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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of other financial instruments measured at fair value on a recurring basis
The following tables provide additional information relating to those financial instruments measured at fair value on a recurring basis (in thousands): 
 
Fair Value Measurements at
March 31, 2018 Using
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Valuation
Approach
Assets:
 
 
 
 
 
 
 
 
 
Note receivable
$

 
$
2,000

 
$

 
$
2,000

 
 
Interest rate swaps

 
1,502

 

 
1,502

 
(c)
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts

 
13,997

 

 
13,997

 
(c)
Total liability
$

 
$
10,495

 
$

 
$
10,495

 
 
 
 
Fair Value Measurements at
December 31, 2017 Using
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Valuation
Approach
Assets:
 
 
 
 
 
 
 
 
 
Note receivable
$

 
$
3,758

 
$

 
$
3,758

 
 
Interest rate swaps

 
966

 

 
$
966

 
(c)
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts

 
12,467

 

 
12,467

 
(c)
Total net liability
$

 
$
7,743

 
$

 
$
7,743

 
 
Schedule of principal amount and estimated fair value of long-term debt
The principal amount and estimated fair value of our long-term debt are as follows (in thousands): 
 
March 31, 2018
 
December 31, 2017
 
Principal Amount (1)
 
Fair
Value (2) (3)
 
Principal Amount (1)
 
Fair
Value (2) (3)
 
 
 
 
 
 
 
 
Term Loan (matures June 2020)
$
36,032

 
$
36,437

 
$
97,500

 
$
98,231

Nordea Q5000 Loan (matures April 2020)
151,785

 
152,164

 
160,714

 
160,111

MARAD Debt (matures February 2027)
73,774

 
80,135

 
77,000

 
82,058

2022 Notes (mature May 2022)
125,000

 
119,531

 
125,000

 
124,219

2023 Notes (mature September 2023)
125,000

 
126,094

 

 

2032 Notes (to be redeemed May 2018)
809

 
809

 
60,115

 
60,040

Total debt
$
512,400

 
$
515,170

 
$
520,329

 
$
524,659


(1)
Principal amount includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt.
(2)
The estimated fair value of the 2022 Notes and the 2023 Notes was determined using Level 1 inputs under the market approach. The fair value of the Term Loan, the Nordea Q5000 Loan and the MARAD Debt was estimated using Level 2 fair value inputs under the market approach, which 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.
(3)
The principal amount and fair value of the convertible notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity.