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Segment and Geographic Distribution Of Operations (Tables) | 6 Months Ended
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Sep. 30, 2014
Segment Information, Geographical Data and Major Customers | The following table provides a comparison of segment revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the quarters and six-month periods ended September 30, 2014 and 2013. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards (the remainder of which the company disposed of in the quarter ended June 30, 2013), remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses.
|  |  |  | Quarter Ended September 30, |  |  | Six Months Ended September 30, |
(In thousands) |  |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ |  |  | 134,013 |  |  |  | 101,929 |  |  |  | 253,996 |  |  |  | 192,173 |
Asia/Pacific |  |  |  |  | 45,989 |  |  |  | 37,430 |  |  |  | 86,238 |  |  |  | 80,386 |
Middle East/North Africa |  |  |  |  | 48,837 |  |  |  | 45,370 |  |  |  | 104,376 |  |  |  | 86,583 |
Sub-Saharan Africa/Europe |  |  |  |  | 162,113 |  |  |  | 178,939 |  |  |  | 327,852 |  |  |  | 336,156 |
|  |  |  |  | 390,952 |  |  |  | 363,668 |  |  |  | 772,462 |  |  |  | 695,298 |
Other operating revenues |  |  |  |  | 6,572 |  |  |  | 4,269 |  |  |  | 10,739 |  |  |  | 6,724 |
|  | $ |  |  | 397,524 |  |  |  | 367,937 |  |  |  | 783,201 |  |  |  | 702,022 |
Vessel operating profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ |  |  | 36,778 |  |  |  | 23,675 |  |  |  | 66,986 |  |  |  | 43,976 |
Asia/Pacific |  |  |  |  | 7,414 |  |  |  | 4,807 |  |  |  | 6,443 |  |  |  | 15,096 |
Middle East/North Africa |  |  |  |  | 7,367 |  |  |  | 13,446 |  |  |  | 19,160 |  |  |  | 23,569 |
Sub-Saharan Africa/Europe |  |  |  |  | 41,446 |  |  |  | 47,261 |  |  |  | 79,048 |  |  |  | 64,780 |
|  |  |  |  | 93,005 |  |  |  | 89,189 |  |  |  | 171,637 |  |  |  | 147,421 |
Other operating profit (loss) |  |  |  |  | (2,093 | ) |  |  | 218 |  |  |  | (4,516 | ) |  |  | (174) |
|  |  |  |  | 90,912 |  |  |  | 89,407 |  |  |  | 167,121 |  |  |  | 147,247 |
Corporate general and administrative expenses |  |  |  |  | (8,943 | ) |  |  | (12,102) |  |  |  | (21,275 | ) |  |  | (27,947) |
Corporate depreciation |  |  |  |  | (836 | ) |  |  | (789) |  |  |  | (1,652 | ) |  |  | (1,499) |
Corporate expenses |  |  |  |  | (9,779 | ) |  |  | (12,891) |  |  |  | (22,927 | ) |  |  | (29,446) |
Gain on asset dispositions, net |  |  |  |  | 3,590 |  |  |  | 49 |  |  |  | 6,533 |  |  |  | 2,189 |
Operating income |  | $ |  |  | 84,723 |  |  |  | 76,565 |  |  |  | 150,727 |  |  |  | 119,990 |
Foreign exchange gain |  |  |  |  | 5,408 |  |  |  | 3,017 |  |  |  | 4,119 |  |  |  | 2,928 |
Equity in net earnings of unconsolidated companies |  |  |  |  | 3,821 |  |  |  | 3,781 |  |  |  | 9,104 |  |  |  | 8,201 |
Interest income and other, net |  |  |  |  | 499 |  |  |  | 538 |  |  |  | 1,121 |  |  |  | 1,278 |
Loss on early extinguishment of debt |  |  |  |  | --- |  |  |  | (4,144) |  |  |  | --- |  |  |  | (4,144) |
Interest and other debt costs, net |  |  |  |  | (12,559 | ) |  |  | (9,918) |  |  |  | (25,688 | ) |  |  | (18,831) |
Earnings before income taxes |  | $ |  |  | 81,892 |  |  |  | 69,839 |  |  |  | 139,383 |  |  |  | 109,422 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ |  |  | 12,390 |  |  |  | 10,833 |  |  |  | 23,798 |  |  |  | 20,943 |
Asia/Pacific |  |  |  |  | 4,421 |  |  |  | 4,122 |  |  |  | 8,807 |  |  |  | 8,647 |
Middle East/North Africa |  |  |  |  | 6,785 |  |  |  | 5,731 |  |  |  | 13,367 |  |  |  | 11,337 |
Sub-Saharan Africa/Europe |  |  |  |  | 18,378 |  |  |  | 20,581 |  |  |  | 37,427 |  |  |  | 39,736 |
|  |  |  |  | 41,974 |  |  |  | 41,267 |  |  |  | 83,399 |  |  |  | 80,663 |
Other |  |  |  |  | 898 |  |  |  | --- |  |  |  | 1,768 |  |  |  | 2 |
Corporate |  |  |  |  | 836 |  |  |  | 789 |  |  |  | 1,652 |  |  |  | 1,499 |
|  | $ |  |  | 43,708 |  |  |  | 42,056 |  |  |  | 86,819 |  |  |  | 82,164 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ |  |  | 15,397 |  |  |  | 8,845 |  |  |  | 31,635 |  |  |  | 12,039 |
Asia/Pacific |  |  |  |  | 23,138 |  |  |  | 453 |  |  |  | 23,211 |  |  |  | 968 |
Middle East/North Africa |  |  |  |  | 805 |  |  |  | 770 |  |  |  | 1,235 |  |  |  | 909 |
Sub-Saharan Africa/Europe (A) |  |  |  |  | 11,339 |  |  |  | 8,086 |  |  |  | 13,914 |  |  |  | 344,557 |
|  |  |  |  | 50,679 |  |  |  | 18,154 |  |  |  | 69,995 |  |  |  | 358,473 |
Other |  |  |  |  | 4,689 |  |  |  | --- |  |  |  | 8,725 |  |  |  | --- |
Corporate (B) |  |  |  |  | 31,733 |  |  |  | 49,747 |  |  |  | 53,479 |  |  |  | 111,597 |
|  | $ |  |  | 87,101 |  |  |  | 67,901 |  |  |  | 132,199 |  |  |  | 470,070 |
(A) | Included in Sub-Saharan Africa/Europe for the six months ended September 30, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore.
(B) | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented.
Comparison of Total Assets | The following table provides a comparison of total assets at September 30, 2014 and March 31, 2014:
|  | September 30, |  |  | March 31, |
(In thousands) |  | 2014 |  |  | 2014 |
Total assets: |  |  |  |  |  |  |  |
Americas |  | $ | 1,127,132 |  |  |  | 1,017,736 |
Asia/Pacific |  |  | 471,702 |  |  |  | 421,379 |
Middle East/North Africa |  |  | 620,638 |  |  |  | 613,303 |
Sub-Saharan Africa/Europe |  |  | 2,210,363 |  |  |  | 2,383,507 |
|  |  | 4,429,835 |  |  |  | 4,435,925 |
Other |  |  | 40,747 |  |  |  | 31,545 |
|  |  | 4,470,582 |  |  |  | 4,467,470 |
Investments in, at equity, and advances to unconsolidated companies |  |  | 70,803 |  |  |  | 63,928 |
|  |  | 4,541,385 |  |  |  | 4,531,398 |
Corporate (A) |  |  | 461,080 |  |  |  | 354,431 |
|  | $ | 5,002,465 |  |  |  | 4,885,829 |
Note A: Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At September 30, 2014 and March 31, 2014, $250.0 million and $228.9 million, respectively, of vessel construction costs are included in Corporate.
