Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | HORNBECK OFFSHORE SERVICES INC /LA | |
Entity Central Index Key | 1,131,227 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | HOS | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 36,187,383 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 255,841 | $ 259,801 |
Accounts receivable, net of allowance for doubtful accounts of $2,774 and $2,877, respectively | 65,991 | 91,202 |
Other current assets | 16,180 | 13,033 |
Total current assets | 338,012 | 364,036 |
Property, plant and equipment, net | 2,596,303 | 2,574,661 |
Deferred charges, net | 29,503 | 35,273 |
Other assets | 10,364 | 10,446 |
Total assets | 2,974,182 | 2,984,416 |
Current liabilities: | ||
Accounts payable | 29,122 | 35,916 |
Accrued interest | 13,550 | 14,795 |
Accrued payroll and benefits | 8,482 | 11,222 |
Deferred revenue | 899 | 5,734 |
Other accrued liabilities | 21,321 | 17,878 |
Total current liabilities | 73,374 | 85,545 |
Long-term debt, net of original issue discount of $39,034 and $41,600 and deferred financing costs of $12,395 and $13,119, respectively | 1,073,571 | 1,070,281 |
Deferred tax liabilities, net | 378,782 | 381,619 |
Other liabilities | 1,212 | 808 |
Total liabilities | 1,526,939 | 1,538,253 |
Stockholders’ equity: | ||
Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock: $0.01 par value; 100,000 shares authorized; 36,165 and 35,985 shares issued and outstanding, respectively | 362 | 360 |
Additional paid-in-capital | 746,472 | 748,041 |
Retained earnings | 694,324 | 701,838 |
Accumulated other comprehensive income (loss) | 6,085 | (4,076) |
Total stockholders’ equity | 1,447,243 | 1,446,163 |
Total liabilities and stockholders’ equity | $ 2,974,182 | $ 2,984,416 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowance for doubtful accounts | $ 2,774,000 | $ 2,877,000 |
Debt Instrument, unamortized discount | 39,034,000 | 41,600,000 |
Deferred financing costs | $ 12,395 | $ 13,119 |
Preferred stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock issued | 36,165,000 | 35,985,000 |
Common stock outstanding | 36,165,000 | 35,985,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | Mar. 30, 2016 | Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Income Statement [Abstract] | ||||
Revenues | $ 76,820,000 | $ 134,624,000 | ||
Costs and expenses: | ||||
Operating expenses | 40,429,000 | 61,420,000 | ||
Depreciation | 22,173,000 | 19,984,000 | ||
Amortization | 6,279,000 | 7,486,000 | ||
General and administrative expenses | 8,674,000 | 11,892,000 | ||
Costs and Expenses, Total | 77,555,000 | 100,782,000 | ||
Gain (loss) on sale of assets | $ (45,000) | $ 33,100,000 | (45,000) | 33,056,000 |
Operating income (loss) | (780,000) | 66,898,000 | ||
Other income (expense): | ||||
Interest income | 377,000 | 214,000 | ||
Interest expense | (11,064,000) | (10,262,000) | ||
Other income (expense), net | 504,000 | 440,000 | ||
Nonoperating Income (Expense) | (10,183,000) | (9,608,000) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (10,963,000) | 57,290,000 | ||
Income tax expense (benefit) | (3,449,000) | 21,437,000 | ||
Net income (loss) | $ (7,514,000) | $ 35,853,000 | ||
Earnings per share: | ||||
Basic earnings (loss) per common share, Dollars per Share | $ (0.21) | $ 1.01 | ||
Diluted earnings (loss) per common share, Dollars per Share | $ (0.21) | $ 0.99 | ||
Weighted average basic shares outstanding | 36,085 | 35,630 | ||
Weighted average diluted shares outstanding | 36,085 | 36,116 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (7,514) | $ 35,853 |
Other comprehensive income: | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 10,161 | (302) |
Total comprehensive income (loss) | $ 2,647 | $ 35,551 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ (7,514,000) | $ 35,853,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 22,173,000 | 19,984,000 |
Amortization | 6,279,000 | 7,486,000 |
Stock-based compensation expense | 1,172,000 | 1,972,000 |
Provision for Doubtful Accounts | (103,000) | (660,000) |
Deferred tax expense (benefit) | (1,821,000) | 21,450,000 |
Amortization of deferred financing costs | 2,647,000 | 2,444,000 |
(Gain) loss on sale of assets | 45,000 | (33,056,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 31,458,000 | 19,704,000 |
Increase (Decrease) in Other Operating Assets | 2,794,000 | 4,422,000 |
Deferred drydocking charges | (1,207,000) | (2,553,000) |
Accounts payable | (3,369,000) | (6,767,000) |
Accrued liabilities and other liabilities | (6,468,000) | 1,403,000 |
Accrued interest | (1,245,000) | (1,400,000) |
Net Cash Provided by (Used in) Operating Activities | 39,253,000 | 61,438,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Costs incurred for OSV newbuild program | (33,660,000) | (52,617,000) |
Net proceeds from sale of assets | 420,000 | 114,000,000 |
Vessel capital expenditures | (10,348,000) | (21,843,000) |
Non-vessel capital expenditures | (266,000) | (4,388,000) |
Net cash provided by (used in) investing activities | (43,854,000) | 35,152,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Deferred financing costs | 0 | (1,953,000) |
Net cash used in financing activities | 0 | (1,953,000) |
Effects of exchange rate changes on cash | 641,000 | (302,000) |
Net increase (decrease) in cash and cash equivalents | (3,960,000) | 94,335,000 |
Cash and cash equivalents at beginning of period | 259,801,000 | 185,123,000 |
Cash and cash equivalents at end of period | 255,841,000 | 279,458,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: | ||
Cash paid for interest | 13,787,000 | 14,032,000 |
Cash paid for income taxes | $ 1,752,000 | $ 1,373,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements do not include certain information and footnote disclosures required by United States generally accepted accounting principles, or GAAP. The interim financial statements and notes are presented as permitted by instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for a fair presentation of the interim financial statements have been included and consist only of normal recurring items. The unaudited quarterly financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of Hornbeck Offshore Services, Inc. (together with its subsidiaries, the “Company”) for the year ended December 31, 2015 . The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The consolidated balance sheet at December 31, 2015 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements: Standard Description Date of Adoption Effect on the financial statements and other significant matters Standards that are not yet adopted Accounting Standards Update (ASU) No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" This standard simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, forfeitures and classification of related amounts within the statement of cash flows. Early adoption is permitted. January 1, 2017 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2016-02, "Leases" (Topic 842) This standard requires lessees to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. ASU 2016-02 requires a modified retrospective application. Early adoption is permitted. January 1, 2019 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606) This standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires retrospective application. January 1, 2018 The Company is evaluating the effect of this new standard on its financial statements and related disclosures. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings (Loss) Per Share Basic earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share was calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year plus the effect of dilutive stock options and restricted stock unit awards. Weighted average number of common shares outstanding was calculated by using the sum of the shares determined on a daily basis divided by the number of days in the period. The table below reconciles the Company’s earnings per share (in thousands, except for per share data): Three Months Ended 2016 2015 Net income (loss) $ (7,514 ) $ 35,853 Weighted average number of shares of common stock outstanding 36,085 35,630 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — 486 Weighted average number of dilutive shares of common stock outstanding 36,085 36,116 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.21 ) $ 1.01 Diluted earnings (loss) per common share $ (0.21 ) $ 0.99 (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 939 shares of common stock for the three months ended March 31, 2016 . For the three months ended March 31, 2015 , the Company had 337 anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. (2) For the three months ended March 31, 2016 and 2015 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Vessel Sales (Notes)
Vessel Sales (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Vessel Sales [Abstract] | |
Vessel Sales [Text Block] | Vessel Sales On March 30, 2016, the Company closed on the sale of its last remaining non-core conventional OSV, the Cape Breton, for cash consideration of $420,000 . The sale resulted in a pre-tax loss of approximately $45,000 ( $31,000 after-tax or $0.00 per diluted share). On February 27, 2015, the Company closed on the sale of three 250EDF class OSVs, the HOS Arrowhead, the HOS Eagleview and the HOS Westwind, which were previously chartered to the U.S. Navy, for cash consideration of $114.0 million . The sale resulted in a pre-tax gain of approximately $33.1 million ( $20.7 million after-tax or $0.57 per diluted share). These vessels are now managed by the Company for the U.S. Navy. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): March 31, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $3,714 and $3,944 $ 371,286 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,838 and $5,080 445,162 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $39,034 and $41,600 and deferred financing costs of $3,843 and $4,095 257,123 254,305 Revolving credit facility due 2020 — — $ 1,073,571 $ 1,070,281 The table below summarizes the Company's cash interest payments (in thousands): Semi-Annual Cash Interest Payment Payment Dates 5.875% senior notes due 2020 $ 11,000 April 1 and October 1 5.000% senior notes due 2021 11,300 March 1 and September 1 1.500% convertible senior notes due 2019 2,300 March 1 and September 1 As of March 31, 2016 , there were no amounts drawn or letters of credit posted under the Company’s $300.0 million revolving credit facility. As of March 31, 2016 , the Company was in compliance with all financial covenants required by its revolving credit facility and the full amount of the undrawn borrowing base under the facility was available to the Company for all permissible uses of proceeds, including working capital, if necessary. The Company estimates the fair value of its 2020 senior notes, 2021 senior notes and 2019 convertible senior notes by primarily using quoted market prices. The fair value of the Company’s revolving credit facility, when there are outstanding balances, approximates its carrying value. Given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2 of the three-level valuation hierarchy. As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): March 31, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,286 $ 225,000 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,162 263,250 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 257,123 180,465 300,000 254,305 170,340 $ 1,125,000 $ 1,073,571 $ 668,715 $ 1,125,000 $ 1,070,281 $ 736,403 Capitalized Interest During the three months ended March 31, 2016 , the Company capitalized approximately $ 5.0 million of interest costs related to the construction of vessels. During the three months ended March 31, 2015 , the Company capitalized approximately $5.8 million of interest costs related to the construction of vessels. |
Incentive Compensation
Incentive Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Compensation | Incentive Compensation Stock-Based Incentive Compensation Plan The Company’s stock-based incentive compensation plan covers a maximum of 4.95 million shares of common stock that allows the Company to grant restricted stock awards, restricted stock unit awards, or collectively restricted stock, stock options, stock appreciation rights and fully-vested common stock to employees and directors. As of March 31, 2016 , the Company has granted awards covering 4.3 million shares of common stock under such plan. During the three months ended March 31, 2016 , the Company granted cash-settled phantom restricted stock units, time-based restricted stock units and fully-vested common stock as noted in the table below. Directors Executive Officers Certain Managers Cash-settled performance-based phantom restricted stock units X Cash-settled time-based phantom restricted stock units X X Time-based restricted stock units X Fully-vested common stock X The shares to be received under the performance-based cash-settled phantom restricted stock units are calculated based on the Company's performance compared to three pre-determined criteria, as defined by the cash-settled phantom restricted stock agreements governing such awards. The actual number of shares that could be received by the award recipients can range from 0% to 150% of the awards granted depending on the Company's performance. During the three months ended March 31, 2016 , the Company granted 391,802 time-based restricted stock units, 989,674 time-based and performance based cash-settled phantom restricted stock units and 33,417 shares of fully-vested common stock. The fair value of the Company’s performance-based restricted stock units and cash-settled phantom restricted stock units, which is the stock price on the date of grant, is applied to the total shares that are expected to fully vest and is amortized over the vesting period, which is generally three years, based on the Company’s internal performance measured against the pre-determined criteria, as applicable. The compensation expense related to time-based restricted stock units and cash-settled phantom restricted stock units are amortized over a vesting period of up to three years, as applicable, and is determined based on the market price of the Company’s stock on the date of grant applied to the total shares that are expected to fully vest. In addition, all cash-settled phantom restricted stock units are re-measured quarterly and classified as a liability, due to the settlement of these awards in cash. In addition to the restricted stock units granted in 2016 , the Company granted performance-based and time-based restricted stock units and cash-settled phantom stock units in prior years. During the three months ended March 31, 2016 , the Company issued 180,314 shares, in the aggregate, of stock due to: 1) vestings of restricted stock units and 2) the issuance of fully-vested common stock. The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended 2016 2015 Income before taxes $ 1,172 $ 1,972 Net income $ 803 $ 1,234 Earnings per common share: Basic earnings per common share $ 0.02 $ 0.03 Diluted earnings per common share $ 0.02 $ 0.03 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Construction In February 2016, the Company announced plans to enhance the marketability of the four remaining 310 class MPSVs. The first two of those MPSVs, which are expected to be delivered in the second and third quarters of 2016, will be enhanced by increasing the berthing capacity, expanding the cargo-carrying capabilities and expanding the work area for ROVs. The functionality of the second two MPSVs will be increased by adding a 60-foot mid-body plug, installation of an additional crane, increasing the berthing capacity, expanding the cargo-carrying capacities and expanding the work areas for ROVs. These latter two MPSVs have been upgraded to a 400 class designation and are scheduled to be delivered in the second and fourth quarters of 2017. The aggregate cost of these four conversions will be approximately $70.0 million and will extend the deliveries by an aggregate of 730 additional vessel-days. The Company's fifth OSV newbuild program now consists of four 300 class OSVs, five 310 class OSVs, ten 320 class OSVs, three 310 class MPSVs and two 400 class MPSVs. As of March 31, 2016 , the Company had placed 20 vessels in service under such program. Based on current contracts and internal estimates, the aggregate cost of this program, excluding construction period interest, is expected to be approximately $1,335.0 million , of which $68.8 million and $35.0 million are expected to be incurred in the remainder of 2016 and 2017 , respectively. From the inception of this program through March 31, 2016 , the Company had incurred $1,231.2 million , or 92.2% , of total expected project costs. Contingencies In the normal course of its business, the Company becomes involved in various claims and legal proceedings in which monetary damages are sought. It is management's opinion that the Company's liability, if any, under such claims or proceedings would not materially affect the Company's financial position or results of operations. The Company insures against losses relating to its vessels, pollution and third party liabilities, including claims by employees under Section 33 of the Merchant Marine Act of 1920, or the Jones Act. Third party liabilities and pollution claims that relate to vessel operations are covered by the Company’s entry in a mutual protection and indemnity association, or P&I Club, as well as by marine liability policies in excess of the P&I Club’s coverage. The Company provides reserves for any individual claim deductibles for which the Company remains responsible by using an estimation process that considers Company-specific and industry data, as well as management’s experience, assumptions and consultation with outside counsel. As additional information becomes available, the Company will assess the potential liability related to its pending claims and revise its estimates. Although historically revisions to such estimates have not been material, changes in estimates of the potential liability could materially impact the Company’s results of operations, financial position or cash flows. Vessel charters with Petrobras include limitations regarding fuel consumption. Petrobras has asserted claims against the Company relating to excess fuel consumption in 2010 and 2011. The Company’s exposure for these assessments, net of amounts accrued, is in the range of approximately $0.5 million to $3.0 million . The Company disagrees with a majority of these assessments. During the second quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims. Subsequent to this ruling, Petrobras appealed this decision to another court. While the Company cannot currently estimate the amounts or timing of the resolution of these matters, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations. During 2013, the Company commenced the process of assigning the in-country vessel management services for its four vessels operating in Brazil from a third-party provider to a wholly-owned subsidiary of the Company. As a result, this assignment has been interpreted by local authorities as a new importation of these vessels resulting in an importation assessment ranging from $0.5 million to $3.5 million . The Company disagrees with this interpretation and related assessment. During the third quarter of 2015, the Brazilian court ruled in the Company's favor related to these claims and this decision has been appealed to another court. As of March 31, 2016 , these potential duties have not been assessed or recorded in its financial statements. While the Company cannot estimate the amounts or timing of the resolution of this matter, the Company believes that the outcome will not have a material impact on its liquidity or financial position, but the ultimate resolution could have a material impact on its interim or annual results of operations. During 2012, a customer, ATP Oil and Gas, Inc., initiated a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code. Pre-petition receivables from ATP were $4.8 million and the Company has recorded $0.9 million in reserves. While the Company believes that the net receivables are collectible, it will continue to monitor the proceedings, which may result in actual collections that may materially differ from the current estimate. |
Consolidating Guarantor Financi
Consolidating Guarantor Financial Information (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements [Text Block] | The following tables present the condensed consolidating historical financial statements as of March 31, 2016, as of December 31, 2015 and for the three months ended March 31, 2016, for the domestic subsidiaries of the Company that serve as guarantors of the Company's 2019 convertible senior notes, 2020 senior notes and 2021 senior notes and the financial results for the Company's subsidiaries that do not serve as guarantors. The guarantor subsidiaries of the 2019 convertible senior notes, 2020 senior notes and 2021 senior notes are 100% owned by the Company. The guarantees are full and unconditional and joint and several and prior to the fourth quarter of 2015, all of the Company's non-guarantor subsidiaries were minor as defined in the Securities and Exchange Commission regulations. The non-guarantor subsidiaries of such notes include all of the Company's foreign subsidiaries. Condensed Consolidating Balance Sheet (In thousands, except per share data) As of March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 14 $ 245,495 $ 10,332 $ — $ 255,841 Accounts receivable, net of allowance for doubtful accounts of $2,774 — 49,082 20,636 (3,727 ) 65,991 Other current assets 76 15,728 376 — 16,180 Total current assets 90 310,305 31,344 (3,727 ) 338,012 Property, plant and equipment, net — 2,478,123 118,180 — 2,596,303 Deferred charges, net 3,003 50,637 26,872 (51,009 ) 29,503 Intercompany receivable 1,087,120 172,242 63,381 (1,322,743 ) — Investment in subsidiaries 788,969 8,602 — (797,571 ) — Other assets 1,744 6,494 2,126 — 10,364 Total assets $ 1,880,926 $ 3,026,403 $ 241,903 $ (2,175,050 ) $ 2,974,182 LIABILITIES AND STOCKHOLDERS’ EQUITY — Current liabilities: — Accounts payable $ — $ 28,101 $ 6,709 $ (5,688 ) $ 29,122 Accrued interest 13,550 — — — 13,550 Accrued payroll and benefits — 8,204 278 — 8,482 Deferred revenue — 278 621 — 899 Other accrued liabilities — 15,206 6,161 (46 ) 21,321 Total current liabilities 13,550 51,789 13,769 (5,734 ) 73,374 Long-term debt, net of original issue discount of $39,034 and deferred financing costs of $12,395 1,073,571 — — — 1,073,571 Deferred tax liabilities, net — 378,782 — — 378,782 Intercompany payables (647,353 ) 1,800,378 227,321 (1,380,346 ) — Other liabilities — 1,212 — — 1,212 Total liabilities 439,768 2,232,161 241,090 (1,386,080 ) 1,526,939 Stockholders’ equity: — Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 36,165 shares issued and outstanding 362 — — — 362 Additional paid-in capital 746,473 37,978 8,602 (46,581 ) 746,472 Retained earnings 694,323 756,131 (13,741 ) (742,389 ) 694,324 Accumulated other comprehensive loss — 133 5,952 — 6,085 Total stockholders’ equity 1,441,158 794,242 813 (788,970 ) 1,447,243 Total liabilities and stockholders’ equity $ 1,880,926 $ 3,026,403 $ 241,903 $ (2,175,050 ) $ 2,974,182 Condensed Consolidating Balance Sheet (In thousands, except per share data) As of December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,963 54,416 (5,177 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 61,622 (5,177 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,362 (51,309 ) 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 7,693 $ (5,991 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Deferred revenue — 5,222 512 — 5,734 Other accrued liabilities — 11,767 6,111 — 17,878 Total current liabilities 14,795 62,147 14,594 (5,991 ) 85,545 Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119 1,070,281 — — — 1,070,281 Deferred tax liabilities, net — 381,619 — — 381,619 Intercompany payables 6,164 1,801,830 247,615 (2,055,609 ) — Other liabilities — 808 — — 808 Total liabilities 1,091,240 2,246,404 262,209 (2,061,600 ) 1,538,253 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding 360 — — — 360 Additional paid-in capital 748,043 37,978 8,602 (46,582 ) 748,041 Retained earnings 701,838 752,761 (13,870 ) (738,891 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,241 790,858 (9,463 ) (785,473 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 Condensed Consolidating Statement of Operations (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 68,063 $ 7,450 $ 1,307 $ 76,820 Costs and expenses: Operating expenses — 33,658 5,488 1,283 40,429 Depreciation — 21,284 889 — 22,173 Amortization — 5,931 348 — 6,279 General and administrative expenses 36 7,972 643 23 8,674 36 68,845 7,368 1,306 77,555 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (36 ) (827 ) 82 1 (780 ) Other income (expense): Interest income — 236 141 — 377 Interest expense (11,062 ) — (2 ) — (11,064 ) Equity in earnings of consolidated subsidiaries 3,499 — — (3,499 ) — Other income (expense), net — 270 150 84 504 (7,563 ) 506 289 (3,415 ) (10,183 ) Income (loss) before income taxes (7,599 ) (321 ) 371 (3,414 ) (10,963 ) Income tax expense (benefit) — (3,692 ) 243 — (3,449 ) Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Other comprehensive income: Foreign currency translation gain — 14 10,147 — 10,161 Total comprehensive income (loss) $ (7,599 ) $ 3,385 $ 10,275 $ (3,414 ) $ 2,647 Condensed Consolidating Statements of Cash Flows (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 4 $ 36,151 $ 3,098 $ — $ 39,253 CASH FLOWS FROM INVESTING ACTIVITIES: — Costs incurred for OSV newbuild program #5 — (33,158 ) (502 ) — (33,660 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (10,288 ) (60 ) — (10,348 ) Non-vessel capital expenditures — (295 ) 29 — (266 ) Net cash used in investing activities — (43,321 ) (533 ) — (43,854 ) Effects of exchange rate changes on cash — 14 627 — 641 Net increase (decrease) in cash and cash equivalents 4 (7,156 ) 3,192 — (3,960 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 14 $ 245,495 $ 10,332 $ — $ 255,841 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,787 $ — $ — $ — $ 13,787 Cash paid for income taxes $ — $ 248 $ 1,504 $ — $ 1,752 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The table below reconciles the Company’s earnings per share (in thousands, except for per share data): Three Months Ended 2016 2015 Net income (loss) $ (7,514 ) $ 35,853 Weighted average number of shares of common stock outstanding 36,085 35,630 Add: Net effect of dilutive stock options and unvested restricted stock (1)(2)(3) — 486 Weighted average number of dilutive shares of common stock outstanding 36,085 36,116 Earnings (loss) per common share: Basic earnings (loss) per common share $ (0.21 ) $ 1.01 Diluted earnings (loss) per common share $ (0.21 ) $ 0.99 (1) Due to a net loss, the Company excluded from the calculation of loss per share the effect of equity awards representing the rights to acquire 939 shares of common stock for the three months ended March 31, 2016 . For the three months ended March 31, 2015 , the Company had 337 anti-dilutive stock options. Stock options are anti-dilutive when the exercise price of the options is greater than the average market price of the common stock for the period or when the results from operations are a net loss. (2) For the three months ended March 31, 2016 and 2015 , the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. (3) Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instrument [Line Items] | |
Outstanding Long-Term Debt | As of the dates indicated, the Company had the following outstanding long-term debt (in thousands): March 31, December 31, 5.875% senior notes due 2020, net of deferred financing costs of $3,714 and $3,944 $ 371,286 $ 371,056 5.000% senior notes due 2021, net of deferred financing costs of $4,838 and $5,080 445,162 444,920 1.500% convertible senior notes due 2019, net of original issue discount of $39,034 and $41,600 and deferred financing costs of $3,843 and $4,095 257,123 254,305 Revolving credit facility due 2020 — — $ 1,073,571 $ 1,070,281 The table below summarizes the Company's cash interest payments (in thousands): Semi-Annual Cash Interest Payment Payment Dates 5.875% senior notes due 2020 $ 11,000 April 1 and October 1 5.000% senior notes due 2021 11,300 March 1 and September 1 1.500% convertible senior notes due 2019 2,300 March 1 and September 1 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): March 31, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,286 $ 225,000 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,162 263,250 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 257,123 180,465 300,000 254,305 170,340 $ 1,125,000 $ 1,073,571 $ 668,715 $ 1,125,000 $ 1,070,281 $ 736,403 |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Financial Impact of Stock-Based Compensation Expense Charges | The impact of stock-based compensation expense charges on the Company’s operating results are reflected in the table below (in thousands, except for per share data): Three Months Ended 2016 2015 Income before taxes $ 1,172 $ 1,972 Net income $ 803 $ 1,234 Earnings per common share: Basic earnings per common share $ 0.02 $ 0.03 Diluted earnings per common share $ 0.02 $ 0.03 |
Consolidating Guarantor Finan18
Consolidating Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet (In thousands, except per share data) As of December 31, 2015 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 10 $ 252,651 $ 7,140 $ — $ 259,801 Accounts receivable, net of allowance for doubtful accounts of $2,877 — 41,963 54,416 (5,177 ) 91,202 Other current assets 12 12,955 66 — 13,033 Total current assets 22 307,569 61,622 (5,177 ) 364,036 Property, plant and equipment, net — 2,472,367 102,294 — 2,574,661 Deferred charges, net 3,198 56,022 27,362 (51,309 ) 35,273 Intercompany receivable 1,751,046 186,054 59,413 (1,996,513 ) — Investment in subsidiaries 785,472 8,602 — (794,074 ) — Other assets 1,743 6,648 2,055 — 10,446 Total assets $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ 34,214 $ 7,693 $ (5,991 ) $ 35,916 Accrued interest 14,795 — — — 14,795 Accrued payroll and benefits — 10,944 278 — 11,222 Deferred revenue — 5,222 512 — 5,734 Other accrued liabilities — 11,767 6,111 — 17,878 Total current liabilities 14,795 62,147 14,594 (5,991 ) 85,545 Long-term debt, net of original issue discount of $41,600 and deferred financing costs of $13,119 1,070,281 — — — 1,070,281 Deferred tax liabilities, net — 381,619 — — 381,619 Intercompany payables 6,164 1,801,830 247,615 (2,055,609 ) — Other liabilities — 808 — — 808 Total liabilities 1,091,240 2,246,404 262,209 (2,061,600 ) 1,538,253 Stockholders’ equity: Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 35,985 shares issued and outstanding 360 — — — 360 Additional paid-in capital 748,043 37,978 8,602 (46,582 ) 748,041 Retained earnings 701,838 752,761 (13,870 ) (738,891 ) 701,838 Accumulated other comprehensive loss — 119 (4,195 ) — (4,076 ) Total stockholders’ equity 1,450,241 790,858 (9,463 ) (785,473 ) 1,446,163 Total liabilities and stockholders’ equity $ 2,541,481 $ 3,037,262 $ 252,746 $ (2,847,073 ) $ 2,984,416 Condensed Consolidating Balance Sheet (In thousands, except per share data) As of March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated ASSETS Current assets: Cash and cash equivalents $ 14 $ 245,495 $ 10,332 $ — $ 255,841 Accounts receivable, net of allowance for doubtful accounts of $2,774 — 49,082 20,636 (3,727 ) 65,991 Other current assets 76 15,728 376 — 16,180 Total current assets 90 310,305 31,344 (3,727 ) 338,012 Property, plant and equipment, net — 2,478,123 118,180 — 2,596,303 Deferred charges, net 3,003 50,637 26,872 (51,009 ) 29,503 Intercompany receivable 1,087,120 172,242 63,381 (1,322,743 ) — Investment in subsidiaries 788,969 8,602 — (797,571 ) — Other assets 1,744 6,494 2,126 — 10,364 Total assets $ 1,880,926 $ 3,026,403 $ 241,903 $ (2,175,050 ) $ 2,974,182 LIABILITIES AND STOCKHOLDERS’ EQUITY — Current liabilities: — Accounts payable $ — $ 28,101 $ 6,709 $ (5,688 ) $ 29,122 Accrued interest 13,550 — — — 13,550 Accrued payroll and benefits — 8,204 278 — 8,482 Deferred revenue — 278 621 — 899 Other accrued liabilities — 15,206 6,161 (46 ) 21,321 Total current liabilities 13,550 51,789 13,769 (5,734 ) 73,374 Long-term debt, net of original issue discount of $39,034 and deferred financing costs of $12,395 1,073,571 — — — 1,073,571 Deferred tax liabilities, net — 378,782 — — 378,782 Intercompany payables (647,353 ) 1,800,378 227,321 (1,380,346 ) — Other liabilities — 1,212 — — 1,212 Total liabilities 439,768 2,232,161 241,090 (1,386,080 ) 1,526,939 Stockholders’ equity: — Preferred stock: $0.01 par value; 5,000 shares authorized; no shares issued and outstanding — — — — — Common stock: $0.01 par value; 100,000 shares authorized; 36,165 shares issued and outstanding 362 — — — 362 Additional paid-in capital 746,473 37,978 8,602 (46,581 ) 746,472 Retained earnings 694,323 756,131 (13,741 ) (742,389 ) 694,324 Accumulated other comprehensive loss — 133 5,952 — 6,085 Total stockholders’ equity 1,441,158 794,242 813 (788,970 ) 1,447,243 Total liabilities and stockholders’ equity $ 1,880,926 $ 3,026,403 $ 241,903 $ (2,175,050 ) $ 2,974,182 |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Revenues $ — $ 68,063 $ 7,450 $ 1,307 $ 76,820 Costs and expenses: Operating expenses — 33,658 5,488 1,283 40,429 Depreciation — 21,284 889 — 22,173 Amortization — 5,931 348 — 6,279 General and administrative expenses 36 7,972 643 23 8,674 36 68,845 7,368 1,306 77,555 Loss on sale of assets — (45 ) — — (45 ) Operating income (loss) (36 ) (827 ) 82 1 (780 ) Other income (expense): Interest income — 236 141 — 377 Interest expense (11,062 ) — (2 ) — (11,064 ) Equity in earnings of consolidated subsidiaries 3,499 — — (3,499 ) — Other income (expense), net — 270 150 84 504 (7,563 ) 506 289 (3,415 ) (10,183 ) Income (loss) before income taxes (7,599 ) (321 ) 371 (3,414 ) (10,963 ) Income tax expense (benefit) — (3,692 ) 243 — (3,449 ) Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) |
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated Net income (loss) $ (7,599 ) $ 3,371 $ 128 $ (3,414 ) $ (7,514 ) Other comprehensive income: Foreign currency translation gain — 14 10,147 — 10,161 Total comprehensive income (loss) $ (7,599 ) $ 3,385 $ 10,275 $ (3,414 ) $ 2,647 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows (In thousands) Three Months Ended March 31, 2016 Parent Guarantor Subsidiaries Non-Guarantor Subsidiaries Consolidating Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by operating activities $ 4 $ 36,151 $ 3,098 $ — $ 39,253 CASH FLOWS FROM INVESTING ACTIVITIES: — Costs incurred for OSV newbuild program #5 — (33,158 ) (502 ) — (33,660 ) Net proceeds from sale of assets — 420 — — 420 Vessel capital expenditures — (10,288 ) (60 ) — (10,348 ) Non-vessel capital expenditures — (295 ) 29 — (266 ) Net cash used in investing activities — (43,321 ) (533 ) — (43,854 ) Effects of exchange rate changes on cash — 14 627 — 641 Net increase (decrease) in cash and cash equivalents 4 (7,156 ) 3,192 — (3,960 ) Cash and cash equivalents at beginning of period 10 252,651 7,140 — 259,801 Cash and cash equivalents at end of period $ 14 $ 245,495 $ 10,332 $ — $ 255,841 SUPPLEMENTAL DISCLOSURES OF CASH FLOW ACTIVITIES: Cash paid for interest $ 13,787 $ — $ — $ — $ 13,787 Cash paid for income taxes $ — $ 248 $ 1,504 $ — $ 1,752 |
Reconciliation of Earnings Per
Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Net income (loss) | $ (7,514) | $ 35,853 | |
Weighted average number of shares of common stock outstanding | 36,085,000 | 35,630,000 | |
Add: Net effect of dilutive stock options and unvested restricted stock | [1],[2],[3] | 0 | 486,000 |
Weighted average number of dilutive shares of common stock outstanding | 36,085,000 | 36,116,000 | |
Earnings (loss) per common share: | |||
Basic earnings (loss) per common share, Dollars per Share | $ (0.21) | $ 1.01 | |
Diluted earnings (loss) per common share, Dollars per Share | $ (0.21) | $ 0.99 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 939 | 337 | |
[1] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. | ||
[2] | Dilutive unvested restricted stock units are expected to fluctuate from quarter to quarter depending on the Company’s performance compared to a predetermined set of performance criteria. See Note 6 to these financial statements for further information regarding certain of the Company’s restricted stock grants. | ||
[3] | For the three months ended March 31, 2016 and 2015, the 2019 convertible senior notes were not dilutive, as the average price of the Company’s stock was less than the effective conversion price of such notes. It is the Company's stated intention to redeem the principal amount of its 2019 convertible senior notes in cash and the Company has used the treasury method for determining potential dilution in the diluted earnings per share computation. |
Vessel Sales (Details)
Vessel Sales (Details) | Mar. 30, 2016USD ($)Vessel$ / shares | Feb. 27, 2015USD ($)Vessel$ / shares | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) |
Vessel Sales [Abstract] | ||||
NumberofVesselsSold | Vessel | 1 | 3 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | $ 420,000 | $ 114,000,000 | ||
Gain (loss) on sale of assets | (45,000) | 33,100,000 | $ (45,000) | $ 33,056,000 |
Gain (Loss) on Disposition of Assets | $ (31,000) | $ 20,700,000 | ||
Gain (Loss) on Disposition of Assets, net of tax per share | $ / shares | $ 0 | $ 0.57 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 01, 2016 | Apr. 01, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Debt instrument, principal amount | $ 1,125,000,000 | $ 1,125,000,000 | |||
Debt, carrying value | 1,073,571,000 | 1,070,281,000 | |||
Long-term Debt, Fair Value | 668,715,000 | 736,403,000 | |||
Capitalized interest, approximate amount | 5,000,000 | $ 5,800,000 | |||
Deferred financing costs | 12,395 | 13,119 | |||
Debt Instrument, unamortized discount | 39,034,000 | 41,600,000 | |||
Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 371,286,000 | 371,056,000 | |||
Debt instrument, principal amount | 375,000,000 | 375,000,000 | |||
Long-term Debt, Fair Value | $ 225,000,000 | $ 257,813,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | 5.875% | |||
Debt Instrument Maturity Year | 2,020 | 2,020 | |||
Deferred financing costs | $ 3,714,000 | $ 3,944,000 | |||
Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 445,162,000 | 444,920,000 | |||
Debt instrument, principal amount | 450,000,000 | 450,000,000 | |||
Long-term Debt, Fair Value | $ 263,250,000 | $ 308,250,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||
Debt Instrument Maturity Year | 2,021 | 2,021 | |||
Deferred financing costs | $ 4,838,000 | $ 5,080,000 | |||
Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 257,123,000 | 254,305,000 | |||
Debt instrument, principal amount | 300,000,000 | 300,000,000 | |||
Long-term Debt, Fair Value | $ 180,465,000 | $ 170,340,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | |||
Debt Instrument Maturity Year | 2,019 | 2,019 | |||
Deferred financing costs | $ 3,843,000 | $ 4,095,000 | |||
Debt Instrument, unamortized discount | 39,034,000 | 41,600,000 | |||
Undrawn senior secured revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 300,000,000 | ||||
Revolving Credit Facility Maturing Twenty Twenty [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit | $ 0 | $ 0 | |||
Debt Instrument Maturity Year | 2,020 | 2,020 | |||
Subsequent Event [Member] | Senior Notes 5.875 Percent Due 2020 | |||||
Debt Instrument [Line Items] | |||||
Semi-Annual Cash Interest Payment | $ 11,000,000 | ||||
Subsequent Event [Member] | Senior Notes 5.000 Percent Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Semi-Annual Cash Interest Payment | $ 11,300,000 | ||||
Subsequent Event [Member] | Convertible 1.500 Percent Senior Notes Due 2019 | |||||
Debt Instrument [Line Items] | |||||
Semi-Annual Cash Interest Payment | $ 2,300,000 |
Long-Term Debt Cash Interest Pa
Long-Term Debt Cash Interest Payments on Long-Term Debt (Details) - Subsequent Event [Member] - USD ($) $ in Thousands | Sep. 01, 2016 | Apr. 01, 2016 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,000 | |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 11,300 | |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Semi-Annual Cash Interest Payment | $ 2,300 |
Outstanding Long-Term Debt (Det
Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,073,571 | $ 1,070,281 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | As of the dates indicated below, the Company had the following face values, carrying values and fair values (in thousands): March 31, 2016 December 31, 2015 Face Value Carrying Value Fair Value Face Value Carrying Value Fair Value 5.875% senior notes due 2020 $ 375,000 $ 371,286 $ 225,000 $ 375,000 $ 371,056 $ 257,813 5.000% senior notes due 2021 450,000 445,162 263,250 450,000 444,920 308,250 1.500% convertible senior notes due 2019 300,000 257,123 180,465 300,000 254,305 170,340 $ 1,125,000 $ 1,073,571 $ 668,715 $ 1,125,000 $ 1,070,281 $ 736,403 | |
Debt Instrument, Face Amount | $ 1,125,000 | 1,125,000 |
Long-term Debt, Fair Value | 668,715 | 736,403 |
Debt Instrument, unamortized discount | 39,034 | 41,600 |
Senior Notes 5.875 Percent Due 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 375,000 | 375,000 |
Senior Notes | 371,286 | 371,056 |
Long-term Debt, Fair Value | $ 225,000 | $ 257,813 |
Interest Rate | 5.875% | 5.875% |
Maturity | 2,020 | 2,020 |
Senior Notes 5.000 Percent Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 450,000 | $ 450,000 |
Senior Notes | 445,162 | 444,920 |
Long-term Debt, Fair Value | $ 263,250 | $ 308,250 |
Interest Rate | 5.00% | 5.00% |
Maturity | 2,021 | 2,021 |
Convertible 1.500 Percent Senior Notes Due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 300,000 | $ 300,000 |
Senior Notes | 257,123 | 254,305 |
Long-term Debt, Fair Value | $ 180,465 | $ 170,340 |
Interest Rate | 1.50% | 1.50% |
Maturity | 2,019 | 2,019 |
Debt Instrument, unamortized discount | $ 39,034 | $ 41,600 |
Revolving Credit Facility Due 2020 | ||
Debt Instrument [Line Items] | ||
Revolving credit facility due 2020 | $ 0 | $ 0 |
Maturity | 2,020 | 2,020 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based compensation arrangements by share based payment award equity instruments granted | 4,300,507 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 391,802 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 180,314 |
Performance Based Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Time Based Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period (in years) | 3 years |
Cash Settled Restricted Stock Units [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 989,674 |
Fully-VestedCommonStock [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards granted in period | 33,417 |
Amended Maximum number of shares available [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-based incentive compensation plan, maximum number of shares covered | 4,950,000 |
Performance Shares [Member] | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 0.00% |
Performance Shares [Member] | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share awards depending on the performance goals | 150.00% |
Financial Impact of Stock-Based
Financial Impact of Stock-Based Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Income before taxes | $ 1,172 | $ 1,972 |
Net income | $ 803 | $ 1,234 |
Earnings per share: | ||
Basic earnings per common share, dollars per share | $ 0.02 | $ 0.03 |
Diluted earnings per common share, dollars per share | $ 0.02 | $ 0.03 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Feb. 17, 2016Vessel | Nov. 30, 2011Program | Mar. 31, 2016USD ($)Vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2013Vessel |
Gain Contingencies [Line Items] | ||||||
Additional Conversion Days | 730 | |||||
Unfavorable Regulatory Action | Brazil | ||||||
Gain Contingencies [Line Items] | ||||||
Number of Vessels operating in Brazil | Vessel | 4 | |||||
Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
IncreaseInConstructionCost | $ 70 | |||||
Aggregate cost of OSV newbuild program excluding construction period interest | 1,335 | |||||
Cost incurred on OSV newbuild program | $ 1,231.2 | |||||
Percentage of total project cost | 92.20% | |||||
Number Of Ship Construction Programs | Program | 5 | |||||
Number of Vessels Placed in Service | Vessel | 20 | |||||
Multi Purpose Supply Vessel [Member] | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 4 | |||||
Offshore Supply Vessel Class 300 | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 4 | |||||
Offshore Supply Vessel Class 310 | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 5 | |||||
Offshore Supply Vessel Class 320 | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 10 | |||||
Multi Purpose Supply Vessel Class 310 Vessel | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 2 | 3 | ||||
Number of Vessels Placed in Service | Vessel | 20 | |||||
Multi Purpose Supply Vessel Class Four Hundred [Member] | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Number of vessels to be constructed | Vessel | 2 | 2 | ||||
Subsequent Event [Member] | Newbuild program #5 | ||||||
Gain Contingencies [Line Items] | ||||||
Estimated Construction Cost, Remainder of Fiscal Year Three | $ 68.8 | |||||
Estimated Construction Cost, Year Four | $ 35 | |||||
Minimum | Unfavorable Regulatory Action | Brazil | ||||||
Gain Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 0.5 | |||||
Maximum | Unfavorable Regulatory Action | Brazil | ||||||
Gain Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 3.5 | |||||
Petrobas [Member] | Minimum | Brazil | ||||||
Gain Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 0.5 | |||||
Petrobas [Member] | Maximum | Brazil | ||||||
Gain Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 3 | |||||
ATP Oil and Gas, Inc [Member] | ||||||
Gain Contingencies [Line Items] | ||||||
Amount owed by ATP | 4.8 | |||||
Amount owed by ATP, reserves | $ 0.9 |
Consolidating Guarantor Finan27
Consolidating Guarantor Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 255,841 | $ 259,801 | $ 279,458 | $ 185,123 |
Accounts Receivable, Net, Current | 65,991 | 91,202 | ||
Other Assets, Current | 16,180 | 13,033 | ||
Assets, Current | 338,012 | 364,036 | ||
Property, Plant and Equipment, Net | 2,596,303 | 2,574,661 | ||
Deferred Costs, Noncurrent | 29,503 | 35,273 | ||
Due from Related Parties, Noncurrent | 0 | 0 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 10,364 | 10,446 | ||
Assets | 2,974,182 | 2,984,416 | ||
Accounts Payable, Current | 29,122 | 35,916 | ||
Interest Payable, Current | 13,550 | 14,795 | ||
Employee-related Liabilities, Current | 8,482 | 11,222 | ||
Deferred Revenue | 899 | 5,734 | ||
Other Accrued Liabilities, Current | 21,321 | 17,878 | ||
Liabilities, Current | 73,374 | 85,545 | ||
Long-term Debt, Excluding Current Maturities | 1,073,571 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 378,782 | 381,619 | ||
Due to Related Parties | 0 | 0 | ||
Other Liabilities, Noncurrent | 1,212 | 808 | ||
Liabilities | 1,526,939 | 1,538,253 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 362 | 360 | ||
Additional Paid in Capital | 746,472 | 748,041 | ||
Retained Earnings (Accumulated Deficit) | 694,324 | 701,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,085 | (4,076) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,447,243 | 1,446,163 | ||
Liabilities and Equity | 2,974,182 | 2,984,416 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 14 | 10 | ||
Accounts Receivable, Net, Current | 0 | 0 | ||
Other Assets, Current | 76 | 12 | ||
Assets, Current | 90 | 22 | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | 3,003 | 3,198 | ||
Due from Related Parties, Noncurrent | 1,087,120 | 1,751,046 | ||
Equity Method Investments | 788,969 | 785,472 | ||
Other Assets, Noncurrent | 1,744 | 1,743 | ||
Assets | 1,880,926 | 2,541,481 | ||
Accounts Payable, Current | 0 | 0 | ||
Interest Payable, Current | 13,550 | 14,795 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Deferred Revenue | 0 | 0 | ||
Other Accrued Liabilities, Current | 0 | 0 | ||
Liabilities, Current | 13,550 | 14,795 | ||
Long-term Debt, Excluding Current Maturities | 1,073,571 | 1,070,281 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (647,353) | 6,164 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 439,768 | 1,091,240 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 362 | 360 | ||
Additional Paid in Capital | 746,473 | 748,043 | ||
Retained Earnings (Accumulated Deficit) | 694,323 | 701,838 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,441,158 | 1,450,241 | ||
Liabilities and Equity | 1,880,926 | 2,541,481 | ||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 245,495 | 252,651 | ||
Accounts Receivable, Net, Current | 49,082 | 41,963 | ||
Other Assets, Current | 15,728 | 12,955 | ||
Assets, Current | 310,305 | 307,569 | ||
Property, Plant and Equipment, Net | 2,478,123 | 2,472,367 | ||
Deferred Costs, Noncurrent | 50,637 | 56,022 | ||
Due from Related Parties, Noncurrent | 172,242 | 186,054 | ||
Equity Method Investments | 8,602 | 8,602 | ||
Other Assets, Noncurrent | 6,494 | 6,648 | ||
Assets | 3,026,403 | 3,037,262 | ||
Accounts Payable, Current | 28,101 | 34,214 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 8,204 | 10,944 | ||
Deferred Revenue | 278 | 5,222 | ||
Other Accrued Liabilities, Current | 15,206 | 11,767 | ||
Liabilities, Current | 51,789 | 62,147 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 378,782 | 381,619 | ||
Due to Related Parties | 1,800,378 | 1,801,830 | ||
Other Liabilities, Noncurrent | 1,212 | 808 | ||
Liabilities | 2,232,161 | 2,246,404 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 37,978 | 37,978 | ||
Retained Earnings (Accumulated Deficit) | 756,131 | 752,761 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 133 | 119 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 794,242 | 790,858 | ||
Liabilities and Equity | 3,026,403 | 3,037,262 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 10,332 | 7,140 | ||
Accounts Receivable, Net, Current | 20,636 | 54,416 | ||
Other Assets, Current | 376 | 66 | ||
Assets, Current | 31,344 | 61,622 | ||
Property, Plant and Equipment, Net | 118,180 | 102,294 | ||
Deferred Costs, Noncurrent | 26,872 | 27,362 | ||
Due from Related Parties, Noncurrent | 63,381 | 59,413 | ||
Equity Method Investments | 0 | 0 | ||
Other Assets, Noncurrent | 2,126 | 2,055 | ||
Assets | 241,903 | 252,746 | ||
Accounts Payable, Current | 6,709 | 7,693 | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 278 | 278 | ||
Deferred Revenue | 621 | 512 | ||
Other Accrued Liabilities, Current | 6,161 | 6,111 | ||
Liabilities, Current | 13,769 | 14,594 | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | 227,321 | 247,615 | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | 241,090 | 262,209 | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | 8,602 | 8,602 | ||
Retained Earnings (Accumulated Deficit) | (13,741) | (13,870) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,952 | (4,195) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 813 | (9,463) | ||
Liabilities and Equity | 241,903 | 252,746 | ||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | ||
Accounts Receivable, Net, Current | (3,727) | (5,177) | ||
Other Assets, Current | 0 | 0 | ||
Assets, Current | (3,727) | (5,177) | ||
Property, Plant and Equipment, Net | 0 | 0 | ||
Deferred Costs, Noncurrent | (51,009) | (51,309) | ||
Due from Related Parties, Noncurrent | (1,322,743) | (1,996,513) | ||
Equity Method Investments | (797,571) | (794,074) | ||
Other Assets, Noncurrent | 0 | 0 | ||
Assets | (2,175,050) | (2,847,073) | ||
Accounts Payable, Current | (5,688) | (5,991) | ||
Interest Payable, Current | 0 | 0 | ||
Employee-related Liabilities, Current | 0 | 0 | ||
Deferred Revenue | 0 | 0 | ||
Other Accrued Liabilities, Current | (46) | 0 | ||
Liabilities, Current | (5,734) | (5,991) | ||
Long-term Debt, Excluding Current Maturities | 0 | 0 | ||
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ||
Due to Related Parties | (1,380,346) | (2,055,609) | ||
Other Liabilities, Noncurrent | 0 | 0 | ||
Liabilities | (1,386,080) | (2,061,600) | ||
Preferred Stock, Value, Issued | 0 | 0 | ||
Common Stock, Value, Issued | 0 | 0 | ||
Additional Paid in Capital | (46,581) | (46,582) | ||
Retained Earnings (Accumulated Deficit) | (742,389) | (738,891) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (788,970) | (785,473) | ||
Liabilities and Equity | $ (2,175,050) | $ (2,847,073) |
Consolidating Guarantor Finan28
Consolidating Guarantor Financial Information Condensed Income Statement (Details) - USD ($) | Mar. 30, 2016 | Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 76,820,000 | $ 134,624,000 | ||
Operating Costs and Expenses | 40,429,000 | 61,420,000 | ||
Depreciation | 22,173,000 | 19,984,000 | ||
Amortization of Deferred Charges | 6,279,000 | 7,486,000 | ||
General and Administrative Expense | 8,674,000 | 11,892,000 | ||
