Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following tables provide additional information relating to other financial instruments measured at fair value on a recurring basis (in thousands): 

	Fair Value Measurements at June 30, 2015 Using
	Level 1		Level 2 (1)		Level 3		Total		Valuation Technique
Assets:
Interest rate swaps	$	—	$	905	$	—	$	905	(c)
Liabilities:
Foreign exchange contracts	—		54,460		—		54,460		(c)
Interest rate swaps	—		2,440		—		2,440		(c)
Total net liability	$	—	$	55,995	$	—	$	55,995

	Fair Value Measurements at December 31, 2014 Using
	Level 1		Level 2 (1)		Level 3		Total		Valuation Technique
Assets:
Interest rate swaps	$	—	$	369	$	—	$	369	(c)
Liabilities:
Foreign exchange contracts	—		50,428		—		50,428		(c)
Interest rate swaps	—		561		—		561		(c)
Total net liability	$	—	$	50,620	$	—	$	50,620

(1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. See Note 14 for further discussion on fair value of our derivative instruments.

Fair Value Of Long-Term Debt

The fair value of our long-term debt is as follows (in thousands): 

	June 30, 2015				December 31, 2014
	Carrying Value		Fair Value (2)		Carrying Value		Fair Value (2)
Term Loan (matures June 2018)	$	270,000	$	265,106	$	277,500	$	270,563
Nordea Term Loan (matures April 2020)	250,000		242,031		—		—
MARAD Debt (matures February 2027)	92,004		103,494		94,792		104,830
2032 Notes (mature March 2032) (1)	200,000		191,624		200,000		222,900
Total debt	$	812,004	$	802,255	$	572,292	$	598,293

(1) Carrying amount excludes the related unamortized debt discount of $18.0 million at June 30, 2015 and $20.9 million at December 31, 2014.

(2) The estimated fair value of the 2032 Notes was determined using Level 1 inputs using the market approach. The fair value of the Term Loan, the Nordea Term Loan and the MARAD Debt was estimated using Level 2 fair value inputs under the market approach. The fair value of the Term Loan, the Nordea Term Loan and the MARAD Debt was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms