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Note 14 - Segment and Geographic Distribution of Operations | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(14) | SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS
Segment Changes In conjunction with the acquisition of SPO (see Note 3), we split our Middle East/Asia Pacific segment into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented. Each of our five operating segments is managed by a senior executive reporting directly to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the three and nine months ended September 30, 2022 and 2021. Vessel revenues relate to vessels owned and operated by us while other operating revenues relate to other miscellaneous marine-related businesses.
(In Thousands) |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |  |  | September 30, 2022 |  |  | September 30, 2021 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vessel revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 39,122 |  |  | $ | 24,564 |  |  | $ | 105,086 |  |  | $ | 74,269 |
Asia Pacific |  |  | 23,902 |  |  |  | 4,786 |  |  |  | 45,161 |  |  |  | 13,228 |
Middle East |  |  | 31,186 |  |  |  | 20,847 |  |  |  | 79,800 |  |  |  | 62,447 |
Europe/Mediterranean |  |  | 39,702 |  |  |  | 21,197 |  |  |  | 96,096 |  |  |  | 58,413 |
West Africa |  |  | 56,335 |  |  |  | 20,240 |  |  |  | 130,155 |  |  |  | 52,784 |
Other operating revenues |  |  | 1,515 |  |  |  | 767 |  |  |  | 4,640 |  |  |  | 4,717 |
Total |  | $ | 191,762 |  |  | $ | 92,401 |  |  | $ | 460,938 |  |  | $ | 265,858 |
Vessel operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,952 |  |  | $ | (1,770 | ) |  | $ | 8,800 |  |  | $ | (8,361 | )
Asia Pacific |  |  | 3,260 |  |  |  | 1,357 |  |  |  | 4,534 |  |  |  | 3,023 |
Middle East |  |  | 605 |  |  |  | (2,070 | ) |  |  | (1,585 | ) |  |  | (5,323 | )
Europe/Mediterranean |  |  | 13,137 |  |  |  | (2,866 | ) |  |  | 14,970 |  |  |  | (12,873 | )
West Africa |  |  | 12,322 |  |  |  | (3,724 | ) |  |  | 24,807 |  |  |  | (15,846 | )
Other operating profit |  |  | 922 |  |  |  | 412 |  |  |  | 3,204 |  |  |  | 2,714 |
|  |  | 33,198 |  |  |  | (8,661 | ) |  |  | 54,730 |  |  |  | (36,666 | )
Corporate expenses |  |  | (13,188 | ) |  |  | (10,662 | ) |  |  | (39,600 | ) |  |  | (27,237 | )
Long-lived asset impairment and other |  |  | (1,214 | ) |  |  | (2,167 | ) |  |  | (714 | ) |  |  | (2,167 | )
Affiliate credit loss impairment credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Gain (loss) on asset dispositions, net |  |  | 264 |  |  |  | (74 | ) |  |  | (826 | ) |  |  | (2,954 | )
Operating income (loss) |  | $ | 19,060 |  |  | $ | (21,564 | ) |  | $ | 13,590 |  |  | $ | (68,024 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 7,591 |  |  | $ | 7,290 |  |  | $ | 22,210 |  |  | $ | 22,679 |
Asia Pacific |  |  | 1,518 |  |  |  | 1,059 |  |  |  | 4,447 |  |  |  | 3,495 |
Middle East |  |  | 6,384 |  |  |  | 5,311 |  |  |  | 18,211 |  |  |  | 16,276 |
Europe/Mediterranean |  |  | 6,792 |  |  |  | 6,834 |  |  |  | 20,512 |  |  |  | 21,543 |
West Africa |  |  | 7,720 |  |  |  | 6,609 |  |  |  | 21,463 |  |  |  | 19,759 |
Corporate |  |  | 851 |  |  |  | 877 |  |  |  | 2,436 |  |  |  | 2,504 |
Total |  | $ | 30,856 |  |  | $ | 27,980 |  |  | $ | 89,279 |  |  | $ | 86,256 |
Additions to properties and equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 2,386 |  |  | $ | — |  |  | $ | 2,924 |  |  | $ | — |
Asia Pacific |  |  | 195 |  |  |  | — |  |  |  | 214 |  |  |  | — |
Middle East |  |  | 862 |  |  |  | — |  |  |  | 2,934 |  |  |  | (42 | )
Europe/Mediterranean |  |  | 815 |  |  |  | 146 |  |  |  | 1,260 |  |  |  | 739 |
West Africa |  |  | 772 |  |  |  | 99 |  |  |  | 1,462 |  |  |  | 653 |
Corporate |  |  | 1,298 |  |  |  | 477 |  |  |  | 2,914 |  |  |  | 1,233 |
Total |  | $ | 6,328 |  |  | $ | 722 |  |  | $ | 11,708 |  |  | $ | 2,583 |
The following table provides a comparison of total assets at September 30, 2022 and December 31, 2021:
(In Thousands) |  |  |  |  |  |  |  |
|  | September 30, 2022 |  |  | December 31, 2021 |
Total assets: |  |  |  |  |  |  |  |
Americas |  | $ | 308,973 |  |  | $ | 278,394 |
Asia Pacific |  |  | 142,833 |  |  |  | 28,564 |
Middle East |  |  | 196,034 |  |  |  | 154,723 |
Europe/Mediterranean |  |  | 280,494 |  |  |  | 293,760 |
West Africa |  |  | 294,735 |  |  |  | 223,988 |
Corporate |  |  | 59,992 |  |  |  | 116,351 |
|  | $ | 1,283,061 |  |  | $ | 1,095,780 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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