2024 Q2 Form 10-Q Financial Statement

#000095017024051298 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $69.87M $62.77M
YoY Change 4.45% 4.66%
Cost Of Revenue
YoY Change
Gross Profit $20.35M $14.67M
YoY Change -33.48% -35.37%
Gross Profit Margin 29.12% 23.37%
Selling, General & Admin $11.38M $12.40M
YoY Change -21.02% 0.37%
% of Gross Profit 55.91% 84.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.94M $12.88M
YoY Change -4.69% -6.39%
% of Gross Profit 63.59% 87.81%
Operating Expenses $73.83M $73.38M
YoY Change 14.86% 15.76%
Operating Profit -$3.930M -$10.61M
YoY Change -236.6% -5835.14%
Interest Expense $10.19M $10.31M
YoY Change 16.64% 17.31%
% of Operating Profit
Other Income/Expense, Net -$10.20M -$10.43M
YoY Change 14.4% 14.0%
Pretax Income -$14.13M -$21.04M
YoY Change 133.96% 134.66%
Income Tax -$682.0K $925.0K
% Of Pretax Income
Net Earnings -$12.48M -$23.07M
YoY Change 173.09% 140.58%
Net Earnings / Revenue -17.87% -36.75%
Basic Earnings Per Share -$0.45 -$0.84
Diluted Earnings Per Share -$0.45 -$0.84
COMMON SHARES
Basic Shares Outstanding 27.60M 27.18M
Diluted Shares Outstanding 27.73M 27.34M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.61M $59.59M
YoY Change -0.36% 46.89%
Cash & Equivalents $40.61M $59.59M
Short-Term Investments
Other Short-Term Assets $8.414M $6.491M
YoY Change 42.42% 2.79%
Inventory $3.117M $2.516M
Prepaid Expenses
Receivables $70.77M $58.27M
Other Receivables $6.210M $12.21M
Total Short-Term Assets $130.1M $140.1M
YoY Change 3.19% 6.46%
LONG-TERM ASSETS
Property, Plant & Equipment $583.2M $595.5M
YoY Change -8.96% -8.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $3.100M
YoY Change -21.21% -13.89%
Other Assets $1.953M $2.094M
YoY Change -8.7% 0.72%
Total Long-Term Assets $591.5M $604.8M
YoY Change -10.13% -10.0%
TOTAL ASSETS
Total Short-Term Assets $130.1M $140.1M
Total Long-Term Assets $591.5M $604.8M
Total Assets $721.6M $744.8M
YoY Change -7.99% -7.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.79M $23.45M
YoY Change -54.4% -47.0%
Accrued Expenses $16.36M $14.33M
YoY Change 18.88% -13.14%
Deferred Revenue $2.580M $2.057M
YoY Change -29.18% 38.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $28.61M $28.61M
YoY Change -55.28% -52.74%
Total Short-Term Liabilities $71.08M $74.44M
YoY Change -43.89% -41.64%
LONG-TERM LIABILITIES
Long-Term Debt $277.7M $282.0M
YoY Change 13.85% 10.82%
Other Long-Term Liabilities $1.447M $2.285M
YoY Change -33.9% 0.93%
Total Long-Term Liabilities $279.2M $284.3M
YoY Change 13.42% 10.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.08M $74.44M
Total Long-Term Liabilities $279.2M $284.3M
Total Liabilities $383.6M $396.0M
YoY Change -8.08% -8.87%
SHAREHOLDERS EQUITY
Retained Earnings -$138.0M -$125.6M
YoY Change 28.67% 22.31%
Common Stock $476.3M $474.7M
YoY Change 1.36% 1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.110M $8.071M
YoY Change 92.13% 95.95%
Treasury Stock Shares
Shareholders Equity $337.6M $348.5M
YoY Change
Total Liabilities & Shareholders Equity $721.6M $744.8M
YoY Change -7.99% -7.31%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$12.48M -$23.07M
YoY Change 173.09% 140.58%
Depreciation, Depletion And Amortization $12.94M $12.88M
YoY Change -4.69% -6.39%
Cash From Operating Activities -$12.25M -$7.169M
YoY Change -415.4% 1198.73%
INVESTING ACTIVITIES
Capital Expenditures $658.0K $3.416M
YoY Change 1780.0% 626.81%
Acquisitions
YoY Change
Other Investing Activities $86.00K $0.00
YoY Change -98.42% -100.0%
Cash From Investing Activities -$572.0K -$3.416M
YoY Change -110.61% -128.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $7.530M
YoY Change -12.52%
Cash From Financing Activities -6.479M -11.39M
YoY Change -30.93% 3.71%
NET CHANGE
Cash From Operating Activities -12.25M -7.169M
Cash From Investing Activities -572.0K -3.416M
Cash From Financing Activities -6.479M -11.39M
Net Change In Cash -19.30M -21.97M
YoY Change 18279.05% -3719.77%
FREE CASH FLOW
Cash From Operating Activities -$12.25M -$7.169M
Capital Expenditures $658.0K $3.416M
Free Cash Flow -$12.91M -$10.59M
YoY Change -435.37% 935.71%

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CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Amortization Of Financing Costs
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CY2023Q1 us-gaap Amortization Of Financing Costs
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
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CY2024Q1 us-gaap Amortization Of Debt Discount Premium
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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CY2024Q1 us-gaap Provision For Doubtful Accounts
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CY2023Q1 us-gaap Provision For Doubtful Accounts
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CY2024Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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CY2023Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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CY2024Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2024Q1 smhi Proceeds From Interest On Finance Leases
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CY2023Q1 smhi Proceeds From Interest On Finance Leases
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CY2024Q1 smhi Payments For Proceeds From Derivative Instruments Operating Activities
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CY2023Q1 smhi Payments For Proceeds From Derivative Instruments Operating Activities
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CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2024Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2024Q1 us-gaap Increase Decrease In Receivables
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CY2023Q1 us-gaap Increase Decrease In Receivables
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2024Q1 smhi Repayment Of Notes Receivable From Others
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CY2023Q1 smhi Repayment Of Notes Receivable From Others
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Repayments Of Long Term Debt
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CY2024Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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6000
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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2000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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607000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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62159000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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43652000
CY2024Q1 us-gaap Interest Paid Net
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6062000
CY2024Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1415000
CY2023 us-gaap Deferred Revenue Revenue Recognized1
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8147000
CY2024Q1 us-gaap Contract With Customer Liability
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2024Q1 us-gaap Contract With Customer Liability
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2023Q1 us-gaap Interest Paid Net
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CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
446000
CY2024Q1 smhi Increase Decrease In Capital Expenditures In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInCapitalExpendituresInAccountsPayableAndAccruedLiabilities
133000
CY2023Q1 smhi Increase Decrease In Capital Expenditures In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInCapitalExpendituresInAccountsPayableAndAccruedLiabilities
51000
CY2024Q1 smhi Recognition Of New Right Of Use Asset Operating Leases
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0
CY2023Q1 smhi Recognition Of New Right Of Use Asset Operating Leases
RecognitionOfNewRightOfUseAssetOperatingLeases
196000
CY2024Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="display:flex;margin-top:10pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:6.667%;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">BASIS OF PRESENTATION AND ACCOUNTING POLICIES</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”).</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.</span></p><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Recently Issued Accounting Standards.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose information about their effective tax rate reconciliation and information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the United States Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date is contingent on when the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company does not believe the adoption of the standard will have a material effect on the disclosures included herein.</span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Accounting Policies.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Consolidation. </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">50</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue Recognition</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">In the Company’s operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of cancellations, options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.</span></p><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in unearned revenue in the accompanying consolidated balance sheets, as of </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">March 31, 2024 and December 31, 2023 were as follows (in thousands):</span></p> <table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:67%;"></td> <td style="width:1.62%;"></td> <td style="width:1%;"></td> <td style="width:12.88%;"></td> <td style="width:1%;"></td> <td style="width:1.62%;"></td> <td style="width:1%;"></td> <td style="width:12.88%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2024</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Balance at beginning of period</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">687</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,333</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:top;"><p style="margin-left:10pt;text-indent:0;font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Unearned revenues during the period</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,785</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">6,501</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:top;"><p style="margin-left:10pt;text-indent:0;font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Revenues recognized during the period</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,415</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">8,147</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Balance at end of period</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,057</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">687</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">As of March 31, 2024 and December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, the Company had unearned revenue of $</span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2.1</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.7</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> million, respectively, primarily related to mobilization of vessels.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Direct Operating Expenses.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Direct operating costs and expenses, other than leased-in equipment expense, consist primarily of costs and expenses such as: personnel; repairs and maintenance; drydocking; insurance and loss reserves; fuel, lubes and supplies; and other expenses, which include costs such as brokers’ commissions, communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, and customs and importation duties. Direct operating costs are expensed as incurred.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Cash and Cash Equivalents.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Restricted Cash. </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Restricted cash primarily relates to banking facility requirements.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Trade and Other Receivables and Allowance for Credit Losses.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Customers </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for expected credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">After </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Property and Equipment.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of the asset’s remaining useful life, typically the period until the next survey or certification date. As of March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, the estimated useful life of the Company’s new offshore support vessels was </span><span style="font-size:12pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">20</span></span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> years.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. There was </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> capitalized interest recognized during the </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Assets Held for Sale.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> As of March 31, 2024, one anchor handling towing supply vessel (“AHTS”) previously included in the Africa and Europe segment, with a carrying value of $</span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.5</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> million, was classified as assets held for sale as the Company expects to sell the vessel within one year.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Impairment of Long-Lived Assets.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">During the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, the Company did </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">t record </span><span style="font-size:12pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_0549f52a-a123-4280-904e-8a2acee4e495;"><span style="-sec-ix-hidden:F_59c32ec5-715a-4307-af1f-9f7ab40b26e0;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">impairment</span></span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> charges on any owned or leased-in vessels. Impairment charges are included in gains (losses) on asset dispositions and impairments in the accompanying consolidated statements of income (loss). Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">For vessel classes and individual vessels with indicators of impairment as of March 31, 2024, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Impairment of </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">50%</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> or Less Owned Companies.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, the Company did </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">t recognize any impairment charges related to its 50% or less owned companies.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Income Taxes.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> During the three months ended March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, the Company’s effective income tax rate of </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.4</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit for U.S. income tax purposes.</span></p></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:10pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Accumulated Other Comprehensive Income (Loss).</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="font-size:12pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The components of accumulated other comprehensive income were as follows (in thousands):</span></span></p><div style="font-size:9pt;font-family:Times New Roman;"> <table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:47.491%;"></td> <td style="width:1.74%;"></td> <td style="width:1%;"></td> <td style="width:13.777%;"></td> <td style="width:1%;"></td> <td style="width:1.72%;"></td> <td style="width:1%;"></td> <td style="width:13.777%;"></td> <td style="width:1%;"></td> <td style="width:1.72%;"></td> <td style="width:1%;"></td> <td style="width:13.777%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="10" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">SEACOR Marine Holdings Inc.<br/>Stockholders’ Equity</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Foreign<br/>Currency<br/>Translation<br/>Adjustments</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Derivative<br/>Gains (Losses) on<br/>Cash Flow<br/>Hedges, net</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Total Other<br/>Comprehensive<br/>Income</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">December 31, 2023</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">7,577</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">—</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">7,577</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="text-indent:10pt;white-space:pre-wrap;vertical-align:top;"><p style="margin-left:10pt;text-indent:0;font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Other comprehensive loss</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">71</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">—</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">71</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:top;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Balance as of March 31, 2024</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">7,506</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">—</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">$</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">7,506</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #ffffff03;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> </tr> </table></div></div><div style="font-size:12pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Earnings</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> (</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Loss) Per Share.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> Basic earnings/loss per share of Common Stock of SEACOR Marine is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $</span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.01</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the New Convertible Notes unless anti-dilutive.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">, diluted loss per share of Common Stock excluded </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,978,724</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> shares of Common Stock issuable upon conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">In addition, for the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> diluted loss per share of Common Stock excluded </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,378,797</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,672,932</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> shares of restricted stock, respectively, and </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,016,865</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:12pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,026,031</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> shares of Common Stock, respectively, issuable upon exercise of outstanding stock options, as the effect of their inclusion in the computation would be anti-dilutive.</span></p></div>
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:6.667%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.</span></p>
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
687000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2333000
CY2024Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
2785000
CY2023 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
6501000
CY2024Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P20Y
CY2024Q1 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
0
CY2023Q1 us-gaap Interest Costs Incurred Capitalized
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CY2024Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2024Q1 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2023Q1 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.044
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2024Q1 smhi Number Of Equipment Acquired
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CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2023Q4 us-gaap Long Term Debt Current
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CY2024Q1 us-gaap Debt Instrument Unamortized Discount
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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CY2024Q1 us-gaap Deferred Finance Costs Noncurrent Net
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LongTermDebtNoncurrent
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CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
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400000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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27000
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
400000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
341000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2024Q1 smhi Lessee Operating Lease Liability Payment Due After Year Four
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2872000
CY2024Q1 smhi Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6150000
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
33000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1475000
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
33000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
33000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3390000
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
0
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
394000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
546000
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
10000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
160000
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
72000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
87000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
174000
CY2024Q1 us-gaap Lease Cost
LeaseCost
491000
CY2023Q1 us-gaap Lease Cost
LeaseCost
952000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
519000
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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0
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CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.04
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.199
CY2024Q1 smhi Effective Income Tax Rate Reconciliation Executive Compensation
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0.059
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.004
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.044
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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12500000
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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7300000
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
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5200000
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
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9200000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q1 smhi Cost Of Goods And Services Sold And Adjustment
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CY2024Q1 us-gaap Gross Profit
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CY2024Q1 smhi Lease Expense
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25280000
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CY2024Q1 us-gaap Operating Income Loss
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CY2024Q1 smhi Property Plant And Equipment Excluding Construction In Progress
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CY2024Q1 smhi Assets Excluding Corporate Assets
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CY2023Q1 smhi Cost Of Goods And Services Sold And Adjustment
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CY2023Q1 smhi General And Administrative Expense Including Short Term Lease Expense
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CY2023Q1 us-gaap Operating Income Loss
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q1 smhi Property Plant And Equipment Excluding Construction In Progress
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CY2023Q1 smhi Assets Excluding Corporate Assets
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CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
3600000
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1100000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
500000

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