Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

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 September 30, 2018 Using
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Interest rate swaps	$	—	$	1,535	$	—	$	1,535	(c)

Liabilities:
Foreign exchange contracts	—		10,982		—		10,982		(c)
Total net liability	$	—	$	9,447	$	—	$	9,447



	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):



	September 30, 2018				December 31, 2017
	Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}		Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}

Term Loan (matures June 2020)	$	34,629	$	34,802	$	97,500	$	98,231
Nordea Q5000 Loan (matures April 2020)	133,928		133,510		160,714		160,111
MARAD Debt (matures February 2027)	70,468		74,108		77,000		82,058
2022 Notes (mature May 2022)	125,000		133,281		125,000		124,219
2023 Notes (mature September 2023)	125,000		162,031		—		—
2032 Notes (redeemed May 2018)	—		—		60,115		60,040
Total debt	$	489,025	$	537,732	$	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, the 2023 Notes and the 2032 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.