Note 18 - Major Customers and Segment Information
|12 Months Ended|
Dec. 31, 2018
|Notes to Financial Statements|
|Segment Reporting Disclosure [Text Block]||
During the years ended
December 31, 2018,
2016,Perenco was responsible for
13.2%,respectively, of the Company's total consolidated operating revenues. During the years ended
tenlargest customers of the Company accounted for approximately
58%,respectively, of the Company's operating revenues. The loss of
oneor more of these customers could have a material adverse effect on the Company's results of operations and cash flows.
For the years ended
85%,respectively, of the Company's operating revenues and $(
$1.9million, and $(
4.2) million, respectively, of equity in (losses) earnings from
50%or less owned companies, net of tax, were derived from its foreign operations.
The Company's offshore support vessels are highly mobile and regularly and routinely move between countries within a geographic region of the world. In addition, these vessels
maybe redeployed among the geographic regions, subject to flag restrictions, as changes in market conditions dictate. Because of this asset mobility, operating revenues and long-lived assets in any
onecountry and capital expenditures for long-lived assets and gains or losses on asset dispositions and impairments in any
onegeographic region are
The following tables summarize (in thousands) the operating results and property and equipment of the Company's reportable segments. Direct vessel profit is the Company's measure of segment profitability, a key metric in assessing the performance of its fleet. Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet.
The Company's investments in
50%or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of
2018,the Company's investments, at equity and advances to
50%or less owned companies in MexMar and its other
50%or less owned companies were
$65.8million, respectively (see Note
4). Equity in (losses) earnings of
50%or less owned companies, net of tax for the years ended
December 31were as follows (in thousands):
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef