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Nature Of Operations And Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Contract with Customer, Asset and Liability

The Company’s contract liability activity for the years ended December 31, were as follows (in thousands):


	2020		2019
Balance at beginning of period	$	794	$	968
Previously deferred revenues recognized upon completion of performance obligations during the period	(794)		(968)
Net contract liabilities arising during the period	596		794
Balance at end of period	$	596	$	794

Schedule of Property, Plant and Equipment

As of December 31, 2020, the estimated useful life (in years) of each of the Company’s major classes of new equipment was as follows:


Petroleum and chemical carriers - U.S.-flag			25
Bulk carriers - U.S.-flag			25
Harbor and offshore tugs			25
Ocean liquid tank barges			25
Short-sea container/RORO(1) vessels			20
Inland river dry-cargo and specialty barges			20
Inland river liquid tank barges			25
Inland river towboats and harbor boats			25
Terminal and fleeting facilities			20

______________________

(1)Roll On/Roll Off.

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
2020
Ocean Services:
Petroleum and chemical carriers - U.S.-flag	$	649,795	$	(294,182)	$	355,613
Harbor tugs - U.S.-flag	127,709		(51,681)		76,028
Harbor tugs - Foreign-flag	45,379		(18,313)		27,066
Ocean liquid tank barges - U.S.-flag	39,238		(17,694)		21,544
Short-sea container/RORO - Foreign-flag	27,073		(14,121)		12,952
Bulk carriers - U.S.-flag	6,300		(4,700)		1,600
Other(2)	18,632		(6,595)		12,037
Construction in Progress	14,824		—		14,824
	928,950		(407,286)		521,664
Inland Services:
Dry-cargo barges	216,032		(120,825)		95,207
Specialty barges	3,828		(2,783)		1,045
Liquid tank barges	18,898		(4,087)		14,811
Towboats	66,231		(7,329)		58,902
Harbor boats	26,765		(10,762)		16,003
Launch support boats	5,920		(178)		5,742
Terminal and fleeting facilities	108,264		(68,797)		39,467
Other(2)	28,706		(9,335)		19,371
Construction in Progress	4,944		—		4,944
	479,588		(224,096)		255,492
Witt O’Brien’s:
Other(2)	493		(442)		51
Other:
Other(3)	12,139		(4,535)		7,604
Corporate and Eliminations:
Other(2)	20,701		(11,320)		9,381
	$	1,441,871	$	(647,679)	$	794,192

______________________

(1)Includes property and equipment acquired in business acquisitions at acquisition date fair value.

(2)Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment.

(3)Includes LNG Equipment and other property and equipment.


	Historical Cost(1)		Accumulated Depreciation		Net Book Value
2019
Ocean Services:
Petroleum and chemical carriers - U.S.-flag	$	649,795	$	(267,894)	$	381,901
Harbor and offshore tugs - U.S.-flag	133,419		(47,637)		85,782
Harbor tugs - Foreign-flag	45,379		(16,067)		29,312
Ocean liquid tank barges - U.S.-flag	39,238		(16,171)		23,067
Short-sea container/RORO - Foreign-flag	27,073		(11,990)		15,083
Bulk carriers - U.S.-flag	13,000		(9,800)		3,200
Other(2)	21,516		(10,994)		10,522
Construction in Progress	2,847		—		2,847
	932,267		(380,553)		551,714
Inland Services:
Dry-cargo barges	225,278		(118,615)		106,663
Specialty barges	3,828		(2,344)		1,484
Liquid tank barges	19,784		(3,684)		16,100
Towboats	62,207		(4,981)		57,226
Harbor boats	19,296		(9,324)		9,972
Terminal and fleeting facilities	103,455		(65,960)		37,495
Other(2)	27,536		(11,388)		16,148
Construction in Progress	7,736		—		7,736
	469,120		(216,296)		252,824
Witt O’Brien’s:
Other(2)	1,134		(993)		141
Other:
Other(3)	8,897		(2,450)		6,447
Corporate and Eliminations:
Other(2)	30,964		(23,732)		7,232
	$	1,442,382	$	(624,024)	$	818,358

______________________

(1)Includes property and equipment acquired in business acquisitions at acquisition date fair value.

(2)Includes land and buildings, leasehold improvements, fixed-wing aircraft, vehicles and other property and equipment.

(3)Includes LNG Equipment and other property and equipment.

Schedule of Intangible Assets

The Company’s intangible assets by type were as follows (in thousands):


	Trademark/ Tradenames		Customer Relationships		Acquired Contractual Rights		Total
	Gross Carrying Value
Year Ended December 31, 2018	$	3,324	$	15,365	$	18,358	$	37,047
Acquired intangible assets	—		—		—		—



Year Ended December 31, 2019	3,324		15,365		18,358		37,047
Acquired intangible assets	—		3,078		—		3,078
Foreign currency translation	—		111		—		111


Year Ended December 31, 2020	$	3,324	$	18,554	$	18,358	$	40,236

	Accumulated Amortization
Year Ended December 31, 2018	$	(2,312)	$	(6,428)	$	(3,756)	$	(12,496)
Amortization expense	(332)		(1,282)		(1,941)		(3,555)


Year Ended December 31, 2019	(2,644)		(7,710)		(5,697)		(16,051)
Amortization expense	(332)		(1,789)		(1,941)		(4,062)


Year Ended December 31, 2020	$	(2,976)	$	(9,499)	$	(7,638)	$	(20,113)
Weighted average remaining contractual life, in years	1.0		5.7		6.2		5.9

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):


2021	$	4,215
2022	3,510
2023	3,496
2024	3,477
2025	2,485
Years subsequent to 2025	2,940
	$	20,123

Schedule of Deferred Gains

Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands):


	2020		2019		2018
Balance at beginning of year	$	8,768	$	39,102	$	66,519
Impact of adoption of accounting principle(1)	—		(29,207)		—

Amortization of deferred gains included in operating expenses as a reduction to rental expense	—		—		(12,774)
Amortization of deferred gains included in gains on asset dispositions, net	—		(1,127)		(11,591)
Reclassification of deferred gains into historical cost on reacquired property and equipment	—		—		(3,052)
Balance at end of year	$	8,768	$	8,768	$	39,102

______________________

(1)On January 1, 2019 the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment.

Deferred gain activity related to these transactions for the years ended December 31, was as follows (in thousands):


	2020		2019		2018
Balance at beginning of year	$	3,240	$	4,562	$	5,934

Amortization of deferred gains included in gains on asset dispositions, net	(1,322)		(1,322)		(1,372)


Balance at end of year	$	1,918	$	3,240	$	4,562

Schedule of Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss. The components of accumulated other comprehensive loss were as follows (in thousands):


	SEACOR Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Gains (Losses) on Cash Flow Hedges, net		Total		Other Comprehensive Loss
Year ended December 31, 2017	$	(545)	$	—	$	(545)

Other comprehensive loss	(391)		—		(391)		$	(391)
Income tax benefit	22		—		22		22
Year ended December 31, 2018	(914)		—		(914)		$	(369)
Other comprehensive income (loss)	(83)		67		(16)		$	(16)
Income tax expense	(68)		—		(68)		(68)
Year ended December 31, 2019	(1,065)		67		(998)		$	(84)
Other comprehensive loss	(194)		(957)		(1,151)		$	(1,151)
Income tax benefit	1		—		1		1
Year ended December 31, 2020	$	(1,258)	$	(890)	$	(2,148)	$	(1,150)

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
2020
Basic Weighted Average Common Shares Outstanding	$	23,311	19,992,375	$	1.17
Effect of Dilutive Securities:
Options and Restricted Stock(1)	—		38,037
Convertible Securities(2)(3)	1,120		1,076,333
Diluted Weighted Average Common Shares Outstanding	$	24,431	21,106,745	$	1.16
2019
Basic Weighted Average Common Shares Outstanding	$	26,774	18,949,981	$	1.41
Effect of Dilutive Securities:
Options and Restricted Stock(1)	—		129,250
Convertible Securities(2)(3)	1,273		1,227,101
Diluted Weighted Average Common Shares Outstanding	$	28,047	20,306,332	$	1.38
2018
Basic Weighted Average Common Shares Outstanding	$	58,148	18,080,778	$	3.22
Effect of Dilutive Securities:
Options and Restricted Stock(1)	—		267,810
Convertible Securities(2)(3)	1,273		1,227,101
Diluted Weighted Average Common Shares Outstanding	$	59,421	19,575,689	$	3.04

______________________

(1)For the years ended December 31, 2020, 2019 and 2018, diluted earnings per common share of SEACOR excluded 1,575,867, 827,222 and 333,510, 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, 2020, 2019 and 2018, diluted earnings per common share of SEACOR excluded 339,505, 928,464 and 1,946,917 shares, respectively, issuable pursuant to the Company’s 3.0% Convertible Senior Notes (see Note 6) as the effect of their inclusion in the computation would be anti-dilutive.

(3)For the years ended December 31, 2020, 2019 and 2018, diluted earnings per share of SEACOR excluded 1,553,780, 1,553,780 and 983,351 shares, respectively, issuable pursuant to the Company’s 3.25% Convertible Senior Notes (see Note 6) as the effect of their inclusion in the computation would be anti-dilutive.