XML 24 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income (loss) $ 95,621 $ (22,193) $ (129,660)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 128,777 83,522 73,223
Amortization of deferred drydocking and survey costs 51,554 35,638 41,321
Amortization of debt premiums and discounts 4,619 1,679 3,171
Amortization of below market contracts (3,800) 0 0
Provision (benefit) for deferred income taxes 92 36 (1,287)
(Gain) loss on asset dispositions, net (8,701) (250) 2,901
Gain on pension settlement (2,313) 0 0
Gain on bargain purchase 0 (1,300) 0
Affiliate credit loss impairment expense 0 0 400
Long-lived asset impairments and other 0 714 15,643
Loss on warrants 0 14,175 0
Loss on debt extinguishment 0 0 11,100
Stock-based compensation expense 10,755 7,372 5,638
Changes in operating assets and liabilities, net:      
Trade and other receivables (109,756) (4,129) 26,120
Due to/from affiliate, net 0 (20) (123)
Marine operating supplies 1,984 (14,611) 1,365
Prepaid expenses and other current assets 5,813 (4,899) 2,961
Accounts payable 5,985 16,481 3,807
Accrued expenses 20,072 (1,340) (688)
Other current liabilities 809 (555) (8,920)
Other liabilities (740) (10,930) (6,849)
Deferred drydocking and survey costs (97,378) (56,000) (27,282)
Other, net 1,312 (3,164) 2,165
Net cash provided by operating activities 104,705 40,226 15,006
Cash flows from investing activities:      
Proceeds from asset dispositions 15,506 13,568 34,010
Acquisitions, net of cash acquired (594,191) (20,740) 0
Additions to properties and equipment (31,588) (16,637) (8,951)
Net cash provided by (used in) investing activities (610,273) (23,809) 25,059
Cash flows from financing activities:      
Exercise of warrants 111,483 0 0
Proceeds from issuance of shares 0 187,832 0
Repurchase of SPO acquisition warrants 0 (187,832) 0
Issuance of long-term debt 575,000 0 172,375
Principal payments on long-term debt (13,677) 0 (198,918)
Purchase of common stock (35,025) 0 0
Debt extinguishment premium 0 0 (7,781)
Acquisition of non-controlling interest in a majority owned subsidiary (1,427) 0 0
Debt issuance costs (14,758) (393) (5,737)
Tax on share-based award (6,040) (2,323) (953)
Net cash provided by (used in) financing activities 615,556 (2,716) (41,014)
Net change in cash, cash equivalents and restricted cash 109,988 13,701 (949)
Cash, cash equivalents and restricted cash at beginning of period 167,977 154,276 155,225
Cash, cash equivalents and restricted cash at end of period 277,965 167,977 154,276
Supplemental disclosure of cash flow information:      
Interest, net of amounts capitalized 26,638 15,554 13,747
Income taxes 43,880 22,275 19,013
Supplemental disclosure of noncash investing activities:      
Acquisition of SPO 0 162,648 0
Purchase of four vessels 14,265 0 0
Warrants issued for SPO acquisition 0 162,648 0
Repurchase of SPO Acquisition Warrants 0 1,365 0
Debt incurred for the purchase of four vessels $ 15,235 $ 0 $ 0