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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 6 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS |
(12) | SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS
At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. This new segment alignment is consistent with how the company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and six-month periods ended September 30, 2016 and 2015. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses.
|  | Quarter Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 53,125 |  |  |  | 89,210 |  |  |  | 113,733 |  |  |  | 203,382 |
Asia/Pacific |  |  | 6,110 |  |  |  | 32,173 |  |  |  | 14,031 |  |  |  | 60,110 |
Middle East |  |  | 23,474 |  |  |  | 28,684 |  |  |  | 47,676 |  |  |  | 60,937 |
Africa/Europe |  |  | 56,652 |  |  |  | 114,064 |  |  |  | 126,351 |  |  |  | 238,015 |
|  |  | 139,361 |  |  |  | 264,131 |  |  |  | 301,791 |  |  |  | 562,444 |
Other operating revenues |  |  | 4,361 |  |  |  | 7,792 |  |  |  | 9,856 |  |  |  | 14,253 |
|  | $ | 143,722 |  |  |  | 271,923 |  |  |  | 311,647 |  |  |  | 576,697 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (1,177 | ) |  |  | 8,812 |  |  |  | (5,503 | ) |  |  | 32,651 |
Asia/Pacific |  |  | (6,096 | ) |  |  | 6,168 |  |  |  | (11,670 | ) |  |  | 7,918 |
Middle East |  |  | 925 |  |  |  | 244 |  |  |  | 892 |  |  |  | 4,248 |
Africa/Europe |  |  | (14,072 | ) |  |  | 10,518 |  |  |  | (27,381 | ) |  |  | 15,965 |
|  |  | (20,420 | ) |  |  | 25,742 |  |  |  | (43,662 | ) |  |  | 60,782 |
Other operating loss |  |  | (1,012 | ) |  |  | (658 | ) |  |  | (1,439 | ) |  |  | (2,494 | )
|  |  | (21,432 | ) |  |  | 25,084 |  |  |  | (45,101 | ) |  |  | 58,288 |
Corporate general and administrative expenses |  |  | (10,006 | ) |  |  | (7,932 | ) |  |  | (20,499 | ) |  |  | (17,946 | )
Corporate depreciation |  |  | (597 | ) |  |  | (1,649 | ) |  |  | (1,327 | ) |  |  | (3,143 | )
Corporate expenses |  |  | (10,603 | ) |  |  | (9,581 | ) |  |  | (21,826 | ) |  |  | (21,089 | )
Gain on asset dispositions, net |  |  | 6,253 |  |  |  | 6,111 |  |  |  | 11,896 |  |  |  | 13,462 |
Asset impairments (A) |  |  | (129,562 | ) |  |  | (31,672 | ) |  |  | (166,448 | ) |  |  | (46,630 | )
Restructuring charge (B) |  |  | — |  |  |  | (7,586 | ) |  |  | — |  |  |  | (7,586 | )
Operating loss |  | $ | (155,344 | ) |  |  | (17,644 | ) |  |  | (221,479 | ) |  |  | (3,555 | )
Foreign exchange gain (loss) |  |  | (2,539 | ) |  |  | 844 |  |  |  | (5,272 | ) |  |  | (3,289 | )
Equity in net earnings (losses) of unconsolidated companies |  |  | 1,313 |  |  |  | (2,919 | ) |  |  | 1,312 |  |  |  | (5,360 | )
Interest income and other, net |  |  | 992 |  |  |  | 355 |  |  |  | 2,168 |  |  |  | 1,145 |
