Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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, 2021				December 31, 2020
	Principal		Fair		Principal		Fair
	Amount (1)		Value (2) (3)		Amount (1)		Value (2) (3)
Term Loan (repaid September 2021) (4)	$	—	$	—	$	29,750	$	28,969
Nordea Q5000 Loan (matured January 2021) (5)		—		—		53,572		53,598
MARAD Debt (matures February 2027)		48,850		53,115		56,410		62,318
2022 Notes (mature May 2022)		35,000		34,638		35,000		33,513
2023 Notes (mature September 2023)		30,000		29,001		30,000		28,650
2026 Notes (mature February 2026)		200,000		210,143		200,000		211,383
Total debt	$	313,850	$	326,897	$	404,732	$	418,431

(1) Principal amount includes current maturities and excludes any related unamortized debt discount and debt issuance costs. See Note 5 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, which had been accounted for in shareholders’ equity through December 31, 2020.

(4) The Term Loan was fully repaid in September 2021 concurrent with our entering into the ABL Facility (Note 5).

(5) The Nordea Q5000 Loan was fully repaid upon maturity in January 2021 (Note 5).