Costs and Expenses | 77,555,000 | 100,782,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (45,000) | $ 33,100,000 | (45,000) | 33,056,000 |
Operating Income (Loss) | (780,000) | 66,898,000 | ||
Investment Income, Interest | 377,000 | 214,000 | ||
Interest Expense | (11,064,000) | (10,262,000) | ||
EquityinEarningsofConsolidatedSubsidiaries | 0 | |||
Other Nonoperating Income (Expense) | 504,000 | 440,000 | ||
Nonoperating Income (Expense) | (10,183,000) | (9,608,000) | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (10,963,000) | 57,290,000 | ||
Income Tax Expense (Benefit) | (3,449,000) | $ 21,437,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,514,000) | |||
Parent Company [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 0 | |||
Operating Costs and Expenses | 0 | |||
Depreciation | 0 | |||
Amortization of Deferred Charges | 0 | |||
General and Administrative Expense | 36,000 | |||
Costs and Expenses | 36,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||
Operating Income (Loss) | (36,000) | |||
Investment Income, Interest | 0 | |||
Interest Expense | (11,062,000) | |||
EquityinEarningsofConsolidatedSubsidiaries | 3,499,000 | |||
Other Nonoperating Income (Expense) | 0 | |||
Nonoperating Income (Expense) | (7,563,000) | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (7,599,000) | |||
Income Tax Expense (Benefit) | 0 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,599,000) | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 68,063,000 | |||
Operating Costs and Expenses | 33,658,000 | |||
Depreciation | 21,284,000 | |||
Amortization of Deferred Charges | 5,931,000 | |||
General and Administrative Expense | 7,972,000 | |||
Costs and Expenses | 68,845,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (45,000) | |||
Operating Income (Loss) | (827,000) | |||
Investment Income, Interest | 236,000 | |||
Interest Expense | 0 | |||
EquityinEarningsofConsolidatedSubsidiaries | 0 | |||
Other Nonoperating Income (Expense) | 270,000 | |||
Nonoperating Income (Expense) | 506,000 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (321,000) | |||
Income Tax Expense (Benefit) | (3,692,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 3,371,000 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 7,450,000 | |||
Operating Costs and Expenses | 5,488,000 | |||
Depreciation | 889,000 | |||
Amortization of Deferred Charges | 348,000 | |||
General and Administrative Expense | 643,000 | |||
Costs and Expenses | 7,368,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||
Operating Income (Loss) | 82,000 | |||
Investment Income, Interest | 141,000 | |||
Interest Expense | (2,000) | |||
EquityinEarningsofConsolidatedSubsidiaries | 0 | |||
Other Nonoperating Income (Expense) | 150,000 | |||
Nonoperating Income (Expense) | 289,000 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 371,000 | |||
Income Tax Expense (Benefit) | 243,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 128,000 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 1,307,000 | |||
Operating Costs and Expenses | 1,283,000 | |||
Depreciation | 0 | |||
Amortization of Deferred Charges | 0 | |||
General and Administrative Expense | 23,000 | |||
Costs and Expenses | 1,306,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | |||
Operating Income (Loss) | 1,000 | |||
Investment Income, Interest | 0 | |||
Interest Expense | 0 | |||
EquityinEarningsofConsolidatedSubsidiaries | (3,499,000) | |||
Other Nonoperating Income (Expense) | 84,000 | |||
Nonoperating Income (Expense) | (3,415,000) | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (3,414,000) | |||
Income Tax Expense (Benefit) | 0 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,414,000) |
Consolidating Guarantor Finan29
Consolidating Guarantor Financial Information Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (7,514) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 10,161 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 2,647 | $ 35,551 |
Parent Company [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,599) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (7,599) | |
Guarantor Subsidiaries [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 3,371 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 14 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 3,385 | |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 128 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 10,147 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10,275 | |
Consolidation, Eliminations [Member] | ||
Condensed Statement of Income Captions [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,414) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (3,414) |
Consolidating Guarantor Finan30
Consolidating Guarantor Financial Information Condensed Cash Flow Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 39,253 | $ 61,438 | ||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (33,660) | (52,617) | ||
Proceeds from Sale of Property, Plant, and Equipment | 420 | 114,000 | ||
Payments to Acquire Property, Plant, and Equipment | (10,348) | (21,843) | ||
Payments to Acquire Other Property, Plant, and Equipment | (266) | (4,388) | ||
Net Cash Provided by (Used in) Investing Activities | (43,854) | 35,152 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 641 | (302) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (3,960) | 94,335 | ||
Cash and Cash Equivalents, at Carrying Value | 255,841 | 279,458 | $ 259,801 | $ 185,123 |
Cash paid for interest | 13,787 | 14,032 | ||
Income Taxes Paid | 1,752 | $ 1,373 | ||
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 4 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 0 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 4 | |||
Cash and Cash Equivalents, at Carrying Value | 14 | 10 | ||
Cash paid for interest | 13,787 | |||
Income Taxes Paid | 0 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 36,151 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (33,158) | |||
Proceeds from Sale of Property, Plant, and Equipment | 420 | |||
Payments to Acquire Property, Plant, and Equipment | (10,288) | |||
Payments to Acquire Other Property, Plant, and Equipment | (295) | |||
Net Cash Provided by (Used in) Investing Activities | (43,321) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 14 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | (7,156) | |||
Cash and Cash Equivalents, at Carrying Value | 245,495 | 252,651 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | 248 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 3,098 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | (502) | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | (60) | |||
Payments to Acquire Other Property, Plant, and Equipment | 29 | |||
Net Cash Provided by (Used in) Investing Activities | (533) | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 627 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 3,192 | |||
Cash and Cash Equivalents, at Carrying Value | 10,332 | 7,140 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | 1,504 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | |||
Costs Incurred For Offshore Supply Vessels Newbuild Program | 0 | |||
Proceeds from Sale of Property, Plant, and Equipment | 0 | |||
Payments to Acquire Property, Plant, and Equipment | 0 | |||
Payments to Acquire Other Property, Plant, and Equipment | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 0 | |||
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | |||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |||
Cash and Cash Equivalents, at Carrying Value | 0 | $ 0 | ||
Cash paid for interest | 0 | |||
Income Taxes Paid | $ 0 |