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Note 11 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block] |
(11) | PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES
As of March 31, 2025, our property and equipment consisted primarily of 214 owned vessels located around the world. As of December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. We have one crew boat under construction for which we have made down payments totaling approximately EUR0.4 million ($0.4 million) in prior years and will incur debt with the shipyard totaling approximately EUR1.6 million ($1.7 million) upon delivery. These crew boats are employed under term contracts in our African market. During the three months ending March 31, 2025, we sold two vessels for approximately $3.8 million in proceeds and recognized a net gain of $2.5 million on the dispositions. During the three months ending March 31, 2024, we sold three vessels for approximately $12.5 million in proceeds and recognized a net $11.0 million gain on the dispositions. A summary of properties and equipment is as follows:
(In Thousands) |  |  |  |  |  |  |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
Properties and equipment: |  |  |  |  |  |  |  |
Vessels and related equipment |  | $ | 1,736,006 |  |  | $ | 1,727,197 |
Other properties and equipment |  |  | 34,673 |  |  |  | 28,969 |
|  |  | 1,770,679 |  |  |  | 1,756,166 |
Less accumulated depreciation and amortization |  |  | 606,921 |  |  |  | 571,884 |
Properties and equipment, net |  | $ | 1,163,758 |  |  | $ | 1,184,282 |
A summary of accrued expenses is as follows:
(In Thousands) |  |  |  |  |  |  |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
Payroll and related payables |  | $ | 45,040 |  |  | $ | 43,256 |
Accrued vessel expenses |  |  | 50,004 |  |  |  | 42,762 |
Accrued interest expense |  |  | 14,048 |  |  |  | 16,727 |
Other accrued expenses |  |  | 23,908 |  |  |  | 27,149 |
|  | $ | 133,000 |  |  | $ | 129,894 |
A summary of other current liabilities is as follows:
(In Thousands) |  |  |  |  |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
Taxes payable |  | $ | 55,375 |  |  | $ | 48,122 |
Other |  |  | 18,924 |  |  |  | 16,826 |
|  | $ | 74,299 |  |  | $ | 64,948 |
A summary of other liabilities is as follows:
(In Thousands) |  |  |  |  |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
Pension liabilities |  | $ | 16,959 |  |  | $ | 17,525 |
Liability for uncertain tax positions |  |  | 23,742 |  |  |  | 24,582 |
Other |  |  | 21,562 |  |  |  | 18,289 |
|  | $ | 62,263 |  |  | $ | 60,396 |

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