Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 22, 2013 | Oct. 23, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 22-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'HORIZON LINES, INC. | ' |
Entity Central Index Key | '0001302707 | ' |
Current Fiscal Year End Date | '--12-22 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 38,884,580 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $2,353 | $27,839 |
Accounts receivable, net of allowance of $3,346 and $3,465 at September 22, 2013 and December 23, 2012, respectively | 110,455 | 99,685 |
Materials and supplies | 24,943 | 29,521 |
Deferred tax asset | 3,801 | 4,626 |
Assets held for sale | 7,702 | ' |
Other current assets | 6,714 | 8,563 |
Total current assets | 155,968 | 170,234 |
Property and equipment, net | 224,881 | 160,050 |
Goodwill | 198,793 | 198,793 |
Intangible assets, net | 38,112 | 48,573 |
Other long-term assets | 25,100 | 23,584 |
Total assets | 642,854 | 601,234 |
Current liabilities | ' | ' |
Accounts payable | 42,659 | 46,584 |
Current portion of long-term debt, including capital leases | 8,950 | 3,608 |
Accrued vessel rent | ' | 4,902 |
Other accrued liabilities | 92,236 | 87,358 |
Total current liabilities | 143,845 | 142,452 |
Long-term debt, including capital leases, net of current portion | 500,287 | 434,222 |
Deferred rent | ' | 9,081 |
Deferred tax liability | 4,425 | 4,662 |
Other long-term liabilities | 26,458 | 27,559 |
Total liabilities | 675,015 | 617,976 |
Stockholders' deficiency | ' | ' |
Preferred stock, $.01 par value, 30,500 shares authorized, no shares issued or outstanding | ' | ' |
Common stock, $.01 par value, 150,000 shares authorized, 38,885 shares issued and outstanding as of September 22, 2013, and 100,000 shares authorized, 34,434 shares issued and outstanding as of December 23, 2012 | 999 | 954 |
Additional paid in capital | 383,466 | 381,445 |
Accumulated deficit | -415,732 | -397,958 |
Accumulated other comprehensive loss | -894 | -1,183 |
Total stockholders' deficiency | -32,161 | -16,742 |
Total liabilities and stockholders' deficiency | $642,854 | $601,234 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance on accounts receivable | $3,346 | $3,465 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 30,500 | 30,500 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000 | 100,000 |
Common stock, shares issued | 38,885 | 34,434 |
Common stock, shares outstanding | 38,885 | 34,434 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating revenue | $273,663 | $279,604 | $777,938 | $813,898 |
Operating expense: | ' | ' | ' | ' |
Cost of services (excluding depreciation expense) | 220,059 | 233,528 | 647,659 | 704,221 |
Depreciation and amortization | 9,216 | 9,319 | 28,366 | 30,116 |
Amortization of vessel dry-docking | 4,221 | 3,954 | 10,430 | 10,589 |
Selling, general and administrative | 18,853 | 19,447 | 56,691 | 60,492 |
Restructuring charge | 1,042 | ' | 6,294 | ' |
Impairment charge | 2,619 | ' | 2,637 | 257 |
Miscellaneous (income) expense, net | -265 | 134 | -3,738 | 51 |
Total operating expense | 255,745 | 266,382 | 748,339 | 805,726 |
Operating income | 17,918 | 13,222 | 29,599 | 8,172 |
Other expense: | ' | ' | ' | ' |
Interest expense, net | 17,015 | 13,808 | 49,649 | 49,036 |
Loss (gain) on conversion of debt | ' | 368 | -5 | 36,789 |
Loss (gain) on change in value of debt conversion features | 23 | -255 | -136 | -19,385 |
Other expense, net | 6 | 8 | 16 | 32 |
Income (loss) from continuing operations before income tax benefit | 874 | -707 | -19,925 | -58,300 |
Income tax benefit | -729 | -2,150 | -603 | -1,805 |
Net income (loss) from continuing operations | 1,603 | 1,443 | -19,322 | -56,495 |
Net income (loss) from discontinued operations | 2,477 | 414 | 1,548 | -20,228 |
Net income (loss) | $4,080 | $1,857 | ($17,774) | ($76,723) |
Basic net income (loss) per share: | ' | ' | ' | ' |
Continuing operations | $0.04 | $0.05 | ($0.54) | ($2.98) |
Discontinued operations | $0.07 | $0.01 | $0.04 | ($1.07) |
Basic net income (loss) per share | $0.11 | $0.06 | ($0.50) | ($4.05) |
Diluted net income (loss) per share: | ' | ' | ' | ' |
Continuing operations | $0.02 | $0.02 | ($0.54) | ($2.98) |
Discontinued operations | $0.03 | $0 | $0.04 | ($1.07) |
Diluted net income (loss) per share | $0.05 | $0.02 | ($0.50) | ($4.05) |
Number of weighted average shares used in calculations: | ' | ' | ' | ' |
Basic | 36,215 | 33,642 | 35,521 | 18,943 |
Diluted | 88,803 | 90,745 | 35,521 | 18,943 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 |
Net income (loss) | $4,080 | $1,857 | ($17,774) | ($76,723) |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Amortization of pension and post-retirement benefit transition obligation, net of tax | -29 | 129 | 289 | 386 |
Other comprehensive (loss) income | -29 | -1,277 | 289 | -341 |
Comprehensive income (loss) | 4,051 | 580 | -17,485 | -77,064 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unwind of interest rate swap, net of tax | ' | ($1,406) | ' | ($727) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss from continuing operations | ($19,322) | ($56,495) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation | 18,472 | 16,015 |
Amortization of other intangible assets | 9,894 | 14,101 |
Amortization of vessel dry-docking | 10,430 | 10,589 |
Amortization of deferred financing costs | 2,419 | 1,977 |
(Gain) loss on conversion of debt | -5 | 36,789 |
Restructuring charge | 6,294 | ' |
Impairment charge | 2,637 | 257 |
Gain on change in value of debt conversion features | -136 | -19,385 |
Deferred income taxes | -418 | -170 |
Gain on equipment disposals | -4,369 | -170 |
Stock-based compensation | 2,336 | 1,274 |
Payment-in-kind interest expense | 18,815 | 14,946 |
Accretion of interest on debt | 742 | 3,963 |
Other non-cash interest accretion | 975 | 1,543 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -10,770 | -9,988 |
Materials and supplies | 4,321 | 153 |
Other current assets | 1,726 | -902 |
Accounts payable | -3,925 | 12,937 |
Accrued liabilities | 6,017 | 8,515 |
Vessel rent | -777 | -9,918 |
Vessel dry-docking payments | -12,284 | -14,578 |
Legal settlement payments | -6,500 | -5,500 |
Other assets/liabilities | 9 | 128 |
Net cash provided by operating activities from continuing operations | 26,581 | 6,081 |
Net cash provided by (used in) operating activities from discontinued operations | 2,431 | -23,875 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -106,417 | -9,511 |
Proceeds from the sale of property and equipment | 7,929 | 1,407 |
Net cash used in investing activities | -98,488 | -8,104 |
Cash flows from financing activities: | ' | ' |
Issuance of debt | 95,000 | ' |
Payments on ABL facility | -58,000 | ' |
Borrowing under ABL facility | 15,500 | 42,500 |
Payments on long-term debt | -1,125 | -3,359 |
Payment of financing costs | -5,637 | -5,679 |
Payments on capital lease obligations | -1,748 | -1,356 |
Net cash provided by financing activities | 43,990 | 32,106 |
Net (decrease) increase in cash from continuing operations | -27,917 | 30,083 |
Net increase (decrease) in cash from discontinued operations | 2,431 | -23,875 |
Net (decrease) increase in cash | -25,486 | 6,208 |
Cash at beginning of period | 27,839 | 21,147 |
Cash at end of period | 2,353 | 27,355 |
Supplemental disclosure of non-cash financing activity: | ' | ' |
Conversion of debt to equity | 20 | 282,278 |
Notes issued | ' | 40,000 |
Payment in Kind (PIK) Note [Member] | ' | ' |
Supplemental disclosure of non-cash financing activity: | ' | ' |
Notes issued | $11,933 | $15,730 |
Organization
Organization | 9 Months Ended |
Sep. 22, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
1. Organization | |
Horizon Lines, Inc. (the “Company”) operates as a holding company for Horizon Lines, LLC (“Horizon Lines”), a Delaware limited liability company and wholly-owned subsidiary, Horizon Lines of Alaska, LLC (“Horizon Lines of Alaska”), a Delaware limited liability company and wholly-owned subsidiary, Horizon Logistics, LLC (“Horizon Logistics”), a Delaware limited liability company and wholly-owned subsidiary, Horizon Lines of Puerto Rico, Inc. (“HLPR”), a Delaware corporation and wholly-owned subsidiary, Hawaii Stevedores, Inc. (“HSI”), a Hawaii corporation and wholly-owned subsidiary, as well as Road Raiders Transportation, Inc. and Road Raiders Logistics, Inc. (collectively, “Road Raiders”), Delaware corporations and wholly-owned subsidiaries. Horizon Lines operates as a Jones Act container shipping business with primary service to ports within the continental United States, Alaska, Hawaii, and Puerto Rico. Under the Jones Act, all vessels transporting cargo between covered locations must, subject to limited exceptions, be built in the U.S., registered under the U.S. flag, manned by predominantly U.S. crews, and owned and operated by U.S.-organized companies that are controlled and 75% owned by U.S. citizens. Horizon Lines also offers terminal services. HLPR operates as an agent for Horizon Lines in Puerto Rico and also provides terminal services in Puerto Rico. Road Raiders provides integrated logistics service offerings. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 22, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
2. Basis of Presentation | |
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany items have been eliminated in consolidation. Certain prior period balances have been reclassified to conform to current period presentation. | |
During 2011, the Company discontinued its FSX trans-Pacific container shipping service. There will not be any significant future cash flows related to the ceased operations of the FSX service. In addition, the Company does not have any significant continuing involvement in the divested operations. As a result, the FSX service has been classified as discontinued operations in all periods presented. See Footnote 5 for additional details of ongoing activities related to discontinued operations. | |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and accordingly, certain financial information has been condensed and certain footnote disclosures have been omitted. Such information and disclosures are normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 23, 2012. The Company uses a 52 or 53 week (every sixth or seventh year) fiscal year that ends on the Sunday before the last Friday in December. | |
The financial statements as of September 22, 2013 and the financial statements for the quarters and nine months ended September 22, 2013 and September 23, 2012 are unaudited; however, in the opinion of management, such statements include all adjustments necessary for the fair presentation of the financial information included herein, which are of a normal recurring nature. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions and to use judgment that affects the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
3. Long-Term Debt | |||||||||
As of the dates below, long-term debt consisted of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
First lien notes | $ | 223,675 | $ | 225,305 | |||||
Second lien notes | 180,189 | 160,871 | |||||||
$75.0 million term loan agreement | 73,060 | — | |||||||
$20.0 million term loan agreement | 19,552 | — | |||||||
Capital lease obligations | 11,118 | 7,443 | |||||||
6.0% convertible notes | 1,643 | 1,711 | |||||||
ABL facility | — | 42,500 | |||||||
Total long-term debt | 509,237 | 437,830 | |||||||
Less current portion | (8,950 | ) | (3,608 | ) | |||||
Long-term debt, net of current portion | $ | 500,287 | $ | 434,222 | |||||
On October 5, 2011, the Company issued the 6.00% Convertible Notes. On October 5, 2011, Horizon Lines issued the First Lien Notes, the Second Lien Notes, and entered into the ABL Facility, and on January 31, 2013, entered into the $20.0 Million Agreement. The 6.00% Convertible Notes, the First Lien Notes, the Second Lien Notes, the ABL Facility, and the $20.0 Million Agreement are defined and described below. | |||||||||
Road Raiders Inland, Inc. and each of its downstream subsidiaries are currently “Immaterial Subsidiaries” under the ABL Facility, the 6.00% Convertible Notes, the First Lien Notes, the Second Lien Notes, and the $20.0 Million Agreement (collectively, the “Horizon Lines Debt Agreements”) and do not guarantee any of the Horizon Lines Debt Agreements. The Alaska SPEs (as defined below) are “Unrestricted Subsidiaries” under the 6.00% Convertible Notes, the First Lien Notes, the Second Lien Notes, and the $20.0 Million Agreement and do not guarantee any of the Horizon Lines Debt Agreements. | |||||||||
The 6.00% Convertible Notes are fully and unconditionally guaranteed by the Company’s subsidiaries other than the Immaterial Subsidiaries and Unrestricted Subsidiaries identified above. | |||||||||
The ABL Facility, the First Lien Notes, the Second Lien Notes, and the $20.0 Million Agreement are fully and unconditionally guaranteed by the Company and each of its subsidiaries other than Horizon Lines, the Immaterial Subsidiaries, and the Unrestricted Subsidiaries. | |||||||||
The ABL Facility is secured on a first priority basis by liens on the accounts receivable, deposit accounts, securities accounts, investment property (other than equity interests of the subsidiaries and joint ventures of the Company) and cash, in each case with certain exceptions, of the Company and the Company’s subsidiaries other than the Immaterial Subsidiaries and Unrestricted Subsidiaries identified above (collectively, the “ABL Priority Collateral”). Substantially all other assets of the Company and the Company’s subsidiaries, other than the assets of the Immaterial Subsidiaries and Unrestricted Subsidiaries identified above, also serve as collateral for the Horizon Lines Debt Agreements (collectively, such other assets are the “Secured Notes Priority Collateral”). The following table lists the order of lien priority for each of the Horizon Lines Debt Agreements on the Secured Notes Priority Collateral and the ABL Priority Collateral, as applicable: | |||||||||
Secured | ABL Priority | ||||||||
Notes | Collateral | ||||||||
Priority | |||||||||
Collateral | |||||||||
$20 Million Agreement | First | Second | |||||||
First Lien Notes | Second | Third | |||||||
Second Lien Notes | Third | Fourth | |||||||
6.0% Convertible Notes | Fourth | Fifth | |||||||
ABL Facility | Fifth | First | |||||||
First Lien Notes | |||||||||
The 11.00% First Lien Senior Secured Notes (the “First Lien Notes”) were issued pursuant to an indenture on October 5, 2011. The First Lien Notes bear interest at a rate of 11.0% per annum, payable semiannually beginning on April 15, 2012, and mature on October 15, 2016. The First Lien Notes are callable at par plus accrued and unpaid interest. Horizon Lines is obligated to make mandatory prepayments of 1%, on an annual basis, of the original principal amount. These prepayments are payable on a semiannual basis and commenced on April 15, 2012. | |||||||||
The First Lien Notes contain affirmative and negative covenants which are typical for senior secured high-yield notes with no financial maintenance covenants. The First Lien Notes contain other covenants, including: change of control put at 101% (subject to a permitted holder exception); limitation on asset sales; limitation on incurrence of indebtedness and preferred stock; limitation on restricted payments; limitation on restricted investments; limitation on liens; limitation on dividends; limitation on affiliate transactions; limitation on sale/leaseback transactions; limitation on guarantees by restricted subsidiaries; and limitation on mergers, consolidations and sales of all/substantially all of the assets of Horizon Lines. These covenants are subject to certain exceptions and qualifications. Horizon Lines was in compliance with all such applicable covenants as of September 22, 2013. | |||||||||
On October 5, 2011, the fair value of the First Lien Notes was $228.4 million, which reflected Horizon Lines’ ability to call the First Lien Notes at 101.5% during the first year and at par thereafter. The original issue premium of $3.4 million is being amortized through interest expense through the maturity of the First Lien Notes. | |||||||||
Second Lien Notes | |||||||||
On October 5, 2011, Horizon Lines completed the sale of $100.0 million aggregate principal amount of its 13.00%-15.00% Second Lien Senior Secured Notes (the “Second Lien Notes”). | |||||||||
The Second Lien Notes bear interest at a rate of either: (i) 13% per annum, payable semiannually in cash in arrears; (ii) 14% per annum, 50% of which is payable semiannually in cash in arrears and 50% is payable in kind; or (iii) 15% per annum payable in kind, payable semiannually, beginning on April 15, 2012, and maturing on October 15, 2016. The Second Lien Notes were non-callable for two years from the date of their issuance, and thereafter the Second Lien Notes are callable by Horizon Lines at (i) 106% of their aggregate principal amount, plus accrued and unpaid interest thereon in the third year, (ii) 103% of their aggregate principal amount, plus accrued and unpaid interest thereon in the fourth year, and (iii) at par plus accrued and unpaid interest thereafter. | |||||||||
On April 15, 2012, October 15, 2012, and April 15, 2013, Horizon Lines issued an additional $7.9 million, $8.1 million and $8.7 million, respectively, of Second Lien Notes to satisfy the payment-in-kind interest obligation under the Second Lien Notes. In addition, Horizon Lines elected to satisfy its interest obligation under the Second Lien Notes due October 15, 2013 by issuing additional Second Lien Notes. As such, as of September 22, 2013, Horizon Lines has recorded $8.2 million of accrued interest as an increase to long-term debt. | |||||||||
The Second Lien Notes contain affirmative and negative covenants that are typical for senior secured high-yield notes with no financial maintenance covenants. The Second Lien Notes contain other covenants, including: change of control put at 101% (subject to a permitted holder exception); limitation on asset sales; limitation on incurrence of indebtedness and preferred stock; limitation on restricted payments; limitation on restricted investments; limitation on liens; limitation on dividends; limitation on affiliate transactions; limitation on sale/leaseback transactions; limitation on guarantees by restricted subsidiaries; and limitation on mergers, consolidations and sales of all/substantially all of the assets of Horizon Lines. These covenants are subject to certain exceptions and qualifications. Horizon Lines was in compliance with all such applicable covenants as of September 22, 2013. | |||||||||
On October 5, 2011, the fair value of the Second Lien Notes was $96.6 million. The original issue discount of $3.4 million is being amortized through interest expense through the maturity of the Second Lien Notes. | |||||||||
During 2012, the Company and Horizon Lines entered into a Global Termination Agreement with Ship Finance International Limited (“SFL”) whereby Horizon Lines issued $40.0 million aggregate principal amount of its Second Lien Notes and warrants to purchase 9,250,000 shares of the Company’s common stock at a price of $0.01 per share to satisfy its obligations for certain vessel leases. The Second Lien Notes issued to SFL (the “SFL Notes”) have the same terms as the Second Lien Notes issued on October 5, 2011 (the “Initial Notes”), except that they are subordinated to the Initial Notes in the case of a bankruptcy, and holders of the SFL Notes, so long as then held by SFL, have the option to purchase the Initial Notes in the event of a bankruptcy. On April 9, 2012, the fair value of the SFL Notes outstanding on such date approximated face value. On October 15, 2012 and April 15, 2013, Horizon Lines issued an additional $3.1 million and $3.2 million, respectively, of SFL Notes to satisfy the payment-in-kind interest obligation under the SFL Notes. In addition, Horizon Lines elected to satisfy its interest obligation under the SFL Notes due October 15, 2013 by issuing additional SFL Notes. As such, as of September 22, 2013, Horizon Lines has recorded $3.0 million of accrued interest as an increase to long-term debt. | |||||||||
ABL Facility | |||||||||
On October 5, 2011, Horizon Lines entered into a $100.0 million asset-based revolving credit facility (the “ABL Facility”) with Wells Fargo Capital Finance, LLC (“Wells Fargo”). Use of the ABL Facility is subject to compliance with a customary borrowing base limitation. The ABL Facility includes an up to $30.0 million letter of credit sub-facility and a swingline sub-facility up to $15.0 million, with Wells Fargo serving as administrative agent and collateral agent. Horizon Lines has the option to request increases in the maximum commitment under the ABL Facility by up to $25.0 million in the aggregate; however, such incremental facility increases have not been committed to in advance. The ABL Facility was used on the closing date for the rollover of certain issued and outstanding letters of credit and is used by Horizon Lines for working capital and other general corporate purposes. | |||||||||
The ABL Facility was amended on January 31, 2013 in conjunction with the $75.0 Million Agreement (as defined below) and $20.0 Million Agreement. In addition to allowing for the incurrence of the additional long-term debt, amendments to the ABL Facility included, among other changes, (i) weekly borrowing base reporting in the event availability under the facility falls below a threshold of (a) $14.0 million or (b) 14.0% of the maximum commitment under the ABL Facility, (ii) the exclusion of certain historical charges and expenses relating to discontinued operations and severance from the calculation of bank-defined Adjusted EBITDA, (iii) the exclusion of the historical charter hire expense deriving from the Vessels (as defined below) from the calculation of bank-defined Adjusted EBITDA, and (iv) the inclusion of pro forma interest expense on the $75.0 Million Agreement and the $20.0 Million Agreement in the calculation of fixed charges. | |||||||||
The ABL Facility matures October 5, 2016 (but 90 days earlier if the First Lien Notes and the Second Lien Notes are not repaid or refinanced as of such date). The interest rate on the ABL Facility is LIBOR or a base rate plus an applicable margin based on leverage and excess availability, as defined in the agreement, ranging from (i) 1.25% to 2.75%, in the case of base rate loans and (ii) 2.25% to 3.75%, in the case of LIBOR loans. A fee ranging from 0.375% to 0.50% per annum will accrue on unutilized commitments under the ABL Facility. As of September 22, 2013, there were no borrowings outstanding under the ABL facility and total borrowing availability was $67.2 million. Horizon Lines had $12.9 million of letters of credit outstanding as of September 22, 2013. | |||||||||
The ABL Facility requires compliance with a minimum fixed charge coverage ratio test if excess availability is less than the greater of (i) $12.5 million or (ii) 12.5% of the maximum commitment under the ABL Facility. In addition, the ABL Facility includes certain customary negative covenants that, subject to certain materiality thresholds, baskets and other agreed upon exceptions and qualifications, will limit, among other things, indebtedness, liens, asset sales and other dispositions, mergers, liquidations, dissolutions and other fundamental changes, investments and acquisitions, dividends, distributions on equity or redemptions and repurchases of capital stock, transactions with affiliates, repayments of certain debt, conduct of business and change of control. The ABL Facility also contains certain customary representations and warranties, affirmative covenants and events of default, as well as provisions requiring compliance with applicable citizenship requirements of the Jones Act. Horizon Lines was in compliance with all such applicable covenants as of September 22, 2013. | |||||||||
$75.0 Million Term Loan Agreement | |||||||||
Three of Horizon Lines’ Jones Act qualified vessels: the Horizon Anchorage, Horizon Tacoma, and Horizon Kodiak (collectively, the “Vessels”) were previously chartered. The charter for the Vessels was due to expire in January 2015. For each chartered vessel, the Company generally had the following options in connection with the expiration of the charter: (i) purchase the vessel for its fixed price or fair market value, (ii) extend the charter for an agreed upon period of time at a fixed price or fair market value charter rate or, (iii) return the vessel to its owner. On January 31, 2013, the Company, through its newly formed subsidiary Horizon Lines Alaska Vessels, LLC (“Horizon Alaska”), acquired off of charter the Vessels for a purchase price of approximately $91.8 million. | |||||||||
On January 31, 2013, Horizon Alaska, together with newly formed subsidiaries Horizon Lines Alaska Terminals, LLC (“Alaska Terminals”) and Horizon Lines Merchant Vessels, LLC (“Horizon Vessels”), entered into an approximately $75.8 million term loan agreement with certain lenders and U.S. Bank National Association (“U.S. Bank”), as the administrative agent, collateral agent and ship mortgage trustee (the “$75.0 Million Agreement”). The obligations are secured by substantially all of the assets of Horizon Alaska, Horizon Vessels, and Alaska Terminals (collectively, the “Alaska SPEs”), which primarily includes the Vessels. The operations of the Alaska SPEs are limited to a bareboat charter of the Vessels between Horizon Alaska and Horizon Lines and a sublease of a terminal facility in Anchorage, Alaska between Alaska Terminals and Horizon Lines of Alaska. | |||||||||
The loan under the $75.0 Million Agreement accrues interest at 10.25% per annum, payable quarterly commencing March 31, 2013. Amortization of loan principal is payable in equal quarterly installments, commencing on March 31, 2014, and each amortization installment will equal 2.5% of the total initial loan amount (which may increase to 3.75% upon specified events). The full remaining outstanding amount of the loan under the $75.0 Million Agreement is payable on September 30, 2016. The proceeds of the loan under the $75.0 Million Agreement were utilized by Horizon Alaska to acquire the Vessels. In connection with the issuance of the $75.0 Million Agreement, the Alaska SPEs paid financing costs of $2.5 million during the first nine months of 2013, which included loan commitment fees of $1.5 million. The financing costs have been recorded as a reduction to the carrying amount of the $75.0 Million Agreement and will be amortized through non-cash interest expense through maturity of the $75.0 Million Agreement. In addition to the commitment fees of $1.5 million paid in cash at closing, the Alaska SPEs will also pay, at maturity of the $75.0 Million Agreement, an additional $0.8 million of closing fees by increasing the original $75.0 million principal amount. The Company is recording non-cash interest accretion through maturity of the $75.0 Million Agreement related to the additional closing fees. | |||||||||
The $75.0 Million Agreement contains certain covenants, including a minimum EBITDA threshold and limitations on the incurrence of indebtedness, liens, asset sales, investments and dividends (all as defined in the agreement). The Alaska SPEs were in compliance with all such covenants as of September 22, 2013. The agent and the lenders under the $75.0 Million Agreement do not have any recourse to the stock or assets of the Company or any of its subsidiaries (other than the Alaska SPEs or equity interests therein). Defaults under the $75.0 Million Agreement do not give rise to any remedies under the Horizon Lines Debt Agreements. | |||||||||
On January 31, 2013, the fair value of the $75.0 Million Agreement approximated face value and was classified within level 2 of the fair value hierarchy. In determining the estimated fair value of the $75.0 Million Agreement, the Company utilized a quantitatively derived rating estimate and creditworthiness analysis, a credit rating gap analysis, and an analysis of credit market transactions. These analyses were used to estimate a benchmark yield, which was compared to the stated interest rate in the $75.0 Million Agreement. The Company determined the estimated benchmark yield approximated the stated interest rate. | |||||||||
$20.0 Million Term Loan Agreement | |||||||||
On January 31, 2013, the Company and those of its subsidiaries that are parties (collectively, the “Loan Parties”) to the existing First Lien Notes, the Second Lien Notes, and the 6.00% Convertible Notes (collectively, the “Notes”) entered into a $20.0 million term loan agreement with certain lenders and U.S. Bank, as administrative agent, collateral agent, and ship mortgage trustee (the “$20.0 Million Agreement”). The loan under the $20.0 Million Agreement matures on September 30, 2016 and accrues interest at 8.00% per annum, payable quarterly commencing March 31, 2013 with interest calculated assuming accrual beginning January 8, 2013. The $20.0 Million Agreement does not provide for any amortization of principal, and the full outstanding amount of the loan is payable on September 30, 2016. | |||||||||
In connection with the issuance of the $20.0 Million Agreement, Horizon Lines paid financing costs of $0.5 million during the first nine months of 2013. The financing costs have been recorded as a reduction to the carrying amount of the $20.0 Million Agreement and will be amortized through non-cash interest expense through maturity of the $20.0 Million Agreement. | |||||||||
The covenants in the $20.0 Million Agreement are substantially similar to the negative covenants contained in the indentures governing the Notes, which indentures permit the incurrence of the term loan borrowed under the $20.0 Million Agreement and the contribution of such amounts to Horizon Alaska. The proceeds of the loan borrowed under the $20.0 Million Agreement were contributed to Horizon Alaska to enable it to acquire the Vessels. | |||||||||
On January 31, 2013, the fair value of the $20.0 Million Agreement approximated face value and was classified within level 2 of the fair value hierarchy. In determining the estimated fair value of the $20.0 Million Agreement, the Company utilized a quantitatively derived rating estimate and creditworthiness analysis, a credit rating gap analysis, and an analysis of credit market transactions. These analyses were used to estimate a benchmark yield, which was compared to the stated interest rate in the $20.0 Million Agreement. The Company determined the estimated benchmark yield approximated the stated interest rate. | |||||||||
6.00% Convertible Notes | |||||||||
On October 5, 2011, the Company issued $178.8 million in aggregate principal amount of new 6.00% Series A Convertible Senior Secured Notes due 2017 (the “Series A Notes”) and $99.3 million in aggregate principal amount of new 6.00% Series B Mandatorily Convertible Senior Secured Notes (the “Series B Notes” and, together with the Series A Notes, collectively the “6.00% Convertible Notes”). The 6.00% Convertible Notes were issued pursuant to an indenture, which the Company and the Loan Parties entered into with U.S. Bank National Association, as trustee and collateral agent, on October 5, 2011 (the “6.00% Convertible Notes Indenture”). | |||||||||
