Segment Information
 12 Months Ended
Dec. 31, 2020
SEGMENT INFORMATION [Abstract]  
SEGMENT INFORMATION

NOTE 19: SEGMENT INFORMATION

The Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers from November 30, 2018 (date of obtaining control) and ceased to be a reportable segment on August 30, 2019 (date of loss of control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.

The Company measures segment performance based on net (loss)/income attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:

 

  

Dry Bulk Vessel

Operations

for the

Year Ended

December 31,

2020

 

  

Logistics Business

for the

Year Ended

December 31,

2020

 

  

Total

for the

Year Ended

December 31,

2020

 

Revenue

  

$

200,794

 

  

$

215,924

 

  

$

416,718

 

Interest income

  

 

48

 

  

 

209

 

  

 

257

 

Interest expense and financing cost

  

 

(88,237)

 

  

 

(48,322)

 

  

 

(136,559)

 

Depreciation and amortization

  

 

(42,076)

 

  

 

(28,939)

 

  

 

(71,015)

 

Equity in net losses of affiliate companies

  

 

(1,293)

 

  

 

—

 

  

 

(1,293)

 

Net loss attributable to Navios Holdings common stockholders

  

 

(192,207)

 

  

 

(754)

 

  

 

(192,961)

 

Total assets

  

 

1,316,936

 

  

 

654,389

 

  

 

1,971,325

 

Goodwill

  

 

56,240

 

  

 

104,096

 

  

 

160,336

 

Capital expenditures

  

 

(99,068)

 

  

 

(8,441)

 

  

 

(107,509)

 

Investment in affiliate companies

  

 

56,988

 

  

 

—

 

  

 

56,988

 

Cash and cash equivalents

  

 

20,011

 

  

 

74,870

 

  

 

94,881

 

Restricted cash

  

 

16,303

 

  

 

—

 

  

 

  

16,303

 

Long-term debt, net (including current and noncurrent portion)

  

$

1,043,839

 

  

$

540,590

 

  

 

  

1,584,429

 

 

 

  

Dry Bulk Vessel

Operations

for the

Year Ended

December 31,

2019

 

  

Logistics Business

for the

Year Ended

December 31,

2019

 

  

Total

for the

Year Ended

December 31,

2019

 

Revenue

  

$

254,178

 

  

$

228,271

 

  

$

482,449

 

Administrative fee revenue from affiliate companies

  

 

16,991

 

  

 

—

 

  

 

16,991

 

Interest income

  

 

9,610

 

  

 

1,052

 

  

 

10,662

 

Interest expense and financing cost

  

 

(92,948)

 

  

 

(40,531)

 

  

 

(133,479)

 

Depreciation and amortization

  

 

(52,288)

 

  

 

(29,435)

 

  

 

(81,723)

 

Equity in net losses of affiliate companies

  

 

(9,185)

 

  

 

—

 

  

 

(9,185)

 

Net (loss)/ income attributable to Navios Holdings common stockholders

  

 

(209,096)

 

  

 

16,986

 

  

 

(192,110)

 

Total assets

  

 

1,511,517

 

  

 

631,338

 

  

 

2,142,855

 

Goodwill

  

 

56,240

 

  

 

104,096

 

  

 

160,336

 

Capital expenditures

  

 

(36,628)

 

  

 

(7,943)

 

  

 

(44,571)

 

Investment in affiliate companies

  

 

64,352

 

  

 

—

 

  

 

64,352

 

Cash and cash equivalents

  

 

32,386

 

  

 

45,605

 

  

 

77,991

 

Restricted cash

  

 

736

 

  

 

—

 

  

 

  

736

 

Long-term debt, net (including current and noncurrent portion)

  

$

1,048,318

 

  

$

514,929

 

  

 

  

1,563,247

 

 

 

  

Dry Bulk Vessel

Operations

for the

Year Ended

December 31,

2018

 

  

Logistics Business

for the

Year Ended

December 31,

2018

 

  

Containers Business

for the

Year Ended

December 31,

2018

 

  

Total

for the

Year Ended

December 31,

2018

 

Revenue

  

$

298,052

 

  

$

207,634

 

  

$

12,053

 

  

$

517,739

 

Administrative fee revenue from affiliate companies

  

 

28,972

 

  

 

—  

 

  

 

(579

) 

  

 

28,393

 

Interest income

  

 

8,231

 

  

 

517

 

  

 

—  

 

  

 

8,748

 

Interest expense and financing cost

  

 

(98,247

) 

  

 

(39,669

) 

  

 

(1,204

) 

  

 

(139,120

) 

Depreciation and amortization

  

 

(70,472

) 

  

 

(29,307

) 

  

 

(3,060

) 

  

 

(102,839

) 

Equity in net losses of affiliate companies

  

 

(80,205

) 

  

 

—  

 

  

 

—  

 

  

 

(80,205

) 

Net (loss)/ income attributable to Navios Holdings common stockholders

  

 

(273,125

) 

  

 

4,380

 

  

 

27

 

  

 

(268,718

) 

Total assets

  

 

1,558,581

 

  

 

677,343

 

  

 

446,572

 

  

 

2,682,496

 

Goodwill

  

 

56,240

 

  

 

104,096

 

  

 

—  

 

  

 

160,336

 

Capital expenditures

  

 

(41,003

) 

  

 

(19,879

) 

  

 

(24,763

) 

  

 

(85,645

) 

Investment in affiliate companies

  

 

91,111

 

  

 

—  

 

  

 

—  

 

  

 

91,111

 

Cash and cash equivalents

  

 

44,452

 

  

 

76,472

 

  

 

16,958

 

  

 

137,882

 

Restricted cash

  

 

10,958

 

  

 

—  

 

  

 

1,934

 

  

 

12,892

 

Long-term debt, net (including current and noncurrent portion)

  

$

1,063,762

 

  

$

530,186

 

  

$

222,059

 

  

$

1,816,007

 

 

The following table sets out the Company’s revenue by geographic region. Dry Bulk Vessel Operations (excluding administrative fee revenue from affiliate companies) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels and containership vessels operate worldwide. Logistics Business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”).

Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately.  

Revenue by Geographic Region

 

 

  

Year ended

December 31,

2020

 

  

Year ended

December 31,

2019

 

  

Year ended

December 31,

2018

 

North America

  

$

— 

 

  

$

2,259

 

  

$

4,248

 

Australia

 

 

2,055

 

 

 

— 

 

 

 

— 

 

Europe

  

 

132,582

 

  

 

179,009

 

  

 

142,688

 

Asia

  

 

63,610

 

  

 

67,468

 

  

 

135,614

 

South America

  

 

218,442

 

  

 

232,394

 

  

 

208,751

 

Other

  

 

28

 

  

 

1,319

 

  

 

26,438

 

Total

  

$

416,718

 

  

$

482,449

 

  

$

517,739

 

 

Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $627,569 and $741,347 at December 31, 2020 and 2019, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $509,283 and $536,342 (including constructions in progress of $4,046, referred to in Note 7) at December 31, 2020 and 2019, respectively.