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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Measurements [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

December 31, 2015

 

 

 

Level 1 Inputs

 

 

Level 2 Inputs

 

 

Level 3 Inputs

 

 

Total Fair Value

Cash Equivalents (1)

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

 476 

 

$

 -

 

$

 -

 

$

 476 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities (1)

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Equity Mutual Funds

 

 

 18,379 

 

 

 -

 

 

 -

 

 

 18,379 

International Equity Mutual Funds

 

 

 6,086 

 

 

 -

 

 

 -

 

 

 6,086 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income (1)

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Fixed Income Funds

 

 

 10,177 

 

 

 -

 

 

 -

 

 

 10,177 

 

 

 

 

 

 

 

 

 

 

 

 

 

Embedded Derivative (2)

 

 

 -

 

 

 -

 

 

 (1,161)

 

 

 (1,161)

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

December 31, 2014

 

 

 

Level 1 Inputs

 

 

Level 2 Inputs

 

 

Level 3 Inputs

 

 

Total Fair Value

Cash Equivalents (1)

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds

 

$

 464 

 

$

 -

 

$

 -

 

$

 464 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities (1)

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Equity Mutual Funds

 

 

 21,255 

 

 

 -

 

 

 -

 

 

 21,255 

International Equity Mutual Funds

 

 

 4,222 

 

 

 -

 

 

 -

 

 

 4,222 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Income (1)

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Fixed Income Funds

 

 

 9,831 

 

 

 -

 

 

 -

 

 

 9,831 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Liabilities (3)

 

 

 -

 

 

 (7,348)

 

 

 -

 

 

 (7,348)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Relates to assets held under our Retirement Plan - see Note N - Employee Benefit Plans.

(2) Relates to penalties on our preferred stock dividends during 2015 - see Note O – Derivative Instruments and Note T - Capital Stock.

(3) Relates to our interest rate swap and foreign exchange contracts - see Note O - Derivative Instruments.

 

Fair Value Measurements Used in Testing Impairment of Long-lived Assets and Goodwill

(All Amounts in Thousands)

 

 

December 31,

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

2015

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Losses

Assets Held for Sale (1)

 

$

 51,846 

 

$

 -

 

$

 -

 

$

 51,846 

 

$

 (94,241)

Vessels, Property, and Other Equipment, net (2)

 

 

 62,645 

 

 

 -

 

 

 -

 

 

62,645

 

 

 (22,675)

Vessels, Property, and Other Equipment, net (3)

 

 

 5,822 

 

 

 -

 

 

 -

 

 

5,822

 

 

 (10,444)

Vessels, Property, and Other Equipment, net (4)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 (1,828)

Intangible Assets, net (5)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 (411)

Intangible Assets, net (6)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 (22,129)

Goodwill (7)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 (1,907)

Goodwill (8)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 (828)

Total Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 (154,463)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

December 31,

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

2014

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Losses

Assets Held for Sale (9)

 

$

 6,976 

 

$

 -

 

$

 -

 

$

6,976

 

$

 (6,584)

Assets Held for Sale (10)

 

 

 48,701 

 

 

 -

 

 

 -

 

 

48,701

 

 

 (31,629)

Total Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

 (38,213)

(1)

The loss of $94.2 million includes losses related to one PCTC, two handysize vessels, a capesize bulk carrier, a supramax bulk carrier, an ATB tug/barge unit, investments in chemical and asphalt tankers, FSI/Tower assets and the New Orleans office building, all of which were written down to their fair market value less costs to sell. The PCTC, one handysize vessel, the barge and the supramax bulk carrier were sold during the fourth quarter of 2015. The assets held for sale balance of $51.8 million represents the balance of the remaining assets.

(2)

Refers to four ATB tug/barge units and a harbor tug in the Jones Act segment.

(3)

Refers to the ice strengthened multi-purpose vessel included in the Specialty Contracts segment.

(4)

Refers to impairments related to two handysize vessels that were reclassified from assets held for sale to held in use during 2015. The Strategic Plan identified these vessels for divestiture in the fourth quarter of 2015; accordingly, we reclassified these assets back to assets held for sale as of December 31, 2015 – see (1) above.

(5)

Refers to trade names and customer relations associated with our FSI acquisition, which is held for sale.  

(6)

Refers to trade names and customer relations associated with our UOS acquisition included in the Jones Act segment.

(7)

Refers to the goodwill associated with our UOS acquisition included in the Jones Act segment.

(8)

Refers to the goodwill associated with our FSI acquisition, which is held for sale.

(9)

The loss of $6.6 million is related to an ATB tug/barge unit, which was written down to its fair market value less costs to sell. The assets held for sale balance of $7.0 million consists of the ATB tug/barge unit of $6.4 million and $0.6 million of inventory associated with three handysize vessels that were held for sale.

(10)

The loss of $31.6 million includes the loss related to three handysize vessels of approximately $28.3 million and a tanker of approximately $3.3 million that were written down to their fair market value less costs to sell. The tanker was sold during the fourth quarter of 2014. The assets held for sale balance of $48.7 million represents the three handysize vessels and their related equipment.