Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of 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, 2019 Using
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Interest rate swaps	$	—	$	717	$	—	$	717	(c)

Liabilities:
Foreign exchange contracts — hedging instruments	—		4,167		—		4,167		(c)
Foreign exchange contracts — non-hedging instruments	—		3,156		—		3,156		(c)
Total net liability	$	—	$	6,606	$	—	$	6,606



	Fair Value Measurements at December 31, 2018 Using
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Interest rate swaps	$	—	$	1,064	$	—	$	1,064	(c)

Liabilities:
Foreign exchange contracts — hedging instruments	—		6,211		—		6,211		(c)
Foreign exchange contracts — non-hedging instruments	—		3,984		—		3,984		(c)
Total net liability	$	—	$	9,131	$	—	$	9,131

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, 2019				December 31, 2018
	Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}		Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}

Term Loan (matures June 2020)	$	32,757	$	32,716	$	33,693	$	33,314
Nordea Q5000 Loan (matures April 2020)	116,071		115,200		125,000		122,500
MARAD Debt (matures February 2027)	67,081		70,997		70,468		74,406
2022 Notes (mature May 2022)	125,000		123,438		125,000		114,298
2023 Notes (mature September 2023)	125,000		141,250		125,000		114,688
Total debt	$	465,909	$	483,601	$	479,161	$	459,206


(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 fair value 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 2022 Notes and the 2023 Notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity.