2023 Q1 Form 10-K Financial Statement

#000155837023002247 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q3
Revenue $287.1M $338.2M $236.8M
YoY Change 182.94% 257.2% 179.23%
Cost Of Revenue $70.27M $71.84M $65.75M
YoY Change 2.32% -6.23% -10.6%
Gross Profit $216.9M $266.3M $171.1M
YoY Change 560.97% 1374.96% 1418.52%
Gross Profit Margin 75.53% 78.76% 72.24%
Selling, General & Admin $12.36M $15.73M $14.73M
YoY Change -2.13% 26.06% 42.44%
% of Gross Profit 5.7% 5.91% 8.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.55M $28.40M $27.89M
YoY Change 9.44% 2.47% 8.06%
% of Gross Profit 13.63% 10.67% 16.3%
Operating Expenses $41.91M $44.13M $42.46M
YoY Change 5.75% 11.7% 17.66%
Operating Profit $185.3M $222.2M $128.6M
YoY Change -3392.43% -1135.63% -304.74%
Interest Expense $16.95M -$16.67M -$15.22M
YoY Change 33.02% 152.27% -243.1%
% of Operating Profit 9.15% -7.5% -11.84%
Other Income/Expense, Net $4.281M $1.926M $651.0K
YoY Change -1994.25% -130.13% -676.11%
Pretax Income $172.6M $218.5M $113.4M
YoY Change -1428.24% -760.94% -267.2%
Income Tax -$1.000K $25.00K $7.000K
% Of Pretax Income 0.0% 0.01% 0.01%
Net Earnings $172.6M $218.4M $113.4M
YoY Change -1427.84% -742.59% -268.41%
Net Earnings / Revenue 60.12% 64.59% 47.89%
Basic Earnings Per Share $3.51 $2.30
Diluted Earnings Per Share $3.47 $4.36 $2.280M
COMMON SHARES
Basic Shares Outstanding 49.12M 49.70M
Diluted Shares Outstanding 49.65M 49.74M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.2M $323.7M $254.5M
YoY Change 250.38% 230.75% 133.67%
Cash & Equivalents $156.2M $243.7M $174.5M
Short-Term Investments $105.0M $80.00M $80.00M
Other Short-Term Assets $41.09M $15.98M $16.18M
YoY Change -1.61% 35.91% 0.32%
Inventory $698.0K $531.0K $873.0K
Prepaid Expenses
Receivables $248.0M $289.8M $230.1M
Other Receivables $11.56M $12.58M $7.891M
Total Short-Term Assets $562.6M $642.6M $509.6M
YoY Change 128.25% 186.24% 122.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.776B $1.680B $1.892B
YoY Change 0.13% -6.81% -0.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $34.08M $36.41M $38.11M
YoY Change -81.42% -79.81% -78.52%
Other Assets $9.441M $9.220M $20.69M
YoY Change -21.56% 19.74% 480.25%
Total Long-Term Assets $2.009B $1.973B $1.950B
YoY Change -5.24% -7.05% -11.87%
TOTAL ASSETS
Total Short-Term Assets $562.6M $642.6M $509.6M
Total Long-Term Assets $2.009B $1.973B $1.950B
Total Assets $2.572B $2.615B $2.460B
YoY Change 8.66% 11.44% 0.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.20M $1.826M $45.59M
YoY Change -5.2% 13.63% -7.12%
Accrued Expenses $430.0K $1.596M $8.323M
YoY Change -96.01% -80.98% 23.96%
Deferred Revenue $2.962M
YoY Change 739.09%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $155.5M $162.9M $167.0M
YoY Change -12.82% -8.88% -24.38%
Total Short-Term Liabilities $227.5M $257.4M $220.9M
YoY Change -7.26% 9.71% -21.38%
LONG-TERM LIABILITIES
Long-Term Debt $777.2M $860.6M $900.5M
YoY Change -17.59% -7.09% 1.45%
Other Long-Term Liabilities $1.877M $1.875M $9.681M
YoY Change -7.22% -18.05% -23.78%
Total Long-Term Liabilities $779.0M $862.5M $910.2M
YoY Change -17.57% -7.12% 1.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $227.5M $257.4M $220.9M
Total Long-Term Liabilities $779.0M $862.5M $910.2M
Total Liabilities $1.014B $1.128B $1.131B
YoY Change -15.56% -4.15% -5.52%
SHAREHOLDERS EQUITY
Retained Earnings $52.87M -$21.45M
YoY Change -112.52% -94.76%
Common Stock $1.502B $1.502B
YoY Change -5.48% -5.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.557B $1.488B $1.329B
YoY Change
Total Liabilities & Shareholders Equity $2.572B $2.615B $2.460B
YoY Change 8.66% 11.44% 0.74%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $172.6M $218.4M $113.4M
YoY Change -1427.84% -742.59% -268.41%
Depreciation, Depletion And Amortization $29.55M $28.40M $27.89M
YoY Change 9.44% 2.47% 8.06%
Cash From Operating Activities $220.8M $181.6M $91.36M
YoY Change -1216.33% -768.65% -444.54%
INVESTING ACTIVITIES
Capital Expenditures $67.25M $28.41M -$33.97M
YoY Change 2141.53% -182.7% 67.63%
Acquisitions
YoY Change
Other Investing Activities -$4.979M $19.18M -$78.54M
YoY Change -120.98% -62.75% -149.88%
Cash From Investing Activities -$72.23M -$9.228M -$112.5M
YoY Change 393.04% -153.81% -182.0%
FINANCING ACTIVITIES
Cash Dividend Paid $98.30M $55.00M $6.000M
YoY Change 3176.67% 1733.33% 100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $137.4M
YoY Change 289.55%
Cash From Financing Activities -217.8M -104.2M -35.04M
YoY Change -2061.91% 340.45% -68.62%
NET CHANGE
Cash From Operating Activities 220.8M 181.6M 91.36M
Cash From Investing Activities -72.23M -9.228M -112.5M
Cash From Financing Activities -217.8M -104.2M -35.04M
Net Change In Cash -69.20M 68.22M -56.19M
YoY Change 196.61% -302.68% 5675.44%
FREE CASH FLOW
Cash From Operating Activities $220.8M $181.6M $91.36M
Capital Expenditures $67.25M $28.41M -$33.97M
Free Cash Flow $153.6M $153.2M $125.3M
YoY Change -774.14% 2030.32% -2104.53%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">3.<i style="font-style:italic;">    </i><i style="font-style:italic;">Concentration of credit risk</i> — The Company is subject to concentrations of credit risk principally from cash and cash equivalents and voyage receivables due from charterers and pools in which the Company participates. The Company manages its credit risk exposure through assessment of the creditworthiness of its counterparties. Cash equivalents consist primarily of time deposits, and money market funds. The Company places its cash and cash equivalents in what we believe to be credit-worthy financial institutions. The Company’s money market funds are carried at fair market value. Voyage receivables consist of (i) operating lease receivables associated with revenues from leases accounted for under ASC 842, <i style="font-style:italic;">Leases </i>(ASC 842), which are primarily </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">accrued earnings due from pools; and (ii) billed and unbilled non-operating lease receivables associated with revenues from services accounted for under ASC 606, <i style="font-style:italic;">Revenue from Contracts with Customers</i> (ASC 606), which are due within one year. The Company performs ongoing evaluations to determine customer credit and limits the amount of credit extended to customers. The Company maintains allowances for estimated credit losses and these losses have generally been within its expectations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">With respect to non-operating lease receivables, the Company recognizes as an allowance its estimate of expected credit losses in accordance with ASC 326, <i style="font-style:italic;">Financial Instruments – Credit losses</i> (ASC 326), based on troubled accounts, historical experience, other currently available evidence, and reasonable and supportable forecasts about the future. The Company makes significant judgements and assumptions to estimate its expected losses. The Company makes judgments about the creditworthiness of customers based on ongoing credit evaluations including analysis of the counterparty’s established credit rating or assessment of the counterparty’s creditworthiness based on our analysis of their financial statements when a credit rating is not available, country and political risk of the counterparty, and their business strategy. The Company manages its non-operating lease receivable portfolios using delinquency as a key credit quality indicator. The Company performs the following steps in estimating expected losses: (i) gather historical losses over five years; (ii) assume outstanding billed amounts over 180 days as additional expected losses; and (iii) make forward-looking adjustments to the expected losses to reflect future economic conditions by comparing credit default swap rates of significant customers over time. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">The allowance for credit losses reflects our best estimate of probable losses inherent in the voyage receivables balance and is recognized as an allowance or contra-asset to the voyage receivables balance. Provisions for credit losses associated with voyage receivables are included in general and administrative expenses on the consolidated statements of operations. The movement in the allowance for credit losses during the three years ended December 31, 2022 is summarized as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:96.65%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:80.6%;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:1.34%;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><td style="vertical-align:middle;white-space:nowrap;width:1.34%;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><td style="vertical-align:middle;width:16.71%;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:80.6%;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:1.34%;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:1.34%;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:16.71%;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 - Voyage Receivables</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at January 1, 2020</p></td><td style="vertical-align:bottom;width:1.34%;background:#cceeff;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:1.34%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,245</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Provision for expected credit losses</p></td><td style="vertical-align:bottom;width:1.34%;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:1.34%;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:16.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 58</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;background:#cceeff;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="vertical-align:bottom;width:1.34%;background:#cceeff;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:1.34%;background:#cceeff;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:16.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (1,119)</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Recoveries of amounts previously written off</p></td><td style="vertical-align:bottom;width:1.34%;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:1.34%;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:bottom;white-space:nowrap;width:16.71%;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;"> (129)</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;background:#cceeff;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="vertical-align:bottom;width:1.34%;background:#cceeff;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:1.34%;background:#cceeff;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:16.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 55</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;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:bottom;width:1.34%;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:1.34%;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:16.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (21)</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;background:#cceeff;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="vertical-align:bottom;width:1.34%;background:#cceeff;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:1.34%;background:#cceeff;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:bottom;white-space:nowrap;width:16.71%;background:#cceeff;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:80.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at December 31,2021</p></td><td style="vertical-align:middle;width:1.34%;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:1.34%;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:16.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 31</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Provision for expected credit losses</p></td><td style="vertical-align:middle;width:1.34%;background:#cceeff;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:1.34%;background:#cceeff;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:bottom;white-space:nowrap;width:16.71%;background:#cceeff;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 3pt 0pt 0pt;"> 230</p></td></tr><tr><td style="vertical-align:middle;width:80.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance at December 31,2022</p></td><td style="vertical-align:middle;white-space:nowrap;width:1.34%;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:1.34%;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:16.71%;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 3pt 0pt 0pt;"> 261</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;background:#ffff00;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">During the years ended December 31, 2022, 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 96% and 93% of consolidated voyage receivables at December 31, 2022 and December 31, 2021, respectively.</p>
CY2022 insw Credit Losses Historical Period
CreditLossesHistoricalPeriod
P5Y
CY2022 insw Credit Losses Outstanding Additional Period
CreditLossesOutstandingAdditionalPeriod
P180D
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1245000
CY2020 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
58000
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1119000
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
129000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
55000
CY2021 insw Reversal Provision For Loan And Lease Losses
ReversalProvisionForLoanAndLeaseLosses
21000
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
3000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
31000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-230000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
261000
CY2022 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4300000
CY2021 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
600000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
864665000
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4900000
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2200000
CY2020 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2800000
CY2022 insw Collateralized Basis Percentage Benchmark Used In Determining Borrowing Rate
CollateralizedBasisPercentageBenchmarkUsedInDeterminingBorrowingRate
1
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
110388000
CY2022 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
19647000
CY2022 insw Operating Income Loss Allocable To Segments
OperatingIncomeLossAllocableToSegments
470516000
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
714000
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
36414000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">15.<i style="font-style:italic;">  Use of estimates</i> —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, equity, revenues and expenses reported in the financial statements and accompanying notes. The most significant estimates relate to the depreciation of vessels and other property, amortization of drydocking costs, judgments involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, estimates used in assessing the recoverability of equity method investments and other long-lived assets, liabilities incurred relating to pension benefits, and income taxes. Actual results could differ from those estimates.</p>
CY2022 insw Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
387401000
CY2021 insw Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-133645000
CY2020 insw Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-5544000
CY2022 insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
490000
CY2021 insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
153000
CY2020 insw Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
13000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
387891000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-133492000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-5531000
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
463445
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
86524
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1046088
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
962205
CY2022Q4 insw Adjusted Assets
AdjustedAssets
2262644000
CY2022 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
115976000
CY2022 insw Payments For Drydocking
PaymentsForDrydocking
43327000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
272546000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
86674000
CY2021 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
9753000
CY2021 insw Operating Income Loss Allocable To Segments
OperatingIncomeLossAllocableToSegments
-37805000
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
21838000
CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
180331000
CY2021Q4 insw Adjusted Assets
AdjustedAssets
2234245000
CY2021 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
78035000
CY2021 insw Payments For Drydocking
PaymentsForDrydocking
42416000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
421648000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
74343000
CY2020 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-100087000
CY2020 insw Operating Income Loss Allocable To Segments
OperatingIncomeLossAllocableToSegments
169175000
CY2020 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4119000
CY2020Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
141924000
CY2020Q4 insw Adjusted Assets
AdjustedAssets
1366332000
CY2020 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
50049000
CY2020 insw Payments For Drydocking
PaymentsForDrydocking
25642000
CY2022 insw Voyage Expenses
VoyageExpenses
10955000
CY2021 insw Voyage Expenses
VoyageExpenses
16686000
CY2020 insw Voyage Expenses
VoyageExpenses
19643000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
864665000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
272546000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
421648000
CY2022Q4 insw Adjusted Assets
AdjustedAssets
2262644000
CY2021Q4 insw Adjusted Assets
AdjustedAssets
2234245000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
243744000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
97883000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1050000
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
80000000
CY2022Q4 us-gaap Other Assets
OtherAssets
28946000
CY2021Q4 us-gaap Other Assets
OtherAssets
13602000
CY2022Q4 us-gaap Assets
Assets
2615334000
CY2021Q4 us-gaap Assets
Assets
2346780000
CY2022Q4 insw Vessels Deferred Dry Dock And Other Property
