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SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | 9 Months Ended
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Dec. 31, 2017
Segment Reporting [Abstract] |
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | (17) 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. Amounts in these financial statements have been recast from the original financial statements included in the company’s Transition Report on Form 10-KT filed on March 15, 2018 to provide comparative information which conforms with the company’s current segment alignment. During calendar year 2018 the company’s Africa/Europe segment was split as a result of management realignment such that the company’s operations in Europe and Mediterranean Sea regions and the company’s West Africa regions are now separately reported segments. As such, the company now discloses these new segments as Europe/Mediterranean Sea and West Africa, respectively. The company’s Americas and Middle East/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. Prior year amounts have also 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. 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.
|  | Successor |  |  | Predecessor |
(In thousands) |  | Period from August 1, 2017 through December 31, 2017 |  |  | Period from April 1, 2017 through July 31, 2017 |  |  | Year Ended March 31, 2017 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 45,784 |  |  |  | 40,848 |  |  |  | 239,843 |
Middle East/Asia Pacific |  |  | 39,845 |  |  |  | 36,313 |  |  |  | 114,618 |
Europe/Mediterranean Sea |  |  | 19,895 |  |  |  | 15,466 |  |  |  | 42,667 |
West Africa |  |  | 66,360 |  |  |  | 53,970 |  |  |  | 186,688 |
|  |  | 171,884 |  |  |  | 146,597 |  |  |  | 583,816 |
Other operating revenues |  |  | 6,869 |  |  |  | 4,772 |  |  |  | 17,795 |
|  | $ | 178,753 |  |  |  | 151,369 |  |  |  | 601,611 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | (1,599 | ) |  |  | (22,549 | ) |  |  | 18,873 |
Middle East/Asia Pacific |  |  | 451 |  |  |  | (1,434 | ) |  |  | (25,310 | )
Europe/Mediterranean Sea |  |  | (1,497 | ) |  |  | (12,680 | ) |  |  | (26,733 | )
West Africa |  |  | 2,308 |  |  |  | (8,828 | ) |  |  | (24,662 | )
|  |  | (337 | ) |  |  | (45,491 | ) |  |  | (57,832 | )
Other operating profit (loss) |  |  | 1,614 |  |  |  | 876 |  |  |  | (1,548 | )
|  |  | 1,277 |  |  |  | (44,615 | ) |  |  | (59,380 | )
Corporate general and administrative expenses (A) |  |  | (14,823 | ) |  |  | (17,542 | ) |  |  | (55,389 | )
Corporate depreciation |  |  | (166 | ) |  |  | (704 | ) |  |  | (2,456 | )
Corporate expenses |  |  | (14,989 | ) |  |  | (18,246 | ) |  |  | (57,845 | )
Gain on asset dispositions, net |  |  | 6,616 |  |  |  | 3,561 |  |  |  | 24,099 |
Asset impairments |  |  | (16,777 | ) |  |  | (184,748 | ) |  |  | (484,727 | )
Operating loss |  |  | (23,873 | ) |  |  | (244,048 | ) |  |  | (577,853 | )
Foreign exchange loss |  |  | (407 | ) |  |  | (3,181 | ) |  |  | (1,638 | )
Equity in net earnings of unconsolidated companies |  |  | 2,130 |  |  |  | 4,786 |  |  |  | 5,710 |
Interest income and other, net |  |  | 2,771 |  |  |  | 2,384 |  |  |  | 5,193 |
Reorganization items |  |  | (4,299 | ) |  |  | (1,396,905 | ) |  |  | — |
Interest and other debt costs |  |  | (13,009 | ) |  |  | (11,179 | ) |  |  | (75,026 | )
Loss before income taxes |  | $ | (36,687 | ) |  |  | (1,648,143 | ) |  |  | (643,614 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 5,767 |  |  |  | 13,945 |  |  |  | 48,814 |
Middle East/Asia Pacific |  |  | 4,716 |  |  |  | 9,967 |  |  |  | 40,849 |
Europe/Mediterranean Sea |  |  | 2,794 |  |  |  | 9,060 |  |  |  | 26,538 |
West Africa |  |  | 6,067 |  |  |  | 12,632 |  |  |  | 44,204 |
|  |  | 19,344 |  |  |  | 45,604 |  |  |  | 160,405 |
Other |  |  | 827 |  |  |  | 1,139 |  |  |  | 4,430 |
Corporate |  |  | 166 |  |  |  | 704 |  |  |  | 2,456 |
|  | $ | 20,337 |  |  |  | 47,447 |  |  |  | 167,291 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 144 |  |  |  | 27 |  |  |  | 93 |
Middle East/Asia Pacific |  |  | 2,596 |  |  |  | 1,042 |  |  |  | 1,612 |
Europe/Mediterranean Sea |  |  | — |  |  |  | — |  |  |  | — |
West Africa |  |  | 195 |  |  |  | 375 |  |  |  | 743 |
|  |  | 2,935 |  |  |  | 1,444 |  |  |  | 2,448 |
Corporate |  |  | 6,899 |  |  |  | 821 |  |  |  | 28,099 |
|  | $ | 9,834 |  |  |  | 2,265 |  |  |  | 30,547 |
Total assets (B): |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 164,958 |  |  |  | 714,891 |  |  |  | 779,778 |
Middle East/Asia Pacific |  |  | 48,268 |  |  |  | 424,896 |  |  |  | 583,385 |
Europe/Mediterranean Sea |  |  | 171,157 |  |  |  | 597,819 |  |  |  | 588,519 |
West Africa |  |  | 864,299 |  |  |  | 1,277,552 |  |  |  | 1,308,836 |
|  |  | 1,248,682 |  |  |  | 3,015,158 |  |  |  | 3,260,518 |
Other |  |  | 2,443 |  |  |  | 20,392 |  |  |  | 21,580 |
|  |  | 1,251,125 |  |  |  | 3,035,550 |  |  |  | 3,282,098 |
Investments in and advances to unconsolidated companies |  |  | 29,216 |  |  |  | 49,367 |  |  |  | 45,115 |
|  |  | 1,280,341 |  |  |  | 3,084,917 |  |  |  | 3,327,213 |
Corporate (C) |  |  | 465,839 |  |  |  | 799,752 |  |  |  | 863,486 |
|  | $ | 1,746,180 |  |  |  | 3,884,669 |  |  |  | 4,190,699 |
(A) | Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 are included in reorganization items. Included in corporate general and administrative expenses for the period four month period April 1, 2017 through July 31, 2017 (Predecessor) and year ended March 31, 2017 (Predecessor) were $6.7 million and $29 million of restructuring-related professional service costs, respectively.
