$INSW
International Seaways, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021015172 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $94.67M $84.82M $99.88M
YoY Change 66.96% -15.08% 40.13%
Cost Of Revenue $76.61M $73.55M $41.30M
YoY Change 87.78% 78.09% -4.4%
Gross Profit $18.06M $11.27M $58.60M
YoY Change 13.56% -80.77% 109.29%
Gross Profit Margin 19.07% 13.28% 58.67%
Selling, General & Admin $12.48M $10.34M $9.900M
YoY Change 24.77% 4.46% -26.12%
% of Gross Profit 69.1% 91.8% 16.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.72M $25.81M $19.01M
YoY Change 53.15% 35.72% 0.28%
% of Gross Profit 153.52% 229.06% 32.45%
Operating Expenses $39.51M $36.09M $29.00M
YoY Change 40.11% 24.43% -10.49%
Operating Profit -$21.45M -$62.82M $16.83M
YoY Change -78.15% -473.22% -692.05%
Interest Expense -$6.606M $10.64M $7.999M
YoY Change -184.44% 33.0% -52.97%
% of Operating Profit 47.52%
Other Income/Expense, Net -$6.393M -$113.0K -$208.0K
YoY Change -1013.29% -45.67% -173.24%
Pretax Income -$33.05M -$67.84M $13.98M
YoY Change -71.73% -585.25% -226.01%
Income Tax $1.582M $35.00K $0.00
% Of Pretax Income 0.0%
Net Earnings -$33.99M -$67.35M $13.98M
YoY Change -70.92% -581.74% -226.01%
Net Earnings / Revenue -35.91% -79.41% 14.0%
Basic Earnings Per Share -$1.44 $0.50
Diluted Earnings Per Share -$673.9K -$1.44 $0.50
COMMON SHARES
Basic Shares Outstanding 50.69M 46.90M 27.93M
Diluted Shares Outstanding 46.90M 28.03M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.88M $108.9M $137.3M
YoY Change -50.91% -20.69% 100.73%
Cash & Equivalents $97.88M $108.9M $137.3M
Short-Term Investments
Other Short-Term Assets $11.76M $16.13M $5.400M
YoY Change 95.98% 198.67% 1.89%
Inventory $2.110M $2.578M $1.400M
Prepaid Expenses
Receivables $107.1M $96.86M $71.43M
Other Receivables $5.651M $4.320M $4.700M
Total Short-Term Assets $224.5M $228.8M $220.2M
YoY Change -12.59% 3.88% 40.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.803B $1.909B $1.262B
YoY Change 62.68% 51.21% -5.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $180.3M $177.4M $157.6M
YoY Change 25.14% 12.56% -41.99%
Other Assets $7.700M $3.565M $2.925M
YoY Change 138.46% 21.88% -95.06%
Total Long-Term Assets $2.122B $2.213B $1.492B
YoY Change 59.61% 48.32% -10.76%
TOTAL ASSETS
Total Short-Term Assets $224.5M $228.8M $220.2M
Total Long-Term Assets $2.122B $2.213B $1.492B
Total Assets $2.347B $2.442B $1.712B
YoY Change 47.92% 42.6% -6.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.607M $49.09M $27.40M
YoY Change -38.41% 79.15% -8.67%
Accrued Expenses $8.393M $6.714M $9.900M
YoY Change -5.7% -32.18% -26.67%
Deferred Revenue $353.0K
YoY Change -88.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $178.7M $220.8M $61.48M
YoY Change 190.67% 259.13% 20.55%
Total Short-Term Liabilities $234.6M $280.9M $102.8M
YoY Change 115.45% 173.23% 5.24%
LONG-TERM LIABILITIES
Long-Term Debt $926.3M $887.7M $489.2M
YoY Change 95.28% 81.46% -31.74%
Other Long-Term Liabilities $2.288M $12.70M $15.99M
YoY Change -84.6% -20.55% -50.04%
Total Long-Term Liabilities $928.6M $900.4M $505.2M
YoY Change 89.81% 78.23% -32.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $234.6M $280.9M $102.8M
Total Long-Term Liabilities $928.6M $900.4M $505.2M
Total Liabilities $1.176B $1.197B $625.8M
YoY Change 91.45% 91.29% -26.06%
SHAREHOLDERS EQUITY
Retained Earnings -$409.3M -$375.3M -$159.0M
YoY Change 48.39% 136.13%
Common Stock $1.591B $1.610B $1.281B
YoY Change 24.28% 25.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.170B $1.215B $1.087B
YoY Change
Total Liabilities & Shareholders Equity $2.347B $2.442B $1.712B
YoY Change 47.92% 42.6% -6.35%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$33.99M -$67.35M $13.98M
YoY Change -70.92% -581.74% -226.01%
Depreciation, Depletion And Amortization $27.72M $25.81M $19.01M
YoY Change 53.15% 35.72% 0.28%
Cash From Operating Activities -$27.16M -$26.52M $71.10M
YoY Change -256.99% -137.29% -17875.0%
INVESTING ACTIVITIES
Capital Expenditures -$34.35M -$20.26M -$5.600M
YoY Change 828.38% 261.84% 24.44%
Acquisitions
YoY Change
Other Investing Activities $51.50M $157.5M $2.400M
YoY Change -23.14% 6461.17% -69.62%
Cash From Investing Activities $17.15M $137.2M -$3.200M
YoY Change -72.95% -4387.66% -194.12%
FINANCING ACTIVITIES
Cash Dividend Paid $3.000M $3.000M $1.700M
YoY Change 76.47% 76.47%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.65M -111.7M -58.60M
YoY Change 25.78% 90.55% 102.07%
NET CHANGE
Cash From Operating Activities -27.16M -26.52M 71.10M
Cash From Investing Activities 17.15M 137.2M -3.200M
Cash From Financing Activities -23.65M -111.7M -58.60M
Net Change In Cash -33.66M -973.0K 9.300M
YoY Change -154.37% -110.46% -135.77%
FREE CASH FLOW
Cash From Operating Activities -$27.16M -$26.52M $71.10M
Capital Expenditures -$34.35M -$20.26M -$5.600M
Free Cash Flow $7.191M -$6.252M $76.70M
YoY Change -65.76% -108.15% 1770.73%

Facts In Submission

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13981000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-99990000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
111359000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-67878000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13981000
us-gaap Profit Loss
ProfitLoss
-100026000
us-gaap Profit Loss
ProfitLoss
111358000
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-526000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-526000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-67352000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
13981000
us-gaap Net Income Loss
NetIncomeLoss
-99500000
us-gaap Net Income Loss
NetIncomeLoss
111358000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46903955
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27932928
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34395732
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28517037
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46903955
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28026005
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34395732
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28665961
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.44
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.90
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.90
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.44
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.88
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-67878000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13981000
us-gaap Profit Loss
ProfitLoss
-100026000
us-gaap Profit Loss
ProfitLoss
111358000
CY2021Q3 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
3180000
CY2020Q3 us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
1119000
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
13002000
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
-15049000
CY2021Q3 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-31000
CY2020Q3 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
46000
us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-16000
us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-34000
CY2021Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
229000
CY2020Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-328000
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
118000
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
249000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3440000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
745000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13136000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-14766000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-64438000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
14726000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-86890000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
96592000
CY2021Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-526000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-526000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
0
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-63912000
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14726000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-86364000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
96592000
us-gaap Profit Loss
ProfitLoss
-100026000
us-gaap Profit Loss
ProfitLoss
111358000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
59639000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56161000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3497000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
17136000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1609000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2338000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1743000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
insw Deferred Financing Costs Write Off
DeferredFinancingCostsWriteOff
0
insw Deferred Financing Costs Write Off
DeferredFinancingCostsWriteOff
13073000
us-gaap Share Based Compensation
ShareBasedCompensation
8894000
us-gaap Share Based Compensation
ShareBasedCompensation
3993000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
16573000
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
15566000
us-gaap Noncash Merger Related Costs
NoncashMergerRelatedCosts
31053000
us-gaap Noncash Merger Related Costs
NoncashMergerRelatedCosts
0
us-gaap Increase Decrease In Other Financial Instruments Used In Operating Activities
IncreaseDecreaseInOtherFinancialInstrumentsUsedInOperatingActivities
0
us-gaap Increase Decrease In Other Financial Instruments Used In Operating Activities
IncreaseDecreaseInOtherFinancialInstrumentsUsedInOperatingActivities
-1271000
insw Registration Statement Costs Write Offs Operating Activities
RegistrationStatementCostsWriteOffsOperatingActivities
694000
insw Registration Statement Costs Write Offs Operating Activities
RegistrationStatementCostsWriteOffsOperatingActivities
0
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1184000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-904000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
8585000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
2972000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1195000
insw Allocated General And Administrative Expenses Recorded As Capital Contributions
AllocatedGeneralAndAdministrativeExpensesRecordedAsCapitalContributions
6775000
insw Allocated General And Administrative Expenses Recorded As Capital Contributions
AllocatedGeneralAndAdministrativeExpensesRecordedAsCapitalContributions
8500000
insw Payments For Drydocking
PaymentsForDrydocking
23816000
insw Payments For Drydocking
PaymentsForDrydocking
15825000
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
1184000
us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
4706000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
6232000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-12414000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-856000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1622000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-9217000
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-1517000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-49033000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
198791000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
54155000
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0
insw Payment To Acquire Vessels And Vessels Improvements
PaymentToAcquireVesselsAndVesselsImprovements
44214000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
112394000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
66636000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
40000000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0
insw Repayments On Revolving Credit Facilities
RepaymentsOnRevolvingCreditFacilities
54246000
insw Payment To Acquire Vessels And Vessels Improvements
PaymentToAcquireVesselsAndVesselsImprovements
46449000
insw Proceeds From Costs Sale Of Property Plant And Equipment
ProceedsFromCostsSaleOfPropertyPlantAndEquipment
113510000
insw Proceeds From Costs Sale Of Property Plant And Equipment
ProceedsFromCostsSaleOfPropertyPlantAndEquipment
13564000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
450000
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
493000
insw Payments To Repayments From Advances To Affiliate
PaymentsToRepaymentsFromAdvancesToAffiliate
6861000
insw Payments To Repayments From Advances To Affiliate
PaymentsToRepaymentsFromAdvancesToAffiliate
-2347000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
116140000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-31031000
insw Proceeds From Repayments Of Issuance Of Long Term Debt
ProceedsFromRepaymentsOfIssuanceOfLongTermDebt
19469000
insw Proceeds From Repayments Of Issuance Of Long Term Debt
ProceedsFromRepaymentsOfIssuanceOfLongTermDebt
362989000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
422699000
insw Payment Of Premiums For Debt Extinguishment
PaymentOfPremiumsForDebtExtinguishment
0
insw Payment Of Premiums For Debt Extinguishment
PaymentOfPremiumsForDebtExtinguishment
163000
insw Repayments On Revolving Credit Facilities
RepaymentsOnRevolvingCreditFacilities
0
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
3977000
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
1331000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
29997000
us-gaap Payments Of Dividends
PaymentsOfDividends
37920000
us-gaap Payments Of Dividends
PaymentsOfDividends
5091000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1125000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1272000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-149000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-150193000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-164349000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-83086000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3411000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
215677000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
150243000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
132591000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
153654000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
972042000
us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
389734000
us-gaap Profit Loss
ProfitLoss
-100026000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13136000
us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
37924000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
1125000
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
928000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1244731000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1022293000
us-gaap Profit Loss
ProfitLoss
111358000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-14766000
us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
5091000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
1272000
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
793000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
29997000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1086518000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
947454000
CY2021Q3 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
389734000
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-67878000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3440000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
34555000
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
95000
CY2021Q3 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
317000
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1244731000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1072053000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13981000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
745000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
1679000
CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
72000
CY2020Q3 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
285000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1086518000
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
50674393
CY2021Q3 insw Asset Acquisition Special Dividends
AssetAcquisitionSpecialDividends
31500000
CY2021Q3 insw Asset Acquisition Special Dividends Per Share Costs
AssetAcquisitionSpecialDividendsPerShareCosts
1.12
insw Number Of Representatives In Board Of Directors Of Combined Company
NumberOfRepresentativesInBoardOfDirectorsOfCombinedCompany
10
CY2021Q3 insw Number Of Additional Directors Designated By Company
NumberOfAdditionalDirectorsDesignatedByCompany
6
CY2021Q3 insw Number Of Additional Directors Designated By Counterparty
NumberOfAdditionalDirectorsDesignatedByCounterparty
3
CY2021Q3 insw Number Of Additional Directors Designated By Counterparty
NumberOfAdditionalDirectorsDesignatedByCounterparty
3
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Accelerated Vesting Number
SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber
5035
CY2021Q3 insw Number Of Additional Directors Designated By Counterparty
NumberOfAdditionalDirectorsDesignatedByCounterparty
3
CY2021Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
800000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
23700000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Concentration of Credit Risk</i> <b style="font-weight:bold;">— </b>The allowance for credit losses is recognized as an allowance or contra-asset and reflects our best estimate of probable losses inherent in the voyage receivables balance. Activity for allowance for credit losses is summarized as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:77.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:middle;width:18.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:77.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">(Dollars in thousands)</i></p></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;width:18.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Allowance for Credit Losses - <br/>Voyage Receivables</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:77.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at December 31, 2020</p></td><td style="background-color:#cceeff;vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 55</p></td></tr><tr><td style="vertical-align:middle;width:77.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Reversal of expected credit losses</p></td><td style="vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (19)</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:77.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Write-offs charged against the allowance</p></td><td style="background-color:#cceeff;vertical-align:middle;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:middle;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:18.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (3)</p></td></tr><tr><td style="vertical-align:middle;width:77.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at September 30, 2021</p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:1.86%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:middle;white-space:nowrap;width:18.34%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 33</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We are also exposed to credit losses from off-balance sheet exposures related to guarantees of joint venture debt. See Note 7, “Equity Method Investments,” for more information on these off-balance sheet exposures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">During the three and nine months ended September 30, 2021 and 2020, the Company did not have any individual customers who accounted for 10% or more of its revenues apart from the pools in which it participates. The pools in which the Company participates accounted in aggregate for 87% and 88% of consolidated voyage receivables at September 30, 2021 and December 31, 2020, respectively.</p>
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us-gaap Amortization Of Financing Costs
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CY2021Q3 us-gaap Amortization Of Intangible Assets
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13955000
insw Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-99648000
insw Net Income Loss Available To Common Stockholders Basic And Diluted
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111176000
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142000
CY2020Q3 insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
26000
insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
148000
insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Depreciation Depletion And Amortization
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insw Voyage Expenses
VoyageExpenses
15021000
insw Voyage Expenses
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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16314000
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Assets
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us-gaap Interest Expense Debt
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DividendsPayableDateDeclaredDayMonthAndYear
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CY2021Q3 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
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us-gaap Stock Repurchased And Retired During Period Shares
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CY2020Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2021Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2020Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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10080000
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CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6714000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8867000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13113000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10253000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
19827000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
19120000
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0613
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0721

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