VesselsDeferredDryDockAndOtherProperty
1869561000
CY2021Q4 insw Vessels Deferred Dry Dock And Other Property
VesselsDeferredDryDockAndOtherProperty
1907894000
CY2020Q4 insw Vessels Deferred Dry Dock And Other Property
VesselsDeferredDryDockAndOtherProperty
1144548000
CY2022 insw Number Of Vessels Used As Collateral On Debt
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CY2020Q4 insw Deferred Drydock Expenditures Net
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CY2019Q4 insw Deferred Drydock Expenditures Net
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CY2020 insw Drydock Expenditures Additions
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CY2021 insw Deferred Drydock Expenditures Net Subtotal
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CY2020 insw Deferred Drydock Expenditures Net Subtotal
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CY2021Q4 insw Accumulated Amortization Deferred Dry Docking Cost
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CY2020 insw Gain Loss On Disposal Of Assets And Other Non Cash Charges
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CY2021Q4 insw Deferred Drydock Expenditures Net
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CY2020Q4 insw Deferred Drydock Expenditures Net
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Accounts Payable Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accounts Payable And Accrued Liabilities
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CY2021Q4 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Accrued Insurance Current
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CY2021Q4 insw Accrued Vessel Expenses1
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2022Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit After Tax
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CY2022Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses Before Tax
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CY2022Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
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CY2022 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
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CY2022 insw Lease Cancellation Period Notice
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CY2022 us-gaap Revenues
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CY2021 us-gaap Revenues
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CY2020 us-gaap Revenues
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CY2021 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2022 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2020 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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CY2022Q4 us-gaap Capitalized Contract Cost Gross
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Defined Benefit Plan Interest Cost
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CY2021 us-gaap Defined Benefit Plan Interest Cost
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CY2020 us-gaap Defined Benefit Plan Interest Cost
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CY2022 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2021 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2022 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2021 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2020 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2022 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2021 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2021 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2020 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2022 insw Defined Benefit Plan Unrecognized Actuarial Losses Amortization Period
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CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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CY2021Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
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CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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1210000
CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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CY2022Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
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CY2022Q4 insw Defined Benefit Plan Expected Future Benefit Payments
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CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022 us-gaap Investment Income Interest
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CY2020 us-gaap Investment Income Interest
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CY2022 insw Other Net Actuarial Gain Loss Related To Pension
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CY2021 insw Other Net Actuarial Gain Loss Related To Pension
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CY2020 insw Other Net Actuarial Gain Loss Related To Pension
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CY2022 us-gaap Write Off Of Deferred Debt Issuance Cost
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CY2021 us-gaap Gain Loss On Repurchase Of Debt Instrument
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CY2022 us-gaap Other Nonoperating Expense
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CY2022 insw Other Other Income Expense
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CY2021 insw Other Other Income Expense
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CY2020 insw Other Other Income Expense
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262000
CY2022 us-gaap Other Nonoperating Income Expense
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CY2021 us-gaap Other Nonoperating Income Expense
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-5947000
CY2020 us-gaap Other Nonoperating Income Expense
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-12817000

Files In Submission

Name View Source Status
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insw-20221231_cal.xml Edgar Link unprocessable
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