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 at June 30, 2019 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Valuation Approach | Assets: | | | | | | | | | | Interest rate swaps | $ | — |
| | $ | 253 |
| | $ | — |
| | $ | 253 |
| | (c) | | | | | | | | | | | Liabilities: | | | | | | | | | | Foreign exchange contracts — hedging instruments | — |
| | 2,006 |
| | — |
| | 2,006 |
| | (c) | Foreign exchange contracts — non-hedging instruments | — |
| | 2,245 |
| | — |
| | 2,245 |
| | (c) | Total net liability | $ | — |
| | $ | 3,998 |
| | $ | — |
| | $ | 3,998 |
| | |
| | | | | | | | | | | | | | | | | | | | Fair Value at December 31, 2018 | | | | 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): | | | | | | | | | | | | | | | | | | June 30, 2019 | | December 31, 2018 | | Principal Amount (1) | | Fair Value (2) (3) | | Principal Amount (1) | | Fair Value (2) (3) | | | | | | | | | Term Loan (previously scheduled to mature June 2020) | $ | — |
| | $ | — |
| | $ | 33,693 |
| | $ | 33,314 |
| Term Loan (matures December 2021) | 35,000 |
| | 35,000 |
| | — |
| | — |
| Nordea Q5000 Loan (matures April 2020) | 107,143 |
| | 107,277 |
| | 125,000 |
| | 122,500 |
| MARAD Debt (matures February 2027) | 67,081 |
| | 72,955 |
| | 70,468 |
| | 74,406 |
| 2022 Notes (mature May 2022) | 125,000 |
| | 126,250 |
| | 125,000 |
| | 114,298 |
| 2023 Notes (mature September 2023) | 125,000 |
| | 152,656 |
| | 125,000 |
| | 114,688 |
| Total debt | $ | 459,224 |
| | $ | 494,138 |
| | $ | 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 loans, 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.
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