10-Q Filing

OVERSEAS SHIPHOLDING GROUP INC CIK: 75208 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000075208-18-000063`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	osg-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 42 Cash Flow Statement 44 Stockholders Equity 17 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Unbilled contracts receivable	`UnbilledContractsReceivable`	$6.24M	USD	Point-in-time
Unbilled contracts receivable	`UnbilledContractsReceivable`	$9.92M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	166.67M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$111.47M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	166.67M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$165.99M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	78.73M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	78.28M	shares	Point-in-time
Voyage receivables, including unbilled of $6,243 and $9,919	`AccountsReceivableNetCurrent`	$24.34M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	78.73M	shares	Point-in-time
Voyage receivables, including unbilled of $6,243 and $9,919	`AccountsReceivableNetCurrent`	$24.21M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	78.28M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.41M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.12M	USD	Point-in-time
Receivable from INSW	`DueFromRelatedPartiesCurrent`	$372.00K	USD	Point-in-time
Receivable from INSW	`DueFromRelatedPartiesCurrent`	$34.00K	USD	Point-in-time
Other receivables	`NontradeReceivablesCurrent`	$1.94M	USD	Point-in-time
Other receivables	`NontradeReceivablesCurrent`	$2.18M	USD	Point-in-time
Inventories, prepaid expenses and other current assets	`InventoriesAndPrepaidExpensesAndOtherCurrentAssets`	$13.17M	USD	Point-in-time
Inventories, prepaid expenses and other current assets	`InventoriesAndPrepaidExpensesAndOtherCurrentAssets`	$13.36M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$152.43M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$207.29M	USD	Point-in-time
Vessels and other property, less accumulated depreciation	`PropertyPlantAndEquipmentNet`	$624.12M	USD	Point-in-time
Vessels and other property, less accumulated depreciation	`PropertyPlantAndEquipmentNet`	$632.51M	USD	Point-in-time
Deferred drydock expenditures, net	`DeferredDrydockExpendituresNet`	$22.97M	USD	Point-in-time
Deferred drydock expenditures, net	`DeferredDrydockExpendituresNet`	$23.91M	USD	Point-in-time
Total Vessels, Other Property and Deferred Drydock	`VesselsDeferredDryDockAndOtherProperty`	$647.09M	USD	Point-in-time
Total Vessels, Other Property and Deferred Drydock	`VesselsDeferredDryDockAndOtherProperty`	$656.42M	USD	Point-in-time
Restricted cash - non current	`RestrictedCashAndCashEquivalentsNoncurrent`	$191.00K	USD	Point-in-time
Restricted cash - non current	`RestrictedCashAndCashEquivalentsNoncurrent`	$217.00K	USD	Point-in-time
Investments in and advances to affiliated companies	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$3.79M	USD	Point-in-time
Investments in and advances to affiliated companies	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$38.00K	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$39.87M	USD	Point-in-time
Intangible assets, less accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$41.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$23.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$21.35M	USD	Point-in-time
Total Assets	`Assets`	$931.89M	USD	Point-in-time
Total Assets	`Assets`	$860.96M	USD	Point-in-time
Accounts payable, accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$34.03M	USD	Point-in-time
Accounts payable, accrued expenses and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$34.37M	USD	Point-in-time
Current installments of long-term debt	`LongTermDebtCurrent`	$28.16M	USD	Point-in-time
Current installments of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$62.53M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$34.03M	USD	Point-in-time
Reserve for uncertain tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.22M	USD	Point-in-time
Reserve for uncertain tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.21M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$420.78M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$375.76M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxLiabilitiesNet`	$85.10M	USD	Point-in-time
Deferred income taxes, net	`DeferredIncomeTaxLiabilitiesNet`	$83.67M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$45.58M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$48.47M	USD	Point-in-time
Total Liabilities	`Liabilities`	$618.65M	USD	Point-in-time
Total Liabilities	`Liabilities`	$543.70M	USD	Point-in-time
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 78,733,688 and 78,277,669 shares issued and outstanding	`CommonStockValue`	$783.00K	USD	Point-in-time
Common stock - Class A ($0.01 par value; 166,666,666 shares authorized; 78,733,688 and 78,277,669 shares issued and outstanding	`CommonStockValue`	$787.00K	USD	Point-in-time
Paid-in additional capital	`AdditionalPaidInCapital`	$584.67M	USD	Point-in-time
Paid-in additional capital	`AdditionalPaidInCapital`	$586.04M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-263.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-265.76M	USD	Point-in-time
Stockholders Equity Subtotal	`StockholdersEquitySubtotal`	$319.70M	USD	Point-in-time
Stockholders Equity Subtotal	`StockholdersEquitySubtotal`	$323.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.25M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.46M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$313.24M	USD	Point-in-time
Total Equity	`StockholdersEquity`	$317.26M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$931.89M	USD	Point-in-time
Total Liabilities and Equity	`LiabilitiesAndStockholdersEquity`	$860.96M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Time and bareboat charter revenues	`OperatingLeasesIncomeStatementLeaseRevenue`	$79.77M	USD	1 Quarter
Time and bareboat charter revenues	`OperatingLeasesIncomeStatementLeaseRevenue`	$53.90M	USD	1 Quarter
Voyage charter revenues	`CargoAndFreightRevenue`	$47.13M	USD	1 Quarter
Voyage charter revenues	`CargoAndFreightRevenue`	$28.35M	USD	1 Quarter
Shipping revenues	`Revenues`	$108.12M	USD	1 Quarter
Shipping revenues	`Revenues`	$101.03M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$12.25M	USD	1 Quarter
Voyage expenses	`VoyageExpenses`	$5.79M	USD	1 Quarter
Vessel expenses	`VesselExpenses`	$35.64M	USD	1 Quarter
Vessel expenses	`VesselExpenses`	$33.51M	USD	1 Quarter
Charter hire expenses	`LeaseAndRentalExpense`	$22.55M	USD	1 Quarter
Charter hire expenses	`LeaseAndRentalExpense`	$22.58M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.37M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.78M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.10M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$87.46M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$88.73M	USD	1 Quarter
Operating income	`OperatingIncomeLossIncludingEquityInIncomeLossOfAffiliatedCompanies`	$13.57M	USD	1 Quarter
Operating income	`OperatingIncomeLossIncludingEquityInIncomeLossOfAffiliatedCompanies`	$19.38M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-631.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-793.00K	USD	1 Quarter
Income before interest expense, reorganization items and income taxes	`LossBeforeInterestExpenseReorganizationItemsAndTaxes`	$12.94M	USD	1 Quarter
Income before interest expense, reorganization items and income taxes	`LossBeforeInterestExpenseReorganizationItemsAndTaxes`	$18.59M	USD	1 Quarter
Interest expense	`InterestExpense`	$8.08M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.36M	USD	1 Quarter
Income before reorganization items and income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$9.23M	USD	1 Quarter
Income before reorganization items and income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxes`	$4.86M	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	-	USD	1 Quarter
Reorganization items, net	`ReorganizationItems`	$235.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.86M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.57M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.66M	USD	1 Quarter
Basic - Class A (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.91M	shares	1 Quarter
Basic - Class A (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.11M	shares	1 Quarter
Diluted - Class A (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.18M	shares	1 Quarter
Diluted - Class A (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	88.62M	shares	1 Quarter
Basic and diluted net income - Class A (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.04	USD	1 Quarter
Basic and diluted net income - Class A (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.06	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$16.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.37M	USD	1 Quarter
Amortization of debt discount and other deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.33M	USD	1 Quarter
Amortization of debt discount and other deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.11M	USD	1 Quarter
Compensation relating to restricted stock awards and stock option grants	`ShareBasedCompensation`	$793.00K	USD	1 Quarter
Compensation relating to restricted stock awards and stock option grants	`ShareBasedCompensation`	$541.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$1.18M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$1.49M	USD	1 Quarter
Reorganization items, non-cash	`ReorganizationItemsNoncash`	$214.00K	USD	1 Quarter
Reorganization items, non-cash	`ReorganizationItemsNoncash`	-	USD	1 Quarter
Other net	`OtherNoncashIncomeExpense`	$-616.00K	USD	1 Quarter
Other net	`OtherNoncashIncomeExpense`	$-645.00K	USD	1 Quarter
Loss on extinguishment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-937.00K	USD	1 Quarter
Loss on extinguishment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$-981.00K	USD	1 Quarter
Distributed earnings of affiliated companies	`EquityMethodInvestmentDividendsOrDistributions`	$3.75M	USD	1 Quarter
Distributed earnings of affiliated companies	`EquityMethodInvestmentDividendsOrDistributions`	$3.66M	USD	1 Quarter
Payments for drydocking	`PaymentsForDrydocking`	$730.00K	USD	1 Quarter
Payments for drydocking	`PaymentsForDrydocking`	$2.04M	USD	1 Quarter
SEC, Bankruptcy and IRS claim payments	`BankruptcyAndIrsClaimsAmountPaid`	-	USD	1 Quarter
SEC, Bankruptcy and IRS claim payments	`BankruptcyAndIrsClaimsAmountPaid`	$5.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$11.07M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$1.79M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.73M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.97M	USD	1 Quarter
Payments on debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$-28.17M	USD	1 Quarter
Payments on debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	-	USD	1 Quarter
Extinguishment of debt	`RepaymentsOfUnsecuredDebt`	$47.00M	USD	1 Quarter
Extinguishment of debt	`RepaymentsOfUnsecuredDebt`	$15.22M	USD	1 Quarter
Tax withholding on share-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.06M	USD	1 Quarter
Tax withholding on share-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$359.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-75.53M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-16.29M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.55M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-54.55M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.72M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$206.93M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$204.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$166.27M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$111.72M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$206.93M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$204.38M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period (Note 3)	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$166.27M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$313.24M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$317.26M	USD	Point-in-time
Adoption of accounting standard (Note 4)	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$-1.23M	USD	Point-in-time
Net income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.66M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$215.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$148.00K	USD	1 Quarter
Forfeitures, cancellations, issuance and vesting of restricted stock awards, net	`StockIssuedDuringPeriodValueRestrictedStockAwardIssuedAndVestedNetOfForfeitures`	$-359.00K	USD	1 Quarter
Compensation related to Class A options granted and restricted stock awards	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.73M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$313.24M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$317.26M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	166.67M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	166.67M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	78.73M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	78.28M	shares	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$5.43M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.66M	USD	1 Quarter
Net change in unrealized gains on cash flow hedges	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$148.00K	USD	1 Quarter
Net change in unrealized gains on cash flow hedges	`ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1`	$112.00K	USD	1 Quarter
Net change in unrecognized prior service costs	`OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Net change in unrecognized prior service costs	`OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax`	$32.00K	USD	1 Quarter
Net change in unrecognized actuarial losses	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$135.00K	USD	1 Quarter
Net change in unrecognized actuarial losses	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$215.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$148.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.88M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.58M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.