10-Q Filing

TIDEWATER INC CIK: 98222 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-013505`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	tdw-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 25 Cash Flow Statement 34 Stockholders Equity 8 Comprehensive Income 8

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	125.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.04M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.99M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$442.47M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.12M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$2.85M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.12M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.99M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$21.30M	USD	Point-in-time
Trade and other receivables, net	`ReceivablesNetCurrent`	$114.18M	USD	Point-in-time
Trade and other receivables, net	`ReceivablesNetCurrent`	$115.75M	USD	Point-in-time
Due from affiliate	`DueFromAffiliateCurrent`	$230.31M	USD	Point-in-time
Due from affiliate	`DueFromAffiliateCurrent`	$207.92M	USD	Point-in-time
Marine operating supplies	`Supplies`	$28.90M	USD	Point-in-time
Marine operating supplies	`Supplies`	$28.22M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$18.18M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$816.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$845.18M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$29.22M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$13.50M	USD	Point-in-time
Net properties and equipment	`PropertyPlantAndEquipmentNet`	$814.26M	USD	Point-in-time
Net properties and equipment	`PropertyPlantAndEquipmentNet`	$837.52M	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$3.21M	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$11.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$31.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$30.78M	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Total assets	`Assets`	$1.69B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$45.78M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$56.41M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$54.81M	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrent`	$78.14M	USD	Point-in-time
Due to affiliate	`DueToAffiliateCurrent`	$99.45M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseCurrent`	$2.85M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseCurrent`	$2.58M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.21M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.83M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$19.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$197.22M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$442.73M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$443.06M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseNoncurrent`	$2.47M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseNoncurrent`	$2.56M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$58.06M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$58.58M	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 23,988,075 and 22,115,916 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$24.00K	USD	Point-in-time
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 23,988,075 and 22,115,916 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$22.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-78.44M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-39.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-147.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-446.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$983.12M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.21M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.36M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.69B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Vessel revenues	`SalesRevenueServicesNet`	$87.49M	USD	1 Quarter
Other operating revenues	`OtherSalesRevenueNet`	$4.00M	USD	1 Quarter
Total revenues	`Revenues`	$91.49M	USD	1 Quarter
Vessel operating costs	`DirectOperatingCosts`	$61.36M	USD	1 Quarter
Costs of other operating revenues	`OtherCostOfOperatingRevenue`	$2.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$12.02M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.92M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$6.19M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$103.69M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-12.19M	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-348.00K	USD	1 Quarter
Equity in net earnings (losses) of unconsolidated companies	`IncomeLossFromEquityMethodInvestments`	$-15.44M	USD	1 Quarter
Interest income and other, net	`InterestIncomeExpenseNonoperatingNet`	$-128.00K	USD	1 Quarter
Interest and other debt costs, net	`InterestAndDebtExpense`	$7.60M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-23.51M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-35.71M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.32M	USD	1 Quarter
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$143.00K	USD	1 Quarter
Net loss attributable to Tidewater Inc.	`NetIncomeLoss`	$-39.17M	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-1.67	USD	1 Quarter
Diluted loss per common share	`EarningsPerShareDiluted`	$-1.67	USD	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	23.42M	shares	1 Quarter
Adjusted weighted average common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.42M	shares	1 Quarter

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.38M	USD	1 Quarter
Amortization of deferred drydocking and survey costs	`AmortizationOfDeferredDrydockingAndSurveyCosts`	$638.00K	USD	1 Quarter
Amortization of debt premium and discounts	`AmortizationOfDebtDiscountPremium`	$-443.00K	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.92M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$6.19M	USD	1 Quarter
Changes in investments in, at equity, and advances to unconsolidated companies	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-15.71M	USD	1 Quarter
Compensation expense - stock-based	`ShareBasedCompensation`	$2.96M	USD	1 Quarter
Trade and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.66M	USD	1 Quarter
Changes in due to/from affiliate, net	`IncreaseDecreaseInDueToAffiliates`	$1.08M	USD	1 Quarter
Marine operating supplies	`IncreaseDecreaseInInventories`	$677.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-949.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$7.28M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$845.00K	USD	1 Quarter
Accrued property and liability losses	`IncreaseDecreaseInAccruedPropertyAndLiabilityLosses`	$267.00K	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-2.69M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-58.00K	USD	1 Quarter
Cash paid for deferred drydocking and survey costs	`IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts`	$8.86M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.06M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-5.98M	USD	1 Quarter
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$9.49M	USD	1 Quarter
Additions to properties and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.68M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$7.82M	USD	1 Quarter
Principal payment on long-term debt	`RepaymentsOfLongTermDebt`	$1.47M	USD	1 Quarter
Payments to General Unsecured Creditors	`RepaymentsOfUnsecuredDebt`	$8.38M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-9.85M	USD	1 Quarter
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-8.02M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$445.32M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$453.33M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$445.32M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$453.33M	USD	Point-in-time
Interest, net of amounts capitalized	`InterestPaidNet`	$8.15M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$6.43M	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-39.33M	USD	1 Quarter
Stock option expense/activity	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$-98.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$2.00K	USD	1 Quarter
Amortization of restricted stock units	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$2.96M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$985.48M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-39.03M	USD	1 Quarter
Unrealized gains (losses) on available-for-sale securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Change in loss on derivative contract, tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	-	USD	1 Quarter
Unrealized gains (losses) on available for sale securities, net of tax of $0 and $61	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-299.00K	USD	1 Quarter
Change in supplemental executive retirement plan liability, tax	`OtherComprehensiveIncomeSupplementalExecutiveRetirementPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	1 Quarter
Change in Pension Plan minimum liability, tax	`OtherComprehensiveIncomePensionPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	1 Quarter
Change in Other Benefit Plan minimum liability, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	-	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-39.33M	USD	1 Quarter

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