Schedule of Segment Reporting Information, Revenue by Vessel Class | The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the quarters and six-month periods ended September 30, 2014 and 2013:
|  | Quarter Ended |  |  | Six Months Ended |
Revenue by vessel class |  | September 30, |  |  | September 30, |
(In thousands) |  | 2014 |  |  | % |  |  | 2013 |  |  | % |  |  | 2014 |  |  | % |  |  | 2013 |  |  | % |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 91,403 |  |  |  | 23% |  |  |  | 61,811 |  |  |  | 17% |  |  |  | 173,685 |  |  |  | 23% |  |  |  | 116,843 |  |  |  | 17% |
Towing-supply |  |  | 34,387 |  |  |  | 9% |  |  |  | 30,861 |  |  |  | 8% |  |  |  | 63,904 |  |  |  | 8% |  |  |  | 58,531 |  |  |  | 8% |
Other |  |  | 8,223 |  |  |  | 2% |  |  |  | 9,257 |  |  |  | 3% |  |  |  | 16,407 |  |  |  | 2% |  |  |  | 16,799 |  |  |  | 3% |
Total |  | $ | 134,013 |  |  |  | 34% |  |  |  | 101,929 |  |  |  | 28% |  |  |  | 253,996 |  |  |  | 33% |  |  |  | 192,173 |  |  |  | 28% |
Asia/Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 27,675 |  |  |  | 7% |  |  |  | 19,923 |  |  |  | 5% |  |  |  | 51,917 |  |  |  | 7% |  |  |  | 44,215 |  |  |  | 6% |
Towing-supply |  |  | 17,338 |  |  |  | 5% |  |  |  | 16,559 |  |  |  | 5% |  |  |  | 32,375 |  |  |  | 4% |  |  |  | 34,281 |  |  |  | 5% |
Other |  |  | 976 |  |  |  | <1% |  |  |  | 948 |  |  |  | <1% |  |  |  | 1,946 |  |  |  | <1% |  |  |  | 1,890 |  |  |  | <1% |
Total |  | $ | 45,989 |  |  |  | 12% |  |  |  | 37,430 |  |  |  | 10% |  |  |  | 86,238 |  |  |  | 11% |  |  |  | 80,386 |  |  |  | 11% |
Middle East/North Africa fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 19,254 |  |  |  | 5% |  |  |  | 15,732 |  |  |  | 5% |  |  |  | 38,721 |  |  |  | 5% |  |  |  | 31,584 |  |  |  | 5% |
Towing-supply |  |  | 28,715 |  |  |  | 7% |  |  |  | 28,763 |  |  |  | 8% |  |  |  | 63,994 |  |  |  | 9% |  |  |  | 53,260 |  |  |  | 8% |
Other |  |  | 868 |  |  |  | <1% |  |  |  | 875 |  |  |  | <1% |  |  |  | 1,661 |  |  |  | <1% |  |  |  | 1,739 |  |  |  | <1% |
Total |  | $ | 48,837 |  |  |  | 12% |  |  |  | 45,370 |  |  |  | 13% |  |  |  | 104,376 |  |  |  | 14% |  |  |  | 86,583 |  |  |  | 13% |
Sub-Saharan Africa/Europe fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 89,193 |  |  |  | 23% |  |  |  | 106,541 |  |  |  | 29% |  |  |  | 180,884 |  |  |  | 23% |  |  |  | 193,792 |  |  |  | 28% |
Towing-supply |  |  | 54,617 |  |  |  | 14% |  |  |  | 56,772 |  |  |  | 16% |  |  |  | 110,053 |  |  |  | 14% |  |  |  | 111,632 |  |  |  | 16% |
Other |  |  | 18,303 |  |  |  | 5% |  |  |  | 15,626 |  |  |  | 4% |  |  |  | 36,915 |  |  |  | 5% |  |  |  | 30,732 |  |  |  | 4% |
Total |  | $ | 162,113 |  |  |  | 42% |  |  |  | 178,939 |  |  |  | 49% |  |  |  | 327,852 |  |  |  | 42% |  |  |  | 336,156 |  |  |  | 48% |
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 227,525 |  |  |  | 58% |  |  |  | 204,007 |  |  |  | 56% |  |  |  | 445,207 |  |  |  | 58% |  |  |  | 386,434 |  |  |  | 56% |
Towing-supply |  |  | 135,057 |  |  |  | 35% |  |  |  | 132,955 |  |  |  | 37% |  |  |  | 270,326 |  |  |  | 35% |  |  |  | 257,704 |  |  |  | 37% |
Other |  |  | 28,370 |  |  |  | 7% |  |  |  | 26,706 |  |  |  | 7% |  |  |  | 56,929 |  |  |  | 7% |  |  |  | 51,160 |  |  |  | 7% |
Total |  | $ | 390,952 |  |  |  | 100% |  |  |  | 363,668 |  |  |  | 100% |  |  |  | 772,462 |  |  |  | 100% |  |  |  | 695,298 |  |  |  | 100% |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
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