Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.25 per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Registrant Name | OCEANEERING INTERNATIONAL INC | ||
Entity Central Index Key | 0000073756 | ||
Entity File Number | 1-10945 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,000,000,000 | ||
Entity Tax Identification Number | 95-2628227 | ||
Entity Address, Address Line One | 5875 North Sam Houston Parkway, Suite 400 | ||
Entity Address, City or Town | Houston, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77086 | ||
City Area Code | 713 | ||
Local Phone Number | 329-4500 | ||
Trading Symbol | OII | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Share Price | $ 10.68 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Document Type | 10-K | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Houston, Texas | ||
Entity Common Stock, Shares Outstanding | 100,146,608 | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 568,745,000 | $ 538,114,000 |
Accounts receivable, net of allowances for doubtful accounts | 296,554,000 | 262,960,000 |
Contract with Customer, Asset, after Allowance for Credit Loss, Current | (184,847,000) | (164,847,000) |
Inventory | 184,375,000 | 153,682,000 |
Other Assets, Current | 62,539,000 | 68,400,000 |
Total Current Assets | 1,297,060,000 | 1,188,003,000 |
Other Assets: | ||
Property and Equipment, at cost | 2,435,840,000 | 2,452,421,000 |
Less accumulated depreciation | 1,997,391,000 | 1,962,825,000 |
Net Property and Equipment | 438,449,000 | 489,596,000 |
Goodwill | 34,339,000 | 34,908,000 |
Other non-current assets | 122,224,000 | 104,255,000 |
Operating Lease, Right-of-Use Asset | 139,611,000 | 146,097,000 |
Assets, Noncurrent | 296,174,000 | 285,260,000 |
Total Assets | 2,031,683,000 | 1,962,859,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Operating Lease, Liability, Noncurrent | 151,842,000 | 158,503,000 |
Current Liabilities: | ||
Accounts payable | 148,018,000 | 122,327,000 |
Accrued liabilities | 307,446,000 | 290,659,000 |
Contract with Customer, Liability, Current | 112,950,000 | 88,175,000 |
Total Current Liabilities | 568,414,000 | 501,161,000 |
Long-term Debt | 700,973,000 | 702,067,000 |
Other Long-term Liabilities | 84,650,000 | 90,104,000 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common Stock, par value $0.25 | 27,709,000 | 27,709,000 |
Additional paid-in capital | $ 155,858,000 | $ 173,608,000 |
Treasury stock, shares | 10,574,563 | 11,033,098 |
Treasury Stock, Common, Value | $ (605,553,000) | $ (631,811,000) |
Retained earnings | 1,327,854,000 | 1,301,913,000 |
Accumulated other comprehensive income | (386,127,000) | (366,458,000) |
Total Shareholders' Equity | 519,741,000 | 504,961,000 |
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | 6,063,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 525,804,000 | 511,024,000 |
Total Liabilities and Sharesholders' Equity | $ 2,031,683,000 | $ 1,962,859,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowances for doubtful accounts | $ 2,333 | $ 1,210 |
Common stock, par value (in dollars per share) | $ 0.25 | |
Common stock, shares authorized | 360,000,000 | |
Common stock, shares issued | 110,834,088 | |
Treasury stock, shares | 10,574,563 | 11,033,098 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Cost of services and products | 1,758,707 | 1,605,210 | 1,663,948 |
Other Asset Impairment Charges | 0 | 0 | 70,445 |
Gross Margin | 307,377 | 264,065 | 163,941 |
Selling, general and administrative expense | 196,514 | 224,266 | 195,695 |
Goodwill, Impairment Loss | 0 | 0 | 343,880 |
Income from Operations | 110,863 | 39,799 | (446,079) |
Interest income | 5,708 | 2,477 | 3,083 |
Interest expense, net of amounts capitalized | (38,215) | (38,810) | (43,900) |
Equity earnings of unconsolidated affiliates | 1,707 | 594 | 2,268 |
Other Nonoperating Expense | (1,011) | 9,769 | 14,269 |
Income before Income Taxes | 79,052 | (5,709) | (498,897) |
Income Tax Expense (Benefit) | 53,111 | 43,598 | (2,146) |
Net Income | $ 25,941 | $ (49,307) | $ (496,751) |
Basic Earnings per Share | $ 0.26 | $ (0.49) | $ (5.01) |
Weighted Average Number of Shares Outstanding, Basic | 100,185 | 99,706 | 99,233 |
Diluted Earnings per Share | $ 0.26 | $ (0.49) | $ (5.01) |
Weighted Average Number of Shares Outstanding, Diluted | 101,447 | 99,706 | 99,233 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 25,941 | $ (49,307) | $ (496,751) |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | (19,622) | (7,339) | (25,209) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | (47) | 187 | |
Other comprehensive income | (19,669) | (7,152) | (25,209) |
Comprehensive Income | $ 6,272 | $ (56,459) | $ (521,960) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 25,941 | $ (49,307) | $ (496,751) |
Excluding the effects of acquisitions, increase (decrease) in cash from: | |||
Cost, Depreciation and Amortization | 120,969 | 139,723 | 528,895 |
Accounts receivable | (50,732) | 41,099 | 125,541 |
Inventory | (30,692) | 7,313 | 26,466 |
Other operating assets | 0 | 0 | 12,840 |
Currency translation effect on working capital | (15,104) | (14,498) | 3,638 |
Accounts payable and accrued liabilites | 417 | 6 | 8,927 |
Increase (Decrease) in Other Current Liabilities | 67,253 | 63,051 | (138,932) |
Increase (Decrease) in Other Noncurrent Liabilities | (5,711) | 2,701 | (13,469) |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 70,445 |
Provision for Other Credit Losses | 0 | 29,549 | |
Deferred income tax provision | 829 | (1,798) | (4,158) |
Inventory Write-down | 0 | 0 | 7,038 |
Net loss (gain) on dispositions of property and equipment | (1,083) | 769 | 1,521 |
Noncash compensation | 10,370 | 11,008 | 8,681 |
Other Noncash Income | (1,574) | (4,302) | (4,035) |
Total adjustments to net income | 94,942 | 274,621 | 633,398 |
Cost, Depreciation and Amortization | 120,969 | 139,723 | 528,895 |
Net Cash Provided by Operating Activities | 120,883 | 225,314 | 136,647 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (81,043) | (50,199) | (60,687) |
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 4,486 | 0 |
Distributions of capital from unconsolidated affiliates | 705 | 3,298 | 6,207 |
Dispositions of property and equipment and life insurance proceeds | 6,473 | 7,101 | 1,890 |
Payments for (Proceeds from) Other Investing Activities | (3,000) | 1,157 | 0 |
Net Cash Used in Investing Activities | (76,865) | (34,157) | (52,590) |
Repayments of Senior Debt | 0 | (100,000) | 0 |
Cash Flows from Financing Activities: | |||
Proceeds from (Payments for) Other Financing Activities | (1,862) | (1,682) | (1,699) |
Net Cash Provided by (Used in) Financing Activities | (1,862) | (101,682) | (1,699) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (11,525) | (3,377) | (3,997) |
Net Increase (Decrease) in Cash and Cash Equivalents | 30,631 | 86,098 | 78,361 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 568,745 | 538,114 | $ 452,016 |
Cash and Cash Equivalents-Beginning of Period | 538,114 | ||
Cash and Cash Equivalents-End of Period | $ 568,745 | $ 538,114 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Retained Earnings [Member] | Parent | Common Stock Issued [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Parent | Noncontrolling Interest |
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,075,409,000 | $ 6,063,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2019 | $ 27,709,000 | |||||||||
Additional Paid in Capital at Dec. 31, 2019 | $ 207,130,000 | |||||||||
Treasury Stock, Carrying Basis at Dec. 31, 2019 | $ (681,640,000) | |||||||||
Retained Earnings at Dec. 31, 2019 | $ 1,850,244,000 | |||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2019 | $ (334,097,000) | |||||||||
Balance at Dec. 31, 2019 | 1,069,346,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | (496,751,000) | $ (496,751,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (25,209,000) | (25,209,000) | (25,209,000) | |||||||
Other Comprehensive Income | (25,209,000) | |||||||||
Restricted stock unit activity | 6,981,000 | (8,646,000) | 15,627,000 | 6,981,000 | ||||||
Restricted stock activity | 0 | (5,992,000) | 5,992,000 | |||||||
Common Stock, Value, Issued at Dec. 31, 2020 | 27,709,000 | |||||||||
Additional Paid in Capital at Dec. 31, 2020 | 192,492,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Other | (2,273,000) | $ (2,273,000) | $ (2,273,000) | |||||||
Treasury Stock, Carrying Basis at Dec. 31, 2020 | (660,021,000) | |||||||||
Retained Earnings at Dec. 31, 2020 | 1,351,220,000 | |||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2020 | (359,306,000) | |||||||||
Balance at Dec. 31, 2020 | 552,094,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 558,157,000 | |||||||||
Net Income | (49,307,000) | (49,307,000) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (7,152,000) | (7,152,000) | (7,152,000) | |||||||
Other Comprehensive Income | (7,152,000) | |||||||||
Restricted stock unit activity | 9,326,000 | (8,445,000) | 17,771,000 | 9,326,000 | ||||||
Restricted stock activity | (10,439,000) | 10,439,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2021 | 27,709,000 | 27,709,000 | ||||||||
Additional Paid in Capital at Dec. 31, 2021 | 173,608,000 | |||||||||
Treasury Stock, Carrying Basis at Dec. 31, 2021 | (631,811,000) | |||||||||
Retained Earnings at Dec. 31, 2021 | 1,301,913,000 | 1,301,913,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2021 | (366,458,000) | |||||||||
Balance at Dec. 31, 2021 | 504,961,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 511,024,000 | |||||||||
Net Income | 25,941,000 | 25,941,000 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (19,669,000) | (19,669,000) | (19,669,000) | |||||||
Other Comprehensive Income | (19,669,000) | |||||||||
Restricted stock unit activity | 8,508,000 | (11,284,000) | 19,792,000 | $ 8,508,000 | ||||||
Restricted stock activity | (6,466,000) | 6,466,000 | ||||||||
Common Stock, Value, Issued at Dec. 31, 2022 | 27,709,000 | $ 27,709,000 | ||||||||
Additional Paid in Capital at Dec. 31, 2022 | $ 155,858,000 | |||||||||
Treasury Stock, Carrying Basis at Dec. 31, 2022 | $ (605,553,000) | |||||||||
Retained Earnings at Dec. 31, 2022 | 1,327,854,000 | $ 1,327,854,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax at Dec. 31, 2022 | $ (386,127,000) | |||||||||
Balance at Dec. 31, 2022 | 519,741,000 | |||||||||
Noncontrolling Interest in Variable Interest Entity | 6,063,000 | |||||||||
Stockholders' Equity [Roll Forward] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 525,804,000 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) shares in Thousands | 12 Months Ended |
Dec. 31, 2015 shares | |
Treasury stock, shares | 2,000 |
Selected Income Statement Infor
Selected Income Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Selected Income Statement Information [Abstract] | |||
Revenue from External Customers by Products and Services [Table Text Block] | The following table presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services. Year Ended December 31, (in thousands) 2022 2021 2020 Business Segment: Energy Subsea Robotics $ 621,921 $ 538,515 $ 493,332 Manufactured Products 382,361 344,251 477,419 Offshore Projects Group 489,317 378,121 289,127 Integrity Management & Digital Solutions 229,884 241,393 226,938 Total Energy 1,723,483 1,502,280 1,486,816 Aerospace and Defense Technologies 342,601 366,995 341,073 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 The following schedule shows our revenue, costs and gross margins by services and products: Year Ended December 31, (in thousands) 2022 2021 2020 Revenue: Services $ 1,673,024 $ 1,503,745 $ 1,340,033 Products 393,060 365,530 487,856 Total revenue 2,066,084 1,869,275 1,827,889 Cost of Services and Products: Services 1,334,811 1,215,994 1,161,699 Products 341,368 295,514 421,445 Unallocated expenses 82,528 93,702 80,804 Total cost of services and products 1,758,707 1,605,210 1,663,948 Gross margin: Services 338,213 287,751 178,334 Products 51,692 70,016 66,411 Unallocated expenses (82,528) (93,702) (80,804) Total gross margin $ 307,377 $ 264,065 $ 163,941 | ||
Revenue: | |||
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Cost of Services and Products: | |||
Total cost of services and products | 1,758,707 | 1,605,210 | 1,663,948 |
Gross margin: | |||
Gross Margin | (307,377) | (264,065) | (163,941) |
Service [Member] | |||
Revenue: | |||
Revenues | 1,673,024 | 1,503,745 | 1,340,033 |
Cost of Services and Products: | |||
Total cost of services and products | 1,334,811 | 1,215,994 | 1,161,699 |
Gross margin: | |||
Gross Margin | (338,213) | (287,751) | (178,334) |
Product [Member] | |||
Revenue: | |||
Revenues | 393,060 | 365,530 | 487,856 |
Cost of Services and Products: | |||
Total cost of services and products | 341,368 | 295,514 | 421,445 |
Gross margin: | |||
Gross Margin | (51,692) | (70,016) | (66,411) |
Unallocated Expenses Member | |||
Cost of Services and Products: | |||
Total cost of services and products | 82,528 | 93,702 | 80,804 |
Gross margin: | |||
Gross Margin | $ 82,528 | $ 93,702 | $ 80,804 |
Leases Statement
Leases Statement - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Right-of-use asset impairment | $ 17 | |
Operating Leases, Operating Lease Term | 15 years |
Leases Asset and Liabilities
Leases Asset and Liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 139,611 | $ 146,097 |
Operating Lease, Liability, Noncurrent | 151,842 | 158,503 |
Lessee, Operating Lease, Liability, Payments, Due | 223,741 | 177,284 |
Operating Lease, Liability | 171,422 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Liability, Current | $ 19,580 | $ 18,781 |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 9 years | 10 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.80% | 5.90% | |
Right-of-use asset impairment | $ 17 |
Leases Operating Lease Maturiti
Leases Operating Lease Maturities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Lease Maturities [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 28,967 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 24,949 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 24,239 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 25,058 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 23,773 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 96,755 | |
Lessee, Operating Lease, Liability, Payments, Due | 223,741 | $ 177,284 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (52,319) | |
Operating Lease, Liability | $ 171,422 |
Costs to Obtain or Fulfill a Co
Costs to Obtain or Fulfill a Contract Statement - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Capitalized Contract Cost, Net | $ 10,400 | $ 7,800 |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES Supplemental information about our operating leases follows: December 31, (in thousands) 2022 2021 Assets: Right-of-use operating lease assets $ 139,611 $ 146,097 Liabilities: Current $ 19,580 $ 18,781 Noncurrent 151,842 158,503 Lease liabilities $ 171,422 $ 177,284 December 31, 2022 2021 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 9 10 Weighted-average discount rate 5.8 % 5.9 % No impairments of right-of-use operating leases were recorded in the years ended December 31, 2022 and 2021. During the first quarter of 2020, we determined there were impairment indicators present for reporting units in our Subsea Products and Advanced Technologies segments and, as a result, we recorded a pre-tax right-of-use operating lease impairments of $17 million. See Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets. Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows: Year ended December 31, (in thousands) 2022 2021 Lease Cost: Operating lease cost Operating lease cost $ 34,467 $ 34,406 Short-term lease cost Short-term lease cost 101,048 78,835 Total Lease Cost $ 135,515 $ 113,241 As of December 31, 2022, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2023 $ 28,967 2024 24,949 2025 24,239 2026 25,058 2027 23,773 Thereafter 96,755 Total lease payments 223,741 Less: Interest (52,319) Present Value of Lease Liabilities $ 171,422 |
Summary Of Major Accounting Pol
Summary Of Major Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary Of Major Accounting Policies | SUMMARY OF MAJOR ACCOUNTING POLICIES Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. (“Oceaneering,” “we,” “us” or “our”) and our more than 50% owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in other non-current assets. All significant intercompany accounts and transactions have been eliminated. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current year presentation. Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of investment. Allowance for Credit Losses—Financial Assets Measured at Amortized Costs. We identify allowances for credit losses based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather than when losses are probable. We use the loss-rate method in developing the allowance for credit losses, which involves identifying pools of assets with similar risk characteristics, reviewing historical losses within the last three We monitor the credit quality of our accounts receivable and other financing receivable amounts by frequent customer interaction, following economic and industry trends and reviewing specific customer data. Our other receivable amounts include contract assets and held-to-maturity loans receivable, which we consider to have a low risk of loss. We consider macroeconomic conditions when assessing our credit risk exposure including any impacts from the COVID-19 pandemic and new variants thereof, the Russia-Ukraine conflict and volatility in the oil and natural gas markets and the effects thereof on our customers and various counterparties. We have determined the impacts to our credit loss expense are de minimis for the years ended December 31, 2022, 2021 and 2020. On January 1, 2020, we adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as amended (“ASC 326”) using the modified retrospective method. As a result of the adoption of ASC 326, we recorded a cumulative-effect adjustment of $2.3 million as of January 1, 2020, which decreased retained earnings and increased the allowance for credit losses. As of December 31, 2022, our allowance for credit losses was $2.0 million for accounts receivable and $0.3 million for other receivables. As of December 31, 2021, our allowance for credit losses was $0.9 million for accounts receivable and $0.3 million for other receivables. Financial assets are written off when deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. During the years ended December 31, 2022, 2021 and 2020, we recognized credit losses of $0.4 million, $53 million and $11 million, respectively, of which approximately 100%, 100% and 50%, respectively, had been previously reserved. The 2021 credit losses included a reserve of $49 million in receivables and contract assets partially offset by the reclassification of $20 million of contract assets into salable inventory related to termination of a number of entertainment ride systems contracts with the China Evergrande Group and its affiliated companies (collectively, “Evergrande”) in our Manufactured Products segment. See Note 10—”Commitments and Contingencies” for discussion regarding Evergrande. We have elected to apply the practical expedient available under ASC 326 to exclude the accrued interest receivable balance that is included in our held-to-maturity loans receivable. The amounts excluded as of December 31, 2022 and 2021 were $0.8 million and $1.2 million, respectively. Accounts receivable are considered to be past-due after the end of the contractual terms agreed to with the customer. There were no material past-due amounts that we consider uncollectible for our financial assets as of December 31, 2022. We generally do not require collateral from our customers. Inventory. Inventory is valued at the lower of cost or net realizable value. We determine cost using the weighted-average method. We periodically review the value of items in inventory and record write-downs or write-offs of inventory based on our assessment of market conditions. Write-downs and write-offs are charged to cost of services and products. We did not record any write-downs or write-offs of inventory in the years ended December 31, 2022 and 2021, as compared to $7.0 million of write-downs and write-offs in the year ended December 31, 2020. Property and Equipment, Long-Lived Intangible Assets and Right-of-Use Operating Lease Assets. We provide for depreciation of property and equipment on the straight-line method over estimated useful lives of eight years for Remotely Operated Vehicles (“ROVs”), three three We charge the costs of repair and maintenance of property and equipment to operations as incurred, and we capitalize the costs of improvements that extend asset lives or functionality. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is recognized in income. We capitalize interest on assets where the construction period is anticipated to be more than three months. We did not capitalize interest in 2022, 2021 or 2020. We do not allocate general administrative costs to capital projects. Long-lived intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships. Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of our property and equipment, long-lived intangible assets and right-of-use operating lease assets to determine whether any events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the assets, the future economic benefits of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We did not identify indicators of impairment for property and equipment, long-lived intangible assets or right-of-use operating lease assets for the years ended December 31, 2022 and 2021. For information regarding write-downs and write-offs of property and equipment, long-lived intangible assets and right-of-use operating lease assets in the year ended December 31, 2020, see Note 5—“Impairments” and Note 11—“Operations by Business Segment and Geographic Area.” For assets held for sale or disposal, the fair value of the asset is measured using fair market value less estimated costs to sell. Assets are classified as held-for-sale when we have a plan for disposal of certain assets and those assets meet the held for sale criteria. For additional information regarding right-of-use operating lease assets, see “Leases” below. Goodwill. Our goodwill is evaluated for impairment annually and whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In our annual evaluation of goodwill, we perform a qualitative or quantitative impairment test. Under the qualitative approach, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we are required to perform the quantitative analysis to determine the fair value for the reporting unit. We then compare the fair value of the reporting unit with its carrying amount and recognize an impairment loss for the amount by which the carrying amount exceeds the fair value of the reporting unit. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. We also consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. We did not identify any indicators of impairment for goodwill for the years ended December 31, 2022 and 2021. For information regarding impairments of goodwill in the year ended December 31, 2020, see Note 5—“Impairments” and Note 11—“Operations by Business Segment and Geographic Area.” Revenue Recognition. All of our revenue is realized through contracts with customers. We recognize our revenue according to the contract type. On a daily basis, we recognize service revenue over time for contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. We use the input method to faithfully depict revenue recognition, because each day of service provided represents value to the customer. The performance obligations in these contracts are satisfied, and revenue is recognized, as the work is performed. When appropriate, we apply the practical expedient to recognize revenue for the amount invoiced when the invoice corresponds directly to the value of our performance to date. We account for significant fixed-price contracts, mainly relating to our Manufactured Products segment, and to a lesser extent in our Offshore Projects Group (“OPG”) and Aerospace and Defense Technologies (“ADTech”) segments, by recognizing revenue over time using the cost-to-cost input method. In 2022, 2021 and 2020, we accounted for 15%, 16% and 24%, respectively, of our revenue using the cost-to-cost input method to measure progress toward satisfying the related performance obligations on our contracts. The remainder of our revenue is recognized at the point in time when control transfers to the customer, thus satisfying the performance obligation. We have elected to recognize the cost for freight and shipping as an expense when incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from customers, are excluded from revenue. We apply judgment in the determination and allocation of transaction price to performance obligations, and the subsequent recognition of revenue, based on the facts and circumstances of each contract. We routinely review estimates related to our contracts and, when required, reflect revisions to profitability in earnings immediately. If an element of variable consideration has the potential for a significant future reversal of revenue, we will constrain that variable consideration to a level intended to remove the potential future reversal. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when we determine it. During the year ended December 31, 2022, we recognized a projected loss of $5.2 million for contracts in our Manufactured Products segment. During the year ended December 31, 2021, we recognized a projected loss of $3.6 million for a contract in our Subsea Robotics segment. We did not have any material adjustments to earnings as a result of revisions to contract estimates during the year ended December 31, 2020. There could be significant adjustments to overall contract costs in the future, due to changes in facts and circumstances. In general, our payment terms consist of those services billed regularly as provided and those products delivered at a point in time, which are invoiced after the performance obligation is satisfied. Our product and service contracts with milestone payments due at agreed progress points during the contract are invoiced when those milestones are reached, which may differ from the timing of revenue recognition. Our payment terms generally do not provide financing of contracts to customers, nor do we receive financing from customers as a result of these terms. See Note 3 —“ Revenue” for more information on our revenue from contracts with customers. Leases. We determine whether a contract is or contains a lease at inception, whether as a lessee or a lessor. We take into consideration the elements of an identified asset, right to control and the receipt of economic benefit in making those determinations. As a lessor, we lease certain types of equipment along with the provision of services and utilize the expedient allowing us to combine the lease and non-lease components into a combined component that is accounted for (1) under “Leases” (“ASC 842”), when the lease component is predominant, and (2) under the accounting standard “ Revenue from Contracts with Customers ” (“ASC 606”), when the service component is predominant. In general, when we have a service component, it is typically the predominant element and leads to accounting under ASC 606. As a lessor, we lease certain types of equipment, often providing services at the same time. These leases can be priced on a dayrate or lump-sum basis for periods ranging from a few days to multi-year contracts. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our customer's discretion. These leases generally do not contain options to purchase, material restrictions or covenants that impact our accounting for leases. As a lessee, we lease land, buildings, vessels and equipment for the operation of our business and to support some of our service line revenue streams. These generally carry lease terms that range from days for operational and support equipment to 15 years for land and buildings. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our discretion. When the exercise of those options is reasonably certain, we include them in the lease assessment. Our leases do not contain material restrictions or covenants that impact our accounting for them, nor do we provide residual value guarantees. As a lessee, we utilize the practical expedients to not recognize leases with an initial lease term of 12 months or less on the balance sheet and to combine lease and non-lease components together and account for the combined component as a lease for all asset classes, except real estate. Right-of-use operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement or modification date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, based on the information available at commencement or modification date in determining the present value of future payments. In determining the incremental borrowing rate, we considered our external credit ratings, bond yields for us and our identified peers, the risk-free rate in geographic regions where we operate, and the impact associated with providing collateral over a similar term as the lease for an amount equal to the future lease payments. Our right-of-use operating lease assets also include any lease prepayments made and exclude lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4—“Leases” for more information on our operating leases and Note 5—“Impairments” for more information on determination of impairment indicators for our long-lived intangible assets. Stock-Based Compensation. We recognize all share-based payments to directors, officers and employees over their vesting periods in the income statement based on their estimated fair values. For more information on our employee benefit plans, see Note 12—“Employee Benefit Plans.” Income Taxes. We provide income taxes at appropriate tax rates in accordance with our interpretation of the respective tax laws and regulations after review and consultation with our internal tax department, tax advisors and, in some cases, legal counsel in various jurisdictions. We provide for deferred income taxes for differences between carrying amounts of assets and liabilities for financial and tax reporting purposes and provide a valuation allowance against deferred tax assets when it is more likely than not that the asset will not be realized. We recognize an expense or benefit for an uncertain tax position if it is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the uncertain tax position is then measured and recognized at the largest amount that we believe is greater than 50% likely of being realized upon ultimate settlement. We account for any applicable interest and penalties on these uncertain tax positions as a component of our provision for income taxes on our financial statements. We have elected to account for U.S. federal income tax on global intangible low‑taxed income (“GILTI”) as a current period expense when incurred. For more information on income taxes, see Note 7—“Income Taxes.” Foreign Currency Translation. The functional currency for most of our foreign subsidiaries is the applicable local currency. Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date, and the resulting translation adjustments are recognized, net of tax, in accumulated other comprehensive income (loss) as a component of shareholders' equity. All foreign currency transaction gains and losses are recognized currently in the Consolidated Statements of Operations. We recorded less than $(0.1) million, $(8.4) million and $(14) million of foreign currency transaction gains (losses) in the years ended December 31, 2022, 2021 and 2020, respectively. Those amounts are included as a component of other income (expense), net in our Consolidated Statement of Operations. Earnings (Loss) per Share. For each year presented, the only difference between our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. Repurchase Plan. In December 2014, our Board of Directors approved a plan to repurchase up to 10 million shares of our common stock. In 2015, we repurchased 2.0 million shares of our common stock for $100 million. We have not repurchased any shares under this program since December 2015. The timing and amount of any future repurchases will be determined by our management. As of December 31, 2022, we retained 11 million of the shares we had repurchased through this and a prior repurchase program. We expect to hold the shares repurchased and any additional shares repurchased under the plan as treasury stock for possible future use. The plan does not obligate us to repurchase any particular number of shares. We account for the shares we hold in treasury under the cost method, at average cost. Financial Instruments. |
Property, Plant, and Equipment and Intangible Assets | Property and Equipment, Long-Lived Intangible Assets and Right-of-Use Operating Lease Assets. We provide for depreciation of property and equipment on the straight-line method over estimated useful lives of eight years for Remotely Operated Vehicles (“ROVs”), three three We charge the costs of repair and maintenance of property and equipment to operations as incurred, and we capitalize the costs of improvements that extend asset lives or functionality. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is recognized in income. We capitalize interest on assets where the construction period is anticipated to be more than three months. We did not capitalize interest in 2022, 2021 or 2020. We do not allocate general administrative costs to capital projects. Long-lived intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships. Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of our property and equipment, long-lived intangible assets and right-of-use operating lease assets to determine whether any events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the assets, the future economic benefits of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of an asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. We did not identify indicators of impairment for property and equipment, long-lived intangible assets or right-of-use operating lease assets for the years ended December 31, 2022 and 2021. For information regarding write-downs and write-offs of property and equipment, long-lived intangible assets and right-of-use operating lease assets in the year ended December 31, 2020, see Note 5—“Impairments” and Note 11—“Operations by Business Segment and Geographic Area.” For assets held for sale or disposal, the fair value of the asset is measured using fair market value less estimated costs to sell. Assets are classified as held-for-sale when we have a plan for disposal of certain assets and those assets meet the held for sale criteria. For additional information regarding right-of-use operating lease assets, see “Leases” below. |
Allowance for Credit Losses | Allowance for Credit Losses—Financial Assets Measured at Amortized Costs. We identify allowances for credit losses based on future expected losses when accounts receivable, contract assets or held-to-maturity loan receivables are created rather than when losses are probable. We use the loss-rate method in developing the allowance for credit losses, which involves identifying pools of assets with similar risk characteristics, reviewing historical losses within the last three We monitor the credit quality of our accounts receivable and other financing receivable amounts by frequent customer interaction, following economic and industry trends and reviewing specific customer data. Our other receivable amounts include contract assets and held-to-maturity loans receivable, which we consider to have a low risk of loss. We consider macroeconomic conditions when assessing our credit risk exposure including any impacts from the COVID-19 pandemic and new variants thereof, the Russia-Ukraine conflict and volatility in the oil and natural gas markets and the effects thereof on our customers and various counterparties. We have determined the impacts to our credit loss expense are de minimis for the years ended December 31, 2022, 2021 and 2020. On January 1, 2020, we adopted Accounting Standard Update (“ASU”) No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” as amended (“ASC 326”) using the modified retrospective method. As a result of the adoption of ASC 326, we recorded a cumulative-effect adjustment of $2.3 million as of January 1, 2020, which decreased retained earnings and increased the allowance for credit losses. As of December 31, 2022, our allowance for credit losses was $2.0 million for accounts receivable and $0.3 million for other receivables. As of December 31, 2021, our allowance for credit losses was $0.9 million for accounts receivable and $0.3 million for other receivables. Financial assets are written off when deemed uncollectible and there is no reasonable expectation of recovering the contractual cash flows. During the years ended December 31, 2022, 2021 and 2020, we recognized credit losses of $0.4 million, $53 million and $11 million, respectively, of which approximately 100%, 100% and 50%, respectively, had been previously reserved. The 2021 credit losses included a reserve of $49 million in receivables and contract assets partially offset by the reclassification of $20 million of contract assets into salable inventory related to termination of a number of entertainment ride systems contracts with the China Evergrande Group and its affiliated companies (collectively, “Evergrande”) in our Manufactured Products segment. See Note 10—”Commitments and Contingencies” for discussion regarding Evergrande. We have elected to apply the practical expedient available under ASC 326 to exclude the accrued interest receivable balance that is included in our held-to-maturity loans receivable. The amounts excluded as of December 31, 2022 and 2021 were $0.8 million and $1.2 million, respectively. Accounts receivable are considered to be past-due after the end of the contractual terms agreed to with the customer. There were no material past-due amounts that we consider uncollectible for our financial assets as of December 31, 2022. We generally do not require collateral from our customers. |
Asset Impairment Charges | IMPAIRMENTS Goodwill We did not identify any triggering events and, accordingly, no impairments of goodwill were recorded in the years ended December 31, 2022 and 2021. In our 2020 annual goodwill evaluation, we performed qualitative assessments for our two reporting units, Subsea Robotics and ADTech, with remaining goodwill balances. We concluded that it was more likely than not that the fair value of each of these reporting units was more than the carrying value of the reporting unit. After reallocation of our goodwill to our new segments in the third quarter of 2020, we determined that impairment indicators were present and performed quantitative analyses for our Subsea Robotics and Manufactured Products reporting units. Based on these quantitative analyses, the fair value was determined to be less than the carrying value for our Manufactured Products unit, but not for our Subsea Robotics reporting unit. As a result, for our Manufactured Products unit, we recorded a pre-tax goodwill impairment loss of $41 million in the three-month period ended September 30, 2020. During the first quarter of 2020, due to the protracted energy downturn compounded by demand destruction resulting from the adverse impacts of the COVID-19 pandemic and insufficient control of crude oil supply levels during the quarter, as well as our customers' continued focus on cost discipline, we determined that impairment indicators were present and we were required to perform a quantitative analysis for our Subsea Products–Service, Technology and Rentals (“ST&R”), Subsea Products–Manufactured Products, Subsea Projects, Asset Integrity and Advanced Technologies–Commercial reporting units. Based on these quantitative analyses, the fair value was determined to be less than the carrying value for each of those reporting units, with the exception of Subsea Products–Manufactured Products. As a result, for our Subsea Products–ST&R, Subsea Projects, Asset Integrity and Advanced Technologies–Commercial reporting units, we recorded pre-tax goodwill impairment losses of $51 million, $130 million, $111 million and $11 million, respectively. For our ROVs and Advanced Technologies–Government reporting units, qualitative assessments were performed; and we concluded that it was more likely than not the fair value of each of those reporting units was more than the carrying value of the reporting unit and, therefore, no impairments were recorded for those reporting units. Our estimates of fair values for our reporting units determined in the first and third quarters of 2020 required us to use significant unobservable inputs, classified as Level 3 fair value measurements, including assumptions related to future performance, risk-adjusted discount rates, future commodity prices and demand for our services and estimates of expected realizable values. For our cash flow projections in each of those periods, we utilized a weighted-average cost of capital ranging from 11% to 15% and a terminal value based on the Gordon Growth Model, assuming an expected long-term growth rate of 2%. Our third quarter 2020 change in our operating segments resulted in one reporting unit for each of our new segments. The following table reflects goodwill impairments as recorded in the three-month period ended March 31, 2020, and allocated, based on historical cost, to our new reporting segments: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Goodwill Impairment Subsea Robotics Manufactured Products OPG IMDS Total Subsea Products/ST&R $ 51,302 $ 17,457 $ — $ 33,845 $ — $ 51,302 Subsea Projects/Subsea Projects 129,562 84,661 — 32,440 12,461 129,562 Asset Integrity/Asset Integrity 110,753 — — — 110,753 110,753 Advanced Technologies/Commercial 11,388 — 11,388 — — 11,388 Total goodwill impairment $ 303,005 $ 102,118 $ 11,388 $ 66,285 $ 123,214 $ 303,005 Aside from the goodwill impairments discussed above, the changes in our reporting units' goodwill balances during the periods presented are from currency exchange rate changes. For further information regarding goodwill by business segment, see Note 11–“Operations by Business Segment and Geographic Area.” Property and Equipment and Intangible Assets We did not identify any triggering events and, accordingly, no impairments of long-lived assets were recorded in the years ended December 31, 2022 and 2021. After reallocation of our long-lived assets to our new segments in the third quarter of 2020, we determined that impairment indicators were present and performed a quantitative assessment for our Manufactured Products asset groups. Based on that assessment, we concluded that it was more likely than not that the fair value of the asset groups within Manufactured Products was more than the carrying value of each asset group and, therefore, no impairment was required. We did not identify any triggering events for our asset groups other than those included in Manufactured Products during the third quarter of 2020. During the first quarter of 2020, due to the protracted energy downturn compounded by demand destruction resulting from the adverse impacts of the COVID-19 pandemic and insufficient control of crude oil supply levels during the quarter, as well as our customers' continued focus on cost discipline, we determined that impairment indicators were present within certain of our asset groups. To measure fair value for these asset groups, we used the following approaches: • Subsea Distribution Solutions U.K. - We utilized the cost approach and considered economic obsolescence under the income approach to determine fair value of the property and equipment. • Subsea Distribution Solutions Brazil and Angola - We utilized a combination of market and cost approaches to measure fair values. • Shallow Water vessels - We utilized the cost approach and considered historical, current and anticipated dayrates and utilization to measure market value. • Renewables and Special Projects - We utilized a combination of market and cost approaches to measure fair values. • Oceaneering Entertainment Systems and Oceaneering AGV Systems - We utilized a combination of market and cost approaches to measure fair value. Our estimates of fair value for these asset groups required us to use significant unobservable inputs, classified as Level 3 fair value measurements, including assumptions related to future performance, risk-adjusted discount rates, future commodity prices and demand for our services and estimates of expected realizable value. In the first quarter of 2020, our cash flow projections utilized a weighted-average cost of capital ranging from 12% to 15% and a terminal value based on the Gordon Growth Model, assuming an expected long-term growth rate of 2%. Our third quarter 2020 change in operating segments did not result in any changes in our asset groups. Our reporting units with long-lived asset impairments in the three-month period ended March 31, 2020, were realigned into our new reporting segments as follows: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments Manufactured Products OPG IMDS Total Subsea Products Subsea Distribution Solutions U.K. $ 6,543 $ 6,543 $ — $ — $ 6,543 Subsea Distribution Solutions Brazil 9,834 9,834 9,834 Subsea Distribution Solutions Angola 38,482 38,482 38,482 Subsea Projects Shallow Water vessels 3,894 3,894 3,894 Renewables and Special Projects Group 3,628 3,628 3,628 Global Data Solutions 167 167 167 Advanced Technologies Oceaneering Entertainment Systems 5,065 5,065 5,065 Oceaneering AGV Systems 1,150 1,150 1,150 Total long-lived asset impairments $ 68,763 $ 61,074 $ 7,522 $ 167 $ 68,763 In 2020, we also recorded $24 million for write-downs and write-offs of certain equipment and intangible assets associated with equipment obsolescence. For further information regarding write-downs and write-offs of property and equipment and long-lived intangible assets by business segment, see Note 11–“Operations by Business Segment and Geographic Area.” |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [Abstract] | |
Revenue recognition [Text Block] | REVENUE Revenue by Category The following table presents revenue disaggregated by business segment, geographical region, and timing of transfer of goods or services. Year Ended December 31, (in thousands) 2022 2021 2020 Business Segment: Energy Subsea Robotics $ 621,921 $ 538,515 $ 493,332 Manufactured Products 382,361 344,251 477,419 Offshore Projects Group 489,317 378,121 289,127 Integrity Management & Digital Solutions 229,884 241,393 226,938 Total Energy 1,723,483 1,502,280 1,486,816 Aerospace and Defense Technologies 342,601 366,995 341,073 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 Year Ended December 31, (in thousands) 2022 2021 2020 Geographic Operating Areas: Foreign: Africa $ 286,687 $ 273,095 $ 198,505 Asia and Australia 206,564 184,659 149,798 Norway 180,186 214,306 202,379 United Kingdom 177,234 181,453 241,168 Brazil 139,859 111,198 84,636 Other 96,742 93,021 90,541 Total Foreign 1,087,272 1,057,732 967,027 United States 978,812 811,543 860,862 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Selected Balance Sheet Accounts | SELECTED BALANCE SHEET INFORMATION The following is information regarding selected balance sheet accounts: December 31, (in thousands) 2022 2021 Inventory, net: Remotely operated vehicle parts and components $ 81,701 $ 72,572 Other inventory, primarily raw materials 102,674 81,110 Total $ 184,375 $ 153,682 Other current assets: Prepaid expenses $ 56,170 $ 61,984 Angolan bonds 6,369 6,416 Total $ 62,539 $ 68,400 Other noncurrent assets: Cash surrender value of life insurance policies $ 33,012 $ 41,922 Investment in unconsolidated affiliates 30,049 30,502 Income tax receivable 20,170 — Intangible assets, net 11,517 12,641 Other 27,476 19,190 Total $ 122,224 $ 104,255 Accrued liabilities: Payroll and related costs $ 122,380 $ 134,538 Accrued job costs 57,310 49,032 Income taxes payable 44,966 35,826 Current operating lease liability 19,580 18,781 Accrued interest 10,180 9,937 Other 53,030 42,545 Total $ 307,446 $ 290,659 Other long-term liabilities: Supplemental Executive Retirement Plan $ 29,635 $ 35,195 Uncertain tax positions 10,869 14,830 Long-Term Incentive Plan 14,479 11,996 Deferred income taxes 2,228 1,375 Other 27,439 26,708 Total $ 84,650 $ 90,104 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income (loss) before income taxes are as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Domestic $ (50,396) $ (125,010) $ (306,354) Foreign 129,448 119,301 (192,543) Income (loss) before income taxes $ 79,052 $ (5,709) $ (498,897) The components of the income tax provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Current income tax expense (benefit): Domestic $ 3,241 $ 974 $ (32,743) Foreign 49,041 44,422 34,755 Total current income tax expense (benefit) 52,282 45,396 2,012 Deferred income tax expense (benefit): Domestic 633 (328) (9,192) Foreign 196 (1,470) 5,034 Total deferred income tax expense (benefit) 829 (1,798) (4,158) Total income tax expense (benefit) $ 53,111 $ 43,598 $ (2,146) Cash taxes paid, net $ 44,959 $ 29,204 $ 26,264 The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Income tax provision (benefit) at the U.S. statutory rate $ 16,645 $ (1,199) $ (104,769) Base erosion and anti-abuse tax 2,369 — — CARES Act — — (4,681) Permanent differences for goodwill impairments — — 50,435 Valuation allowances 11,078 33,068 46,650 Foreign tax rate differential 14,505 8,619 6,088 Foreign income inclusion 12,304 3,141 (2,079) Stock compensation 137 542 1,032 Excess compensation 1,083 1,301 2,268 Uncertain tax positions (704) 158 (5,939) General business credits (1,952) (2,452) (2,558) Other items, net (2,354) 420 11,407 Total provision (benefit) for income taxes $ 53,111 $ 43,598 $ (2,146) Significant components of net deferred tax assets and liabilities were as follows: December 31, (in thousands) 2022 2021 Deferred tax assets: Deferred compensation $ 19,344 $ 17,169 Deferred income 3,478 7,604 Accrued expenses 23,434 23,555 Net operating loss and other carryforwards 540,443 551,724 Long-term operating lease liabilities 32,846 34,728 Goodwill and intangibles 34,362 19,623 Interest 35,638 31,898 Other 24,651 27,667 Gross deferred tax assets 714,196 713,968 Valuation allowances (684,786) (679,242) Total deferred tax assets $ 29,410 $ 34,726 Deferred tax liabilities: Property and equipment $ 5,611 $ 7,185 Basis difference in equity investments 879 1,948 Right-of-use operating lease assets 25,148 26,968 Total deferred tax liabilities $ 31,638 $ 36,101 Net deferred income tax liability $ 2,228 $ 1,375 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2022 2021 Deferred tax liabilities included in other long-term liabilities $ 2,228 $ 1,375 Net deferred income tax liability $ 2,228 $ 1,375 As of December 31, 2022, we had approximately $496 million of deferred tax assets related to net operating and other loss carryforwards that were generated in various worldwide jurisdictions. The carryforwards include $185 million that do not expire and $311 million that will expire from 2023 through 2042. We have recorded a total valuation allowance of $685 million on net operating loss and tax credit carryforwards, as well as other deferred tax assets, as we believe that it is more likely than not that these deferred tax assets will not be realized. We recorded an additional valuation allowance of $6.0 million and $87 million in 2022 and 2021, respectively. On March 27, 2020, the U.S. Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law in the United States. In accordance with the rules and procedures under the CARES Act, we filed certain refund claim to carry back a portion of our U.S. net operating loss. Prior to enactment of the CARES Act, such net operating losses could only be carried forward. As a result, we expected to receive combined refunds of approximately $33 million, of which we have previously received $10 million as of December 31, 2022. During the third quarter of 2022, we reached an agreement in principle to settle our 2014 U.S. tax return audit, which reduces the outstanding refunds by approximately $3.0 million. The remaining refunds of approximately $20 million are classified as other noncurrent assets in the consolidated balance sheet as of December 31, 2022. While the exact timing for the receipt of these refunds remains uncertain, we do not anticipate receiving any portion of these refunds in 2023. In 2020, we also realized a non-cash tax benefit of $8.4 million due to the carryback provision of the CARES Act recognized as a reduction in long-term liabilities. We continue to make an assertion to indefinitely reinvest the unrepatriated earnings of any foreign subsidiary that would incur material tax consequences upon the distribution of such earnings. As of December 31, 2022, we did not provide for deferred taxes on earnings of our foreign subsidiaries that are indefinitely reinvested. If we were to make a distribution from the unremitted earnings of these subsidiaries, we could be subject to taxes in various jurisdictions. However, it is not practical to estimate the amount of tax that could ultimately be due if such earnings were remitted. If our expectations were to change regarding future tax consequences, we may be required to record additional deferred taxes that could have a material effect on our consolidated financial statements. We recognize the expense or benefit for an uncertain tax position if it is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the uncertain tax position is then measured and recognized at the largest amount that we believe is greater than 50% likely of being realized upon ultimate settlement. We account for any applicable interest and penalties on these positions as a component of our provision for income taxes in our consolidated financial statements. A reconciliation of the beginning and ending amount of gross uncertain tax positions, excluding penalties and interest, is as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of year $ 17,367 $ 20,086 $ 16,911 Additions based on tax positions related to the current year 269 1,934 2,229 Reductions for expiration of statutes of limitations (520) (784) (628) Additions based on tax positions related to prior years 1,103 2,011 1,830 Reductions based on tax positions related to prior years (2,171) (2,818) (68) Settlements (202) (3,062) (188) Balance at end of year $ 15,846 $ 17,367 $ 20,086 We increased (decreased) income tax expense by $(1.0) million, $(1.1) million and $(1.2) million in 2022, 2021 and 2020, respectively, for penalties and interest on uncertain tax positions, which brought our total liabilities for penalties and interest on uncertain tax positions to $2.5 million and $3.4 million in other long-term liabilities on our balance sheets as of December 31, 2022 and 2021, respectively. All additions or reductions to those liabilities would affect our effective income tax rate in the periods of change. We believe approximately $8.0 million to $9.0 million of gross uncertain tax positions will be resolved within the next 12 months. A portion of our uncertain tax position liability is reflected as a reduction in our gross deferred tax asset before valuation allowance and as a reduction in our long-term income tax receivable which is included in other noncurrent assets on our consolidated balance sheet. The remaining balance is reflected in other long-term liabilities on our consolidated balance sheet. The balance of gross uncertain tax position liability included in other long-term liabilities on our consolidated balance sheet was $8.0 million and $11 million as of December 31, 2022 and December 31, 2021, respectively. The balance of gross uncertain tax position liability netted against our gross deferred tax asset before valuation allowance was $5.0 million and $6.0 million as of December 31, 2022 and December 31, 2021, respectively. The balance of gross uncertain tax position liability netted against our gross long-term income tax receivable included in other noncurrent assets was $2.0 million as of December 31, 2022. There was no balance of gross uncertain tax position liability netted against our gross long-term income tax receivable included in other noncurrent assets as of December 31, 2021. Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following table lists the earliest tax years open to examination by tax authorities where we have significant operations: Jurisdiction Periods United States 2014 United Kingdom 2019 Norway 2017 Angola 2015 Brazil 2017 Australia 2018 |
Selected Income Statement Inf_2
Selected Income Statement Information Selected Income Statement Information (Notes) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Selected Income Statement Information [Abstract] | ||
Selected Income Statement Information [Text Block] | SELECTED INCOME STATEMENT INFORMATION The following schedule shows our revenue, costs and gross margins by services and products: Year Ended December 31, (in thousands) 2022 2021 2020 Revenue: Services $ 1,673,024 $ 1,503,745 $ 1,340,033 Products 393,060 365,530 487,856 Total revenue 2,066,084 1,869,275 1,827,889 Cost of Services and Products: Services 1,334,811 1,215,994 1,161,699 Products 341,368 295,514 421,445 Unallocated expenses 82,528 93,702 80,804 Total cost of services and products 1,758,707 1,605,210 1,663,948 Gross margin: Services 338,213 287,751 178,334 Products 51,692 70,016 66,411 Unallocated expenses (82,528) (93,702) (80,804) Total gross margin $ 307,377 $ 264,065 $ 163,941 | SELECTED INCOME STATEMENT INFORMATION The following schedule shows our revenue, costs and gross margins by services and products: Year Ended December 31, (in thousands) 2022 2021 2020 Revenue: Services $ 1,673,024 $ 1,503,745 $ 1,340,033 Products 393,060 365,530 487,856 Total revenue 2,066,084 1,869,275 1,827,889 Cost of Services and Products: Services 1,334,811 1,215,994 1,161,699 Products 341,368 295,514 421,445 Unallocated expenses 82,528 93,702 80,804 Total cost of services and products 1,758,707 1,605,210 1,663,948 Gross margin: Services 338,213 287,751 178,334 Products 51,692 70,016 66,411 Unallocated expenses (82,528) (93,702) (80,804) Total gross margin $ 307,377 $ 264,065 $ 163,941 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT Long-term debt consisted of the following: December 31, (in thousands) 2022 2021 4.650% Senior Notes due 2024 $ 400,000 $ 400,000 6.000% Senior Notes due 2028 300,000 300,000 Interest rate swap settlements 4,371 6,572 Unamortized debt issuance costs (3,398) (4,505) Long-term Debt $ 700,973 $ 702,067 In November 2014, we completed the public offering of $500 million aggregate principal amount of 4.650% Senior Notes due 2024 (the “2024 Senior Notes”). We pay interest on the 2024 Senior Notes on May 15 and November 15 of each year. The 2024 Senior Notes are scheduled to mature on November 15, 2024. In February 2018, we completed the public offering of $300 million aggregate principal amount of 6.000% Senior Notes due 2028 (the “2028 Senior Notes”). We pay interest on the 2028 Senior Notes on February 1 and August 1 of each year. The 2028 Senior Notes are scheduled to mature on February 1, 2028. We used the net proceeds from the 2028 Senior Notes to repay our term loan indebtedness described further below. We may redeem some or all of the 2024 Senior Notes and 2028 Senior Notes (collectively, the “Senior Notes”) at specified redemption prices. In the year ended December 31, 2021, we repurchased $100 million in aggregate principal amount of the 2024 Senior Notes in open-market transactions. The aggregate purchase price in the year ended December 31, 2021 included accrued and unpaid interest to the repurchase date of $0.7 million, and we recorded loss on extinguishment of debt of $1.1 million (including premiums and fees associated with the repurchases). In October 2014, we entered into a credit agreement (as amended, the “Prior Credit Agreement”) with a group of banks. The Prior Credit Agreement initially provided for a $500 million five-year revolving credit facility (the “Prior Revolving Credit Facility”). The Prior Credit Agreement also provided for a $300 million term loan, which we repaid in full in February 2018, using net proceeds from the issuance of our 2028 Senior Notes referred to above, and cash on hand. In February 2018, we entered into Agreement and Amendment No. 4 to the Prior Credit Agreement to, among other things, extend the maturity of the Prior Revolving Credit Facility to January 25, 2023. On April 8, 2022, we entered into a new senior secured revolving credit agreement with a group of banks (the “Revolving Credit Agreement”) that will mature in April 2026. In connection with entering into the Revolving Credit Agreement, we terminated our Prior Revolving Credit Facility. No borrowings were outstanding under the Prior Revolving Credit Facility. We repaid all accrued fees and expenses in connection with the termination of the Prior Revolving Credit Facility and all commitments thereunder were terminated. No early termination penalties were incurred in connection with the termination of the Prior Revolving Credit Facility. The Revolving Credit Agreement includes a $215 million revolving credit facility (the “Revolving Credit Facility”) with a $100 million sublimit for the issuance of letters of credit. Our obligations under the Revolving Credit Agreement are guaranteed by certain of our wholly owned subsidiaries and are secured by first priority liens on certain of our assets and those of the guarantors, including, among other things, intellectual property, inventory, accounts receivable, equipment and equity interests in subsidiaries. As of December 31, 2022, we had no borrowings outstanding under the Revolving Credit Facility and no letters of credit outstanding under the Revolving Credit Agreement. We may borrow under the Revolving Credit Facility at either (1) a base rate, determined as the greatest of (A) the prime rate of Wells Fargo Bank, National Association, (B) the federal funds effective rate plus 1⁄2 of 1% and (C) Adjusted Term SOFR (as defined in the Revolving Credit Agreement for a one-month tenor plus 1%, in each case plus the applicable margin, which varies from 1.25% to 2.25% depending on our Consolidated Net Leverage Ratio (as defined in the Revolving Credit Agreement), or (2) Adjusted Term SOFR plus the applicable margin, which varies from 2.25% to 3.25% depending on our Consolidated Net Leverage Ratio. We will also pay a facility fee based on the amount of the underlying commitment that is being utilized, which fee varies from 0.300% to 0.375%, with the higher rate owed when we use the Revolving Credit Facility less. The Revolving Credit Agreement includes financial covenants that are tested on a quarterly basis, based on the rolling four-quarter period that ends on the last day of each fiscal quarter. The maximum permitted Consolidated Net Leverage Ratio is initially 4.00 to 1.00 and decreases to 3.25 to 1.00 during the term of the Revolving Credit Facility. The minimum Consolidated Interest Coverage Ratio (as defined in the Revolving Credit Agreement) is 3.00 to 1.00 throughout the term of the Revolving Credit Facility. In addition, the Revolving Credit Agreement contains various covenants that we believe are customary for agreements of this nature, including, but not limited to, restrictions on our ability and the ability of each of our subsidiaries to incur debt, grant liens, make certain investments, make distributions, merge or consolidate, sell assets and enter into certain restrictive agreements. As of December 31, 2022, we were in compliance with all the covenants set forth in the Revolving Credit Agreement. We had two interest rate swaps in place relating to a total of $200 million of the 2024 Senior Notes for the period to November 2024. The agreements swapped the fixed interest rate of 4.65% on $100 million of the 2024 Senior Notes to the floating rate of one-month LIBOR plus 2.426% and on another $100 million to one-month LIBOR plus 2.823%. In March 2020, we settled both interest rate swaps with the counterparty for cash proceeds of $13 million. The settlement resulted in a $13 million increase to our long-term debt balance that will be amortized to interest expense prospectively through the maturity date for the 2024 Senior Notes using the effective interest method. In the year ended December 31, 2022, we amortized $2.2 million to interest expense. In the year ended December 31, 2021, we amortized $4.3 million to interest expense, including $1.8 million, for the pro-rata write-off of interest rate swap settlement gains associated with the 2024 Senior Notes repurchases discussed above. We incurred $6.9 million and $4.2 million of issuance costs related to the 2024 Senior Notes and the 2028 Senior Notes, respectively, and $4.0 million of new loan costs related to the Revolving Credit Agreement. These costs, net of accumulated amortization, are included as a reduction of long-term debt in our Consolidated Balance Sheets, as they pertain to the Senior Notes, and in other noncurrent assets, as they pertain to the Revolving Credit Agreement. We are amortizing these costs to interest expense through the respective maturity dates for the Senior Notes and the Revolving Credit Agreement using the straight-line method, which approximates the effective interest rate method. As a result, we amortized $2.1 million and $1.3 million for the years ended December 31, 2022 and 2021, respectively. We made cash interest payments of $38 million, $39 million and $44 million in 2022, 2021 and 2020, respectively. |
Operations by Business Segment
Operations by Business Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Business Segment Information | OPERATIONS BY BUSINESS SEGMENT AND GEOGRAPHIC AREA Business Segment Information We are a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries. Our Energy business leverages our asset base and capabilities for providing services and products for offshore energy operations, inclusive of the offshore renewables energy market. Our Energy segments are: • Subsea Robotics —Our Subsea Robotics segment provides the following: ◦ ROVs for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance and repair; ◦ ROV tooling; and ◦ survey services, including hydrographic survey and positioning services and autonomous underwater vehicles for geoscience. • Manufactured Products —Our Manufactured Products segment provides the following: ◦ distribution and connection systems including production control umbilicals and field development hardware and pipeline connection and repair systems to the energy industry; and ◦ autonomous mobile robotic technology and entertainment systems to a variety of industries. • Offshore Projects Group —Our OPG segment provides the following: ◦ subsea installation and intervention, including riserless light well intervention services, inspection, maintenance and repair (“IMR”) services, principally in the U.S. Gulf of Mexico and offshore Angola, utilizing owned and charter vessels; ◦ installation and workover control systems and ROV workover control systems; ◦ diving services; ◦ decommissioning services; ◦ project management and engineering; and ◦ drill pipe riser services and systems and wellhead load relief solutions. • Integrity Management & Digital Solutions —Our IMDS segment provides the following: ◦ asset integrity management services; ◦ software and analytical solutions for the bulk cargo maritime industry; and ◦ software, digital and connectivity solutions for the energy industry. Our Aerospace and Defense Technologies segment provides services and products, including engineering and related manufacturing in defense and space exploration activities, principally to U.S. Government agencies and their prime contractors. Unallocated Expenses are those not associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock and bonuses, as well as other general expenses, including corporate administrative expenses. There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from those used in our consolidated financial statements for the year ended December 31, 2021. The table that follows presents revenue, income (loss) from operations and depreciation and amortization expense including goodwill impairment, by business segment: Year Ended December 31, (in thousands) 2022 2021 2020 Revenue Energy Subsea Robotics $ 621,921 $ 538,515 $ 493,332 Manufactured Products 382,361 344,251 477,419 OPG 489,317 378,121 289,127 IMDS 229,884 241,393 226,938 Total Energy 1,723,483 1,502,280 1,486,816 ADTech 342,601 366,995 341,073 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 Income (Loss) from Operations Energy Subsea Robotics $ 118,248 $ 76,874 $ (65,817) Manufactured Products 11,692 (15,876) (88,253) OPG 49,256 31,197 (105,680) IMDS 14,901 18,572 (121,675) Total Energy 194,097 110,767 (381,425) ADTech 44,168 60,992 56,023 Unallocated Expenses (127,402) (131,960) (120,677) Total $ 110,863 $ 39,799 $ (446,079) Depreciation and Amortization Expense, including Goodwill Impairment Energy Subsea Robotics $ 67,684 $ 87,900 $ 212,621 Manufactured Products 11,946 12,788 66,772 OPG 28,560 28,173 115,288 IMDS 4,599 4,420 127,221 Total Energy 112,789 133,281 521,902 ADTech 2,853 4,783 2,666 Unallocated Expenses 5,327 1,659 4,327 Total $ 120,969 $ 139,723 $ 528,895 We determine income (loss) from operations for each business segment before interest income or expense, other income (expense) and provision for income taxes. We do not consider an allocation of these items to be practical. Revenue During 2022 and 2021, revenue from one customer, the U.S. Government, accounted for 11% and 12%, respectively, of our total consolidated annual revenue, and no other customer accounted for more than 10% of our total consolidated revenue. No individual customer accounted for more than 10% of our consolidated revenue during 2020. Income (Loss) from Operations Year ended December 31, 2021 —During the year ended December 31, 2021 , we recorded charges and other discrete impacts attributable to each of our reporting segments as follows: For the Year Ended December 31, 2021 (in thousands) Subsea Robotics Manufactured Products OPG IMDS ADTech Unallocated Expenses Total Impacts for the effects of: Provision for Evergrande losses, net $ — $ 29,549 $ — $ — $ — $ — $ 29,549 Loss on sale of asset — — — — — 1,415 1,415 Other 395 537 149 217 10 — 1,308 Total charges $ 395 $ 30,086 $ 149 $ 217 $ 10 $ 1,415 $ 32,272 Year ended December 31, 2020 —During the year ended December 31, 2020 , we recorded charges and other discrete impacts attributable to each of our reporting segments as follows: For the Year Ended December 31, 2020 (in thousands) Subsea Robotics Manufactured Products OPG IMDS ADTech Unallocated Expenses Total Impacts for the effects of: Long-lived assets impairments $ — $ 61,074 $ 8,826 $ 545 $ — $ — $ 70,445 Long-lived assets write-offs 7,328 — 16,644 170 — — 24,142 Inventory write-downs 7,038 — — — — — 7,038 Goodwill impairment 102,118 52,263 66,285 123,214 — — 343,880 Other 5,055 2,266 8,590 4,272 572 455 21,210 Total charges $ 121,539 $ 115,603 $ 100,345 $ 128,201 $ 572 $ 455 $ 466,715 There were no adjustments of a similar nature during the year ended December 31, 2022. Depreciation and Amortization Expense, including Goodwill Impairment Depreciation expense on property and equipment, reflected in the Depreciation and Amortization Expense, including Goodwill Impairment table above, was $113 million, $136 million and $170 million in 2022, 2021 and 2020, respectively. Amortization expense on long-lived intangible assets, reflected in the Depreciation and Amortization Expense, including Goodwill Impairment table above, was $7.5 million, $3.8 million and $15 million in 2022, 2021 and 2020, respectively. Goodwill impairment expense, reflected in the Depreciation and Amortization Expense, including Goodwill Impairment table above, was $344 million in 2020. See “ Income (Loss) from Operations” above for amounts attributable to each segment. We recorded the write-downs and write-offs of certain equipment and intangible assets, reflected in our depreciation expense, of $14 million in 2020. We also recorded the write-offs of certain intangible assets, reflected in our amortization expense, of $10 million in 2020. See “ Income (Loss) from Operations” above for amounts attributable to each segment. Assets, Property and Equipment, Net and Goodwill The following table presents Assets, Property and Equipment, net and Goodwill by business segment: December 31, (in thousands) 2022 2021 Assets Energy Subsea Robotics $ 467,608 $ 447,130 Manufactured Products 339,087 342,978 OPG 345,264 333,248 IMDS 91,154 83,796 Total Energy 1,243,113 1,207,152 ADTech 115,450 107,999 Corporate and Other 673,120 647,708 Total $ 2,031,683 $ 1,962,859 Property and Equipment, Net Energy Subsea Robotics $ 175,239 $ 190,992 Manufactured Products 74,282 85,190 OPG 159,439 186,187 IMDS 9,807 10,934 Total Energy 418,767 473,303 ADTech 6,186 7,632 Corporate and Other 13,496 8,661 Total $ 438,449 $ 489,596 Goodwill Energy Subsea Robotics $ 23,885 $ 24,454 Total Energy 23,885 24,454 ADTech 10,454 10,454 Total $ 34,339 $ 34,908 All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain other assets have not been allocated to particular business segments and are included in Corporate and Other. Capital Expenditures The following table presents Capital Expenditures, including business acquisitions, by business segment: Year Ended December 31, (in thousands) 2022 2021 2020 Capital Expenditures Energy Subsea Robotics $ 55,649 $ 27,591 $ 14,624 Manufactured Products 4,129 2,510 1,220 OPG 4,456 7,980 33,647 IMDS 4,058 3,305 3,488 Total Energy 68,292 41,386 52,979 ADTech 1,956 2,525 1,462 Corporate and Other 10,795 6,288 6,246 Total $ 81,043 $ 50,199 $ 60,687 Geographic Operating Areas On January 1, 2019 we adopted the lease standard, Topic 842, which requires lessees to recognize right-of-use assets. For 2022 and 2021, $140 million and $146 million of right-of-use operating lease assets are included in the following table which summarizes Property and Equipment, Net and Right-of-Use Operating Lease Assets by geographic area: December 31, (in thousands) 2022 2021 Property and Equipment, Net and Right-of-Use Operating Lease Assets Foreign: Norway $ 59,933 $ 69,880 United Kingdom 59,762 65,665 Brazil 59,045 59,318 Africa 36,583 49,874 Asia and Australia 29,221 29,371 Other 18,192 18,456 Total Foreign 262,736 292,564 United States 315,324 343,129 Total $ 578,060 $ 635,693 Revenue is based on location where services are performed and products are manufactured. See Note 3—”Revenue” for disclosure of revenue by geographic area . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Insurance Disclosure | Insurance The workers' compensation, maritime employer's liability and comprehensive general liability insurance policies that we purchase each include a deductible layer, for which we would be responsible, that we consider financially prudent. Insurance above the deductible layers can be by occurrence or in the aggregate. We determine the level of accruals for claims exposure by reviewing our historical experience and current year claim activity. We do not record accruals on a present-value basis. We review larger claims with insurance adjusters and establish specific reserves for known liabilities. We establish an additional reserve for incidents incurred but not reported to us for each year using our estimates and based on prior experience. We believe we have established adequate accruals for expected liabilities arising from those obligations. However, it is possible that future earnings could be affected by changes in our estimates relating to these matters. |
Legal Matters and Contingencies | Litigation In the ordinary course of business, we are, from time to time, involved in litigation or subject to disputes, governmental investigations or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers’ compensation claims, Jones Act claims, occupational hazard claims, premises liability claims and other claims. Although we cannot predict the ultimate outcome of these matters, we believe that our ultimate liability, if any, that may result from these other actions and claims will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, because of the inherent uncertainty of litigation and other dispute resolution proceedings and, in some cases, the availability and amount of potentially available insurance, we can provide no assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material effect on our consolidated financial condition, results of operations or cash flows for the fiscal period in which that resolution occurs. |
Contingencies Disclosure | COMMITMENTS AND CONTINGENCIES Lease Commitments As of December 31, 2022, we occupied several facilities under noncancellable operating leases expiring at various dates through 2035. See Note 4 —“ Leases” for more information on our operating leases. Insurance The workers' compensation, maritime employer's liability and comprehensive general liability insurance policies that we purchase each include a deductible layer, for which we would be responsible, that we consider financially prudent. Insurance above the deductible layers can be by occurrence or in the aggregate. We determine the level of accruals for claims exposure by reviewing our historical experience and current year claim activity. We do not record accruals on a present-value basis. We review larger claims with insurance adjusters and establish specific reserves for known liabilities. We establish an additional reserve for incidents incurred but not reported to us for each year using our estimates and based on prior experience. We believe we have established adequate accruals for expected liabilities arising from those obligations. However, it is possible that future earnings could be affected by changes in our estimates relating to these matters. Litigation In the ordinary course of business, we are, from time to time, involved in litigation or subject to disputes, governmental investigations or claims related to our business activities, including, among other things: • performance- or warranty-related matters under our customer and supplier contracts and other business arrangements; and • workers’ compensation claims, Jones Act claims, occupational hazard claims, premises liability claims and other claims. Although we cannot predict the ultimate outcome of these matters, we believe that our ultimate liability, if any, that may result from these other actions and claims will not have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, because of the inherent uncertainty of litigation and other dispute resolution proceedings and, in some cases, the availability and amount of potentially available insurance, we can provide no assurance that the resolution of any particular claim or proceeding to which we are a party will not have a material effect on our consolidated financial condition, results of operations or cash flows for the fiscal period in which that resolution occurs. Letters of Credit We had $52 million and $46 million in letters of credit outstanding as of December 31, 2022 and 2021, respectively, which related to self-insurance requirements and various bid and performance bonds, which are usually for the duration of the applicable contract. Financial Instruments and Risk Concentration In the normal course of business, we manage risks associated with foreign exchange rates and interest rates through a variety of strategies, including the use of hedging transactions. As a matter of policy, we do not use derivative instruments unless we have an underlying exposure. Other financial instruments that potentially subject us to concentrations of credit risk are principally cash and cash equivalents and accounts receivable. The carrying values of cash and cash equivalents approximate their fair values due to the short-term maturity of the underlying instruments. Accounts receivable are generated from a broad group of customers, primarily from the energy industry and the U.S. government, which are major sources of our revenue. Due to their short-term nature, carrying values of our accounts receivable and accounts payable approximate fair market values. We estimated the aggregate fair market value of the Senior Notes to be $661 million as of December 31, 2022 based on quoted prices. Since the market for the Senior Notes is not an active market, the fair value of the Senior Notes is classified within Level 2 in the fair value hierarchy under U.S. GAAP (inputs other than quoted prices in active markets for similar assets and liabilities that are observable or can be corroborated by observable market data for substantially the full terms for the assets or liabilities). Foreign currency gains (losses) in the year ended December 31, 2022 were less than $(0.1) million. Foreign currency gains (losses) of $(8.4) million in the year ended December 31, 2021 were primarily related to gains (losses) for the Angolan kwanza of $(4.5) million due to declining exchange rates for the Angolan kwanza relative to the U.S. dollar. Foreign currency gain (losses) of $(14) million in the year ended December 31, 2020 were primarily related to gains (losses) for the Angolan kwanza of $(2.8) million and the Brazilian real of $(7.3) million due to declining exchange rates for the Angolan kwanza and the Brazilian real relative to the U.S. dollar. Foreign currency transaction losses related to the Angolan kwanza in the years ended December 31, 2021 and 2020 were primarily due to the remeasurement of our Angolan kwanza cash balances to U.S. dollars. Foreign currency losses related to the Brazilian real in the year ended December 31, 2020 were primarily due to the remeasurement of our U.S. dollar denominated liability balances to the Brazilian real. We recorded foreign currency transaction gains (losses) related to the Angolan kwanza and Brazilian real as a component of other income (expense), net in our Consolidated Statements of Operations in those respective periods. Any conversion of cash balances from kwanza to U.S. dollars is controlled by the central bank in Angola. As of December 31, 2022 and 2021, we had the equivalent of approximately $5.6 million and $1.0 million of kwanza cash balances, respectively, in Angola reflected on our Consolidated Balance Sheets. To mitigate our currency exposure risk in Angola, we have used kwanza to purchase equivalent Angolan central bank (Banco Nacional de Angola) bonds. The bonds are denominated as U.S. dollar equivalents, so that, upon payment of semi-annual interest and principal upon maturity, payment is made in kwanza, equivalent to the respective U.S. dollars at the then-current exchange rate. As of December 31, 2022 and 2021, we had $6.2 million, respectively, of U.S. dollar equivalent Angolan bonds. These bonds mature in 2023 and are classified as available-for-sale securities; accordingly, they are recorded at fair market value in other current assets on our Consolidated Balance Sheets. We did not sell any of our remaining Angolan bonds in the year ended December 31, 2022; however, during the year ended December 31, 2021, we sold a portion of these bonds for $4.5 million, reducing the balance as of December 31, 2021 to $6.2 million, and recognized a gain of $0.5 million as a component of other income (expense), net in our Consolidated Statement of Operations. We estimated the fair market value of the Angolan bonds to be $6.4 million as of December 31, 2022 and 2021, respectively, using quoted market prices. Since the market for the Angolan bonds is not an active market, the fair value of the Angolan bonds is classified within Level 2 in the fair value hierarchy under U.S. GAAP. As of December 31, 2022 and 2021, we had $0.1 million and $0.2 million, respectively, in unrealized gains, net of tax, related to these bonds as a component of accumulated other comprehensive loss in our Consolidated Balance Sheets. We made the decision during the fourth quarter of 2021 to terminate a number of entertainment ride systems contracts with Evergrande and recorded a net loss in our Manufactured Products segment. The specific elements of the net loss included a reserve of $49 million in receivables and contract assets partially offset by the reclassification of $20 million of contract assets into salable inventory. As of December 31, 2021, we had no outstanding accounts receivable or contract assets for those projects. |
Employee Benefit Plans and Shar
Employee Benefit Plans and Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit Plans and Shareholder Rights Plan [Abstract] | |
Employee Benefit Plans and Shareholder Rights Plan | EMPLOYEE BENEFIT PLANS Retirement Investment Plans We have several employee retirement investment plans that, taken together, cover most of our full-time employees. The Oceaneering Retirement Investment Plan is a 401(k) plan in which U.S. employees may participate by deferring a portion of their gross monthly salary and directing us to contribute the deferred amount to the plan. We match a portion of the employees' deferred compensation. Our contributions to the 401(k) plan were $20 million, $13 million and $14 million for the plan years ended December 31, 2022, 2021 and 2020, respectively. We also make matching contributions to foreign employee savings plans similar in nature to a 401(k) plan. In 2022, 2021 and 2020, these contributions, principally related to plans associated with the United Kingdom and Norwegian subsidiaries, were $11 million, $11 million and $11 million, respectively. The Oceaneering International, Inc. Supplemental Executive Retirement Plan covers selected key management employees and executives, as approved by the Compensation Committee of our Board of Directors (the “Compensation Committee”). Under this plan, we accrue an amount determined as a percentage of the participant's gross monthly salary and the amounts accrued are treated as if they are invested in one or more investment vehicles pursuant to this plan. Expenses related to this plan during 2022, 2021 and 2020 were $2.6 million, $1.8 million and $1.9 million, respectively. Incentive Plans Under our Second Amended and Restated 2010 Incentive Plan and our 2020 Incentive Plan (together the “Incentive Plans”), shares of our common stock are made available for awards to employees and nonemployee members of our Board of Directors. The Incentive Plans are administered primarily by the Compensation Committee; however, the full Board of Directors makes determinations regarding awards to nonemployee directors under the Incentive Plans. The Compensation Committee or our Board of Directors, as applicable, determines the type(s) of award(s) to be made to each participant and sets forth in the related award agreement the terms, conditions and limitations applicable to each award. Stock options, stock appreciation rights and stock and cash awards may be made under the Incentive Plans. There are no options outstanding under either Incentive Plan. We have not granted any stock options since 2005 and the Compensation Committee has expressed its intention to refrain from using stock options as a component of employee compensation for our executive officers and other employees for the foreseeable future. Additionally, the Board of Directors has expressed its intention to refrain from using stock options as a component of nonemployee director compensation for the foreseeable future. In 2022, 2021 and 2020, the Compensation Committee granted awards of performance units to certain of our key executives and employees. The performance units awarded are scheduled to vest in full on the third anniversary of the applicable award dates, or pro rata over three three During 2022, 2021 and 2020, the Compensation Committee granted restricted units of our common stock to certain of our key executives and employees. During 2022, 2021 and 2020, our Board of Directors granted restricted common stock to our nonemployee directors. Over 83%, 85% and 80% of the grants made to our employees in 2022, 2021 and 2020, respectively, vest in full on the third anniversary of the award date, conditional upon continued employment. The remainder of the grants made to employees vest pro rata over three years, as these participants meet certain age and years-of-service requirements. For the grants of restricted stock units to each of the participant employees, the participant will be issued one share of our common stock for each of the participant's vested restricted stock units at the earlier of three The Compensation Committee has a policy that Oceaneering will not provide U.S. federal income tax gross-up payments to any of its directors or executive officers in connection with future awards of restricted stock or stock units. The additional tax charge realized from tax deductions less than the financial statement expense of our restricted stock grants was $0.1 million, $0.5 million and $1.0 million in 2022, 2021 and 2020, respectively. The 2022, 2021 and 2020 charges were recognized in our Consolidated Statements of Operations. The following is a summary of our restricted stock and restricted stock unit activity for 2022, 2021 and 2020: Number Weighted Average Fair Value Aggregate Intrinsic Value Balance as of December 31, 2019 1,741,335 18.72 Granted 1,007,383 10.23 Issued (489,035) 23.82 $ 5,821,000 Forfeited (304,337) 14.89 Balance as of December 31, 2020 1,955,346 13.67 Granted 1,333,689 11.80 Issued (601,830) 16.42 $ 7,613,000 Forfeited (239,946) 12.35 Balance as of December 31, 2021 2,447,259 12.10 Granted 898,264 14.14 Issued (674,968) 14.53 $ 9,529,000 Forfeited (134,748) 12.19 Balance as of December 31, 2022 2,535,807 12.18 The restricted stock units granted in 2022, 2021 and 2020 carry no voting rights and no dividend rights. Each grantee of shares of restricted common stock is deemed to be the record owner of those shares during the restriction period, with the right to vote and receive any dividends on those shares. Grants of restricted stock units are valued at their estimated fair values as of their respective grant dates. The grants in 2022, 2021 and 2020 were subject only to vesting conditioned on continued employment or service as a nonemployee director; therefore, these grants were valued at the grant date fair market value using the closing price of our stock on the New York Stock Exchange. Compensation expense under the restricted stock plans was $9.6 million, $9.6 million and $7.5 million for 2022, 2021 and 2020, respectively. As of December 31, 2022, we had $10.5 million of future expense to be recognized related to our restricted stock unit plans over a weighted average remaining life of 1.6 years. Post-Employment Benefit Pursuant to a service agreement we entered into with a former Chairman of the Board of Directors, we are obligated to provide for medical coverage on an after-tax basis to him, his spouse and two adult children for their lives. Our total accrued liabilities, current and long-term, under this post-employment benefit were $1.8 million as of both December 31, 2022 and 2021. |
Accounting Standards Updates (N
Accounting Standards Updates (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Lease (Notes)
Lease (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2022, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2023 $ 28,967 2024 24,949 2025 24,239 2026 25,058 2027 23,773 Thereafter 96,755 Total lease payments 223,741 Less: Interest (52,319) Present Value of Lease Liabilities $ 171,422 |
Summary Of Major Accounting P_2
Summary Of Major Accounting Policies-Leases - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Accounting Policies [Abstract] | ||||
Operating Lease, Right-of-Use Asset | $ 139,611,000 | $ 146,097,000 | ||
Operating Lease, Liability | $ 171,422,000 | |||
Operating Leases, Operating Lease Term | 15 years | |||
Stockholders' Equity, Other | $ (2,273,000) | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | |||
HistoricalCreditLossAnalysisPeriod | 3 years | |||
Accounts Receivable, Allowance for Credit Loss | $ 2,000,000 | 900,000 | $ 2.3 | |
Financing Receivable, Allowance for Credit Loss | 300,000 | 300,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (400,000) | (53,000,000) | $ (11,000,000) | |
Contract Assets, Allowance for Credit Losses, Write Off | 0 | (38,032,000) | ||
Interest Receivable | $ 800,000 | $ 1,200,000 |
Summary Of Major Accounting P_3
Summary Of Major Accounting Policies-Treasury Stock - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2022 | Dec. 12, 2014 | |
Accounting Policies [Abstract] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000,000 | ||
Treasury stock, shares | 2,000,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 100 | ||
Treasury Stock, Common, Shares | 11,000,000 |
Summary Of Major Accounting P_4
Summary Of Major Accounting Policies-Inventory - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Inventory Write-down | $ 0 | $ 0 | $ 7,038 |
Summary Of Major Accounting P_5
Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 12, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10,000 | |
Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Additional Information | 20 | |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Additional Information | 50 |
Summary Of Major Accounting P_6
Summary Of Major Accounting Policies Summary of Major Accounting Policies - Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Inventory Write-down | $ 0 | $ 0 | $ 7,038 |
Summary Of Major Accounting P_7
Summary Of Major Accounting Policies - Property, Plant and Equipment and Long-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Remotely Operated Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating Leases, Operating Lease Term | 8 years |
Marine Services Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating Leases, Operating Lease Term | 25 years |
Marine Services Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating Leases, Operating Lease Term | 3 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating Leases, Operating Lease Term | 25 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating Leases, Operating Lease Term | 3 years |
Summary Of Major Accounting P_8
Summary Of Major Accounting Policies - Acquisitions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | Our reporting units with long-lived asset impairments in the three-month period ended March 31, 2020, were realigned into our new reporting segments as follows: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Long-lived Asset Impairments Manufactured Products OPG IMDS Total Subsea Products Subsea Distribution Solutions U.K. $ 6,543 $ 6,543 $ — $ — $ 6,543 Subsea Distribution Solutions Brazil 9,834 9,834 9,834 Subsea Distribution Solutions Angola 38,482 38,482 38,482 Subsea Projects Shallow Water vessels 3,894 3,894 3,894 Renewables and Special Projects Group 3,628 3,628 3,628 Global Data Solutions 167 167 167 Advanced Technologies Oceaneering Entertainment Systems 5,065 5,065 5,065 Oceaneering AGV Systems 1,150 1,150 1,150 Total long-lived asset impairments $ 68,763 $ 61,074 $ 7,522 $ 167 $ 68,763 In 2020, we also recorded $24 million for write-downs and write-offs of certain equipment and intangible assets associated with equipment obsolescence. |
Summary of Major Accounting P_9
Summary of Major Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 0 | $ 343,880 |
Summary Of Major Accounting _10
Summary Of Major Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (100) | $ (8,400) | $ (14,000) |
Summary Of Major Accounting _11
Summary Of Major Accounting Policies Summary Of Major Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Revenue Recognition | Revenue Recognition. All of our revenue is realized through contracts with customers. We recognize our revenue according to the contract type. On a daily basis, we recognize service revenue over time for contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. We use the input method to faithfully depict revenue recognition, because each day of service provided represents value to the customer. The performance obligations in these contracts are satisfied, and revenue is recognized, as the work is performed. When appropriate, we apply the practical expedient to recognize revenue for the amount invoiced when the invoice corresponds directly to the value of our performance to date. We account for significant fixed-price contracts, mainly relating to our Manufactured Products segment, and to a lesser extent in our Offshore Projects Group (“OPG”) and Aerospace and Defense Technologies (“ADTech”) segments, by recognizing revenue over time using the cost-to-cost input method. In 2022, 2021 and 2020, we accounted for 15%, 16% and 24%, respectively, of our revenue using the cost-to-cost input method to measure progress toward satisfying the related performance obligations on our contracts. The remainder of our revenue is recognized at the point in time when control transfers to the customer, thus satisfying the performance obligation. We have elected to recognize the cost for freight and shipping as an expense when incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from customers, are excluded from revenue. We apply judgment in the determination and allocation of transaction price to performance obligations, and the subsequent recognition of revenue, based on the facts and circumstances of each contract. We routinely review estimates related to our contracts and, when required, reflect revisions to profitability in earnings immediately. If an element of variable consideration has the potential for a significant future reversal of revenue, we will constrain that variable consideration to a level intended to remove the potential future reversal. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when we determine it. During the year ended December 31, 2022, we recognized a projected loss of $5.2 million for contracts in our Manufactured Products segment. During the year ended December 31, 2021, we recognized a projected loss of $3.6 million for a contract in our Subsea Robotics segment. We did not have any material adjustments to earnings as a result of revisions to contract estimates during the year ended December 31, 2020. There could be significant adjustments to overall contract costs in the future, due to changes in facts and circumstances. In general, our payment terms consist of those services billed regularly as provided and those products delivered at a point in time, which are invoiced after the performance obligation is satisfied. Our product and service contracts with milestone payments due at agreed progress points during the contract are invoiced when those milestones are reached, which may differ from the timing of revenue recognition. Our payment terms generally do not provide financing of contracts to customers, nor do we receive financing from customers as a result of these terms. See Note 3 —“ Revenue” for more information on our revenue from contracts with customers. | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stockholders' Equity, Other | $ (2,273) | ||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. ACCOUNTING STANDARDS UPDATE Recently Adopted Accounting Standards . In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | ||
Percentage of Completion Percent of Revenue | 15% | 16% | 24% |
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Cost of Goods and Services Sold | 1,758,707 | 1,605,210 | 1,663,948 |
Income Tax Expense (Benefit) | 53,111 | 43,598 | (2,146) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 25,941 | (49,307) | (496,751) |
Inventory, Net | 184,375 | 153,682 | |
Accrued Liabilities, Current | 307,446 | 290,659 | |
Liabilities, Other than Long-term Debt, Noncurrent | 84,650 | 90,104 | |
Retained Earnings (Accumulated Deficit) | $ 1,327,854 | $ 1,301,913 | |
Stockholders' Equity, Other | $ (2,273) |
Summary Of Major Accounting _12
Summary Of Major Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disposition [Line Items] | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 50% |
Treasury Stock [Text Block] | Repurchase Plan. In December 2014, our Board of Directors approved a plan to repurchase up to 10 million shares of our common stock. In 2015, we repurchased 2.0 million shares of our common stock for $100 million. We have not repurchased any shares under this program since December 2015. The timing and amount of any future repurchases will be determined by our management. As of December 31, 2022, we retained 11 million of the shares we had repurchased through this and a prior repurchase program. We expect to hold the shares repurchased and any additional shares repurchased under the plan as treasury stock for possible future use. The plan does not obligate us to repurchase any particular number of shares. We account for the shares we hold in treasury under the cost method, at average cost. |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. (“Oceaneering,” “we,” “us” or “our”) and our more than 50% owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in other non-current assets. All significant intercompany accounts and transactions have been eliminated. |
Use Of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of investment. |
Inventory | Inventory. Inventory is valued at the lower of cost or net realizable value. We determine cost using the weighted-average method. We periodically review the value of items in inventory and record write-downs or write-offs of inventory based on our assessment of market conditions. Write-downs and write-offs are charged to cost of services and products. We did not record any write-downs or write-offs of inventory in the years ended December 31, 2022 and 2021, as compared to $7.0 million of write-downs and write-offs in the year ended December 31, 2020. |
Revenue Recognition | Revenue Recognition. All of our revenue is realized through contracts with customers. We recognize our revenue according to the contract type. On a daily basis, we recognize service revenue over time for contracts that provide for specific time, material and equipment charges, which we bill periodically, ranging from weekly to monthly. We use the input method to faithfully depict revenue recognition, because each day of service provided represents value to the customer. The performance obligations in these contracts are satisfied, and revenue is recognized, as the work is performed. When appropriate, we apply the practical expedient to recognize revenue for the amount invoiced when the invoice corresponds directly to the value of our performance to date. We account for significant fixed-price contracts, mainly relating to our Manufactured Products segment, and to a lesser extent in our Offshore Projects Group (“OPG”) and Aerospace and Defense Technologies (“ADTech”) segments, by recognizing revenue over time using the cost-to-cost input method. In 2022, 2021 and 2020, we accounted for 15%, 16% and 24%, respectively, of our revenue using the cost-to-cost input method to measure progress toward satisfying the related performance obligations on our contracts. The remainder of our revenue is recognized at the point in time when control transfers to the customer, thus satisfying the performance obligation. We have elected to recognize the cost for freight and shipping as an expense when incurred. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by us from customers, are excluded from revenue. We apply judgment in the determination and allocation of transaction price to performance obligations, and the subsequent recognition of revenue, based on the facts and circumstances of each contract. We routinely review estimates related to our contracts and, when required, reflect revisions to profitability in earnings immediately. If an element of variable consideration has the potential for a significant future reversal of revenue, we will constrain that variable consideration to a level intended to remove the potential future reversal. If a current estimate of total contract cost indicates an ultimate loss on a contract, we recognize the projected loss in full when we determine it. During the year ended December 31, 2022, we recognized a projected loss of $5.2 million for contracts in our Manufactured Products segment. During the year ended December 31, 2021, we recognized a projected loss of $3.6 million for a contract in our Subsea Robotics segment. We did not have any material adjustments to earnings as a result of revisions to contract estimates during the year ended December 31, 2020. There could be significant adjustments to overall contract costs in the future, due to changes in facts and circumstances. In general, our payment terms consist of those services billed regularly as provided and those products delivered at a point in time, which are invoiced after the performance obligation is satisfied. Our product and service contracts with milestone payments due at agreed progress points during the contract are invoiced when those milestones are reached, which may differ from the timing of revenue recognition. Our payment terms generally do not provide financing of contracts to customers, nor do we receive financing from customers as a result of these terms. See Note 3 —“ Revenue” for more information on our revenue from contracts with customers. |
Stock-based Compensation | Stock-Based Compensation. We recognize all share-based payments to directors, officers and employees over their vesting periods in the income statement based on their estimated fair values. For more information on our employee benefit plans, see Note 12—“Employee Benefit Plans.” |
Income Taxes | Income Taxes. We provide income taxes at appropriate tax rates in accordance with our interpretation of the respective tax laws and regulations after review and consultation with our internal tax department, tax advisors and, in some cases, legal counsel in various jurisdictions. We provide for deferred income taxes for differences between carrying amounts of assets and liabilities for financial and tax reporting purposes and provide a valuation allowance against deferred tax assets when it is more likely than not that the asset will not be realized. We recognize an expense or benefit for an uncertain tax position if it is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the uncertain tax position is then measured and recognized at the largest amount that we believe is greater than 50% likely of being realized upon ultimate settlement. We account for any applicable interest and penalties on these uncertain tax positions as a component of our provision for income taxes on our financial statements. We have elected to account for U.S. federal income tax on global intangible low‑taxed income (“GILTI”) as a current period expense when incurred. For more information on income taxes, see Note 7—“Income Taxes.” |
Foreign Currency Translations | Foreign Currency Translation. |
Derivatives, Policy [Policy Text Block] | Financial Instruments. |
Reclassification, Comparability Adjustment | Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current year presentation. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill. Our goodwill is evaluated for impairment annually and whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In our annual evaluation of goodwill, we perform a qualitative or quantitative impairment test. Under the qualitative approach, if we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we are required to perform the quantitative analysis to determine the fair value for the reporting unit. We then compare the fair value of the reporting unit with its carrying amount and recognize an impairment loss for the amount by which the carrying amount exceeds the fair value of the reporting unit. The loss recognized should not |
Lessee, Leases | Leases. We determine whether a contract is or contains a lease at inception, whether as a lessee or a lessor. We take into consideration the elements of an identified asset, right to control and the receipt of economic benefit in making those determinations. As a lessor, we lease certain types of equipment along with the provision of services and utilize the expedient allowing us to combine the lease and non-lease components into a combined component that is accounted for (1) under “Leases” (“ASC 842”), when the lease component is predominant, and (2) under the accounting standard “ Revenue from Contracts with Customers ” (“ASC 606”), when the service component is predominant. In general, when we have a service component, it is typically the predominant element and leads to accounting under ASC 606. As a lessor, we lease certain types of equipment, often providing services at the same time. These leases can be priced on a dayrate or lump-sum basis for periods ranging from a few days to multi-year contracts. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our customer's discretion. These leases generally do not contain options to purchase, material restrictions or covenants that impact our accounting for leases. As a lessee, we lease land, buildings, vessels and equipment for the operation of our business and to support some of our service line revenue streams. These generally carry lease terms that range from days for operational and support equipment to 15 years for land and buildings. These leases are negotiated on commercial terms at market rates and many carry standard options to extend or terminate at our discretion. When the exercise of those options is reasonably certain, we include them in the lease assessment. Our leases do not contain material restrictions or covenants that impact our accounting for them, nor do we provide residual value guarantees. As a lessee, we utilize the practical expedients to not recognize leases with an initial lease term of 12 months or less on the balance sheet and to combine lease and non-lease components together and account for the combined component as a lease for all asset classes, except real estate. Right-of-use operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement or modification date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, based on the information available at commencement or modification date in determining the present value of future payments. In determining the incremental borrowing rate, we considered our external credit ratings, bond yields for us and our identified peers, the risk-free rate in geographic regions where we operate, and the impact associated with providing collateral over a similar term as the lease for an amount equal to the future lease payments. Our right-of-use operating lease assets also include any lease prepayments made and exclude lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. See Note 4—“Leases” for more information on our operating leases and Note 5—“Impairments” for more information on determination of impairment indicators for our long-lived intangible assets. |
Earnings Per Share, Policy | Earnings (Loss) per Share. For each year presented, the only difference between our annual calculated weighted average basic and diluted number of shares outstanding is the effect of outstanding restricted stock units. |
Lessee, Operating Leases [Text Block] | LEASES Supplemental information about our operating leases follows: December 31, (in thousands) 2022 2021 Assets: Right-of-use operating lease assets $ 139,611 $ 146,097 Liabilities: Current $ 19,580 $ 18,781 Noncurrent 151,842 158,503 Lease liabilities $ 171,422 $ 177,284 December 31, 2022 2021 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 9 10 Weighted-average discount rate 5.8 % 5.9 % No impairments of right-of-use operating leases were recorded in the years ended December 31, 2022 and 2021. During the first quarter of 2020, we determined there were impairment indicators present for reporting units in our Subsea Products and Advanced Technologies segments and, as a result, we recorded a pre-tax right-of-use operating lease impairments of $17 million. See Note 5—“Impairments” for more information on determination of impairment indicators for our right-of-use assets. Operating lease cost reflects the lease expense resulting from amortization over the respective lease terms of our operating leases with initial lease terms greater than 12 months. Our short-term lease cost consists of expense for our operating leases with initial lease terms of 12 months or less that are not recorded on our balance sheet. The components of lease cost are as follows: Year ended December 31, (in thousands) 2022 2021 Lease Cost: Operating lease cost Operating lease cost $ 34,467 $ 34,406 Short-term lease cost Short-term lease cost 101,048 78,835 Total Lease Cost $ 135,515 $ 113,241 As of December 31, 2022, future maturities of lease liabilities for our operating leases with an initial lease term of more than 12 months were as follows: Maturities of Lease Liabilities (in thousands) For the year ended December 31, 2023 $ 28,967 2024 24,949 2025 24,239 2026 25,058 2027 23,773 Thereafter 96,755 Total lease payments 223,741 Less: Interest (52,319) Present Value of Lease Liabilities $ 171,422 |
Summary Of Major Accounting _13
Summary Of Major Accounting Policies (Details)-Allowance for Credit Losses - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Accounting Policies [Abstract] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 2,000,000 | $ 900,000 | $ 2.3 | |
Interest Receivable | 800,000 | 1,200,000 | ||
Financing Receivable, Allowance for Credit Loss | 300,000 | 300,000 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (400,000) | (53,000,000) | $ (11,000,000) | |
HistoricalCreditLossAnalysisPeriod | 3 years | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | |||
Contract Assets, Allowance for Credit Losses, Write Off | $ 0 | (38,032,000) | ||
Valuation Allowance [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 400,000 | 53,000,000 | 11,000,000 | |
Increase (Decrease) in Inventories | 30,692,000 | (7,313,000) | $ (26,466,000) | |
Manufactured Products | ||||
Accounting Policies [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (5,200,000) | (49,000,000) | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | |||
Contract Assets, Allowance for Credit Losses, Write Off | (38,000,000) | |||
Valuation Allowance [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 5,200,000 | 49,000,000 | ||
Increase (Decrease) in Inventories | 20,000,000 | |||
Subsea Robotics | ||||
Accounting Policies [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,600,000) | |||
Valuation Allowance [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 3,600,000 |
Revenue Business Segment (Detai
Revenue Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Subsea Robotics | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 621,921 | 538,515 | 493,332 |
Manufactured Products | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 382,361 | 344,251 | 477,419 |
Offshore Projects Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 489,317 | 378,121 | 289,127 |
Integrity Management & Digital Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 229,884 | 241,393 | 226,938 |
Aerospace and Defense Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 342,601 | 366,995 | 341,073 |
energy service and product | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,723,483 | $ 1,502,280 | $ 1,486,816 |
Revenue Geographic areas (Detai
Revenue Geographic areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [Abstract] | |||
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, (in thousands) 2022 2021 2020 Geographic Operating Areas: Foreign: Africa $ 286,687 $ 273,095 $ 198,505 Asia and Australia 206,564 184,659 149,798 Norway 180,186 214,306 202,379 United Kingdom 177,234 181,453 241,168 Brazil 139,859 111,198 84,636 Other 96,742 93,021 90,541 Total Foreign 1,087,272 1,057,732 967,027 United States 978,812 811,543 860,862 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 | ||
Revenue by Geographic Area [Line Items] | |||
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Subsea Robotics | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 621,921 | 538,515 | 493,332 |
Africa [Member] | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 286,687 | 273,095 | 198,505 |
UNITED KINGDOM | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 177,234 | 181,453 | 241,168 |
NORWAY | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 180,186 | 214,306 | 202,379 |
BRAZIL | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 139,859 | 111,198 | 84,636 |
UNITED STATES | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 978,812 | 811,543 | 860,862 |
Non-US | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 1,087,272 | 1,057,732 | 967,027 |
Other geographical member | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | 96,742 | 93,021 | 90,541 |
Asia Pacific [Member] | |||
Revenue by Geographic Area [Line Items] | |||
Revenues | $ 206,564 | $ 184,659 | $ 149,798 |
Revenue Timing of Transfer of G
Revenue Timing of Transfer of Goods or Services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [Abstract] | |||
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Revenue Recognition for Remaining Performance Obligations in next 24 months | 102,000 | ||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,066,084 | 1,869,275 | 1,827,889 |
Transferred over Time [Member] | |||
Revenue [Abstract] | |||
Revenues | 1,929,031 | 1,747,585 | 1,702,232 |
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,929,031 | 1,747,585 | 1,702,232 |
Transferred at Point in Time [Member] | |||
Revenue [Abstract] | |||
Revenues | 137,053 | 121,690 | 125,657 |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 137,053 | $ 121,690 | $ 125,657 |
Revenue Contract Assets and Con
Revenue Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Asset, Reclassified to Receivable | $ (1,964,385) | $ (1,844,605) | |
Revenue from Contract with Customer, Excluding Assessed Tax | 1,984,385 | 1,825,487 | |
Contract Assets, Allowance for Credit Losses, Write Off | 0 | (38,032) | |
Contract with Customer, Liability, Revenue Recognized | (79,874) | (43,813) | |
Revenues | 2,066,084 | 1,869,275 | $ 1,827,889 |
Contract with Customer, Asset, Net, Current | 184,847 | 164,847 | |
Capitalized Contract Cost, Net | 10,400 | 7,800 | |
Amortization of costs to fulfill a contract | $ (5,600) | $ 4,500 | 6,600 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about contract assets and contract liabilities from contracts with customers. Year Ended December 31, (in thousands) 2022 2021 Total contract assets, beginning of period $ 164,847 $ 221,997 Revenue accrued 1,984,385 1,825,487 Write-off of Evergrande contract assets — (38,032) Amounts billed (1,964,385) (1,844,605) Total contract assets, end of period $ 184,847 $ 164,847 Total contract liabilities, beginning of period $ 88,175 $ 50,046 Deferrals of milestone payments 104,649 81,942 Recognition of revenue for goods and services (79,874) (43,813) Total contract liabilities, end of period $ 112,950 $ 88,175 | ||
Revenue by Timing of Transfer of Goods or Services [Table Text Block] | Year Ended December 31, (in thousands) 2022 2021 2020 Timing of Transfer of Goods or Services: Revenue recognized over time $ 1,929,031 $ 1,747,585 $ 1,702,232 Revenue recognized at a point in time 137,053 121,690 125,657 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 | ||
Contract with Customer, Asset, before Allowance for Credit Loss, Current | $ 184,847 | $ 164,847 | 221,997 |
Contract with Customer, Liability, Current | 112,950 | 88,175 | $ 50,046 |
Increase (Decrease) in Contract with Customer, Liability | $ 104,649 | $ 81,942 |
Revenue Performance Obligations
Revenue Performance Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [Abstract] | |||
Revenue, Remaining Performance Obligation, Amount | $ 267,000 | ||
Revenue Recognition for Remaining Performance Obligations | 165,000 | ||
Revenue Recognition for Remaining Performance Obligations in next 24 months | 102,000 | ||
Capitalized Contract Cost, Net | 10,400 | $ 7,800 | |
Amortization of costs to fulfill a contract | (5,600) | 4,500 | $ 6,600 |
Contract Assets, Allowance for Credit Losses, Write Off | 0 | $ (38,032) | |
Disaggregation of Revenue [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 267,000 | ||
Revenue Recognition for Remaining Performance Obligations | 165,000 | ||
Revenue Recognition for Remaining Performance Obligations in next 24 months | $ 102,000 |
Selected Balance Sheet Inform_2
Selected Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Accrued Liabilities, Current | $ 307,446 | $ 290,659 |
Equity Method Investments | 30,049 | 30,502 |
Income Taxes Receivable | 20,170 | |
Inventory | 184,375 | 153,682 |
Inventory [Line Items] | ||
Inventory | 184,375 | 153,682 |
Prepaid Expense, Current | 56,170 | 61,984 |
Debt Securities, Available-for-sale, Current | 6,369 | 6,416 |
Other Inventory, Net of Reserves | 102,674 | 81,110 |
Other current assets | 62,539 | 68,400 |
Intangible Assets, Net (Excluding Goodwill) | 11,517 | 12,641 |
Cash surrender value of life insurance policies | 33,012 | 41,922 |
Equity Method Investments | 30,049 | 30,502 |
Other | 27,476 | 19,190 |
Other Assets, Noncurrent | 122,224 | 104,255 |
Payroll and related costs | 122,380 | 134,538 |
Accrued job costs | 57,310 | 49,032 |
Accrued Income Taxes, Current | $ 44,966 | $ 35,826 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | ||
Interest Payable | $ 10,180 | $ 9,937 |
Other | 53,030 | 42,545 |
Accrued Liabilities, Current | 307,446 | 290,659 |
Deferred Tax Liabilities, Gross, Noncurrent | 1,375 | |
Supplemental Executive Retirement Plan | 29,635 | 35,195 |
Long-Term Incentive Plan | 14,479 | 11,996 |
Liability for Uncertainty in Income Taxes, Noncurrent | 10,869 | 14,830 |
Other | 27,439 | 26,708 |
Liabilities, Other than Long-term Debt, Noncurrent | 84,650 | 90,104 |
ROVs [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Inventory | 81,701 | 72,572 |
Inventory [Line Items] | ||
Inventory | $ 81,701 | $ 72,572 |
Selected Balance Sheet Inform_3
Selected Balance Sheet Information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Equity Method Investment, Summarized Financial Information [Abstract] | ||
Schedule of Other Assets and Other Liabilities [Table Text Block] | The following is information regarding selected balance sheet accounts: December 31, (in thousands) 2022 2021 Inventory, net: Remotely operated vehicle parts and components $ 81,701 $ 72,572 Other inventory, primarily raw materials 102,674 81,110 Total $ 184,375 $ 153,682 Other current assets: Prepaid expenses $ 56,170 $ 61,984 Angolan bonds 6,369 6,416 Total $ 62,539 $ 68,400 Other noncurrent assets: Cash surrender value of life insurance policies $ 33,012 $ 41,922 Investment in unconsolidated affiliates 30,049 30,502 Income tax receivable 20,170 — Intangible assets, net 11,517 12,641 Other 27,476 19,190 Total $ 122,224 $ 104,255 Accrued liabilities: Payroll and related costs $ 122,380 $ 134,538 Accrued job costs 57,310 49,032 Income taxes payable 44,966 35,826 Current operating lease liability 19,580 18,781 Accrued interest 10,180 9,937 Other 53,030 42,545 Total $ 307,446 $ 290,659 Other long-term liabilities: Supplemental Executive Retirement Plan $ 29,635 $ 35,195 Uncertain tax positions 10,869 14,830 Long-Term Incentive Plan 14,479 11,996 Deferred income taxes 2,228 1,375 Other 27,439 26,708 Total $ 84,650 $ 90,104 | |
Schedule of Equity Method Investments [Line Items] | ||
Inventory | $ 153,682 | $ 184,375 |
Other Inventory, Net of Reserves | 81,110 | 102,674 |
Prepaid Expense, Current | 61,984 | 56,170 |
Other current assets | 68,400 | 62,539 |
Intangible Assets, Net (Excluding Goodwill) | 12,641 | 11,517 |
Cash surrender value of life insurance policies | 41,922 | 33,012 |
Equity Method Investments | 30,502 | 30,049 |
Other | 19,190 | 27,476 |
Other non-current assets | 104,255 | 122,224 |
Payroll and related costs | 134,538 | 122,380 |
Accrued job costs | 49,032 | 57,310 |
Accrued Income Taxes, Current | 35,826 | 44,966 |
Operating Lease, Liability, Current | 18,781 | 19,580 |
Other | 42,545 | 53,030 |
Accrued Liabilities, Current | 290,659 | 307,446 |
Supplemental Executive Retirement Plan | 35,195 | 29,635 |
Long-Term Incentive Plan | 11,996 | 14,479 |
Liability for Uncertainty in Income Taxes, Noncurrent | 14,830 | 10,869 |
Other | 26,708 | 27,439 |
Other Long-term Liabilities | 90,104 | 84,650 |
Liabilities, Other than Long-term Debt, Noncurrent | $ 90,104 | $ 84,650 |
Income Taxes - Provisions for I
Income Taxes - Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Domestic | $ 3,241 | $ 974 | $ (32,743) |
Foreign | 49,041 | 44,422 | 34,755 |
Total current | 52,282 | 45,396 | 2,012 |
Deferred: | |||
Domestic | 633 | (328) | (9,192) |
Foreign | 196 | (1,470) | 5,034 |
Total deferred | 829 | (1,798) | (4,158) |
Income Tax Expense (Benefit) | 53,111 | 43,598 | (2,146) |
Cash taxes paid | 44,959 | 29,204 | 26,264 |
CARES Act Tax Refund | 33,000 | ||
Proceeds from Income Tax Refunds | 10,000 | ||
Noncash Income Tax Benefit | 8,400 | ||
Income Including Equity Affiliate Earnings Before Income Taxes | 79,052 | (5,709) | (498,897) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 14,505 | 8,619 | 6,088 |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | (12,304) | (3,141) | (2,079) |
Effective Income Tax Rate Reconciliation, BEAT, Amount | 2,369 | ||
General Business Tax Credit Carryforward | 1,083 | 1,301 | 2,268 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ (1,952) | $ (2,452) | $ (2,558) |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (50,396) | $ (125,010) | $ (306,354) |
Foreign | 129,448 | 119,301 | (192,543) |
Income before Income Taxes | $ 79,052 | $ (5,709) | $ (498,897) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 496,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 1,000 | $ 1,100 | $ 1,200 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 185,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 311,000 | ||
Operating Loss Carryforwards, Valuation Allowance | 685,000 | ||
Deferred compensation | 19,344 | 17,169 | |
Deferred income | 3,478 | 7,604 | |
Accrued expenses | 23,434 | 23,555 | |
Deferred Tax Assets, Operating Loss Carryforwards | 540,443 | 551,724 | |
Deferred tax asset reserves long-term operating lease liabilities | 32,846 | 34,728 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | 34,362 | 19,623 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, interest | 35,638 | 31,898 | |
Other | 24,651 | 27,667 | |
Deferred Tax Assets, Gross | 714,196 | 713,968 | |
Valuation allowances | 684,786 | 679,242 | |
Property and equipment | 5,611 | 7,185 | |
Deferred Tax Liabilities, Investments | 879 | 1,948 | |
Deferred Tax Liabilities, Leasing Arrangements | 25,148 | 26,968 | |
Deferred Tax Liabilities, Gross | 31,638 | 36,101 | |
Deferred tax assets: | |||
Deferred compensation | 19,344 | 17,169 | |
Deferred income | 3,478 | 7,604 | |
Accrued expenses | 23,434 | 23,555 | |
Deferred Tax Assets, Operating Loss Carryforwards | 540,443 | 551,724 | |
Deferred Tax Liabilities, Leasing Arrangements | 25,148 | 26,968 | |
Other | 24,651 | 27,667 | |
Deferred tax asset reserves long-term operating lease liabilities | 32,846 | 34,728 | |
Gross deferred tax assets | 714,196 | 713,968 | |
Valuation allowance | (684,786) | (679,242) | |
Total deferred tax assets | 29,410 | 34,726 | |
Deferred tax liabilities: | |||
Property and equipment | 5,611 | 7,185 | |
Deferred Tax Liabilities, Investments | 879 | 1,948 | |
Deferred Tax Assets (Liabilities), Net [Abstract] | |||
Total deferred tax liabilities | 2,228 | 1,375 | |
Deferred Income Tax Liabilities, Net | $ 2,228 | $ 1,375 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | |||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Income tax provision (benefit) at the U.S. statutory rate $ 16,645 $ (1,199) $ (104,769) Base erosion and anti-abuse tax 2,369 — — CARES Act — — (4,681) Permanent differences for goodwill impairments — — 50,435 Valuation allowances 11,078 33,068 46,650 Foreign tax rate differential 14,505 8,619 6,088 Foreign income inclusion 12,304 3,141 (2,079) Stock compensation 137 542 1,032 Excess compensation 1,083 1,301 2,268 Uncertain tax positions (704) 158 (5,939) General business credits (1,952) (2,452) (2,558) Other items, net (2,354) 420 11,407 Total provision (benefit) for income taxes $ 53,111 $ 43,598 $ (2,146) | ||
Tax Credit Carryforward [Line Items] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 10,869,000 | $ 14,830,000 | |
Income Tax Expense (Benefit) | 53,111,000 | 43,598,000 | $ (2,146,000) |
Deferred Tax Assets, Operating Loss Carryforwards | 540,443,000 | 551,724,000 | |
Deferred Tax Assets, Valuation Allowance | 684,786,000 | 679,242,000 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | $ (2,171,000) | (2,818,000) | (68,000) |
Unrecognized Tax Benefits, Probability Threshold of Realizing for Tax Benefits Recognition, Minimum Percentage | 5,000% | ||
Penalties and interest expense relating to uncertain tax positions | $ 1,000,000 | 1,100,000 | 1,200,000 |
Liabilities for penalties and interest on uncertain tax | 2,500,000 | 3,400,000 | |
Operating Loss Carryforwards | 496,000,000 | ||
Operating Loss Carryforwards, Valuation Allowance | $ 685,000,000 | ||
Current Fiscal Year End Date | --12-31 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $ 185,000,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 311,000,000 | ||
Uncertain Tax positions to be resolved in next 12 months | 8,000,000 | ||
CARES Act Tax Refund | 33,000,000 | ||
Proceeds from Income Tax Refunds | 10,000,000 | ||
Noncash Income Tax Benefit | $ 8,400,000 | ||
Income Tax Contingency [Line Items] | |||
Uncertain Tax positions to be resolved in next 12 months | 8,000,000 | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 2,228,000 | ||
Liabilities Subject to Compromise, Income Tax Contingencies | 5,000,000 | 6,000,000 | |
Liabilities Subject to Compromise, Income Tax Contingencies | 5,000,000 | 6,000,000 | |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 2,228,000 | ||
Liability for Uncertainty in Income Taxes, Current | 9,000,000 | ||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | 3 | ||
Income Taxes Receivable | 20,000,000 | ||
Other Liabilities | |||
Income Tax Contingency [Line Items] | |||
Liabilities Subject to Compromise, Income Tax Contingencies | 8,000,000 | 11,000,000 | |
Liabilities Subject to Compromise, Income Tax Contingencies | $ 8,000,000 | $ 11,000,000 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Beginning of year | $ 17,367 | $ 20,086 | $ 16,911 |
Additions based on tax positions related to the current year | 269 | 1,934 | 2,229 |
Reductions for explration statutes of limitations | (520) | (784) | (628) |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 1,103 | 2,011 | 1,830 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (2,171) | (2,818) | (68) |
Settlements | (202) | (3,062) | (188) |
Balance at end of year | $ 15,846 | $ 17,367 | $ 20,086 |
Income Taxes - Summary Of Earli
Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details) | 12 Months Ended |
Dec. 31, 2022 | |
United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2019 |
Norway [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2017 |
Angola Member | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2015 |
Brazil [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2017 |
Australia [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2018 |
United States [Member] | |
Income Tax Examination [Line Items] | |
Earliest tax years open to examination by tax authorities | 2014 |
Income Taxes Income Taxes - Inc
Income Taxes Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 16,645 | $ (1,199) | $ (104,769) |
Income Tax Reconciliation CARES Tax Act net operating loss carryback | 0 | 0 | (4,681) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account | 11,078 | 33,068 | 46,650 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 14,505 | 8,619 | 6,088 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 137 | 542 | 1,032 |
Effective Income Tax Rate Reconciliation, Uncertain Tax Position | (704) | 158 | (5,939) |
Income Tax Rate Reconciliation Permanent Differences | 0 | 0 | 50,435 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (2,354) | 420 | 11,407 |
Income Tax Expense (Benefit) | 53,111 | 43,598 | (2,146) |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 12,304 | $ 3,141 | $ 2,079 |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax Credit Carryforward [Line Items] | ||||
Uncertain Tax positions to be resolved in next 12 months | $ 8,000 | |||
Liability for Uncertainty in Income Taxes, Noncurrent | 10,869 | $ 14,830 | ||
Unrecognized Tax Benefits | 15,846 | 17,367 | $ 20,086 | $ 16,911 |
Additions based on tax positions related to the current year | 269 | 1,934 | 2,229 | |
Reductions for explration statutes of limitations | (520) | (784) | (628) | |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 1,103 | 2,011 | 1,830 | |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (2,171) | (2,818) | (68) | |
Settlements | (202) | (3,062) | $ (188) | |
Deferred Tax Assets, Valuation Allowance | $ (684,786) | $ (679,242) |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative Details (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of gross uncertain tax positions, excluding penalties and interest, is as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Balance at beginning of year $ 17,367 $ 20,086 $ 16,911 Additions based on tax positions related to the current year 269 1,934 2,229 Reductions for expiration of statutes of limitations (520) (784) (628) Additions based on tax positions related to prior years 1,103 2,011 1,830 Reductions based on tax positions related to prior years (2,171) (2,818) (68) Settlements (202) (3,062) (188) Balance at end of year $ 15,846 $ 17,367 $ 20,086 | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between the actual income tax provision and income tax computed using the U.S. statutory federal income tax rate is summarized as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Income tax provision (benefit) at the U.S. statutory rate $ 16,645 $ (1,199) $ (104,769) Base erosion and anti-abuse tax 2,369 — — CARES Act — — (4,681) Permanent differences for goodwill impairments — — 50,435 Valuation allowances 11,078 33,068 46,650 Foreign tax rate differential 14,505 8,619 6,088 Foreign income inclusion 12,304 3,141 (2,079) Stock compensation 137 542 1,032 Excess compensation 1,083 1,301 2,268 Uncertain tax positions (704) 158 (5,939) General business credits (1,952) (2,452) (2,558) Other items, net (2,354) 420 11,407 Total provision (benefit) for income taxes $ 53,111 $ 43,598 $ (2,146) | |
Schedule of Components of Income Tax Expense (Benefit) | provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Current income tax expense (benefit): Domestic $ 3,241 $ 974 $ (32,743) Foreign 49,041 44,422 34,755 Total current income tax expense (benefit) 52,282 45,396 2,012 Deferred income tax expense (benefit): Domestic 633 (328) (9,192) Foreign 196 (1,470) 5,034 Total deferred income tax expense (benefit) 829 (1,798) (4,158) Total income tax expense (benefit) $ 53,111 $ 43,598 $ (2,146) Cash taxes paid, net $ 44,959 $ 29,204 $ 26,264 | The components of the income tax provision (benefit) applicable for domestic and foreign taxes and cash taxes paid are as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Current income tax expense (benefit): Domestic $ 3,241 $ 974 $ (32,743) Foreign 49,041 44,422 34,755 Total current income tax expense (benefit) 52,282 45,396 2,012 Deferred income tax expense (benefit): Domestic 633 (328) (9,192) Foreign 196 (1,470) 5,034 Total deferred income tax expense (benefit) 829 (1,798) (4,158) Total income tax expense (benefit) $ 53,111 $ 43,598 $ (2,146) Cash taxes paid, net $ 44,959 $ 29,204 $ 26,264 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) before income taxes are as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Domestic $ (50,396) $ (125,010) $ (306,354) Foreign 129,448 119,301 (192,543) Income (loss) before income taxes $ 79,052 $ (5,709) $ (498,897) | |
Schedule of Deferred Tax Assets and Liabilities | Significant components of net deferred tax assets and liabilities were as follows: December 31, (in thousands) 2022 2021 Deferred tax assets: Deferred compensation $ 19,344 $ 17,169 Deferred income 3,478 7,604 Accrued expenses 23,434 23,555 Net operating loss and other carryforwards 540,443 551,724 Long-term operating lease liabilities 32,846 34,728 Goodwill and intangibles 34,362 19,623 Interest 35,638 31,898 Other 24,651 27,667 Gross deferred tax assets 714,196 713,968 Valuation allowances (684,786) (679,242) Total deferred tax assets $ 29,410 $ 34,726 Deferred tax liabilities: Property and equipment $ 5,611 $ 7,185 Basis difference in equity investments 879 1,948 Right-of-use operating lease assets 25,148 26,968 Total deferred tax liabilities $ 31,638 $ 36,101 Net deferred income tax liability $ 2,228 $ 1,375 Our net deferred tax liability is reflected within our balance sheet as follows: December 31, (in thousands) 2022 2021 Deferred tax liabilities included in other long-term liabilities $ 2,228 $ 1,375 Net deferred income tax liability $ 2,228 $ 1,375 | |
Summary of Income Tax Examinations | Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following table lists the earliest tax years open to examination by tax authorities where we have significant operations: Jurisdiction Periods United States 2014 United Kingdom 2019 Norway 2017 Angola 2015 Brazil 2017 Australia 2018 | |
Tax Credit Carryforward [Line Items] | ||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 10,869 | $ 14,830 |
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 08, 2022 | Mar. 31, 2018 | Feb. 16, 2018 | Nov. 21, 2014 | Oct. 27, 2014 | |
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt | Long-term debt consisted of the following: December 31, (in thousands) 2022 2021 4.650% Senior Notes due 2024 $ 400,000 $ 400,000 6.000% Senior Notes due 2028 300,000 300,000 Interest rate swap settlements 4,371 6,572 Unamortized debt issuance costs (3,398) (4,505) Long-term Debt $ 700,973 $ 702,067 | |||||||
Debt Instrument [Line Items] | ||||||||
Current Fiscal Year End Date | --12-31 | |||||||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 500,000,000 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6% | 4.65% | ||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 38,000,000 | $ 39,000,000 | $ 44,000,000 | |||||
Debt Instrument, Increase, Accrued Interest | 700,000 | |||||||
Debt Instrument, Repurchase Amount | 100,000,000 | |||||||
Gain (Loss) on Repurchase of Debt Instrument | 1,100,000 | |||||||
Write off of Deferred Debt Issuance Cost | 1,800,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215 | |||||||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 500,000,000 | ||||||
Unamortized Debt Issuance Expense | (3,398,000) | (4,505,000) | ||||||
Term Loan Facility | $ 300,000,000 | |||||||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 4,371,000 | 6,572,000 | ||||||
Long-term Debt | 700,973,000 | 702,067,000 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6% | 4.65% | ||||||
2024 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
4.650% Senior Notes due 2024 | 400,000,000 | 400,000,000 | ||||||
4.650% Senior Notes due 2024 | 400,000,000 | 400,000,000 | ||||||
2028 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
4.650% Senior Notes due 2024 | 300,000,000 | 300,000,000 | ||||||
4.650% Senior Notes due 2024 | $ 300,000,000 | $ 300,000,000 | ||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 |
Debt Interest Rate Swap (Detail
Debt Interest Rate Swap (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Feb. 16, 2018 | Nov. 21, 2014 | |
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 2.426% | |||||
Derivative, Amount of Hedged Item | $ 200,000,000 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6% | 4.65% | ||||
Derivative Liability, Notional Amount | 100,000,000 | |||||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Adjustment | $ 13 | |||||
Amortization of Deferred Finance Cost | $ 2,200,000 | $ 4,300,000 | ||||
Derivative [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Variable Interest Rate | 282.30% |
Debt Additional Disclosures (De
Debt Additional Disclosures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 08, 2022 | Oct. 27, 2014 | |
Line of Credit Facility [Line Items] | |||||||
Loans Payable to Bank | $ 300,000,000 | ||||||
Debt Instrument, Repurchase Amount | $ 100,000,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215 | ||||||
Term Loan Facility | 300,000,000 | ||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 38,000,000 | 39,000,000 | $ 44,000,000 | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 100% | ||||||
Percentage of Federal Funds Rate | 50% | ||||||
Amortization of Debt Issuance Costs | $ 2,100,000 | $ 1,300,000 | |||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 30% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 225% | ||||||
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum | 3% | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Commitment Fee Percentage | 37.50% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 325% | ||||||
Banking Regulation, Tier 1 Leverage Capital Ratio, Capital Adequacy, Minimum | 100% | ||||||
Sublimit Member | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
MaximumPermittedLeverageRatio | 400% | ||||||
FutureMaximumLeverageRatio | 325% | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
MaximumPermittedLeverageRatio | 100% | ||||||
FutureMaximumLeverageRatio | 100% | ||||||
Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | ||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 125% | ||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 225% | ||||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 4,000,000 | ||||||
Senior Notes due 2024 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 6,900,000 | ||||||
Senior Notes due 2028 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 4,200,000 |
Operations by Business Segmen_2
Operations by Business Segment and Geographic Area - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Measurement Disclosures [Abstract] | |||||
Financial Data By Business Segment | The table that follows presents revenue, income (loss) from operations and depreciation and amortization expense including goodwill impairment, by business segment: Year Ended December 31, (in thousands) 2022 2021 2020 Revenue Energy Subsea Robotics $ 621,921 $ 538,515 $ 493,332 Manufactured Products 382,361 344,251 477,419 OPG 489,317 378,121 289,127 IMDS 229,884 241,393 226,938 Total Energy 1,723,483 1,502,280 1,486,816 ADTech 342,601 366,995 341,073 Total $ 2,066,084 $ 1,869,275 $ 1,827,889 Income (Loss) from Operations Energy Subsea Robotics $ 118,248 $ 76,874 $ (65,817) Manufactured Products 11,692 (15,876) (88,253) OPG 49,256 31,197 (105,680) IMDS 14,901 18,572 (121,675) Total Energy 194,097 110,767 (381,425) ADTech 44,168 60,992 56,023 Unallocated Expenses (127,402) (131,960) (120,677) Total $ 110,863 $ 39,799 $ (446,079) Depreciation and Amortization Expense, including Goodwill Impairment Energy Subsea Robotics $ 67,684 $ 87,900 $ 212,621 Manufactured Products 11,946 12,788 66,772 OPG 28,560 28,173 115,288 IMDS 4,599 4,420 127,221 Total Energy 112,789 133,281 521,902 ADTech 2,853 4,783 2,666 Unallocated Expenses 5,327 1,659 4,327 Total $ 120,969 $ 139,723 $ 528,895 | ||||
Reconciliation of Assets from Segment to Consolidated | The following table presents Assets, Property and Equipment, net and Goodwill by business segment: December 31, (in thousands) 2022 2021 Assets Energy Subsea Robotics $ 467,608 $ 447,130 Manufactured Products 339,087 342,978 OPG 345,264 333,248 IMDS 91,154 83,796 Total Energy 1,243,113 1,207,152 ADTech 115,450 107,999 Corporate and Other 673,120 647,708 Total $ 2,031,683 $ 1,962,859 Property and Equipment, Net Energy Subsea Robotics $ 175,239 $ 190,992 Manufactured Products 74,282 85,190 OPG 159,439 186,187 IMDS 9,807 10,934 Total Energy 418,767 473,303 ADTech 6,186 7,632 Corporate and Other 13,496 8,661 Total $ 438,449 $ 489,596 Goodwill Energy Subsea Robotics $ 23,885 $ 24,454 Total Energy 23,885 24,454 ADTech 10,454 10,454 Total $ 34,339 $ 34,908 All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain other assets have not been allocated to particular business segments and are included in Corporate and Other. | ||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | The following table presents Capital Expenditures, including business acquisitions, by business segment: Year Ended December 31, (in thousands) 2022 2021 2020 Capital Expenditures Energy Subsea Robotics $ 55,649 $ 27,591 $ 14,624 Manufactured Products 4,129 2,510 1,220 OPG 4,456 7,980 33,647 IMDS 4,058 3,305 3,488 Total Energy 68,292 41,386 52,979 ADTech 1,956 2,525 1,462 Corporate and Other 10,795 6,288 6,246 Total $ 81,043 $ 50,199 $ 60,687 | ||||
Segment Reporting Information [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 139,611 | $ 146,097 | |||
Impairment of Long-Lived Assets Held-for-use | $ 68,763 | 0 | 0 | $ 70,445 | |
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 24,142 | ||||
Inventory Write-down | 0 | 0 | 7,038 | ||
Goodwill, Impairment Loss | 303,005 | 0 | 0 | 343,880 | |
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | |||
Total Adjustments To Income From Continuing Operations | 32,272 | 466,715 | |||
Depreciation | $ 113,000 | 136,000 | 170,000 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,415 | ||||
Other Intangible Assets | |||||
Segment Reporting Information [Line Items] | |||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 10,000 | ||||
Revenue Benchmark | Customer Concentration Risk [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Customer | 11 | 12 | |||
Subsea Projects [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 129,562 | ||||
Manufactured Products | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | ||
Other Adjustments to Income, Discontinued Operations | $ 537 | 2,266 | |||
Total Adjustments To Income From Continuing Operations | 30,086 | 115,603 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549 | ||||
Offshore Projects Group | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 16,644 | ||||
Goodwill, Impairment Loss | 66,285 | 66,285 | |||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | |||
Total Adjustments To Income From Continuing Operations | 149 | 100,345 | |||
Integrity Management & Digital Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 545 | ||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 170 | ||||
Goodwill, Impairment Loss | 123,214 | 123,214 | |||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | |||
Total Adjustments To Income From Continuing Operations | 217 | 128,201 | |||
Subsea Robotics | |||||
Segment Reporting Information [Line Items] | |||||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 7,328 | ||||
Inventory Write-down | 7,038 | ||||
Goodwill, Impairment Loss | $ 102,118 | 102,118 | |||
Other Adjustments to Income, Discontinued Operations | 395 | 5,055 | |||
Total Adjustments To Income From Continuing Operations | 395 | 121,539 | |||
Aerospace and Defense Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | |||
Total Adjustments To Income From Continuing Operations | 10 | 572 | |||
Unallocated Expenses Member | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 0 | 455 | |||
Total Adjustments To Income From Continuing Operations | 1,415 | $ 455 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 1,415 |
Operations by Business Segmen_3
Operations by Business Segment and Geographic Area - Financial Data By Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 0 | $ 343,880 | |
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | |||
Revenue | 2,066,084 | 1,869,275 | 1,827,889 | ||
Income from Operations | 110,863 | 39,799 | (446,079) | ||
Depreciation, Depletion and Amortization, Nonproduction | 120,969 | 139,723 | 528,895 | ||
Depreciation | 113,000 | 136,000 | 170,000 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 24,142 | ||||
Write-off Equipment and Intangibles | 14,000 | ||||
Inventory Write-down | 0 | 0 | 7,038 | ||
Advanced Technologies [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 11,388 | ||||
Subsea Robotics | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 102,118 | 102,118 | |||
Other Adjustments to Income, Discontinued Operations | 395 | 5,055 | |||
Revenue | 621,921 | 538,515 | 493,332 | ||
Income from Operations | 118,248 | 76,874 | (65,817) | ||
Depreciation, Depletion and Amortization | 67,684 | 87,900 | 212,621 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 7,328 | ||||
Inventory Write-down | 7,038 | ||||
Manufactured Products | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | ||
Other Adjustments to Income, Discontinued Operations | 537 | 2,266 | |||
Revenue | 382,361 | 344,251 | 477,419 | ||
Income from Operations | 11,692 | (15,876) | (88,253) | ||
Depreciation, Depletion and Amortization | 11,946 | 12,788 | 66,772 | ||
Offshore Projects Group | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | 66,285 | 66,285 | |||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | |||
Revenue | 489,317 | 378,121 | 289,127 | ||
Income from Operations | 49,256 | 31,197 | (105,680) | ||
Depreciation, Depletion and Amortization | 28,560 | 28,173 | 115,288 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 16,644 | ||||
Integrity Management & Digital Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill, Impairment Loss | $ 123,214 | 123,214 | |||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | |||
Revenue | 229,884 | 241,393 | 226,938 | ||
Income from Operations | 14,901 | 18,572 | (121,675) | ||
Depreciation, Depletion and Amortization | 4,599 | 4,420 | 127,221 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 170 | ||||
Aerospace and Defense Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | |||
Revenue | 342,601 | 366,995 | 341,073 | ||
Income from Operations | 44,168 | 60,992 | 56,023 | ||
Depreciation, Depletion and Amortization | 2,853 | 4,783 | 2,666 | ||
Unallocated Expenses Member | |||||
Segment Reporting Information [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 0 | 455 | |||
Income from Operations | (127,402) | (131,960) | (120,677) | ||
Depreciation, Depletion and Amortization | 5,327 | 1,659 | 4,327 | ||
energy service and product | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,723,483 | 1,502,280 | 1,486,816 | ||
Income from Operations | 194,097 | 110,767 | (381,425) | ||
Depreciation, Depletion and Amortization, Nonproduction | $ 112,789 | $ 133,281 | $ 521,902 |
Operations by Business Segmen_4
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Areas - Schedule of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | $ 578,060 | $ 635,693 |
Assets | 2,031,683 | 1,962,859 |
Property, Plant and Equipment, Net | 438,449 | 489,596 |
Goodwill | 34,339 | 34,908 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 673,120 | 647,708 |
Property, Plant and Equipment, Net | 13,496 | 8,661 |
Subsea Robotics | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 467,608 | 447,130 |
Property, Plant and Equipment, Net | 175,239 | 190,992 |
Goodwill | 23,885 | 24,454 |
Manufactured Products | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 339,087 | 342,978 |
Property, Plant and Equipment, Net | 74,282 | 85,190 |
Offshore Projects Group | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 345,264 | 333,248 |
Property, Plant and Equipment, Net | 159,439 | 186,187 |
Integrity Management & Digital Solutions | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 91,154 | 83,796 |
Property, Plant and Equipment, Net | 9,807 | 10,934 |
Aerospace and Defense Technologies | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 115,450 | 107,999 |
Property, Plant and Equipment, Net | 6,186 | 7,632 |
Goodwill | 10,454 | 10,454 |
energy service and product | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,243,113 | 1,207,152 |
Property, Plant and Equipment, Net | 418,767 | 473,303 |
Goodwill | 23,885 | 24,454 |
NORWAY | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 59,933 | 69,880 |
Africa [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 36,583 | 49,874 |
UNITED KINGDOM | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 59,762 | 65,665 |
Asia Pacific [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 29,221 | 29,371 |
BRAZIL | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 59,045 | 59,318 |
Segment, Geographical, Groups of Countries, Group Three [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 18,192 | 18,456 |
Segment, Geographical, Groups of Countries, Foreign [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | 262,736 | 292,564 |
UNITED STATES | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Long-Lived Assets | $ 315,324 | $ 343,129 |
Operations by Business Segmen_5
Operations by Business Segment and Geographic Area Operations by Business Segment and Geographic Area - Other Significant Reconciling Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Inventory Write-down | $ 0 | $ 0 | $ 7,038 | ||
Impairment of Long-Lived Assets Held-for-use | $ 68,763 | 0 | 0 | 70,445 | |
Goodwill, Impairment Loss | 303,005 | 0 | 0 | 343,880 | |
Other Adjustments to Income, Discontinued Operations | 1,308 | 21,210 | |||
Depreciation | 113,000 | 136,000 | 170,000 | ||
Operating Lease, Right-of-Use Asset | 139,611 | 146,097 | |||
Amortization of Intangible Assets | 7,500 | 3,800 | 15,000 | ||
Property, Plant and Equipment, Additions | 81,043 | 50,199 | 60,687 | ||
Write-off Equipment and Intangibles | 14,000 | ||||
Advanced Technologies [Member] | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill, Impairment Loss | 11,388 | ||||
Corporate and Other [Member] | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Property, Plant and Equipment, Additions | 10,795 | 6,288 | 6,246 | ||
Asset Integrity [Member] | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Goodwill, Impairment Loss | 110,753 | ||||
Subsea Robotics | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Inventory Write-down | 7,038 | ||||
Goodwill, Impairment Loss | 102,118 | 102,118 | |||
Other Adjustments to Income, Discontinued Operations | 395 | 5,055 | |||
Property, Plant and Equipment, Additions | 55,649 | 27,591 | 14,624 | ||
Manufactured Products | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | ||
Other Adjustments to Income, Discontinued Operations | 537 | 2,266 | |||
Property, Plant and Equipment, Additions | 4,129 | 2,510 | 1,220 | ||
Offshore Projects Group | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | ||||
Goodwill, Impairment Loss | 66,285 | 66,285 | |||
Other Adjustments to Income, Discontinued Operations | 149 | 8,590 | |||
Property, Plant and Equipment, Additions | 4,456 | 7,980 | 33,647 | ||
Integrity Management & Digital Solutions | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 545 | ||||
Goodwill, Impairment Loss | $ 123,214 | 123,214 | |||
Other Adjustments to Income, Discontinued Operations | 217 | 4,272 | |||
Property, Plant and Equipment, Additions | 4,058 | 3,305 | 3,488 | ||
Aerospace and Defense Technologies | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Other Adjustments to Income, Discontinued Operations | 10 | 572 | |||
Property, Plant and Equipment, Additions | 1,956 | 2,525 | 1,462 | ||
energy service and product | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
Property, Plant and Equipment, Additions | $ 68,292 | $ 41,386 | $ 52,979 |
Operations by Business Segmen_6
Operations by Business Segment and Geographic Area - Revenues and Long-Lived Assets by Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 2,066,084 | $ 1,869,275 | $ 1,827,889 |
Long-Lived Assets | 578,060 | 635,693 | |
Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 262,736 | 292,564 | |
Norway [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 180,186 | 214,306 | 202,379 |
Long-Lived Assets | 59,933 | 69,880 | |
Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 286,687 | 273,095 | 198,505 |
Long-Lived Assets | 36,583 | 49,874 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 177,234 | 181,453 | 241,168 |
Long-Lived Assets | 59,762 | 65,665 | |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 206,564 | 184,659 | 149,798 |
Long-Lived Assets | 29,221 | 29,371 | |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 139,859 | 111,198 | 84,636 |
Long-Lived Assets | 59,045 | 59,318 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 18,192 | 18,456 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 978,812 | 811,543 | $ 860,862 |
Long-Lived Assets | $ 315,324 | $ 343,129 |
Commitments and Contingencies -
Commitments and Contingencies - Future Lease Payments (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leased Assets [Line Items] | |
Operating Leases, Operating Lease Term | 15 years |
Commitments And Contingencies_2
Commitments And Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Loss Contingencies [Line Items] | |||||
Notes Payable, Fair Value Disclosure | $ 661,000,000 | ||||
Letters of Credit Outstanding, Amount | $ 46,000,000 | 52,000,000 | $ 46,000,000 | ||
Cash and Cash Equivalents, at Carrying Value | 538,114,000 | 568,745,000 | 538,114,000 | ||
Derivative, Amount of Hedged Item | $ 200,000,000 | ||||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 4,486,000 | $ 0 | ||
Available-for-sale Securities, Debt Securities | 6,400,000 | ||||
Foreign Currency Transaction Gain (Loss), before Tax | (100,000) | (8,400,000) | (14,000,000) | ||
Debt Securities, Available-for-sale, Realized Gain | 500,000 | ||||
Debt Securities, Available-for-sale, Unrealized Gain | 100,000 | 200,000 | |||
Debt Securities, Available-for-sale, Current | 6,416,000 | 6,369,000 | 6,416,000 | ||
Contract Assets, Allowance for Credit Losses, Write Off | 0 | (38,032,000) | |||
Loss Contingency Accrual | 11,000,000 | 600,000 | 11,000,000 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | ||||
Debt Securities, Available-for-Sale | 6,200,000 | 6,200,000 | 6,200,000 | ||
Manufactured Products | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 33,000,000 | 19,000,000 | 33,000,000 | ||
Contract Assets, Allowance for Credit Losses, Write Off | (38,000,000) | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 29,549,000 | ||||
Accounts Receivable [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, Period Increase (Decrease) | 37,000,000 | 30,000,000 | |||
Angola, Kwanza | |||||
Loss Contingencies [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 1,000,000 | $ 5,600,000 | 1,000,000 | ||
Foreign Currency Transaction Gain (Loss), before Tax | $ (4,500,000) | (2,800,000) | |||
Brazil, Brazil Real | |||||
Loss Contingencies [Line Items] | |||||
Foreign Currency Transaction Gain (Loss), before Tax | $ (7,300,000) |
Employee Benefit Plans and Sh_2
Employee Benefit Plans and Shareholder Rights Plan - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Employee Benefit Plans and Shareholder Rights Plan [Abstract] | |||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following is a summary of our restricted stock and restricted stock unit activity for 2022, 2021 and 2020: Number Weighted Average Fair Value Aggregate Intrinsic Value Balance as of December 31, 2019 1,741,335 18.72 Granted 1,007,383 10.23 Issued (489,035) 23.82 $ 5,821,000 Forfeited (304,337) 14.89 Balance as of December 31, 2020 1,955,346 13.67 Granted 1,333,689 11.80 Issued (601,830) 16.42 $ 7,613,000 Forfeited (239,946) 12.35 Balance as of December 31, 2021 2,447,259 12.10 Granted 898,264 14.14 Issued (674,968) 14.53 $ 9,529,000 Forfeited (134,748) 12.19 Balance as of December 31, 2022 2,535,807 12.18 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||
Restricted Stock Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Compensation expense | $ 9,600 | $ 9,600 | $ 7,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards Vesting at end of Vesting Period | 83% | 85% | 80% |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Plan Cash Award Annual Expense | $ 13,000 | $ 9,400 | $ 7,600 |
Deferred Compensation Plan Cash Award Number of Units | 273,597 | ||
Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $ / shares | $ 200 | ||
Minimum [Member] | Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $ / shares | $ 0 | ||
US 401K Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 20,000 | 13,000 | 14,000 |
Foreign Employee Savings Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | 11,000 | 11,000 | 11,000 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | 2,600 | 1,800 | 1,900 |
Board of Directors Chairman [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent | 1,800 | ||
Stock Compensation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense) | $ (100) | $ (500) | $ (1,000) |
Employee Benefit Plans and Sh_3
Employee Benefit Plans and Shareholder Rights Plan - Restricted Stock and Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Balance, beginning of year, Number | 2,447,259 | 1,955,346 | 1,741,335 |
Balance, beginning of year. Weighted Average Date Fair Value | $ 12.10 | $ 13.67 | $ 18.72 |
Granted, Number | 898,264 | 1,333,689 | 1,007,383 |
Granted, Weighted Average Fair Value | $ 14.14 | $ 11.80 | $ 10.23 |
Vested, Number | (674,968) | (601,830) | (489,035) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 9,529 | $ 7,613 | $ 5,821 |
Vested, Weighted Average Fair Value | $ 14.53 | $ 16.42 | $ 23.82 |
Forfeited, Number | (134,748) | (239,946) | (304,337) |
Forfeited, Weighted Average Fair Value | $ 12.19 | $ 12.35 | $ 14.89 |
Balance, end of year, Number | 2,535,807 | 2,447,259 | 1,955,346 |
Balance, end of year. Weighted Average Fair Value | $ 12.18 | $ 12.10 | $ 13.67 |
Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,500 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 10,500 | ||
Restricted Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Compensation expense | $ 9,600 | $ 9,600 | $ 7,500 |
Minimum [Member] | Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $ 0 | ||
Maximum [Member] | Performance Shares [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Final Value | $ 200 |
Accounting Standards Updates (D
Accounting Standards Updates (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 139,611 | $ 146,097 |
Operating Lease, Liability | $ 171,422 |
Accounting Standards Updates Le
Accounting Standards Updates Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 139,611 | $ 146,097 |
Operating Lease, Liability | $ 171,422 |
Lease (Details)
Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
leases of lessee disclosure table [Line Items] | ||
Assets And Liabilities, Lessee [Table Text Block] | Supplemental information about our operating leases follows: December 31, (in thousands) 2022 2021 Assets: Right-of-use operating lease assets $ 139,611 $ 146,097 Liabilities: Current $ 19,580 $ 18,781 Noncurrent 151,842 158,503 Lease liabilities $ 171,422 $ 177,284 | |
Operating lease Lease Term and Discount Rate [Table Text Block] | December 31, 2022 2021 Lease Term and Discount Rate: Weighted-average remaining lease term (years) 9 10 Weighted-average discount rate 5.8 % 5.9 % | |
Operating Lease, Cost | $ 34,467 | $ 34,406 |
Short-term Lease, Cost | 101,048 | 78,835 |
Lease, Cost | $ 135,515 | $ 113,241 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Lessee Operating Lease Costs [Abstract] | |
Lessee Operating Lease Costs [Table Text Block] | The components of lease cost are as follows: Year ended December 31, (in thousands) 2022 2021 Lease Cost: Operating lease cost Operating lease cost $ 34,467 $ 34,406 Short-term lease cost Short-term lease cost 101,048 78,835 Total Lease Cost $ 135,515 $ 113,241 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Sep. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) units | Mar. 31, 2021 units | |
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 303,005 | $ 0 | $ 0 | $ 343,880 | |||
Goodwill Impairment Loss Allocation Table [Table] | The following table reflects goodwill impairments as recorded in the three-month period ended March 31, 2020, and allocated, based on historical cost, to our new reporting segments: Three Months Ended March 31, 2020 (in thousands) As originally recorded As recast to reflect segment changes Segment/Reporting Unit Goodwill Impairment Subsea Robotics Manufactured Products OPG IMDS Total Subsea Products/ST&R $ 51,302 $ 17,457 $ — $ 33,845 $ — $ 51,302 Subsea Projects/Subsea Projects 129,562 84,661 — 32,440 12,461 129,562 Asset Integrity/Asset Integrity 110,753 — — — 110,753 110,753 Advanced Technologies/Commercial 11,388 — 11,388 — — 11,388 Total goodwill impairment $ 303,005 $ 102,118 $ 11,388 $ 66,285 $ 123,214 $ 303,005 | ||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 68,763 | $ 0 | $ 0 | 70,445 | |||
Asset Impairment Charges | $ 24,000 | ||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 0.02 | 2 | |||||
Maximum [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 0.15 | 15 | |||||
Minimum [Member] | |||||||
Goodwill [Line Items] | |||||||
Alternative Investment, Measurement Input | units | 0.11 | 12 | |||||
Subsea Products [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 51,302 | ||||||
Subsea Projects [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 129,562 | ||||||
Asset Integrity [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 110,753 | ||||||
Advanced Technologies [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 11,388 | ||||||
Subsea Robotics | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 102,118 | $ 102,118 | |||||
Manufactured Products | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | $ 41,000 | 11,388 | 52,263 | ||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||||
Offshore Projects Group | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 66,285 | 66,285 | |||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 8,826 | ||||||
Integrity Management & Digital Solutions | |||||||
Goodwill [Line Items] | |||||||
Goodwill, Impairment Loss | 123,214 | 123,214 | |||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 545 | ||||||
SDS Rosyth | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 6,543 | ||||||
SDS Brazil | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 9,834 | ||||||
Subsea Products Angola Member [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 38,482 | ||||||
Shallow Water Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,894 | ||||||
Ecosse [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 3,628 | ||||||
Global Data Solution Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 167 | ||||||
Oceaneering Entertainment System | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 5,065 | ||||||
Oceaneering AGV System Member | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 1,150 | ||||||
Manufactured Products | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 61,074 | ||||||
Offshore Projects Group | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 7,522 | ||||||
Integrity Management & Digital Solutions | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 167 |
Uncategorized Items - oii-20221
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 373,655,000 |