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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2014
SEGMENT INFORMATION |
SEGMENT INFORMATION | 3 - SEGMENT INFORMATION The Company determines its reportable segments based on the information utilized by the chief operating decision maker to assess performance and make decisions about allocating the Company’s resources. Based on this information, the Company has two reportable operating segments, GS&T and Baltic Trading. Both GS&T and Baltic Trading are engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. GS&T and Baltic Trading seek to deploy their vessels on time charters, spot market-related time charters or in vessel pools trading in the spot market. Segment results are evaluated based on net (loss) income. Additionally, the debt covenants for the credit facilities are measured separately for GS&T and Baltic Trading. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. As a result of the adoption of fresh-start reporting on the Effective Date, the cost basis for certain of Baltic Trading’s assets were revalued and are reflected in the Baltic Trading balances in the segment information reported below. The following table presents a reconciliation of total voyage revenue from external (third party) customers for the Company’s two operating segments to total consolidated voyage revenue from external customers for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 |  | 2013 |  | 2012 |
Voyage revenue from external customers |  |  |  |  |  |  |  |  |
GS&T |  | $ | 77,885 |  | $ | 94,171 |  | $ | 188,206 |  | $ | 195,855 |
Baltic Trading |  | 20,932 |  | 24,588 |  | 35,973 |  | 27,304 |
Total operating segments |  | 98,817 |  | 118,759 |  | 224,179 |  | 223,159 |
Eliminating revenue |  | — |  | — |  | — |  | — |
Total consolidated voyage revenue from external customers |  | $ | 98,817 |  | $ | 118,759 |  | $ | 224,179 |  | $ | 223,159 |
The following table presents a reconciliation of total intersegment revenue, which eliminates upon consolidation, for the Company’s two operating segments for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012. The intersegment revenue noted in the following table represents revenue earned by GS&T pursuant to the management agreement entered into with Baltic Trading, which includes commercial service fees, technical service fees and sale and purchase fees, if any.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 |  | 2013 |  | 2012 |
Intersegment Revenue |  |  |  |  |  |  |  |  |
GS&T |  | $ | 2,309 |  | $ | 2,156 |  | $ | 4,571 |  | $ | 2,816 |
Baltic Trading |  | — |  | — |  | — |  | — |
Total operating segments |  | 2,309 |  | 2,156 |  | 4,571 |  | 2,816 |
Eliminating revenue |  | (2,309 | ) | (2,156 | ) | (4,571 | ) | (2,816 | )
Total consolidated intersegment revenue |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
The following table presents a reconciliation of total depreciation and amortization expense for the Company’s two operating segments to total consolidated depreciation and amortization expense for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012. The eliminating depreciation and amortization expense noted in the following table consists of the elimination of intercompany transactions resulting from the depreciation expense associated with the 1% purchase fee due to GS&T from Baltic Trading pursuant to the Management Agreement. The 1% purchase fee is capitalized as part of vessel assets by Baltic Trading and is depreciated over the remaining life of the vessel and therefore, the associated depreciation expense is eliminated upon consolidation.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 |  | 2013 |  | 2012 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
GS&T |  | $ | 28,922 |  | $ | 65,237 |  | $ | 125,344 |  | $ | 124,405 |
Baltic Trading |  | 7,794 |  | 10,829 |  | 15,564 |  | 14,814 |
Total operating segments |  | 36,716 |  | 76,066 |  | 140,908 |  | 139,219 |
Eliminating depreciation and amortization |  | (2 | ) | (114 | ) | (165 | ) | (156 | )
Total consolidated depreciation and amortization |  | $ | 36,714 |  | $ | 75,952 |  | $ | 140,743 |  | $ | 139,063 |
The following table presents a reconciliation of total interest expense for the Company’s two operating segments to total consolidated interest expense for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012. There is no eliminating interest expense as the interest incurred by each operating segment is related to each operating segment’s own debt facilities.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 |  | 2013 |  | 2012 |
Interest expense |  |  |  |  |  |  |  |  |
GS&T |  | $ | 4,791 |  | $ | 37,998 |  | $ | 83,761 |  | $ | 83,306 |
Baltic Trading |  | 2,829 |  | 3,063 |  | 4,455 |  | 4,252 |
Total operating segments |  | 7,620 |  | 41,061 |  | 88,216 |  | 87,558 |
Eliminating interest expense |  | — |  | — |  | — |  | — |
Total consolidated interest expense |  | $ | 7,620 |  | $ | 41,061 |  | $ | 88,216 |  | $ | 87,558 |
The following table presents a reconciliation of total net loss for the Company’s two operating segments to total consolidated net loss for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012. The eliminating net loss noted in the following table consists of the elimination of intercompany transactions between GS&T and Baltic Trading as well as dividends received by GS&T from Baltic Trading for its Class B shares of Baltic Trading.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 (restated) |  | 2013 |  | 2012 |
Net loss |  |  |  |  |  |  |  |  |
GS&T |  | $ | (177,921 | ) | $ | (919,680 | ) | $ | (144,054 | ) | $ | (139,295 | )
Baltic Trading |  | (35,032 | ) | (93,430 | ) | (11,392 | ) | (17,270 | )
Total operating segments |  | (212,953 | ) | (1,013,110 | ) | (155,446 | ) | (156,565 | )
Eliminating net loss |  | 405 |  | 140 |  | 1,575 |  | 1,211 |
Total consolidated net loss |  | $ | (213,358 | ) | $ | (1,013,250 | ) | $ | (157,021 | ) | $ | (157,776 | )
The following table presents a reconciliation of total assets for the Company’s two operating segments to total consolidated net assets as of December 31, 2014 and December 31, 2013. The eliminating assets noted in the following table consist of the elimination of intercompany transactions resulting from the capitalization of fees paid to GS&T by Baltic Trading as vessel assets, including related accumulated depreciation, as well as the outstanding receivable balance due to GS&T from Baltic Trading as of December 31, 2014 and 2013.
|  | Successor |  | Predecessor |
|  | December 31, 2014 |  | December 31, 2013 |
Total assets |  |  |  |  |
GS&T |  | $ | 1,270,923 |  | $ | 2,404,811 |
Baltic Trading |  | 482,415 |  | 557,367 |
Total operating segments |  | 1,753,338 |  | 2,962,178 |
Eliminating assets |  | (425 | ) | (4,924 | )
Total consolidated assets |  | $ | 1,752,913 |  | $ | 2,957,254 |
The following table presents a reconciliation of total expenditures for vessel purchases, including vessel deposits, for the Company’s two operating segments to total consolidated expenditures for vessel purchases, including vessel deposits, for the Successor Company for the period from July 9 to December 31, 2014 and for the Predecessor Company for the period from January 1 to July 9, 2014 and for the years ended December 31, 2013 and 2012. The eliminating expenditures for vessels noted in the following table consists primarily of the elimination of the 1% purchase fees due to GS&T from Baltic Trading pursuant to the Management Agreement which were paid by Baltic Trading to GS&T during the period from July 9 to December 31, 2014 and during the year ended December 31, 2013.
|  | Successor |  | Predecessor |
|  | Period from July 9 to December 31, |  | Period from January 1 to July 9, |  | For the Years Ended December 31, |
|  | 2014 |  | 2014 |  | 2013 |  | 2012 |
Expenditures for vessels |  |  |  |  |  |  |  |  |
GS&T |  | $ | 831 |  | $ | 1,043 |  | $ | 192 |  | $ | 1,155 |
Baltic Trading |  | 23,922 |  | 28,952 |  | 146,598 |  | — |
Total operating segments |  | 24,753 |  | 29,995 |  | 146,790 |  | 1,155 |
Eliminating expenditures for vessels |  | (280 | ) | — |  | (1,440 | ) | — |
Total consolidated expenditures for vessels |  | $ | 24,473 |  | $ | 29,995 |  | $ | 145,350 |  | $ | 1,155 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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