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Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities

3 Months Ended

Mar. 31, 2025

Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block]

(11)

PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

As of March 31, 2025, our property and equipment consisted primarily of 214 owned vessels located around the world. As of December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. We have one crew boat under construction for which we have made down payments totaling approximately EUR0.4 million ($0.4 million) in prior years and will incur debt with the shipyard totaling approximately EUR1.6 million ($1.7 million) upon delivery. These crew boats are employed under term contracts in our African market. During the three months ending March 31, 2025, we sold two vessels for approximately $3.8 million in proceeds and recognized a net gain of $2.5 million on the dispositions. During the three months ending March 31, 2024, we sold three vessels for approximately $12.5 million in proceeds and recognized a net $11.0 million gain on the dispositions.

A summary of properties and equipment is as follows:

(In Thousands)
	March 31, 2025		December 31, 2024
Properties and equipment:
Vessels and related equipment	$	1,736,006	$	1,727,197
Other properties and equipment		34,673		28,969
		1,770,679		1,756,166
Less accumulated depreciation and amortization		606,921		571,884
Properties and equipment, net	$	1,163,758	$	1,184,282

A summary of accrued expenses is as follows:

(In Thousands)
	March 31, 2025		December 31, 2024
Payroll and related payables	$	45,040	$	43,256
Accrued vessel expenses		50,004		42,762
Accrued interest expense		14,048		16,727
Other accrued expenses		23,908		27,149
	$	133,000	$	129,894

A summary of other current liabilities is as follows:

(In Thousands)
	March 31, 2025		December 31, 2024
Taxes payable	$	55,375	$	48,122
Other		18,924		16,826
	$	74,299	$	64,948

A summary of other liabilities is as follows:

(In Thousands)
	March 31, 2025		December 31, 2024
Pension liabilities	$	16,959	$	17,525
Liability for uncertain tax positions		23,742		24,582
Other		21,562		18,289
	$	62,263	$	60,396