10-Q Filing

TIDEWATER INC CIK: 98222 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-021496`
Period End Date	20180630
Filing Date	20180814
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	tdw-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 46 Cash Flow Statement 37 Stockholders Equity 9 Comprehensive Income 16

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
Common stock, shares issued	`CommonStockSharesIssued`	26.09M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$459.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	22.12M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$432.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.09M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$5.21M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	22.12M	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`	$96.63M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$197.06M	USD	Point-in-time
Due from affiliates	`DueFromAffiliateCurrent`	$230.31M	USD	Point-in-time
Marine operating supplies	`Supplies`	$28.93M	USD	Point-in-time
Marine operating supplies	`Supplies`	$28.22M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$10.21M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$19.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$845.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$797.33M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$1.33M	USD	Point-in-time
Investments in, at equity, and advances to unconsolidated companies	`EquityMethodInvestments`	$29.22M	USD	Point-in-time
Net properties and equipment	`PropertyPlantAndEquipmentNet`	$837.52M	USD	Point-in-time
Net properties and equipment	`PropertyPlantAndEquipmentNet`	$803.73M	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$3.21M	USD	Point-in-time
Deferred drydocking and survey costs	`DeferredDrydockingAndSurveyCostsNoncurrent`	$14.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$31.05M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$26.78M	USD	Point-in-time
Total assets	`Assets`	$1.75B	USD	Point-in-time
Total assets	`Assets`	$1.64B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$30.56M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$54.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$49.31M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$99.45M	USD	Point-in-time
Due to affiliates	`DueToAffiliateCurrent`	$62.35M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseCurrent`	$2.79M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseCurrent`	$2.58M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.10M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.29M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$17.82M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$19.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$169.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.13M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$443.06M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$438.56M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseNoncurrent`	$2.65M	USD	Point-in-time
Accrued property and liability losses	`LiabilityForClaimsAndClaimsExpenseNoncurrent`	$2.47M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$57.69M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$58.58M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 26,085,274 and 22,115,916 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$26.00K	USD	Point-in-time
Successor Common stock of $0.001 par value, 125,000,000 shares authorized, 26,085,274 and 22,115,916 shares issued and outstanding at June 30, 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`	$-89.38M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-39.27M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-403.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-147.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$974.28M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.24M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.21M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$975.53M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.64B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.75B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$197.09M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$105.60M	USD	1 Quarter
Vessel operating costs	`DirectOperatingCosts`	$129.38M	USD	2 Qtrs
Vessel operating costs	`DirectOperatingCosts`	$68.01M	USD	1 Quarter
Costs of other operating revenues	`OtherCostOfOperatingRevenue`	$642.00K	USD	1 Quarter
Costs of other operating revenues	`OtherCostOfOperatingRevenue`	$3.12M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$47.99M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$24.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$12.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$24.80M	USD	2 Qtrs
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.34M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$3.26M	USD	2 Qtrs
Asset impairments	`AssetImpairmentCharges`	$1.22M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$7.40M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$105.74M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$209.43M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-12.33M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-140.00K	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.00M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.35M	USD	2 Qtrs
Equity in net earnings (losses) of unconsolidated companies	`IncomeLossFromEquityMethodInvestments`	$390.00K	USD	1 Quarter
Equity in net earnings (losses) of unconsolidated companies	`IncomeLossFromEquityMethodInvestments`	$-15.05M	USD	2 Qtrs
Interest income and other, net	`InterestIncomeExpenseNonoperatingNet`	$2.91M	USD	1 Quarter
Interest income and other, net	`InterestIncomeExpenseNonoperatingNet`	$2.79M	USD	2 Qtrs
Interest and other debt costs, net	`InterestAndDebtExpense`	$15.15M	USD	2 Qtrs
Interest and other debt costs, net	`InterestAndDebtExpense`	$7.55M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-5.25M	USD	1 Quarter
Total other income (expenses)	`NonoperatingIncomeExpense`	$-28.76M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-41.09M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.38M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.80M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.12M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-50.21M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-11.18M	USD	1 Quarter
Less: Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-99.00K	USD	2 Qtrs
Less: Net income (loss) attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-242.00K	USD	1 Quarter
Net loss attributable to Tidewater Inc.	`NetIncomeLoss`	$-50.11M	USD	2 Qtrs
Net loss attributable to Tidewater Inc.	`NetIncomeLoss`	$-10.94M	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-2.09	USD	2 Qtrs
Basic loss per common share	`EarningsPerShareBasic`	$-0.44	USD	1 Quarter
Diluted loss per common share	`EarningsPerShareDiluted`	$-2.09	USD	2 Qtrs
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.44	USD	1 Quarter
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	23.99M	shares	2 Qtrs
Weighted average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	24.65M	shares	1 Quarter
Adjusted weighted average common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.65M	shares	1 Quarter
Adjusted weighted average common shares	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.99M	shares	2 Qtrs

Cash Flow Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-50.21M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-11.18M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$22.57M	USD	2 Qtrs
Amortization of deferred drydocking and survey costs	`AmortizationOfDeferredDrydockingAndSurveyCosts`	$2.23M	USD	2 Qtrs
Amortization of debt premium and discounts	`AmortizationOfDebtDiscountPremium`	$-900.00K	USD	2 Qtrs
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$1.34M	USD	1 Quarter
Gain on asset dispositions, net	`GainLossOnDispositionOfAssets`	$3.26M	USD	2 Qtrs
Asset impairments	`AssetImpairmentCharges`	$1.22M	USD	1 Quarter
Asset impairments	`AssetImpairmentCharges`	$7.40M	USD	2 Qtrs
Changes in investments in, at equity, and advances to unconsolidated companies	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$-27.88M	USD	2 Qtrs
Compensation expense - stock-based	`ShareBasedCompensation`	$6.14M	USD	2 Qtrs
Trade and other receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$15.10M	USD	2 Qtrs
Changes in due to/from related parties, net	`IncreaseDecreaseInDueToRelatedParties`	$19.87M	USD	2 Qtrs
Marine operating supplies	`IncreaseDecreaseInInventories`	$711.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-8.75M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.71M	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-6.65M	USD	2 Qtrs
Accrued property and liability losses	`IncreaseDecreaseInAccruedPropertyAndLiabilityLosses`	$205.00K	USD	2 Qtrs
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$5.59M	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$11.00K	USD	2 Qtrs
Cash paid for deferred drydocking and survey costs	`IncreaseDecreaseInCashPaidForDeferredDrydockingAndSurveyCosts`	$13.39M	USD	2 Qtrs
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-4.85M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.98M	USD	2 Qtrs
Proceeds from sales of assets	`ProceedsFromSaleOfProductiveAssets`	$12.97M	USD	2 Qtrs
Additions to properties and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.78M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$7.19M	USD	2 Qtrs
Principal payment on long-term debt	`RepaymentsOfLongTermDebt`	$2.64M	USD	2 Qtrs
Payments to General Unsecured Creditors	`RepaymentsOfUnsecuredDebt`	$8.38M	USD	2 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.00M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.01M	USD	2 Qtrs
Net change in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.16M	USD	2 Qtrs
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$453.33M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$464.50M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$453.33M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$464.50M	USD	Point-in-time
Interest, net of amounts capitalized	`InterestPaidNet`	$16.13M	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$10.08M	USD	2 Qtrs

Stockholders Equity 9 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$975.53M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-50.47M	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$2.00K	USD	2 Qtrs
Amortization of restricted stock units	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$6.05M	USD	2 Qtrs
Acquisition of noncontrolling interests	`AdjustmentsToAdditionalPaidInCapitalAcquisitionOfNoncontrollingInterest`	$2.00M	USD	2 Qtrs
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$975.53M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.02B	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Unrealized gains (losses) on available-for-sale securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Net loss	`ProfitLoss`	$-50.21M	USD	2 Qtrs
Unrealized gains (losses) on available-for-sale securities, tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	2 Qtrs
Net loss	`ProfitLoss`	$-11.18M	USD	1 Quarter
Change in loss on derivative contract, tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	-	USD	1 Quarter
Change in loss on derivative contract, tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	-	USD	2 Qtrs
Change in supplemental executive retirement plan liability, tax	`OtherComprehensiveIncomeSupplementalExecutiveRetirementPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	2 Qtrs
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $61	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-256.00K	USD	2 Qtrs
Change in supplemental executive retirement plan liability, tax	`OtherComprehensiveIncomeSupplementalExecutiveRetirementPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	1 Quarter
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $61	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$43.00K	USD	1 Quarter
Change in Pension Plan minimum liability, tax	`OtherComprehensiveIncomePensionPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	2 Qtrs
Change in Pension Plan minimum liability, tax	`OtherComprehensiveIncomePensionPlanMinimumLiabilityAdjustmentTaxPeriodIncreaseDecrease`	-	USD	1 Quarter
Change in Other Benefit Plan minimum liability, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	-	USD	2 Qtrs
Change in Other Benefit Plan minimum liability, tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	-	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-50.47M	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-11.14M	USD	1 Quarter

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