PDF Download Link (best for mobile devices) - Oceaneering

More documents

Recommendations

Info

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 31,(in thousands, except share data) 2011 2010ASSETSCurrent Assets:Cash and cash equivalents $ 106,142 $ 245,219Accounts receivable, net of allowances for doubtfulaccounts of $594 and $5,655 549,812 424,014Inventory 255,095 236,517Other current assets 73,073 77,752Total Current Assets 984,122 983,502Property and Equipment, at cost 1,772,017 1,631,109Less accumulated depreciation 878,709 844,736Other Assets:Net Property and Equipment 893,308 786,373Goodwill 333,471 143,234Investments in unconsolidated affiliates 49,607 51,820Other non-current assets 140,036 65,577Total Other Assets 523,114 260,631Total Assets $ 2,400,544 $ 2,030,506LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities:Accounts payable $ 111,381 $ 85,572Accrued liabilities 335,161 314,410Income taxes payable 54,833 39,874Total Current Liabilities 501,375 439,856Long-term Debt 120,000 —Other Long-term Liabilities 221,207 200,435Commitments and ContingenciesShareholders’ Equity:Common Stock, par value $0.25 per share; 180,000,000shares authorized; 110,834,088 shares issued 27,709 27,709Additional paid-in capital 202,619 193,277Treasury stock; 2,799,118 and 2,603,324 shares, at cost (71,700 ) (61,385 )Retained earnings 1,426,525 1,239,574Accumulated other comprehensive income (27,191 ) (8,960 )Total Shareholders' Equity 1,557,962 1,390,215Total Liabilities and Shareholders' Equity $ 2,400,544 $ 2,030,506The accompanying Notes are an integral part of these Consolidated FinancialStatements.26 Oceaneering International, Inc.
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOMEYear Ended December 31,(in thousands, except per share data) 2011 2010 2009Revenue $ 2,192,663 $ 1,917,045 $ 1,822,081Cost of services and products 1,683,904 1,450,725 1,384,355Gross Margin 508,759 466,320 437,726Selling, general and administrative expense 173,928 156,820 145,610Income from Operations 334,831 309,500 292,116Interest income 888 580 694Interest expense, net of amounts capitalized (1,096 ) (6,010 ) (7,781 )Equity earnings of unconsolidated affiliates 3,801 2,078 3,242Other income (expense), net (539 ) (926 ) 1,504Income before Income Taxes 337,885 305,222 289,775Provision for income taxes 102,227 104,691 101,422Net Income $ 235,658 $ 200,531 $ 188,353Cash Dividends declared per Share $ 0.45 $ — $ —Basic Earnings per Share $ 2.18 $ 1.83 $ 1.71Diluted Earnings per Share $ 2.16 $ 1.82 $ 1.70The accompanying Notes are an integral part of these Consolidated FinancialStatements.2011 Annual Report 27
Page 3 and 4: Financial Highlights($ in thousands
Page 5 and 6: In December we secured a three-year
Page 7: 2011 Financial SectionOceaneering I
Page 10 and 11: Oceaneering Common StockOur common
Page 12 and 13: Management's Discussion and Analysi
Page 14 and 15: Critical Accounting Policies and Es
Page 16 and 17: We establish valuation allowances t
Page 18 and 19: In 2009, we used $162 million in in
Page 20 and 21: For 2011, our ROV revenue and opera
Page 22 and 23: We earn equity income from our 50%
Page 24 and 25: Controls and ProceduresDisclosure C
Page 26 and 27: In our opinion, Oceaneering Interna
Page 30 and 31: OCEANEERING INTERNATIONAL, INC. AND
Page 32 and 33: OCEANEERING INTERNATIONAL, INC. AND
Page 34 and 35: for marine services equipment (such
Page 36 and 37: segment and its Australian assets a
Page 38 and 39: Revenue in Excess of Amounts Billed
Page 40 and 41: elationship and, if it is, the type
Page 42 and 43: December 31,(in thousands) 2011 201
Page 44 and 45: in entities or jurisdictions that h
Page 46 and 47: 4. SELECTED BALANCE SHEET AND INCOM
Page 48 and 49: On January 6, 2012, we entered into
Page 50 and 51: Financial Instruments and Risk Conc
Page 52 and 53: The table that follows presents Rev
Page 54 and 55: The following table presents Assets
Page 56 and 57: Geographic Operating AreasThe follo
Page 58 and 59: equirements. The Compensation Commi
Page 60 and 61: in 2011, 2010 and 2009 were subject
Page 62 and 63: Forward-Looking StatementsAll state
Page 64: Oceaneering International, Inc.1191

PDF Download Link (best for mobile devices) - Oceaneering

Create successful ePaper yourself

Delete template?

Save as template?