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Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Asset Impairment Charges [Text Block] |
(8) | ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIRMENTS
In 2019, we implemented a plan, amended in 2020, (the 2019/2020 plan) to sell or recycle certain of our vessels based on a strategic decision to remove assets that were not part of our long-term plans. During 2022, we sold or recycled 12 vessels that were classified as held for sale, added three vessels to held for sale under 2019/2020 plan, moved one vessel back into our active fleet and had eight vessels remaining in the held for sale account as of December 31, 2022. During 2023, we sold or recycled a total of eight of the vessels that were classified as held for sale. We completed the 2019/2020 plan and have no vessels remaining in the held for sale account as of December 31, 2024 and 2023. We also sold six and seven vessels from our active fleet in 2024 and 2023, respectively. We realized proceeds from sales or recycling of vessels and other assets for the years ended December 31, 2024, 2023 and 2022 of $19.3 million, $15.5 million and $13.6 million, respectively. See the following tables for additions and dispositions related to assets held for sale as well as net gains (losses) on sales of vessels. Following is the activity in assets held for sale during the years ended December 31:
(In Thousands, except number of vessels) |  |  | Number of Vessels |  |  |  | 2024 |  |  |  | Number of Vessels |  |  |  | 2023 |  |  |  | Number of Vessels |  |  |  | 2022 |
Beginning balance |  |  | — |  |  | $ | — |  |  |  | 8 |  |  | $ | 4,195 |  |  |  | 18 |  |  | $ | 14,421 |
Additions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 2,561 |
Sales |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | (4,195 | ) |  |  | (12 | ) |  |  | (11,287 | )
Reactivation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1,500 | )
Ending balance |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | 8 |  |  | $ | 4,195 |
Following is the summary of vessel sales and the gains on sales of vessels for the years ended December 31:
(In Thousands, except number of vessels) |  | 2024 |  |  | 2023 |  |  | 2022 |
Vessels sold from active fleet |  |  | 6 |  |  |  | 7 |  |  |  | 2 |
Gain on sale of active vessels, net |  | $ | 15,677 |  |  | $ | 5,613 |  |  | $ | 553 |
Vessels sold/recycled from assets held for sale |  |  | — |  |  |  | 8 |  |  |  | 12 |
Gain on vessels sold/recycled from assets held for sale, net |  | $ | — |  |  | $ | 3,088 |  |  | $ | 5 |
Total vessels sold/recycled |  |  | 6 |  |  |  | 15 |  |  |  | 14 |
Total gain on sales of vessels, net |  | $ | 15,677 |  |  | $ | 8,701 |  |  | $ | 558 |
In 2022, we recaptured $0.5 million of impairment expense related to vessels held for sale that we reactivated. In conjunction with our review of conditions that would indicate potential impairment in the value of our assets, we identified certain obsolete marine service parts and supplies inventory and charged $1.2 million of impairment expense for the year ended December 31, 2022. No impairment was recorded for the years ended December 31, 2024 and 2023. We considered this valuation approach to be a Level 3 fair value measurement due to the level of estimation involved in valuing obsolete inventory. During the years ended December 31, 2024, 2023 and 2022, we have not identified conditions or circumstances that would indicate impairment of any of our long-lived asset groups. We continue to monitor the expected future cash flows and the fair market value of our asset groups for impairment. Please refer to Note (1) for a discussion of our accounting policy for accounting for the impairment of long-lived assets.

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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