | 46 | |||||||||||||||
Alaska, primarily from oil and gas services | 6,056 | 9 | 6,314 | 9 | 9,382 | 7 | 11,418 | 9 | |||||||||||||||
Contract-leasing | 9,379 | 15 | 19,861 | 29 | 24,376 | 20 | 36,784 | 30 | |||||||||||||||
Air Medical Services | 4,831 | 8 | 5,638 | 8 | 11,167 | 9 | 11,494 | 9 | |||||||||||||||
Flightseeing | 2,617 | 4 | 2,744 | 4 | 2,619 | 2 | 2,747 | 2 | |||||||||||||||
FBO | 2,413 | 4 | 2,987 | 5 | 4,704 | 4 | 5,201 | 4 | |||||||||||||||
Intersegment Eliminations | (127 | ) | — | (114 | ) | — | (225 | ) | — | (219 | ) | — | |||||||||||
62,985 | 100 | 68,493 | 100 | 124,037 | 100 | 124,648 | 100 |
Owned(1) | Joint Ventured | Leased-in(2) | Managed | Total | ||||||||||
2012 | ||||||||||||||
Light helicopters – single engine | 52 | 7 | — | — | 59 | |||||||||
Light helicopters – twin engine | 28 | — | 6 | 10 | 44 | |||||||||
Medium helicopters | 63 | 1 | 1 | 3 | 68 | |||||||||
Heavy helicopters | 9 | — | — | — | 9 | |||||||||
152 | 8 | 7 | 13 | 180 | ||||||||||
2011 | ||||||||||||||
Light helicopters – single engine | 52 | 6 | 3 | — | 61 | |||||||||
Light helicopters – twin engine | 29 | — | 6 | 9 | 44 | |||||||||
Medium helicopters | 60 | — | 2 | 3 | 65 | |||||||||
Heavy helicopters | 7 | — | — | — | 7 | |||||||||
148 | 6 | 11 | 12 | 177 |
(1) | Excludes one EC120 helicopter removed from service and sold in July 2011. |
(2) | Excludes three EC120 helicopters removed from service and sold in July 2011. |
Inland River Services | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||||
United States | 53,002 | 99 | 41,442 | 100 | 106,378 | 100 | 87,911 | 100 | ||||||||||||||
Foreign | 300 | 1 | — | — | 414 | — | — | — | ||||||||||||||
53,302 | 100 | 41,442 | 100 | 106,792 | 100 | 87,911 | 100 | |||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||
Operating | ||||||||||||||||||||||
Barge logistics | 23,540 | 44 | 19,824 | 48 | 43,277 | 41 | 37,578 | 43 | ||||||||||||||
Personnel | 5,557 | 10 | 3,291 | 8 | 10,935 | 10 | 6,681 | 8 | ||||||||||||||
Repairs and maintenance | 472 | 1 | 1,108 | 2 | 2,664 | 2 | 2,136 | 2 | ||||||||||||||
Insurance and loss reserves | 854 | 2 | 487 | 1 | 1,559 | 1 | 1,145 | 1 | ||||||||||||||
Fuel, lubes and supplies | 2,079 | 4 | 742 | 2 | 3,222 | 3 | 1,650 | 2 | ||||||||||||||
Leased-in equipment | 2,790 | 5 | 1,725 | 4 | 6,152 | 6 | 4,513 | 5 | ||||||||||||||
Other | 2,171 | 4 | 1,540 | 4 | 4,837 | 5 | 2,898 | 3 | ||||||||||||||
37,463 | 70 | 28,717 | 69 | 72,646 | 68 | 56,601 | 64 | |||||||||||||||
Administrative and general | 3,773 | 7 | 3,166 | 8 | 7,755 | 7 | 5,863 | 7 | ||||||||||||||
Depreciation and amortization | 7,244 | 14 | 5,791 | 14 | 14,251 | 14 | 11,413 | 13 | ||||||||||||||
48,480 | 91 | 37,674 | 91 | 94,652 | 89 | 73,877 | 84 | |||||||||||||||
Gains (Losses) on Asset Dispositions | 858 | 2 | (22 | ) | — | 2,785 | 3 | 675 | 1 | |||||||||||||
Operating Income | 5,680 | 11 | 3,746 | 9 | 14,925 | 14 | 14,709 | 17 | ||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||
Foreign currency losses, net | (71 | ) | — | — | — | (93 | ) | — | — | — | ||||||||||||
Other, net | — | — | 3 | — | — | — | 4 | — | ||||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 439 | — | 666 | 2 | 689 | 1 | 410 | — | ||||||||||||||
Segment Profit | 6,048 | 11 | 4,415 | 11 | 15,521 | 15 | 15,123 | 17 |
Operating Revenues by Service Line. The table below sets forth, for the periods indicated, operating revenues earned by service line. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||
Operating Revenues: | |||||||||||||||||||
Dry cargo barge pool participation | 24,708 | 46 | 23,373 | 56 | 49,316 | 46 | 51,338 | 58 | |||||||||||
Liquid unit tow operations | 7,119 | 13 | 6,321 | 15 | 13,975 | 13 | 12,998 | 15 | |||||||||||
Charter-out of dry cargo barges | 1,897 | 4 | 2,249 | 6 | 4,099 | 4 | 4,282 | 5 | |||||||||||
10,000 barrel liquid tank barge operations | 5,226 | 10 | 3,692 | 9 | 10,341 | 10 | 7,364 | 8 | |||||||||||
Inland river towboat operations and other activities | 14,352 | 27 | 5,807 | 14 | 29,061 | 27 | 11,929 | 14 | |||||||||||
53,302 | 100 | 41,442 | 100 | 106,792 | 100 | 87,911 | 100 |
Dry Cargo Barge Pool Operating Data. The following table presents, for the periods indicated, Inland River Services’ interest in tons moved and its available barge days in the dry cargo barge pools. Available barge days represents the total calendar days during which the Company’s owned and chartered-in barges were in the pool. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Tons | % | Tons | % | Tons | % | Tons | % | ||||||||||||
Tons Moved (in thousands): | |||||||||||||||||||
Grain | 805 | 56 | 880 | 71 | 1,769 | 63 | 1,843 | 69 | |||||||||||
Non-Grain | 644 | 44 | 365 | 29 | 1,030 | 37 | 827 | 31 | |||||||||||
1,449 | 100 | 1,245 | 100 | 2,799 | 100 | 2,670 | 100 | ||||||||||||
Days | Days | Days | Days | ||||||||||||||||
Available barge days | 51,643 | 49,686 | 102,294 | 97,040 |
Owned | Joint Ventured | Leased-in | Pooled or Managed | Total | ||||||||||
2012 | ||||||||||||||
Inland river dry cargo barges | 692 | 172 | 2 | 587 | 1,453 | |||||||||
Inland river liquid tank barges | 71 | — | — | 7 | 78 | |||||||||
Inland river deck barges | 20 | — | — | — | 20 | |||||||||
Inland river towboats: | ||||||||||||||
4,000 hp - 6,250 hp | 3 | 6 | — | — | 9 | |||||||||
3,300 hp - 3,900 hp | 1 | 7 | — | — | 8 | |||||||||
Less than 3,200 hp | 12 | 2 | — | — | 14 | |||||||||
Dry cargo vessel(1) | — | 1 | — | — | 1 | |||||||||
799 | 188 | 2 | 594 | 1,583 | ||||||||||
2011 | ||||||||||||||
Inland river dry cargo barges | 689 | 172 | 2 | 629 | 1,492 | |||||||||
Inland river liquid tank barges | 70 | — | — | 10 | 80 | |||||||||
Inland river deck barges | 26 | — | — | — | 26 | |||||||||
Inland river towboats: | ||||||||||||||
4,000 hp - 6,250 hp | 3 | 6 | — | — | 9 | |||||||||
3,300 hp - 3,900 hp | 1 | 7 | — | — | 8 | |||||||||
Less than 3,200 hp | 12 | 2 | — | — | 14 | |||||||||
Dry cargo vessel(1) | — | 1 | — | — | 1 | |||||||||
801 | 188 | 2 | 639 | 1,630 |
(1) | Argentine-flag. |
Marine Transportation Services | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||||
Operating Revenues: | |||||||||||||||||||||
United States | 17,481 | 68 | 17,465 | 72 | 35,309 | 68 | 34,777 | 84 | |||||||||||||
Foreign | 8,311 | 32 | 6,871 | 28 | 16,766 | 32 | 6,871 | 16 | |||||||||||||
25,792 | 100 | 24,336 | 100 | 52,075 | 100 | 41,648 | 100 | ||||||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | |||||||||||||||||||||
Personnel | 4,145 | 16 | 4,175 | 17 | 8,395 | 16 | 8,056 | 19 | |||||||||||||
Repairs and maintenance | 2,566 | 10 | 1,078 | 4 | 3,848 | 7 | 1,621 | 4 | |||||||||||||
Drydocking | — | — | 59 | — | 300 | 1 | 459 | 1 | |||||||||||||
Insurance and loss reserves | 151 | 1 | 66 | — | 755 | 1 | 556 | 1 | |||||||||||||
Fuel, lubes and supplies | 2,358 | 9 | 2,114 | 9 | 4,606 | 9 | 2,503 | 6 | |||||||||||||
Leased-in equipment | 3,230 | 12 | 3,766 | 16 | 6,347 | 12 | 6,666 | 16 | |||||||||||||
Other | 4,272 | 17 | 2,326 | 10 | 8,229 | 16 | 2,702 | 6 | |||||||||||||
16,722 | 65 | 13,584 | 56 | 32,480 | 62 | 22,563 | 53 | ||||||||||||||
Administrative and general | 2,934 | 11 | 2,146 | 9 | 5,409 | 10 | 3,563 | 9 | |||||||||||||
Depreciation and amortization | 5,666 | 22 | 5,728 | 23 | 11,317 | 22 | 10,706 | 26 | |||||||||||||
25,322 | 98 | 21,458 | 88 | 49,206 | 94 | 36,832 | 88 | ||||||||||||||
Operating Income | 470 | 2 | 2,878 | 12 | 2,869 | 6 | 4,816 | 12 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | (3 | ) | — | 6 | — | 6 | — | 22 | — | ||||||||||||
Other, net | 49 | — | 56 | — | 79 | — | 56 | — | |||||||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (774 | ) | (3 | ) | — | — | (991 | ) | (2 | ) | — | — | |||||||||
Segment Profit (Loss) | (258 | ) | (1 | ) | 2,940 | 12 | 1,963 | 4 | 4,894 | 12 |
Operating Revenues by Charter Arrangement. The table below sets forth, for the periods indicated, the amount of operating revenues earned from charter arrangements. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||
Operating Revenues: | |||||||||||||||||||
Time charter | 8,547 | 33 | 8,641 | 35 | 17,625 | 34 | 17,176 | 41 | |||||||||||
Bareboat charter | 8,736 | 34 | 8,736 | 36 | 17,472 | 33 | 17,376 | 42 | |||||||||||
Technical management services | 195 | 1 | 138 | 1 | 378 | 1 | 275 | 1 | |||||||||||
G&G Shipping | 8,314 | 32 | 6,821 | 28 | 16,600 | 32 | 6,821 | 16 | |||||||||||
25,792 | 100 | 24,336 | 100 | 52,075 | 100 | 41,648 | 100 |
Owned | Joint Ventured | Leased-in | Total | ||||||||
2012 | |||||||||||
U.S.-flag product tankers(1) | 5 | — | 2 | 7 | |||||||
Foreign flag RORO vessels | 8 | — | — | 8 | |||||||
U.S.-flag deck barges | — | 5 | — | 5 | |||||||
U.S.-flag RORO barges | — | 2 | — | 2 | |||||||
U.S.-flag articulated tug-barge | — | 1 | — | 1 | |||||||
13 | 8 | 2 | 23 | ||||||||
2011 | |||||||||||
U.S.-flag product tankers | 5 | — | 2 | 7 | |||||||
Foreign flag RORO vessels | 8 | — | — | 8 | |||||||
U.S.-flag deck barges | — | — | — | — | |||||||
U.S.-flag RORO barges | — | — | — | — | |||||||
U.S.-flag articulated tug-barge | — | — | — | — | |||||||
13 | — | 2 | 15 |
Emergency and Crisis Services | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
United States | 6,986 | 83 | 19,367 | 91 | 15,882 | 85 | 46,949 | 94 | |||||||||||||||
Foreign | 1,453 | 17 | 1,908 | 9 | 2,772 | 15 | 3,159 | 6 | |||||||||||||||
8,439 | 100 | 21,275 | 100 | 18,654 | 100 | 50,108 | 100 | ||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||
Operating | |||||||||||||||||||||||
Subcontractors | 2,157 | 26 | 6,664 | 31 | 6,679 | 36 | 19,670 | 39 | |||||||||||||||
Personnel | 3,651 | 43 | 5,664 | 27 | 6,002 | 32 | 7,433 | 15 | |||||||||||||||
Other | — | — | — | — | — | — | 1 | — | |||||||||||||||
5,808 | 69 | 12,328 | 58 | 12,681 | 68 | 27,104 | 54 | ||||||||||||||||
Administrative and general | 4,211 | 50 | 3,555 | 17 | 7,465 | 40 | 6,366 | 13 | |||||||||||||||
Depreciation and amortization | 491 | 6 | 498 | 2 | 975 | 5 | 1,000 | 2 | |||||||||||||||
10,510 | 125 | 16,381 | 77 | 21,121 | 113 | 34,470 | 69 | ||||||||||||||||
Gains on Asset Dispositions | — | — | — | — | 5 | — | — | ||||||||||||||||
Operating Income (Loss) | (2,071 | ) | (25 | ) | 4,894 | 23 | (2,462 | ) | (13 | ) | 15,638 | 31 | |||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Foreign currency losses, net | (20 | ) | — | (7 | ) | — | (6 | ) | — | (58 | ) | — | |||||||||||
Other, net | — | — | 2 | — | — | — | 2 | — | |||||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 147 | 2 | — | — | 214 | 1 | — | ||||||||||||||||
Segment Profit (Loss) | (1,944 | ) | (23 | ) | 4,889 | 23 | (2,254 | ) | (12 | ) | 15,582 | 31 |
Operating Revenues by Service Line. The table below sets forth, for the periods indicated, the amount of operating revenues earned by service line. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||
Operating Revenues: | |||||||||||||||||||
Response Services | 1,863 | 22 | 14,289 | 67 | 5,678 | 30 | 36,427 | 73 | |||||||||||
Retainer Services | 2,996 | 35 | 2,640 | 12 | 5,781 | 31 | 5,202 | 10 | |||||||||||
Professional Services | 3,451 | 41 | 4,194 | 20 | 6,907 | 37 | 7,604 | 15 | |||||||||||
Software Services | 129 | 2 | 152 | 1 | 284 | 2 | 374 | 1 | |||||||||||
Equipment Sales and Leasing | — | — | — | — | 4 | — | 501 | 1 | |||||||||||
8,439 | 100 | 21,275 | 100 | 18,654 | 100 | 50,108 | 100 |
Commodity Trading and Logistics | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||||
United States | 184,447 | 89 | 166,548 | 68 | 366,707 | 88 | 337,863 | 77 | ||||||||||||||
Foreign | 22,298 | 11 | 78,773 | 32 | 49,734 | 12 | 101,470 | 23 | ||||||||||||||
206,745 | 100 | 245,321 | 100 | 416,441 | 100 | 439,333 | 100 | |||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||
Operating | 202,126 | 97 | 237,644 | 97 | 405,359 | 97 | 424,662 | 97 | ||||||||||||||
Administrative and general | 3,411 | 2 | 2,202 | 1 | 6,552 | 1 | 4,862 | 1 | ||||||||||||||
Depreciation | 1,591 | 1 | 12 | — | 2,651 | 1 | 25 | — | ||||||||||||||
207,128 | 100 | 239,858 | 98 | 414,562 | 99 | 429,549 | 98 | |||||||||||||||
Gains on asset dispositions, net | — | — | — | — | — | — | — | — | ||||||||||||||
Operating Income | (383 | ) | — | 5,463 | 2 | 1,879 | 1 | 9,784 | 2 | |||||||||||||
Other Income (Expense): | ||||||||||||||||||||||
Derivative gains (losses), net(1) | 3,393 | 2 | 828 | — | 454 | — | (3,922 | ) | (1 | ) | ||||||||||||
Foreign currency gains (losses), net | (14 | ) | — | (16 | ) | — | 65 | — | (21 | ) | — | |||||||||||
Other, net | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | — | — | (1,051 | ) | — | 6,154 | 1 | (1,000 | ) | — | ||||||||||||
Segment Profit | 2,996 | 2 | 5,224 | 2 | 8,552 | 2 | 4,841 | 1 |
(1) | In the Company’s energy and sugar trading businesses, fixed price future purchase and sale contracts for ethanol and sugar are included in derivative positions at fair value. The Company routinely enters into exchange traded derivative positions to offset its net commodity market exposure on these purchase and sale contracts as well as its inventory balances. As a result, derivative gains (losses), net recognized during any period are predominately offset by fair value adjustments included in operating revenues and expenses on completed transactions, subject to certain timing differences on the delivery of physical inventories. As of June 30, 2012 and 2011, the net market exposure to ethanol and sugar under its contracts and inventory balances was not material. |
Operating Revenues and Segment Profit (Loss) by Commodity Group. The table below sets forth, for the periods indicated, the amount of operating revenues earned and segment profit (loss) by commodity group. | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
$’000 | % | $’000 | % | $’000 | % | $’000 | % | ||||||||||||
Operating Revenues: | |||||||||||||||||||
Energy Trading | 184,704 | 89 | 196,055 | 80 | 366,914 | 88 | 364,816 | 83 | |||||||||||
Agricultural Trading | 22,041 | 11 | 49,266 | 20 | 49,527 | 12 | 74,517 | 17 | |||||||||||
206,745 | 100 | 245,321 | 100 | 416,441 | 100 | 439,333 | 100 | ||||||||||||
Segment Profit (Loss): | |||||||||||||||||||
Energy Trading | 1,569 | 52 | 4,589 | 88 | 8,375 | 98 | 4,547 | 94 | |||||||||||
Agricultural Trading | 1,427 | 48 | 635 | 12 | 177 | 2 | 294 | 6 | |||||||||||
2,996 | 100 | 5,224 | 100 | 8,552 | 100 | 4,841 | 100 |
Other Segment Profit | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||
Harbor and Offshore Towing Services | 3,340 | 4,496 | 6,622 | 7,984 | |||||||
Other Activities | (186 | ) | (660 | ) | (329 | ) | (663 | ) | |||
Equity in Losses of 50% or Less Owned Companies | (518 | ) | 3 | (940 | ) | (386 | ) | ||||
Segment Profit | 2,636 | 3,839 | 5,353 | 6,935 |
Corporate and Eliminations | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||
Corporate Expenses | (8,035 | ) | (8,179 | ) | (17,582 | ) | (19,421 | ) | |||
Eliminations | — | — | — | — | |||||||
Operating Loss | (8,035 | ) | (8,179 | ) | (17,582 | ) | (19,421 | ) | |||
Other Income (Expense): | |||||||||||
Derivative gains (losses), net | 274 | (6,618 | ) | (782 | ) | (5,496 | ) | ||||
Foreign currency gains (losses), net | (511 | ) | 1,527 | (63 | ) | 5,547 | |||||
Other, net | 175 | (117 | ) | 61 | (295 | ) |
Other Income (Expense) not included in Segment Profit (Loss) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||
Interest income | 7,641 | 3,297 | 10,617 | 7,029 | |||||||
Interest expense | (12,413 | ) | (10,465 | ) | (24,437 | ) | (20,505 | ) | |||
Debt extinguishment losses, net | — | — | (160 | ) | (48 | ) | |||||
Marketable security gains (losses), net | 11,596 | (4,754 | ) | 14,954 | (3,220 | ) | |||||
6,824 | (11,922 | ) | 974 | (16,744 | ) |
Summary of Cash Flows | |||||
Six Months Ended June 30, | |||||
2012 | 2011 | ||||
$’000 | $’000 | ||||
Cash flows provided by or (used in): | |||||
Operating Activities - Continuing Operations | 84,135 | 130,791 | |||
Operating Activities - Discontinued Operations | (11,749 | ) | 31,399 | ||
Investing Activities - Continuing Operations | (237,700 | ) | (169,351 | ) | |
Investing Activities - Discontinued Operations | 87,904 | (3,982 | ) | ||
Financing Activities - Continuing Operations | (85,257 | ) | 2,983 | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,505 | 5,656 | |||
Net Decrease in Cash and Cash Equivalents | (161,162 | ) | (2,504 | ) |
Six Months Ended June 30, | |||||
2012 | 2011 | ||||
$’000 | $’000 | ||||
Operating income from continuing operations before depreciation and gains on asset dispositions and impairments, net | 113,687 | 115,362 | |||
Operating income (loss) from discontinued operations before depreciation and gains on asset dispositions and impairments, net | (434 | ) | 1,335 | ||
Changes in operating assets and liabilities before interest and income taxes | (2,428 | ) | (8,880 | ) | |
Purchases of marketable securities | (25,077 | ) | (54,643 | ) | |
Proceeds from sale of marketable securities | 17,032 | 134,127 | |||
Cash settlements on derivative transactions, net | (2,770 | ) | (9,521 | ) | |
Dividends received from 50% or less owned companies | 2,050 | 3,058 | |||
Interest paid, excluding capitalized interest | (23,530 | ) | (19,833 | ) | |
Income taxes paid, net | (18,565 | ) | (4,776 | ) | |
Other | 12,421 | 5,961 | |||
Total cash flows provided by operating activities | 72,386 | 162,190 |
• | Capital expenditures were $186.5 million. Equipment deliveries included one offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, two liquid tank barges, one inland river towboat and 13 helicopters. |
• | The Company sold four offshore support vessels, six helicopters, one inland river towboat, two harbor tugs and other equipment for net cash proceeds of $11.7 million and received $0.2 million in deposits related to future expected sales. Total net proceeds of $65.6 million on equipment sold included $5.0 million in cash deposits previously received and $48.9 million in seller financing. |
• | The Company made net investments in and advances to its 50% or less owned companies of $32.7 million. |
• | Construction reserve fund account transactions included withdrawals of $74.1 million and deposits of $6.5 million. |
• | The Company received net repayments of investments in its 50% or less owned companies of $26.1 million. |
• | The Company received principal payments, net on third party notes receivable of $19.5 million. |
• | The Company acquired 18 lift boats, real property and working capital from Superior for $142.5 million. |
• | The Company obtained a 70% controlling interest in ICP through its acquisition of a portion of its partner's interest for $9.1 million in cash. |
• | The Company sold certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million. Net cash proceeds received were $88.8 million. |
• | Capital expenditures were $127.4 million. Equipment deliveries included one offshore support vessel, five helicopters, 55 inland river dry cargo barges and two liquid tank barges. In addition, the Company acquired the remaining interest in an offshore support vessel previously joint ventured. |
• | Proceeds from the disposition of property and equipment were $25.1 million. The Company sold five offshore support vessels, four helicopters, one inland river towboat, one harbor tug and other equipment. |
• | The Company made net investments in its 50% or less owned companies of $26.5 million. |
• | The Company made net advances on third party notes receivable of $20.3 million. |
• | Construction reserve fund account transactions included withdrawals of $17.2 million and deposits of $8.0 million. |
• | The Company acquired certain real property, eight foreign flag RORO vessels and a 70% interest in an operating company engaged in the shipping trade between the United States, the Bahamas and the Caribbean for $33.5 million, which included cash consideration of $30.3 million and the contribution of a $3.2 million note receivable. The acquired company had $1.6 million in cash at the time of the acquisition. |
• | had net borrowings of $8.0 million under the Era senior secured revolving credit facility; |
• | repaid $50.0 million under the SEACOR revolving credit facility; |
• | purchased $5.5 million, in principal amount, of its 5.875% Senior Notes due 2012 for an aggregate purchase price of $5.7 million; |
• | made scheduled payments on long-term debt and capital lease obligations of $7.2 million; |
• | repaid $3.2 million of acquired debt; |
• | received proceeds from other debt of $0.1 million; |
• | had net borrowings on inventory financing arrangements of $14.8 million; |
• | received $6.7 million for share award plans; and |
• | acquired for Treasury 199,766 shares of Common Stock for an aggregate purchase price of $17.4 million. |
• | purchased $1.0 million, in principal amount, of its 5.875% Senior Notes due 2012 for an aggregate purchase price of $1.0 million; |
• | made scheduled payments on long-term debt and capital lease obligations of $6.5 million; |
• | had net borrowings on inventory financing arrangements of $5.8 million; and |
• | received $6.3 million from share award plans. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
(c) | This table provides information with respect to purchases by the Company of shares of its Common Stock during the Current Year Quarter: |
Period | Total Number Of Shares Purchased | Average Price Paid Per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares that may Yet be Purchased under the Plans or Programs(2) | |||||||||
April 1 – 30, 2012 | — | $ | — | — | $ | 150,000,000 | |||||||
May 1 – 31, 2012 | 199,766 | $ | 87.22 | — | $ | 132,576,597 | |||||||
March 1 – 31, 2012 | — | $ | — | — | $ | 132,576,597 |
(1) | Excludes commissions of $6,143 or $0.03 per share. |
(2) | Since February 1997, SEACOR’s Board of Directors authorized the repurchase of Common Stock, certain debt or a combination thereof. From time to time thereafter, and most recently on January 18, 2012, SEACOR's Board of Directors increased the authority to repurchase Common Stock. |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 6. | EXHIBITS |
31.1 | Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. | |
31.2 | Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. | |
32.1 | Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS** | XBRL Instance Document | |
101.SCH** | XBRL Taxonomy Extension Schema | |
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF** | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB** | XBRL Taxonomy Extension Label Linkbase | |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase |
** | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
SEACOR Holdings Inc. (Registrant) | ||||
DATE: | July 27, 2012 | By: | /S/ CHARLES FABRIKANT | |
Charles Fabrikant, Executive Chairman of the Board (Principal Executive Officer) | ||||
DATE: | July 27, 2012 | By: | /S/ RICHARD RYAN | |
Richard Ryan, Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
31.1 | Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. | |
31.2 | Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. | |
32.1 | Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS** | XBRL Instance Document | |
101.SCH** | XBRL Taxonomy Extension Schema | |
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF** | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB** | XBRL Taxonomy Extension Label Linkbase | |
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase |
** | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability. |
1. | I have reviewed this quarterly report on Form 10-Q of SEACOR Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | July 27, 2012 | |
/S/ CHARLES FABRIKANT | ||
Name: | Charles Fabrikant | |
Title: | Executive Chairman of the Board (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of SEACOR Holdings Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | July 27, 2012 | |
/S/ RICHARD RYAN | ||
Name: | Richard Ryan | |
Title: | Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
/S/ CHARLES FABRIKANT |
Charles Fabrikant |
Executive Chairman of the Board (Principal Executive Officer) |
/S/ RICHARD RYAN |
Richard Ryan |
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Derivative Instruments And Hedging Strategies (Recognized Gains (Losses) On Derivative Instruments Not Designated As Hedging Instruments) (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Derivative [Line Items] | ||
Derivative gains (losses), net | $ (613,000) | $ (9,854,000) |
Options On Equities And Equity Indices [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | (910,000) | 332,000 |
Forward Currency Exchange, Option And Future Contracts [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | 373,000 | 1,812,000 |
Interest Rate Swap Agreements [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | (542,000) | (1,276,000) |
Exchange Traded [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | (1,456,000) | (3,547,000) |
Commodity Swap, Option And Future Contracts, Non-Exchange Traded [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | 1,922,000 | 250,000 |
U.S. Treasury Notes, Rate Locks And Bond Future And Option Contracts [Member]
|
||
Derivative [Line Items] | ||
Derivative gains (losses), net | 0 | (7,425,000) |
Derivatives Not Designated As Hedging Instruments [Member]
|
||
Derivative [Line Items] | ||
Notional Amount of Foreign Currency Derivatives | 18,600,000 | |
SEACOR Holdings Inc. [Member] | Derivatives Not Designated As Hedging Instruments [Member]
|
||
Derivative [Line Items] | ||
Derivative, Lower Fixed Interest Rate Range | 1.67% | |
Derivative, Higher Fixed Interest Rate Range | 2.59% | |
Notional amount of interest rate derivatives | 93,100,000 | |
Offshore Marine Services Joint Ventures [Member]
|
||
Derivative [Line Items] | ||
Notional amount of interest rate derivatives | $ 24,800,000 | |
Offshore Marine Services Joint Ventures [Member] | Derivatives Not Designated As Hedging Instruments [Member]
|
||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 3.05% |
Commitments And Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Mar. 31, 2012
|
Jun. 08, 2011
Robins Case [Member]
claim
|
Apr. 20, 2011
Robins Case [Member]
claim
|
Jul. 20, 2010
Wunstell Action [Member]
plaintiff
|
Dec. 31, 2011
Multi-district Litigation [Member]
claim
|
Jun. 30, 2012
Prejean [Member]
claim
|
Mar. 28, 2012
Prejean [Member]
plaintiff
|
Jun. 30, 2012
Offshore Support Vessels [Member]
equipment
|
Mar. 31, 2012
Offshore Support Vessels [Member]
|
Mar. 31, 2012
Jack-Up Drilling Rig [Member]
|
Jun. 30, 2012
Helicopters [Member]
equipment
|
Jun. 30, 2012
Inland River Liquid Tank Barges [Member]
equipment
|
Mar. 31, 2012
Inland River Liquid Tank Barges [Member]
|
Mar. 31, 2012
Liquid Tank Barges Member
|
Mar. 31, 2012
River Grain Terminal [Member]
|
Jun. 30, 2012
Harbor Tugs [Member]
equipment
|
Mar. 31, 2012
Harbor Tugs [Member]
|
Mar. 31, 2012
Other Machinery and Equipment [Member]
|
Jun. 30, 2012
Subsequent Event [Member]
Harbor Tugs [Member]
equipment
|
Mar. 31, 2012
Subsequent Event [Member]
Harbor Tugs [Member]
|
Jun. 30, 2012
Subsequent Event [Member]
Inland River Towboats [Member]
equipment
|
Mar. 31, 2012
Subsequent Event [Member]
Inland River Towboats [Member]
|
|
Loss Contingencies [Line Items] | ||||||||||||||||||||||||
Total unfunded capital commitments | $ 377.6 | $ 148.7 | $ 31.2 | $ 139.3 | $ 16.2 | $ 1.3 | $ 28.5 | $ 12.4 | $ 3.9 | $ 11.4 | ||||||||||||||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 11 | 12 | 7 | 4 | 3 | 3 | ||||||||||||||||||
Description of Guarantees Given by Parent Company | 0.8 | |||||||||||||||||||||||
Purchase commitments payable during the period | 110.2 | |||||||||||||||||||||||
Potential reduction amount of liability | 154.2 | |||||||||||||||||||||||
Liquidated amount liability | 3.3 | |||||||||||||||||||||||
Percentage of outstanding common stock to be acquired by third party | 25.00% | |||||||||||||||||||||||
Percentage of interest to be exercised beginning August 19, 2012 through August 19, 2014 | 12.50% | |||||||||||||||||||||||
Additional percentage of interest to be exercised beginning August 19, 2013 through August 19, 2015 | 12.50% | |||||||||||||||||||||||
Number of claims | 66 | |||||||||||||||||||||||
Number of claims company did not attempt to dismiss | 1 | |||||||||||||||||||||||
Number of plantiffs | 2 | 5 | ||||||||||||||||||||||
Additional individual civil actions filed | 4 | 4 | ||||||||||||||||||||||
Tax assessment levied | 25.7 | |||||||||||||||||||||||
Proposed tax penalties | $ 19.3 |
Business Acquisitions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Entity Acquired and Reason for Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation Of Purchase Price For Business Acquisitions | The following table summarizes the allocation of the purchase price for the Company’s business acquisitions during the six months ended June 30, 2012 (in thousands):
|
Earnings Per Common Share of SEACOR (Details)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Earnings Per Common Share of SEACOR [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 593,344 | 333,819 | 531,101 | 254,230 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 20,584,567 | 21,166,037 | 20,552,114 | 21,135,557 |
Effect of Dilutive Share Awards: | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 286,813 | 351,688 | 331,456 | 343,202 |
Weighted Average Number of Shares Outstanding, Diluted | 20,871,380 | 21,517,725 | 20,883,570 | 21,478,759 |
Equipment Acquisitions, Dispositions and Depreciation and Impairment Policies (Deferred Gain Activity) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Movement in Deferred Gain Activity [Roll Forward] | ||
Deferred Gains at Beginning of Period | $ 119,570 | $ 131,836 |
Deferred Gain On Sale Of Equipments | 7,280 | 4,597 |
Amortization Of Deferred Gains Included in Operating Expenses As A Reduction To Rental Expense | (9,526) | (11,194) |
Amortization Of Deferred Gains Included In Gains On Asset Dispositions And Impairments, Net | (2,455) | (2,461) |
Deferred Gains at End of Period | $ 114,869 | $ 122,778 |
Derivative Instruments And Hedging Strategies (Recognized Gains (Losses) On Derivative Instruments Designated As Fair Value Hedges) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Forward Currency Exchange Contracts, Gain (Loss) Recognized In Income, Effective And Ineffective Portion | $ 0 | $ 6,484 |
Increase (decrease) in fair value of hedged items included in property and equipment corresponding to effective portion of derivative (gains) losses | 0 | 6,522 |
Total recognized gains (losses) on derivative instruments designated as fair value hedges | $ 0 | $ (38) |
Segment Information (Operating Results, Capital Expenditures And Assets By Reportable Segments) (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total assets | $ 3,845,817,000 | $ 3,705,762,000 | $ 3,845,817,000 | $ 3,705,762,000 | $ 3,928,134,000 | ||||||||
Operating Revenue: | |||||||||||||
External customers | 494,422,000 | 509,283,000 | 992,307,000 | 947,294,000 | |||||||||
Intersegment | 0 | 0 | 0 | 0 | |||||||||
Operating Revenues | 494,422,000 | 509,283,000 | 992,307,000 | 947,294,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 403,210,000 | 409,365,000 | 787,322,000 | 751,108,000 | |||||||||
Administrative and general | 45,120,000 | 39,170,000 | 91,298,000 | 80,824,000 | |||||||||
Depreciation and amortization | 43,685,000 | 39,330,000 | 83,012,000 | 77,660,000 | |||||||||
Total costs and expenses | 492,015,000 | 487,865,000 | 961,632,000 | 909,592,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 4,419,000 | 10,301,000 | 9,961,000 | 17,556,000 | |||||||||
Operating Income | 6,826,000 | 31,719,000 | 40,636,000 | 55,258,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 3,487,000 | (6,601,000) | (632,000) | (9,919,000) | |||||||||
Foreign currency gains (losses), net | (992,000) | 1,416,000 | 1,560,000 | 6,475,000 | |||||||||
Other Nonoperating Income (Expense) | 443,000 | (56,000) | 389,000 | (234,000) | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,051,000 | 872,000 | 2,293,000 | 914,000 | |||||||||
Other Income (Expense) not included in Segment Profit | 6,824,000 | (11,922,000) | 974,000 | (16,744,000) | |||||||||
Less Equity Earnings included in Segment Profit | 1,051,000 | 872,000 | 2,293,000 | 914,000 | |||||||||
Income from Continuing Operations Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies | 16,588,000 | 14,556,000 | 42,927,000 | 34,836,000 | |||||||||
Capital Expenditures | 186,541,000 | 127,407,000 | |||||||||||
Property and Equipment | 2,370,432,000 | 2,007,125,000 | 2,370,432,000 | 2,007,125,000 | 2,150,231,000 | ||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 323,874,000 | 208,021,000 | 323,874,000 | 208,021,000 | 249,753,000 | ||||||||
Inventories | 72,929,000 | [1] | 83,120,000 | 72,929,000 | [1] | 83,120,000 | 69,109,000 | ||||||
Goodwill | 57,054,000 | 54,454,000 | 57,054,000 | 54,454,000 | 57,054,000 | ||||||||
Intangible Assets, Net | 21,116,000 | 17,396,000 | 21,116,000 | 17,396,000 | 21,528,000 | ||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 452,247,000 | [2] | 438,339,000 | [2] | 452,247,000 | [2] | 438,339,000 | [2] | |||||
Cash And Near Cash Assets | 544,614,000 | [2] | 796,088,000 | [2] | 544,614,000 | [2] | 796,088,000 | [2] | |||||
Assets of Disposal Group, Including Discontinued Operation | 3,551,000 | 101,219,000 | 3,551,000 | 101,219,000 | |||||||||
Offshore Marine Services [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 123,359,000 | 93,360,000 | 244,297,000 | 173,683,000 | |||||||||
Intersegment | (83,000) | 26,000 | 65,000 | 47,000 | |||||||||
Operating Revenues | 123,276,000 | 93,386,000 | 244,362,000 | 173,730,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 94,084,000 | 68,242,000 | 169,424,000 | 131,262,000 | |||||||||
Administrative and general | 13,146,000 | 11,078,000 | 25,002,000 | 22,848,000 | |||||||||
Depreciation and amortization | 15,859,000 | 12,205,000 | 28,741,000 | 24,738,000 | |||||||||
Total costs and expenses | 123,089,000 | 91,525,000 | 223,167,000 | 178,848,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 624,000 | 3,607,000 | 2,469,000 | 7,971,000 | |||||||||
Operating Income | 811,000 | 5,468,000 | 23,664,000 | 2,853,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |||||||||
Foreign currency gains (losses), net | (354,000) | (408,000) | 769,000 | 317,000 | |||||||||
Other Nonoperating Income (Expense) | 11,000 | 0 | 11,000 | 0 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,001,000 | 200,000 | 2,830,000 | 935,000 | |||||||||
Segment Profit (Loss) | 1,469,000 | 5,260,000 | 27,274,000 | 4,105,000 | |||||||||
Capital Expenditures | 64,383,000 | 33,025,000 | |||||||||||
Property and Equipment | 789,831,000 | 620,146,000 | 789,831,000 | 620,146,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 68,081,000 | 57,697,000 | 68,081,000 | 57,697,000 | |||||||||
Inventories | 5,738,000 | [1] | 4,164,000 | 5,738,000 | [1] | 4,164,000 | |||||||
Goodwill | 13,367,000 | 13,367,000 | 13,367,000 | 13,367,000 | |||||||||
Intangible Assets, Net | 5,029,000 | 6,992,000 | 5,029,000 | 6,992,000 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 148,525,000 | [2] | 130,342,000 | [2] | 148,525,000 | [2] | 130,342,000 | [2] | |||||
Total segment assets | 1,030,571,000 | 832,708,000 | 1,030,571,000 | 832,708,000 | |||||||||
Aviation Services [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 62,983,000 | 68,475,000 | 124,035,000 | 124,630,000 | |||||||||
Intersegment | 2,000 | 18,000 | 2,000 | 18,000 | |||||||||
Operating Revenues | 62,985,000 | 68,493,000 | 124,037,000 | 124,648,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 39,002,000 | 42,457,000 | 78,678,000 | 75,922,000 | |||||||||
Administrative and general | 7,195,000 | 6,229,000 | 16,872,000 | 13,249,000 | |||||||||
Depreciation and amortization | 10,464,000 | 12,390,000 | 20,094,000 | 24,309,000 | |||||||||
Total costs and expenses | 56,661,000 | 61,076,000 | 115,644,000 | 113,480,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 1,077,000 | 6,172,000 | 2,842,000 | 8,366,000 | |||||||||
Operating Income | 7,401,000 | 13,589,000 | 11,235,000 | 19,534,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | (180,000) | (811,000) | (304,000) | (501,000) | |||||||||
Foreign currency gains (losses), net | (12,000) | 338,000 | 905,000 | 691,000 | |||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 30,000 | 0 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 756,000 | 1,054,000 | (5,663,000) | 955,000 | |||||||||
Segment Profit (Loss) | 7,965,000 | 14,170,000 | 6,203,000 | 20,679,000 | |||||||||
Capital Expenditures | 87,034,000 | 50,233,000 | |||||||||||
Property and Equipment | 773,884,000 | 629,619,000 | 773,884,000 | 629,619,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 41,882,000 | 35,341,000 | 41,882,000 | 35,341,000 | |||||||||
Inventories | 26,496,000 | [1] | 24,788,000 | 26,496,000 | [1] | 24,788,000 | |||||||
Goodwill | 352,000 | 352,000 | 352,000 | 352,000 | |||||||||
Intangible Assets, Net | 0 | 0 | 0 | 0 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 79,699,000 | [2] | 63,643,000 | [2] | 79,699,000 | [2] | 63,643,000 | [2] | |||||
Total segment assets | 922,313,000 | 753,743,000 | 922,313,000 | 753,743,000 | |||||||||
Inland River Services [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 49,750,000 | 38,682,000 | 99,646,000 | 82,610,000 | |||||||||
Intersegment | 3,552,000 | 2,760,000 | 7,146,000 | 5,301,000 | |||||||||
Operating Revenues | 53,302,000 | 41,442,000 | 106,792,000 | 87,911,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 37,463,000 | 28,717,000 | 72,646,000 | 56,601,000 | |||||||||
Administrative and general | 3,773,000 | 3,166,000 | 7,755,000 | 5,863,000 | |||||||||
Depreciation and amortization | 7,244,000 | 5,791,000 | 14,251,000 | 11,413,000 | |||||||||
Total costs and expenses | 48,480,000 | 37,674,000 | 94,652,000 | 73,877,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 858,000 | (22,000) | 2,785,000 | 675,000 | |||||||||
Operating Income | 5,680,000 | 3,746,000 | 14,925,000 | 14,709,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |||||||||
Foreign currency gains (losses), net | (71,000) | 0 | (93,000) | 0 | |||||||||
Other Nonoperating Income (Expense) | 0 | 3,000 | 0 | 4,000 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 439,000 | 666,000 | 689,000 | 410,000 | |||||||||
Segment Profit (Loss) | 6,048,000 | 4,415,000 | 15,521,000 | 15,123,000 | |||||||||
Capital Expenditures | 13,108,000 | 33,137,000 | |||||||||||
Property and Equipment | 377,326,000 | 338,289,000 | 377,326,000 | 338,289,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 53,859,000 | 42,378,000 | 53,859,000 | 42,378,000 | |||||||||
Inventories | 2,038,000 | [1] | 2,511,000 | 2,038,000 | [1] | 2,511,000 | |||||||
Goodwill | 4,345,000 | 1,743,000 | 4,345,000 | 1,743,000 | |||||||||
Intangible Assets, Net | 8,377,000 | 908,000 | 8,377,000 | 908,000 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 49,890,000 | [2] | 41,543,000 | [2] | 49,890,000 | [2] | 41,543,000 | [2] | |||||
Total segment assets | 495,835,000 | 427,372,000 | 495,835,000 | 427,372,000 | |||||||||
Marine Transportation Services [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 25,704,000 | 24,249,000 | 51,900,000 | 41,473,000 | |||||||||
Intersegment | 88,000 | 87,000 | 175,000 | 175,000 | |||||||||
Operating Revenues | 25,792,000 | 24,336,000 | 52,075,000 | 41,648,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 16,722,000 | 13,584,000 | 32,480,000 | 22,563,000 | |||||||||
Administrative and general | 2,934,000 | 2,146,000 | 5,409,000 | 3,563,000 | |||||||||
Depreciation and amortization | 5,666,000 | 5,728,000 | 11,317,000 | 10,706,000 | |||||||||
Total costs and expenses | 25,322,000 | 21,458,000 | 49,206,000 | 36,832,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 0 | 0 | 0 | 0 | |||||||||
Operating Income | 470,000 | 2,878,000 | 2,869,000 | 4,816,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |||||||||
Foreign currency gains (losses), net | (3,000) | 6,000 | 6,000 | 22,000 | |||||||||
Other Nonoperating Income (Expense) | 49,000 | 56,000 | 79,000 | 56,000 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (774,000) | 0 | (991,000) | 0 | |||||||||
Segment Profit (Loss) | (258,000) | 2,940,000 | 1,963,000 | 4,894,000 | |||||||||
Capital Expenditures | 4,084,000 | 8,315,000 | |||||||||||
Property and Equipment | 203,995,000 | 249,818,000 | 203,995,000 | 249,818,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 90,626,000 | 0 | 90,626,000 | 0 | |||||||||
Inventories | 0 | [1] | 365,000 | 0 | [1] | 365,000 | |||||||
Goodwill | 550,000 | 606,000 | 550,000 | 606,000 | |||||||||
Intangible Assets, Net | 1,318,000 | 1,732,000 | 1,318,000 | 1,732,000 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 3,691,000 | [2] | 5,308,000 | [2] | 3,691,000 | [2] | 5,308,000 | [2] | |||||
Total segment assets | 300,180,000 | 257,829,000 | 300,180,000 | 257,829,000 | |||||||||
Emergency and Crisis Services [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 8,456,000 | 21,275,000 | 18,619,000 | 50,108,000 | |||||||||
Intersegment | (17,000) | 0 | 35,000 | 0 | |||||||||
Operating Revenues | 8,439,000 | 21,275,000 | 18,654,000 | 50,108,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 5,808,000 | 12,328,000 | 12,681,000 | 27,104,000 | |||||||||
Administrative and general | 4,211,000 | 3,555,000 | 7,465,000 | 6,366,000 | |||||||||
Depreciation and amortization | 491,000 | 498,000 | 975,000 | 1,000,000 | |||||||||
Total costs and expenses | 10,510,000 | 16,381,000 | 21,121,000 | 34,470,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 0 | 0 | 5,000 | ||||||||||
Operating Income | (2,071,000) | 4,894,000 | (2,462,000) | 15,638,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |||||||||
Foreign currency gains (losses), net | (20,000) | (7,000) | (6,000) | (58,000) | |||||||||
Other Nonoperating Income (Expense) | 0 | 2,000 | 0 | 2,000 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 147,000 | 0 | 214,000 | ||||||||||
Segment Profit (Loss) | (1,944,000) | 4,889,000 | (2,254,000) | 15,582,000 | |||||||||
Capital Expenditures | 420,000 | 25,000 | |||||||||||
Property and Equipment | 1,406,000 | 855,000 | 1,406,000 | 855,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 441,000 | 0 | 441,000 | 0 | |||||||||
Inventories | 752,000 | [1] | 404,000 | 752,000 | [1] | 404,000 | |||||||
Goodwill | 37,138,000 | 37,084,000 | 37,138,000 | 37,084,000 | |||||||||
Intangible Assets, Net | 5,531,000 | 7,290,000 | 5,531,000 | 7,290,000 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 16,629,000 | [2] | 32,894,000 | [2] | 16,629,000 | [2] | 32,894,000 | [2] | |||||
Total segment assets | 61,897,000 | 78,527,000 | 61,897,000 | 78,527,000 | |||||||||
Commodity Trading And Logistics [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 206,745,000 | 245,321,000 | 416,441,000 | 439,333,000 | |||||||||
Intersegment | 0 | 0 | 0 | 0 | |||||||||
Operating Revenues | 206,745,000 | 245,321,000 | 416,441,000 | 439,333,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 202,126,000 | 237,644,000 | 405,359,000 | 424,662,000 | |||||||||
Administrative and general | 3,411,000 | 2,202,000 | 6,552,000 | 4,862,000 | |||||||||
Depreciation and amortization | 1,591,000 | 12,000 | 2,651,000 | 25,000 | |||||||||
Total costs and expenses | 207,128,000 | 239,858,000 | 414,562,000 | 429,549,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 0 | 0 | 0 | 0 | |||||||||
Operating Income | (383,000) | 5,463,000 | 1,879,000 | 9,784,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 3,393,000 | 828,000 | 454,000 | (3,922,000) | |||||||||
