Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of financial instruments measured at fair value on a recurring basis

As of September 30, 2020, there were no financial instruments measured at fair value on a recurring basis. The following table provides additional information relating to financial instruments measured at fair value on a recurring basis as of December 31, 2019 (in thousands):.



	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

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, 2020						December 31, 2019
	Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}		Principal Amount ⁽¹⁾		Fair Value ^{(2) (3)}

Term Loan (matures December 2021)	$	30,625	$	30,051	$	33,250	$	32,959
Nordea Q5000 Loan (matures January 2021) ⁽⁴⁾	62,500		62,656		89,286		89,398
MARAD Debt (matures February 2027)	56,410		62,551		63,610		68,643
2022 Notes (mature May 2022)	35,000		33,075		125,000		134,225
2023 Notes (mature September 2023)	30,000		27,300		125,000		162,188
2026 Notes (mature February 2026)	200,000		160,626		—		—
Total debt	$	414,535	$	376,259	$	436,146	$	487,413

(1)Principal amount includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 7 for additional disclosures on our long-term debt.

(2)The estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 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 estimated fair value of the 2022 Notes, the 2023 Notes and the 2026 Notes are for the entire instrument inclusive of the conversion feature reported in shareholders’ equity.

(4)The maturity date of the Nordea Q5000 Loan was extended from April 2020 to January 2021 as a result of an amendment to the Nordea Credit Agreement in March 2020 (Note 7).