XML 54 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Nature Of Operations And Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Nature Of Operations And Accounting Policies [Abstract]  
Deferred Revenues Included In Other Current Liabilities
Deferred revenues for the years ended December 31 were as follows (in thousands):
 
 
2013
 
2012
 
2011
Balance at beginning of year
 
$
6,592

 
$
9,845

 
$
20,829

Revenues deferred during the year
 
—

 
3,806

 
7,402

Revenues recognized during the year
 
—

 
(7,059
)
 
(18,386
)
Balance at end of year
 
$
6,592

 
$
6,592

 
$
9,845
Schedule Of Estimated Useful Life Of Equipment
As of December 31, 2013, the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows:
Offshore support vessels (excluding wind farm utility)
20
Wind farm utility vessels
10
Inland river dry cargo and deck barges
20
Inland river liquid tank barges
25
Inland river towboats
25
U.S.-flag product tankers
25
RORO(1) vessels
20
Harbor tugs
25
Ocean liquid tank barges
25
Terminal and manufacturing facilities
20
______________________ 
(1)
Roll on/Roll off ("RORO").
Property Plant And Equipment By Major Class [Text Block]
Property and Equipment. Equipment, stated at cost, is depreciated using the straight line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is typically based upon a newly built asset being placed into service and represents the point at which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date.
As of December 31, 2013, the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows:
Offshore support vessels (excluding wind farm utility)
20
Wind farm utility vessels
10
Inland river dry cargo and deck barges
20
Inland river liquid tank barges
25
Inland river towboats
25
U.S.-flag product tankers
25
RORO(1) vessels
20
Harbor tugs
25
Ocean liquid tank barges
25
Terminal and manufacturing facilities
20
______________________ 
(1)
Roll on/Roll off ("RORO").
The Company’s major classes of property and equipment as of December 31 were as follows (in thousands):
 
 
Historical
Cost(1)
 
Accumulated
Depreciation
 
Net Book
Value
2013
 
 
 
 
 
 
Offshore support vessels (excluding wind farm utility)
 
$
1,047,119

 
$
(438,528
)
 
$
608,591

Wind farm utility vessels
 
65,094

 
(14,121
)
 
50,973

Inland river dry cargo and deck barges
 
241,210

 
(80,772
)
 
160,438

Inland river liquid tank barges
 
85,639

 
(18,138
)
 
67,501

Inland river towboats
 
61,407

 
(22,454
)
 
38,953

U.S.-flag product tankers
 
318,497

 
(173,278
)
 
145,219

RORO vessels
 
18,328

 
(3,995
)
 
14,333

Harbor tugs
 
101,762

 
(34,017
)
 
67,745

Ocean liquid tank barges
 
39,238

 
(7,335
)
 
31,903

Terminal and manufacturing facilities
 
120,601

 
(33,594
)
 
87,007

Other(2) 
 
100,288

 
(40,098
)
 
60,190

 
 
$
2,199,183

 
$
(866,330
)
 
$
1,332,853

2012
 
 
 
 
 
 
Offshore support vessels (excluding wind farm utility)
 
$
1,074,170

 
$
(398,050
)
 
$
676,120

Wind farm utility vessels
 
58,484

 
(6,887
)
 
51,597

Inland river dry cargo and deck barges
 
239,896

 
(70,407
)
 
169,489

Inland river liquid tank barges
 
106,541

 
(18,605
)
 
87,936

Inland river towboats
 
53,895

 
(20,054
)
 
33,841

U.S.-flag product tankers
 
317,894

 
(154,288
)
 
163,606

RORO vessels
 
15,674

 
(2,492
)
 
13,182

Harbor tugs
 
114,974

 
(32,965
)
 
82,009

Ocean liquid tank barges
 
39,073

 
(5,914
)
 
33,159

Terminal and manufacturing facilities
 
120,164

 
(20,906
)
 
99,258

Other(2) 
 
97,618

 
(33,235
)
 
64,383

 
 
$
2,238,383

 
$
(763,803
)
 
$
1,474,580

______________________ 
(1)
Includes property and equipment acquired in business acquisitions and recorded at fair value as of the date of the acquisition.
(2)
Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment.
Schedule Of Intangible Assets
The Company’s intangible assets by type were as follows (in thousands):
 
 
Non-Compete
Agreements
 
Trademark/
Tradenames
 
Customer
Relationships
 
Software/
Technology
 
Acquired
Contractual
Rights
 
Total
 
 
Gross Carrying Value
Year Ended December 31, 2011
 
$
901

 
$
9,136

 
$
36,350

 
$
590

 
$
5,787

 
$
52,764

Acquired intangible assets
 
—

 
—

 
1,621

 
—

 
2,436

 
4,057

Foreign currency translation
 
—

 
—

 
—

 
—

 
152

 
152

Fully amortized intangible assets
 
(561
)
 
—

 
—

 
—

 
—

 
(561
)
ORM Transaction (see Note 5)
 
(300
)
 
(712
)
 
(11,384
)
 
(590
)
 
—

 
(12,986
)
Year Ended December 31, 2012
 
40

 
8,424

 
26,587

 
—

 
8,375

 
43,426

Acquired intangible assets
 
—

 
74

 
1,525

 
—

 
—

 
1,599

Foreign currency translation
 
—

 
—

 
—

 
—

 
(132
)
 
(132
)
Fully amortized intangible assets
 
—

 
(437
)
 
—

 


 
(4,772
)
 
(5,209
)
Year Ended December 31, 2013
 
$
40

 
$
8,061

 
$
28,112

 
$
—

 
$
3,471

 
$
39,684

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Amortization
Year Ended December 31, 2011
 
$
(719
)
 
$
(3,722
)
 
$
(22,476
)
 
$
(246
)
 
$
(4,073
)
 
$
(31,236
)
Amortization expense
 
(135
)
 
(611
)
 
(3,739
)
 
(118
)
 
(1,026
)
 
(5,629
)
Fully amortized intangible assets
 
561

 
—

 
—

 
—

 
—

 
561

ORM Transaction (see Note 5)
 
268

 
350

 
7,201

 
364

 
—

 
8,183

Year Ended December 31, 2012
 
(25
)
 
(3,983
)
 
(19,014
)
 
—

 
(5,099
)
 
(28,121
)
Amortization expense
 
(8
)
 
(984
)
 
(2,454
)
 
—

 
(903
)
 
(4,349
)
Fully amortized intangible assets
 
—

 
437

 
—

 
—

 
4,772

 
5,209

Year Ended December 31, 2013
 
$
(33
)
 
$
(4,530
)
 
$
(21,468
)
 
$
—

 
$
(1,230
)
 
$
(27,261
)
Weighted average remaining contractual life, in years
 
0.92

 
6.42

 
4.79

 
0.00

 
4.10

 
5.13
Schedule Of Future Amortization Expense Of Intangible Assets
Future amortization expense of intangible assets for each of the years ended December 31 is as follows (in thousands):
2014
 
$
3,579

2015
 
2,410

2016
 
1,385

2017
 
1,251

2018
 
989

Years subsequent to 2018
 
2,809

 
 
$
12,423
Schedule of Deferred Gains
Deferred gain activity related to these transactions for the years ended December 31 was as follows (in thousands):
 
 
2013
 
2012
 
2011
Balance at beginning of year
 
$
15,066

 
$
16,036

 
$
16,881

Amortization of deferred gains included in gains on asset dispositions and impairments, net
 
(845
)
 
(970
)
 
(845
)
Balance at end of year
 
$
14,221

 
$
15,066

 
$
16,036

Deferred gain activity related to these transactions for the years ended December 31 was as follows (in thousands):
 
 
2013
 
2012
 
2011
Balance at beginning of year
 
$
96,447

 
$
101,155

 
$
113,871

Deferred gains arising from equipment sales
 
26,881

 
23,183

 
12,319

Amortization of deferred gains included in operating expenses as reduction to rental expense
 
(10,687
)
 
(16,652
)
 
(22,191
)
Amortization of deferred gains included in gains on asset dispositions and impairments, net
 
(2,099
)
 
(11,239
)
 
(2,834
)
Reductions of deferred gains on repurchased equipment and other
 
—

 
—

 
(10
)
Balance at end of year
 
$
110,542

 
$
96,447

 
$
101,155
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income (loss) were as follows:
 
 
SEACOR Holdings Inc. Stockholders Equity
 
Noncontrolling
Interests
 
 
 
 
Foreign
Currency
Translation
Adjustments
 
Derivative
Losses on
Cash Flow
Hedges, net
 
Other
 
Total
 
Foreign
Currency
Translation
Adjustments
 
Other
 
Other
Comprehensive
Income (Loss)
Year ended December 31, 2010
 
$
(3,995
)
 
$
(2,933
)
 
$
(111
)
 
$
(7,039
)
 
$
—

 
$
—

 
 
Other comprehensive income (loss)
 
(629
)
 
(900
)
 
116

 
(1,413
)
 
(118
)
 
—

 
$
(1,531
)
Income tax (expense) benefit
 
220

 
315

 
(41
)
 
494

 
—

 
—

 
494

Year ended December 31, 2011
 
(4,404
)
 
(3,518
)
 
(36
)
 
(7,958
)
 
(118
)
 
—

 
$
(1,037
)
Other comprehensive income (loss)
 
4,871

 
4,286

 
31

 
9,188

 
439

 
(10
)
 
$
9,617

Income tax (expense) benefit
 
(1,705
)
 
(1,500
)
 
(11
)
 
(3,216
)
 
—

 
—

 
(3,216
)
Year ended December 31, 2012
 
(1,238
)
 
(732
)
 
(16
)
 
(1,986
)
 
321

 
(10
)
 
$
6,401

Distribution of Era Group stock to shareholders
 
(55
)
 
—

 
—

 
(55
)
 
—

 
—

 
 
Other comprehensive income (loss)
 
563

 
731

 
12

 
1,306

 
74

 
5

 
$
1,385

Income tax (expense) benefit
 
(197
)
 
(256
)
 
(4
)
 
(457
)
 
—

 
—

 
(457
)
Year ended December 31, 2013
 
$
(927
)
 
$
(257
)
 
$
(8
)
 
$
(1,192
)
 
$
395

 
$
(5
)
 
$
928
Schedule Of Earnings Per Share
Computations of basic and diluted earnings per common share of SEACOR for the years ended December 31 were as follows (in thousands, except share data):
 
 
Net Income
 
Average o/s Shares
 
Per Share
2013
 
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
 
$
36,970

 
19,893,954

 
$
1.86

Effect of Dilutive Securities:
 
 
 
 
 
 
Options and Restricted Stock(1)
 
—

 
399,333

 
 
Convertible Securities(2)(3)
 
—

 
—

 
 
Diluted Weighted Average Common Shares Outstanding
 
$
36,970

 
20,293,287

 
$
1.82

2012
 
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
 
$
61,215

 
20,426,770

 
$
3.00

Effect of Dilutive Securities:
 
 
 
 
 
 
Options and Restricted Stock(1)
 
—

 
349,126

 
 
Convertible Securities(2)
 
—

 
—

 
 
Diluted Weighted Average Common Shares Outstanding
 
$
61,215

 
20,775,896

 
$
2.95

2011
 
 
 
 
 
 
Basic Weighted Average Common Shares Outstanding
 
$
41,056

 
21,119,461

 
$
1.94

Effect of Dilutive Securities:
 
 
 
 
 
 
Options and Restricted Stock(1)
 
—

 
347,382

 
 
Diluted Weighted Average Common Shares Outstanding
 
$
41,056

 
21,466,843

 
$
1.91


______________________ 
(1)
For the years ended December 31, 2013, 2012 and 2011, diluted earnings per common share of SEACOR excluded 133,315, 549,223 and 338,920, respectively, of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.
(2)
For the years ended December 31, 2013 and 2012, diluted earnings per common share of SEACOR excluded 4,200,525 and 176,609 shares, respectively, issuable pursuant to the Company's 2.5% Convertible Senior Notes (see Note 9) as the effect of their inclusion in the computation would be anti-dilutive.
(3)
For the year ended December 31, 2013, diluted earnings per common share of SEACOR excluded 240,043 shares issuable pursuant to the Company's 3.0% Convertible Senior Notes (see Note 9) as the effect of their inclusion in the computation would be anti-dilutive.