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Note 12 - Properties and Equipment, Accrued Costs and Expenses, Other Current Liabilities and Other Liabilities

9 Months Ended

Sep. 30, 2020

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