(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.
(C) | Included in Corporate are vessels currently under construction which had 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 December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were 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:
|  | Successor |  |  | Predecessor |
|  | Period from August 1, 2017 through December 31, 2017 |  |  | Period from April 1, 2017 through July 31, 2017 |  |  | Year Ended March 31, 2017 |
Revenue by vessel class: (In thousands): |  |  |  |  | % of Vessel Revenue |  |  |  |  |  | % of Vessel Revenue |  |  |  |  |  | % of Vessel Revenue |
Americas fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 26,860 |  |  |  | 16 | % |  |  | 21,617 |  |  |  | 15 | % |  |  | 171,334 |  |  |  | 29 | %
Towing-supply |  |  | 13,835 |  |  |  | 8 | % |  |  | 15,021 |  |  |  | 10 | % |  |  | 56,561 |  |  |  | 10 | %
Other |  |  | 5,089 |  |  |  | 3 | % |  |  | 4,210 |  |  |  | 3 | % |  |  | 11,948 |  |  |  | 2 | %
Total |  | $ | 45,784 |  |  |  | 27 | % |  |  | 40,848 |  |  |  | 28 | % |  |  | 239,843 |  |  |  | 41 | %
Middle East/Asia Pacific fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 14,792 |  |  |  | 9 | % |  |  | 13,368 |  |  |  | 9 | % |  |  | 35,526 |  |  |  | 6 | %
Towing-supply |  |  | 25,053 |  |  |  | 14 | % |  |  | 22,945 |  |  |  | 16 | % |  |  | 79,092 |  |  |  | 13 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 39,845 |  |  |  | 23 | % |  |  | 36,313 |  |  |  | 25 | % |  |  | 114,618 |  |  |  | 19 | %
Europe/Mediterranean Sea fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 18,204 |  |  |  | 10 | % |  |  | 11,620 |  |  |  | 8 | % |  |  | 39,492 |  |  |  | 7 | %
Towing-supply |  |  | 1,691 |  |  |  | 1 | % |  |  | 3,846 |  |  |  | 3 | % |  |  | 2,659 |  |  |  | 1 | %
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 516 |  |  |  | <1 | %
Total |  | $ | 19,895 |  |  |  | 11 | % |  |  | 15,466 |  |  |  | 11 | % |  |  | 42,667 |  |  |  | 8 | %
West Africa fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 24,131 |  |  |  | 13 | % |  |  | 18,126 |  |  |  | 12 | % |  |  | 62,882 |  |  |  | 11 | %
Towing-supply |  |  | 33,806 |  |  |  | 20 | % |  |  | 31,297 |  |  |  | 21 | % |  |  | 100,073 |  |  |  | 17 | %
Other |  |  | 8,423 |  |  |  | 5 | % |  |  | 4,547 |  |  |  | 3 | % |  |  | 23,733 |  |  |  | 4 | %
Total |  | $ | 66,360 |  |  |  | 39 | % |  |  | 53,970 |  |  |  | 36 | % |  |  | 186,688 |  |  |  | 32 | %
Worldwide fleet: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deepwater |  | $ | 83,987 |  |  |  | 49 | % |  |  | 64,731 |  |  |  | 44 | % |  |  | 309,234 |  |  |  | 53 | %
Towing-supply |  |  | 74,385 |  |  |  | 43 | % |  |  | 73,109 |  |  |  | 50 | % |  |  | 238,385 |  |  |  | 41 | %
Other |  |  | 13,512 |  |  |  | 8 | % |  |  | 8,757 |  |  |  | 6 | % |  |  | 36,197 |  |  |  | 6 | %
Total |  | $ | 171,884 |  |  |  | 100 | % |  |  | 146,597 |  |  |  | 100 | % |  |  | 583,816 |  |  |  | 100 | %
The following table discloses our customers that accounted for 10% or more of total revenues:
|  | Successor |  |  | Predecessor |
|  | Period from August 1, 2017 through December 31, 2017 |  |  | Period from April 1, 2017 through July 31, 2017 |  |  | Year Ended March 31, 2017 |
Chevron Corporation |  |  | 17.4 | % |  |  | 17.5 | % |  |  | 16.3 | %
Freeport McMoRan (A) |  |  | — |  |  |  | — |  |  |  | 11.3 | %
Saudi Aramco |  |  | 10.1 | % |  |  | 11.7 | % |  |  | 10.0 | %
(A) | A significant portion of this customer’s year ended March 31, 2017 revenue was the result of the early termination of a long-term vessel charter contract.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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