Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 at December 31, 2019								Valuation Approach
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Interest rate swaps	$	—	$	44	$	—	$	44	(c)

Liabilities:
Foreign exchange contracts — hedging instruments	—		401		—		401		(c)
Foreign exchange contracts — non-hedging instruments	—		601		—		601		(c)
Total net liability	$	—	$	958	$	—	$	958



	Fair Value at December 31, 2018								Valuation Approach
	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):



	December 31,
	2019				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)	33,250		32,959		—		—
Nordea Q5000 Loan (matures April 2020)	89,286		89,398		125,000		122,500
MARAD Debt (matures February 2027)	63,610		68,643		70,468		74,406
2022 Notes (mature May 2022)	125,000		134,225		125,000		114,298
2023 Notes (mature September 2023)	125,000		162,188		125,000		114,688
Total debt	$	436,146	$	487,413	$	479,161	$	459,206


(1)	Principal amount includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 8 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 estimated fair value of the 2022 Notes and the 2023 Notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity.