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The estimated fair value of the Company’s other financial assets and liabilities as of December 31 are as follows (in thousands): ASSETS 103 Carrying Amount 2008 2007 Estimated Fair Value Carrying Amount Estimated Fair Value Cash, cash equivalents and restricted cash $296,229 $ 296,229 $567,929 $ 567,929 Collateral and escrow deposits 2,198 2,198 12,302 12,302 Notes receivable from business ventures 15,798 see below 5,355 see below Business ventures, carried at cost 8,219 see below 6,413 see below LIABILITIES Long-term debt including current portion (1) 954,946 926,470 938,762 1,240,764 (1) The carrying amount of debt excludes capital lease obligations of $8.6 million and $9.5 million as of December 31, 2008 and 2007, respectively. The carrying value of cash, cash equivalents, restricted cash and collateral and escrow deposits approximates fair value. The carrying value of construction reserve funds and Title XI reserve funds, primarily consisting of U.S. treasury securities, approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analyses based on estimated current rates for similar types of arrangements. It was not practicable to estimate the fair value of the Company’s notes receivable from business ventures because the timing of settlement of these notes is not certain. It was not practicable to estimate the fair value of the Company’s historical cost investments in business ventures because of the lack of a quoted market price and the inability to estimate fair value without incurring excessive costs. Considerable judgment was required in developing certain of the estimates of fair value and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. On February 15, 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Liabilities – Including an amendment of FASB Statement No. 155. SFAS No. 159 permits entities to choose to measure many financial assets and financial liabilities, and certain non-financial instruments that are similar to financial instruments, at fair value. SFAS No. 159 became effective for SEACOR on January 1, 2008 and the Company did not elect the fair value option under this standard. 3. MARKETABLE SECURITIES For the years ended December 31, 2008, 2007 and 2006, the sale of marketable securities resulted in gross realized gains of $5.6 million, $4.9 million and $5.5 million, respectively, and gross realized losses of $6.0 million, $0.2 million, and $0.1 million, respectively. The specific identification method was used to determine the cost of marketable securities in computing realized gains and losses. For the year ended December 31, 2008, investments in marketable securities resulted in gross unrealized gains of $0.5 million and gross unrealized losses of $21.7 million subsequent to their designation as trading securities (see Note 1). For the years ended December 31, 2008, 2007 and 2006, short sales of marketable securities resulted in gross realized and unrealized gains of $53.6 million, $4.6 million and $1.4 million, respectively, and gross realized and unrealized losses of $1.9 million, $12.7 million and $15.8 million, respectively. 103
The cost and fair value of available-for-sale marketable securities as of December 31, 2007 are as follows (in thousands): 104 Amortized Cost Gross Unrealized Holding Gains Losses Fair Value Corporate debt securities (1) $ 950 $ 10 $ — $ 960 Foreign treasury securities (2) 2,925 75 — 3,000 Equity securities 21,245 3,833 (246) 24,832 (1) Corporate debt securities have a stated maturity of 2013. (2) Foreign treasury securities have a stated maturity of 2009. $25,120 $3,918 $(246) $28,792 4. DERIVATIVE INSTRUMENTS Assets and liabilities arising from outstanding derivative positions are included in the accompanying consolidated balance sheets as other receivables or other current liabilities, as appropriate. Derivative gains (losses), net included in the accompanying consolidated statements of income for the years ended December 31 are as follows (in thousands): 2008 2007 2006 Options on equities and equity indices $ 9,527 $ 1,565 $ 81 Interest rate swap agreement — 186 (2,128) Forward currency exchange, option and future contracts (15,007) 8,088 4,865 Commodity swap, option and future contracts: Exchange traded (33) 299 3,494 Non-exchange traded (335) 736 — U.S. treasury notes and bond future and option contracts (7,740) (39) 31 $(13,588) $10,835 $ 6,343 The Company held positions in publicly traded equity options which may convey to the Company a right or obligation to engage in a future transaction on the underlying equity security. The Company’s investment in equity options primarily includes positions in energy, marine, transportation and other related businesses. The fair market value of the Company’s outstanding options on equities and equity indices is an unrealized loss of $2.5 million and $1.9 million as of December 31, 2008 and 2007, respectively. The Company entered into an interest rate swap agreement expiring 2013 with members of its lending group in order to take advantage of lower available interest rates. Through this derivative instrument, which covered a notional amount of $150.0 million, the Company in effect converted the fixed interest rate on its outstanding 9.5% Senior Notes due August 2013 to a floating rate based on LIBOR. The floating rate was adjusted semiannually in February and August of each year. The swap agreement was secured by a second lien on certain assets. This interest rate swap was terminated in March 2007. The Company has entered into and settled various positions in forward currency exchange, option and future contracts with respect to the pound sterling, euro, yen, rupee, Singapore dollar, won, Taiwanese dollar, Thai baht, ringgit, dinar, renminbi, dirham, Brazilian real and rand. These contracts enable the Company to buy these currencies in the future at fixed exchange rates, which could offset possible consequences of changes in foreign exchange rates with respect to the Company’s business conducted in Europe, Africa, the Middle East and Asia. 104
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2008 AnnuAL REPORt strength in dive
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LETTER TO STOCKHOLDERS March 20, 20
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seven to eight hundred basis points
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Let’s start with a flashback. The
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traditional agricultural loadings t
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concentrate on building a broader-b
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say, and as previously mentioned, t
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APPENDIX II DOMESTIC INLAND RIVER I
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Total Number of Vessels APPENDIX IV
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UNITED STATES SECURITIES AND EXCHAN
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Issuer Repurchases of Equity Securi
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All of the Company’s periodic rep
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The following table indicates avera
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6 2008 2007 2006 United States: Anc
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Competitive Conditions Each of the
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Inland River Services Business Inla
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Inland River Services has a 50% int
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International Airport. It also prov
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Aviation Services’ FBO in Alaska
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companies to establish and operate
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Competitive Conditions The commodit
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NRC is classified by the USCG as an
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The federal Clean Air Act and compa
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ITEM 1A. RISK FACTORS Risks, Uncert
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Offshore Marine Services, Marine Tr
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The aircraft industry is subject to
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exemptions, several states have not
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policies affecting the agricultural
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of one of the two retrofitted tanke
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PART II ITEM 5. MARKET FOR REGISTRA
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Issuer Repurchases of Equity Securi
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(1) Marine Transportation Services
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The Company believes that demand fo
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Results of Operations Operating Rev
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Operating Statistics The table belo
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Results of Operations Operating Rev
Page 73 and 74: Dry cargo barge expenses are typica
Page 75 and 76: and international leasing activitie
Page 77 and 78: Results of Operations Operating Rev
Page 79 and 80: Other Segment Profit (Loss) 58 Perc
Page 81 and 82: Summary of Cash Flows Cash provided
Page 83 and 84: Stock, respectively, were acquired
Page 85 and 86: Effects of Inflation The Company’
Page 87 and 88: arges that participate in the barge
Page 89 and 90: arges and towboats. Revenues from r
Page 91 and 92: an annual impairment test of goodwi
Page 93 and 94: As of December 31, 2008, the Compan
Page 95 and 96: PART III ITEM 10. DIRECTORS AND EXE
Page 97 and 98: Exhibit Number Description 4.7* Inv
Page 99 and 100: Exhibit Number Description 10.8*+ F
Page 101 and 102: Exhibit Number Description 21.1 Lis
Page 103 and 104: Signer Title Date /S/ STEPHEN STAMA
Page 105 and 106: MANAGEMENT’S REPORT ON INTERNAL C
Page 107 and 108: REPORT OF INDEPENDENT REGISTERED PU
Page 109 and 110: SEACOR HOLDINGS INC. CONSOLIDATED S
Page 111 and 112: SEACOR HOLDINGS INC. CONSOLIDATED S
Page 113 and 114: Offshore Marine Services provides a
Page 115 and 116: the underlying hedged asset or liab
Page 117 and 118: The Company’s intangible assets a
Page 119 and 120: Uncertainty in Income Taxes, an int
Page 121 and 122: Comprehensive Income. In accordance
Page 123: principles to be used in the prepar
Page 127 and 128: $4.8 million based upon certain per
Page 129 and 130: Purchase Price Allocation. The foll
Page 131 and 132: Combined Condensed Financials. Summ
Page 133 and 134: As of December 31, 2008, cumulative
Page 135 and 136: difficult to predict the final reso
Page 137 and 138: eliminated the requirement to repor
Page 139 and 140: credited to a bookkeeping account a
Page 141 and 142: The following transactions have occ
Page 143 and 144: ecorded reserves in its financial s
Page 145 and 146: Future minimum payments in the year
Page 147 and 148: The following tables summarize the
Page 149 and 150: Offshore Marine Services $’000 Ma
Page 151 and 152: 17. SUPPLEMENTAL INFORMATION FOR ST
Page 153 and 154: BOARD OF DiRECtORS CHARLES FABRiKAn
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