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Note 12 - Properties and Equipment, Accrued Costs and Expenses, Other Current Liabilities and Other Liabilities | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Properties and Equipment, Accrued Costs and Expenses, Other Current Liabilities and Other Liabilities [Text Block] |
(12) | PROPERTIES AND EQUIPMENT, ACCRUED COSTS AND EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES
Our property and equipment consist primarily of 146 active vessels, which excludes the 24 vessels we have classified as held for sale, located around the world. A summary of properties and equipment at September 30, 2020 and December 31, 2019 is as follows:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Properties and equipment: |  |  |  |  |  |  |  |
Vessels and related equipment |  | $ | 968,411 |  |  | $ | 1,051,558 |
Other properties and equipment |  |  | 15,674 |  |  |  | 13,119 |
|  |  | 984,085 |  |  |  | 1,064,677 |
Less accumulated depreciation and amortization |  |  | 163,209 |  |  |  | 125,716 |
Properties and equipment, net |  | $ | 820,876 |  |  | $ | 938,961 |
During the three months ended September 30, 2020 we revised our estimates of salvage value for our vessels which will increase our depreciation expense on a prospective basis. The effect of the change in estimate on our results of operations for the three months ended September 30, 2020 was to increase depreciation expense by $3.8 million (or $0.09 per share). A summary of accrued cost and expenses is as follows:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Payroll and related payables |  | $ | 16,364 |  |  | $ | 16,351 |
Accrued vessel expenses |  |  | 17,968 |  |  |  | 38,383 |
Accrued interest expense |  |  | 4,053 |  |  |  | 4,570 |
Other accrued expenses |  |  | 17,426 |  |  |  | 14,696 |
|  | $ | 55,811 |  |  | $ | 74,000 |
A summary of other current liabilities at September 30, 2020 and December 31, 2019 is as follows:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Taxes payable |  | $ | 22,416 |  |  | $ | 18,661 |
Other |  |  | 9,183 |  |  |  | 5,439 |
|  | $ | 31,599 |  |  | $ | 24,100 |
A summary of other liabilities at September 30, 2020 and December 31, 2019 is as follows:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Pension liabilities |  | $ | 29,832 |  |  | $ | 32,545 |
Liability for uncertain tax positions |  |  | 44,876 |  |  |  | 48,577 |
Deferred tax liability |  |  | 2,692 |  |  |  | 2,571 |
Other |  |  | 10,324 |  |  |  | 14,704 |
|  | $ | 87,724 |  |  | $ | 98,397 |

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