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SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 12 Months Ended
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Mar. 31, 2017
Segment Reporting [Abstract] |
Segment Reporting Information By Segment Text Block |
(15) | SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS
The company follows the disclosure requirements of ASC 280, Segment Reporting. Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company manages and measures business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East and Africa/Europe. 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 the company’s chief operating decision maker’s review of operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 and 2015 amounts have been recast to conform to the new segment alignment. The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. 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, brokered vessels and other miscellaneous marine-related businesses.
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 239,843 |  |  |  | 342,995 |  |  |  | 505,699 |
Asia/Pacific |  |  | 25,568 |  |  |  | 89,045 |  |  |  | 150,820 |
Middle East |  |  | 89,050 |  |  |  | 111,356 |  |  |  | 134,279 |
Africa/Europe |  |  | 229,355 |  |  |  | 412,004 |  |  |  | 677,560 |
|  |  | 583,816 |  |  |  | 955,400 |  |  |  | 1,468,358 |
Other operating revenues |  |  | 17,795 |  |  |  | 23,662 |  |  |  | 27,159 |
|  | $ | 601,611 |  |  |  | 979,062 |  |  |  | 1,495,517 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 18,873 |  |  |  | 52,966 |  |  |  | 122,988 |
Asia/Pacific |  |  | (20,614 | ) |  |  | (1,687 | ) |  |  | 11,541 |
Middle East |  |  | (4,696 | ) |  |  | 7,325 |  |  |  | 15,590 |
Africa/Europe |  |  | (51,395 | ) |  |  | 15,534 |  |  |  | 143,837 |
|  |  | (57,832 | ) |  |  | 74,138 |  |  |  | 293,956 |
Other operating loss |  |  | (1,548 | ) |  |  | (4,564 | ) |  |  | (8,022 | )
|  |  | (59,380 | ) |  |  | 69,574 |  |  |  | 285,934 |
Corporate general and administrative expenses (A) |  |  | (55,389 | ) |  |  | (34,078 | ) |  |  | (40,621 | )
Corporate depreciation |  |  | (2,456 | ) |  |  | (6,160 | ) |  |  | (4,014 | )
Corporate expenses |  |  | (57,845 | ) |  |  | (40,238 | ) |  |  | (44,635 | )
Gain (loss) on asset dispositions, net |  |  | 24,099 |  |  |  | 26,037 |  |  |  | 23,796 |
Asset impairment |  |  | (484,727 | ) |  |  | (117,311 | ) |  |  | (14,525 | )
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | (283,699 | )
Restructuring charge |  |  | — |  |  |  | (7,586 | ) |  |  | (4,052 | )
Operating loss |  |  | (577,853 | ) |  |  | (69,524 | ) |  |  | (37,181 | )
Foreign exchange gain (loss) |  |  | (1,638 | ) |  |  | (5,403 | ) |  |  | 8,678 |
Equity in net earnings (losses) of unconsolidated companies |  |  | 5,710 |  |  |  | (13,581 | ) |  |  | 10,179 |
Interest income and other, net |  |  | 5,193 |  |  |  | 2,703 |  |  |  | 1,927 |
Interest and other debt costs |  |  | (75,026 | ) |  |  | (53,752 | ) |  |  | (50,029 | )
Loss before income taxes |  | $ | (643,614 | ) |  |  | (139,557 | ) |  |  | (66,426 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 48,814 |  |  |  | 48,474 |  |  |  | 47,682 |
Asia/Pacific |  |  | 21,095 |  |  |  | 22,386 |  |  |  | 18,383 |
Middle East |  |  | 19,754 |  |  |  | 19,218 |  |  |  | 18,881 |
Africa/Europe |  |  | 70,742 |  |  |  | 80,350 |  |  |  | 82,271 |
|  |  | 160,405 |  |  |  | 170,428 |  |  |  | 167,217 |
Other |  |  | 4,430 |  |  |  | 5,721 |  |  |  | 3,973 |
Corporate |  |  | 2,456 |  |  |  | 6,160 |  |  |  | 4,014 |
|  | $ | 167,291 |  |  |  | 182,309 |  |  |  | 175,204 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 93 |  |  |  | 51,303 |  |  |  | 94,137 |
Asia/Pacific |  |  | — |  |  |  | 1,917 |  |  |  | 91,497 |
Middle East |  |  | 1,612 |  |  |  | 1,732 |  |  |  | 962 |
Africa/Europe |  |  | 743 |  |  |  | 1,861 |  |  |  | 36,985 |
|  |  | 2,448 |  |  |  | 56,813 |  |  |  | 223,581 |
Other |  |  | — |  |  |  | 10 |  |  |  | 18,571 |
Corporate |  |  | 28,099 |  |  |  | 137,662 |  |  |  | 124,411 |
|  | $ | 30,547 |  |  |  | 194,485 |  |  |  | 366,563 |
Total assets (B): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 779,778 |  |  |  | 1,101,699 |  |  |  | 1,016,133 |
Asia/Pacific |  |  | 321,967 |  |  |  | 514,948 |  |  |  | 506,265 |
Middle East |  |  | 261,418 |  |  |  | 405,420 |  |  |  | 471,856 |
Africa/Europe |  |  | 1,897,355 |  |  |  | 1,999,543 |  |  |  | 2,258,102 |
|  |  | 3,260,518 |  |  |  | 4,021,610 |  |  |  | 4,252,356 |
Other |  |  | 21,580 |  |  |  | 42,191 |  |  |  | 49,554 |
|  |  | 3,282,098 |  |  |  | 4,063,801 |  |  |  | 4,301,910 |
Investments in and advances to unconsolidated companies |  |  | 45,115 |  |  |  | 37,502 |  |  |  | 65,844 |
|  |  | 3,327,213 |  |  |  | 4,101,303 |  |  |  | 4,367,754 |
Corporate (C) |  |  | 863,486 |  |  |  | 882,490 |  |  |  | 381,012 |
|  | $ | 4,190,699 |  |  |  | 4,983,793 |  |  |  | 4,748,766 |
(A) | Corporate general and administrative expenses in fiscal 2017 include $29 million associated with our efforts to renegotiate the terms of various debt arrangements and related consulting services.
(B) | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material.
Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2017, 2016 and 2015, $52.4 million, $136.8 million and $235.2 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 years ended March 31,:
Revenue by vessel class: (In thousands): |  | 2017 |  |  | % of Vessel Revenue |  |  | 2016 |  |  | % of Vessel Revenue |  |  | 2015 |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 171,334 |  |  |  | 29 | % |  |  | 235,522 |  |  |  | 25 | % |  |  | 353,232 |  |  |  | 24 | %
Towing-supply |  |  | 56,561 |  |  |  | 10 | % |  |  | 92,768 |  |  |  | 9 | % |  |  | 125,029 |  |  |  | 9 | %
Other |  |  | 11,948 |  |  |  | 2 | % |  |  | 14,705 |  |  |  | 2 | % |  |  | 27,438 |  |  |  | 2 | %
Total |  | $ | 239,843 |  |  |  | 41 | % |  |  | 342,995 |  |  |  | 36 | % |  |  | 505,699 |  |  |  | 35 | %
Asia/Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 7,252 |  |  |  | 1 | % |  |  | 60,853 |  |  |  | 6 | % |  |  | 94,538 |  |  |  | 6 | %
Towing-supply |  |  | 18,316 |  |  |  | 3 | % |  |  | 28,192 |  |  |  | 3 | % |  |  | 53,281 |  |  |  | 4 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,001 |  |  |  | <1 | %
Total |  | $ | 25,568 |  |  |  | 4 | % |  |  | 89,045 |  |  |  | 9 | % |  |  | 150,820 |  |  |  | 10 | %
Middle East fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 28,274 |  |  |  | 5 | % |  |  | 23,596 |  |  |  | 2 | % |  |  | 28,637 |  |  |  | 2 | %
Towing-supply |  |  | 60,776 |  |  |  | 10 | % |  |  | 87,760 |  |  |  | 10 | % |  |  | 105,642 |  |  |  | 7 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 89,050 |  |  |  | 15 | % |  |  | 111,356 |  |  |  | 12 | % |  |  | 134,279 |  |  |  | 9 | %
Africa/Europe fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 102,374 |  |  |  | 18 | % |  |  | 205,587 |  |  |  | 22 | % |  |  | 382,957 |  |  |  | 26 | %
Towing-supply |  |  | 102,732 |  |  |  | 18 | % |  |  | 153,818 |  |  |  | 16 | % |  |  | 219,914 |  |  |  | 15 | %
Other |  |  | 24,249 |  |  |  | 4 | % |  |  | 52,599 |  |  |  | 5 | % |  |  | 74,689 |  |  |  | 5 | %
Total |  | $ | 229,355 |  |  |  | 40 | % |  |  | 412,004 |  |  |  | 43 | % |  |  | 677,560 |  |  |  | 46 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 309,234 |  |  |  | 53 | % |  |  | 525,558 |  |  |  | 55 | % |  |  | 859,364 |  |  |  | 58 | %
Towing-supply |  |  | 238,385 |  |  |  | 41 | % |  |  | 362,538 |  |  |  | 38 | % |  |  | 503,866 |  |  |  | 35 | %
Other |  |  | 36,197 |  |  |  | 6 | % |  |  | 67,304 |  |  |  | 7 | % |  |  | 105,128 |  |  |  | 7 | %
Total |  | $ | 583,816 |  |  |  | 100 | % |  |  | 955,400 |  |  |  | 100 | % |  |  | 1,468,358 |  |  |  | 100 | %
The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Chevron Corporation |  |  | 16.3 | % |  |  | 14.6 | % |  |  | 12.7 | %
Freeport McMoRan (A) |  |  | 11.3 | % |  |  | 3.5 | % |  |  | 1.6 | %
Saudi Aramco |  |  | 10.0 | % |  |  | 7.6 | % |  |  | 5.4 | %
Petroleo Brasileiro SA |  |  | 8.2 | % |  |  | 11.0 | % |  |  | 11.8 | %
BP plc |  |  | 5.8 | % |  |  | 7.1 | % |  |  | 10.1 | %
| (A) | A significant portion of this customer’s fiscal 2017 revenue was the result of the early termination of a long-term vessel charter contract.

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