Interest and other debt costs, net |  |  | (18,477 | ) |  |  | (13,247 | ) |  |  | (35,431 | ) |  |  | (26,429 | )
Loss before income taxes |  | $ | (174,055 | ) |  |  | (32,611 | ) |  |  | (258,702 | ) |  |  | (37,488 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 12,700 |  |  |  | 12,232 |  |  |  | 25,478 |  |  |  | 24,282 |
Asia/Pacific |  |  | 5,538 |  |  |  | 5,311 |  |  |  | 11,320 |  |  |  | 10,700 |
Middle East |  |  | 5,241 |  |  |  | 4,802 |  |  |  | 10,353 |  |  |  | 9,601 |
Africa/Europe |  |  | 18,430 |  |  |  | 20,483 |  |  |  | 37,199 |  |  |  | 40,994 |
|  |  | 41,909 |  |  |  | 42,828 |  |  |  | 84,350 |  |  |  | 85,577 |
Other |  |  | 1,339 |  |  |  | 1,502 |  |  |  | 2,720 |  |  |  | 2,916 |
Corporate |  |  | 597 |  |  |  | 1,649 |  |  |  | 1,327 |  |  |  | 3,143 |
|  | $ | 43,845 |  |  |  | 45,979 |  |  |  | 88,397 |  |  |  | 91,636 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | — |  |  |  | 20,000 |  |  |  | 75 |  |  |  | 42,054 |
Asia/Pacific |  |  | — |  |  |  | 1,075 |  |  |  | — |  |  |  | 1,710 |
Middle East |  |  | 34 |  |  |  | 357 |  |  |  | 314 |  |  |  | 649 |
Africa/Europe |  |  | 392 |  |  |  | 1,094 |  |  |  | 459 |  |  |  | 1,367 |
|  |  | 426 |  |  |  | 22,526 |  |  |  | 848 |  |  |  | 45,780 |
Other |  |  | — |  |  |  | 86 |  |  |  | — |  |  |  | 86 |
Corporate (C) |  |  | 9,445 |  |  |  | 24,830 |  |  |  | 19,138 |  |  |  | 94,595 |
|  | $ | 9,871 |  |  |  | 47,442 |  |  |  | 19,986 |  |  |  | 140,461 |
(A) | Refer to Note (15) for additional information regarding asset impairment charges.
(B) | Refer to Note (14) for additional information regarding the restructuring charge.
(C) | 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.
The following table provides a comparison of total assets at September 30, 2016 and March 31, 2016:
|  | September 30, |  |  | March 31, |
(In thousands) |  | 2016 |  |  | 2016 |
Total assets: |  |  |  |  |  |  |  |
Americas |  | $ | 1,060,391 |  |  |  | 1,101,699 |
Asia/Pacific |  |  | 461,858 |  |  |  | 514,948 |
Middle East |  |  | 436,583 |  |  |  | 405,420 |
Africa/Europe |  |  | 1,797,674 |  |  |  | 1,999,543 |
|  |  | 3,756,506 |  |  |  | 4,021,610 |
Other |  |  | 24,673 |  |  |  | 42,191 |
|  |  | 3,781,179 |  |  |  | 4,063,801 |
Investments in, at equity, and advances to unconsolidated companies |  |  | 38,200 |  |  |  | 37,502 |
|  |  | 3,819,379 |  |  |  | 4,101,303 |
Corporate (A) (B) |  |  | 868,883 |  |  |  | 882,490 |
|  | $ | 4,688,262 |  |  |  | 4,983,793 |
(A) | At September 30, 2016 and March 31, 2016, $641.8 million and $651.2 million, respectively, of cash are included in Corporate.
(B) | 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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At September 30, 2016 and March 31, 2016, $115.7 million and $136.8 million, respectively, of vessel construction costs are included in Corporate.
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, 2016 and 2015:
|  |  |  |  |  | Quarter Ended |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |
Revenue by vessel class |  |  |  |  |  | September 30, |  |  |  |  |  |  |  |  |  |  | September 30, |  |  |  |  |
(In thousands) |  | 2016 |  |  | % of Vessel Revenue |  |  | 2015 |  |  | % of Vessel Revenue |  |  | 2016 |  |  | % of Vessel Revenue |  |  | 2015 |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 37,270 |  |  |  | 27 | % |  |  | 61,776 |  |  |  | 24 | % |  |  | 77,657 |  |  |  | 26 | % |  |  | 141,928 |  |  |  | 25 | %
Towing-supply |  |  | 13,039 |  |  |  | 9 | % |  |  | 24,121 |  |  |  | 9 | % |  |  | 29,918 |  |  |  | 10 | % |  |  | 53,636 |  |  |  | 9 | %
Other |  |  | 2,816 |  |  |  | 2 | % |  |  | 3,313 |  |  |  | 1 | % |  |  | 6,158 |  |  |  | 2 | % |  |  | 7,818 |  |  |  | 2 | %
Total |  | $ | 53,125 |  |  |  | 38 | % |  |  | 89,210 |  |  |  | 34 | % |  |  | 113,733 |  |  |  | 38 | % |  |  | 203,382 |  |  |  | 36 | %
Asia/Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 1,872 |  |  |  | 1 | % |  |  | 23,435 |  |  |  | 9 | % |  |  | 4,462 |  |  |  | 2 | % |  |  | 43,268 |  |  |  | 8 | %
Towing-supply |  |  | 4,238 |  |  |  | 3 | % |  |  | 8,738 |  |  |  | 3 | % |  |  | 9,569 |  |  |  | 3 | % |  |  | 16,842 |  |  |  | 3 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 6,110 |  |  |  | 4 | % |  |  | 32,173 |  |  |  | 12 | % |  |  | 14,031 |  |  |  | 5 | % |  |  | 60,110 |  |  |  | 11 | %
Middle East fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 6,988 |  |  |  | 5 | % |  |  | 5,750 |  |  |  | 2 | % |  |  | 13,026 |  |  |  | 4 | % |  |  | 12,441 |  |  |  | 2 | %
Towing-supply |  |  | 16,486 |  |  |  | 12 | % |  |  | 22,934 |  |  |  | 9 | % |  |  | 34,650 |  |  |  | 11 | % |  |  | 48,496 |  |  |  | 9 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 23,474 |  |  |  | 17 | % |  |  | 28,684 |  |  |  | 11 | % |  |  | 47,676 |  |  |  | 15 | % |  |  | 60,937 |  |  |  | 11 | %
Africa/Europe fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 24,305 |  |  |  | 17 | % |  |  | 54,974 |  |  |  | 21 | % |  |  | 57,594 |  |  |  | 19 | % |  |  | 122,635 |  |  |  | 22 | %
Towing-supply |  |  | 25,934 |  |  |  | 19 | % |  |  | 43,086 |  |  |  | 16 | % |  |  | 53,851 |  |  |  | 18 | % |  |  | 84,911 |  |  |  | 15 | %
Other |  |  | 6,413 |  |  |  | 5 | % |  |  | 16,004 |  |  |  | 6 | % |  |  | 14,906 |  |  |  | 5 | % |  |  | 30,469 |  |  |  | 5 | %
Total |  | $ | 56,652 |  |  |  | 41 | % |  |  | 114,064 |  |  |  | 43 | % |  |  | 126,351 |  |  |  | 42 | % |  |  | 238,015 |  |  |  | 42 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 70,435 |  |  |  | 50 | % |  |  | 145,935 |  |  |  | 56 | % |  |  | 152,739 |  |  |  | 51 | % |  |  | 320,272 |  |  |  | 57 | %
Towing-supply |  |  | 59,697 |  |  |  | 43 | % |  |  | 98,879 |  |  |  | 37 | % |  |  | 127,988 |  |  |  | 42 | % |  |  | 203,885 |  |  |  | 36 | %
Other |  |  | 9,229 |  |  |  | 7 | % |  |  | 19,317 |  |  |  | 7 | % |  |  | 21,064 |  |  |  | 7 | % |  |  | 38,287 |  |  |  | 7 | %
Total |  | $ | 139,361 |  |  |  | 100 | % |  |  | 264,131 |  |  |  | 100 | % |  |  | 301,791 |  |  |  | 100 | % |  |  | 562,444 |  |  |  | 100 | %

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