Foreign currency gains (losses), net | (14,000) | (16,000) | 65,000 | (21,000) | |||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | (1,051,000) | 6,154,000 | (1,000,000) | |||||||||
Segment Profit (Loss) | 2,996,000 | 5,224,000 | 8,552,000 | 4,841,000 | |||||||||
Capital Expenditures | 0 | 0 | |||||||||||
Property and Equipment | 41,660,000 | 131,000 | 41,660,000 | 131,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 12,929,000 | 0 | 12,929,000 | |||||||||
Inventories | 36,617,000 | [1] | 49,255,000 | 36,617,000 | [1] | 49,255,000 | |||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||||
Intangible Assets, Net | 502,000 | 0 | 502,000 | 0 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 62,889,000 | [2] | 76,119,000 | [2] | 62,889,000 | [2] | 76,119,000 | [2] | |||||
Total segment assets | 141,668,000 | 138,434,000 | 141,668,000 | 138,434,000 | |||||||||
Inventory, Raw Materials | 3,400,000 | 3,400,000 | |||||||||||
Inventory, Work in Process | 2,400,000 | 2,400,000 | |||||||||||
Other [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 17,425,000 | 17,921,000 | 37,369,000 | 35,457,000 | |||||||||
Intersegment | 130,000 | 0 | 130,000 | 0 | |||||||||
Operating Revenues | 17,555,000 | 17,921,000 | 37,499,000 | 35,457,000 | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | 11,562,000 | 9,158,000 | 23,376,000 | 18,300,000 | |||||||||
Administrative and general | 2,996,000 | 3,210,000 | 5,813,000 | 5,830,000 | |||||||||
Depreciation and amortization | 1,904,000 | 2,237,000 | 4,062,000 | 4,526,000 | |||||||||
Total costs and expenses | 16,462,000 | 14,605,000 | 33,251,000 | 28,656,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 1,860,000 | 544,000 | 1,860,000 | 544,000 | |||||||||
Operating Income | 2,953,000 | 3,860,000 | 6,108,000 | 7,345,000 | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 0 | 0 | 0 | 0 | |||||||||
Foreign currency gains (losses), net | (7,000) | (24,000) | (23,000) | (23,000) | |||||||||
Other Nonoperating Income (Expense) | 208,000 | 0 | 208,000 | (1,000) | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (518,000) | 3,000 | (940,000) | (386,000) | |||||||||
Segment Profit (Loss) | 2,636,000 | 3,839,000 | 5,353,000 | 6,935,000 | |||||||||
Capital Expenditures | 14,731,000 | 1,498,000 | |||||||||||
Property and Equipment | 160,265,000 | 148,929,000 | 160,265,000 | 148,929,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 68,985,000 | 59,676,000 | 68,985,000 | 59,676,000 | |||||||||
Inventories | 1,288,000 | [1] | 1,633,000 | 1,288,000 | [1] | 1,633,000 | |||||||
Goodwill | 1,302,000 | 1,302,000 | 1,302,000 | 1,302,000 | |||||||||
Intangible Assets, Net | 359,000 | 474,000 | 359,000 | 474,000 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | 52,950,000 | [2] | 61,548,000 | [2] | 52,950,000 | [2] | 61,548,000 | [2] | |||||
Total segment assets | 285,149,000 | 273,562,000 | 285,149,000 | 273,562,000 | |||||||||
Corporate And Eliminations [Member]
|
|||||||||||||
Operating Revenue: | |||||||||||||
External customers | 0 | 0 | 0 | 0 | |||||||||
Intersegment | (3,672,000) | (2,891,000) | (7,553,000) | (5,541,000) | |||||||||
Operating Revenues | (3,672,000) | (2,891,000) | (7,553,000) | (5,541,000) | |||||||||
Costs and Expenses [Abstract] | |||||||||||||
Operating Expenses | (3,557,000) | (2,765,000) | (7,322,000) | (5,306,000) | |||||||||
Administrative and general | 7,454,000 | 7,584,000 | 16,430,000 | 18,243,000 | |||||||||
Depreciation and amortization | 466,000 | 469,000 | 921,000 | 943,000 | |||||||||
Total costs and expenses | 4,363,000 | 5,288,000 | 10,029,000 | 13,880,000 | |||||||||
Gains on Asset Dispositions and Impairments Net | 0 | 0 | 0 | 0 | |||||||||
Operating Income | (8,035,000) | (8,179,000) | (17,582,000) | (19,421,000) | |||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Derivative gains (losses), net | 274,000 | (6,618,000) | (782,000) | (5,496,000) | |||||||||
Foreign currency gains (losses), net | (511,000) | 1,527,000 | (63,000) | 5,547,000 | |||||||||
Other Nonoperating Income (Expense) | 175,000 | (117,000) | 61,000 | (295,000) | |||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 0 | 0 | 0 | 0 | |||||||||
Capital Expenditures | 2,781,000 | 1,174,000 | |||||||||||
Property and Equipment | 22,065,000 | 19,338,000 | 22,065,000 | 19,338,000 | |||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 0 | 0 | 0 | 0 | |||||||||
Inventories | 0 | [1] | 0 | 0 | [1] | 0 | |||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||||
Intangible Assets, Net | 0 | 0 | 0 | 0 | |||||||||
Other Current And Long-Term Assets, Excluding Cash And Near Cash Assets | $ 37,974,000 | [2] | $ 26,942,000 | [2] | $ 37,974,000 | [2] | $ 26,942,000 | [2] | |||||
|
Multiemployer Pension Plans (Details) (AMOPP [Member], USD $)
In Millions, unless otherwise specified |
Mar. 31, 2012
|
---|---|
AMOPP [Member]
|
|
Defined Benefit Plan Disclosure [Line Items] | |
Pension and other postretirement benefit plans, withdrawal liability | $ 39.3 |
Fair Value Measurements
|
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Jun. 30, 2012
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The Company’s financial assets and liabilities as of June 30, 2012 that are measured at fair value on a recurring basis were as follows (in thousands):
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The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2012 were as follows (in thousands):
The carrying value of cash, cash equivalents and restricted cash approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements. It was not practicable to estimate the fair value of the Company’s investments, at cost, in 50% or less owned companies because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. It was not practicable to estimate the fair value of the Company’s notes receivable from other business ventures as the overall returns are uncertain due to certain provisions for additional payments contingent upon future events. Considerable judgment was required in developing certain of the estimates of fair value and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company’s non-financial assets and liabilities that were measured at fair value during the six months ended June 30, 2012 were as follows (in thousands):
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