During 2012, the Company completed various debt-to-equity conversions of the 6.00% Convertible Notes. On October 5, 2012, all outstanding Series B Notes not previously converted into shares of the Company’s common stock were mandatorily converted into Series A Notes as required by the terms of the indenture. As of September 22, 2013, $2.0 million face value of the Series A Notes remains outstanding. The Series A Notes bear interest at a rate of 6.00% per annum, payable semiannually. The Series A Notes mature on April 15, 2017 and are convertible at the option of the holders, and at the Company’s option under certain circumstances, into shares of the Company’s common stock or warrants, as the case may be. | |||||||||
The remaining Series A Notes are convertible into shares of the Company’s common stock at a conversion rate equal to 402.3272 shares of common stock per $1,000 principal amount of Series A Notes. Effective October 5, 2012, the Company has the option to convert all or any portion of the outstanding Series A Notes, upon not more than 60 days and not less than 20 days prior notice to noteholders; provided that (i) the Company’s common stock is listed on either the NYSE or NASDAQ markets and (ii) the 30 trading day volume weighted average price for the Company’s common stock for the 30-day period ending on the trading day preceding the date of such notice is equal to or greater than $15.75 per share. Holders of the Series A Notes may convert their notes at any time through the maturity date. Upon conversion, foreign holders may, under certain conditions, receive warrants in lieu of shares of common stock. | |||||||||
The conversion rate of the remaining Series A Notes may be increased in certain circumstances to compensate the holders thereof for the loss of the time value of the conversion right (i) if at any time the Company’s common stock or the common stock into which the new notes may be converted is greater than or equal to $11.25 per share and is not listed on the NYSE or NASDAQ markets or (ii) if a change of control occurs, unless at least 90% of the consideration received or to be received by holders of common stock, excluding cash payments for fractional shares, in connection with the transaction or transactions constituting the change of control, consists of shares of common stock, American Depositary Receipts or American Depositary Shares traded on a national securities exchange in the United States or which will be so traded or quoted when issued or exchanged in connection with such change of control. Upon a change of control, holders will have the right to require the Company to repurchase for cash the outstanding Series A Notes at 101% of the aggregate principal amount, plus accrued and unpaid interest. | |||||||||
The long-term debt and embedded conversion options associated with the 6.00% Convertible Notes were recorded on the Company’s balance sheet at their fair value on October 5, 2011. On October 5, 2011, the fair value of the long-term debt portion of the Series A Notes and Series B Notes was $105.6 million and $58.6 million, respectively. The original issue discounts associated with the 6.00% Convertible Notes still outstanding are being amortized through interest expense through the maturity of the Series A Notes. | |||||||||
As of September 22, 2013, the fair value of the embedded conversion features was $0.3 million, which was calculated using the Black-Scholes Pricing Model. The Company recorded a non-cash loss of $23 thousand and a non-cash gain of $0.1 million during the quarter and nine months ended September 22, 2013, respectively, for the change in fair value of embedded conversion features, which was recorded within other expense on the Condensed Consolidated Statement of Operations. | |||||||||
Warrants | |||||||||
Certain warrants, not including the warrants issued to SFL, were issued pursuant to a warrant agreement, which the Company entered into with The Bank of New York Mellon Trust Company, N.A, as warrant agent, on October 5, 2011, as amended by Amendment No. 1, dated December 7, 2011 (the “Warrant Agreement”). Pursuant to the Warrant Agreement, each warrant entitles the holder to purchase common stock at a price of $0.01 per share, subject to adjustment in certain circumstances. In connection with a reverse stock split in December 2011, warrant holders will receive 1/25th of a share of the Company’s common stock upon conversion. As of September 22, 2013 there were 1.1 billion warrants outstanding for the purchase of up to 53.0 million shares of the Company’s common stock. Upon issuance, in lieu of payment of the exercise price, a warrant holder will have the right (but not the obligation) to require the Company to convert its warrants, in whole or in part, into shares of its common stock without any required payment or request that the Company withhold, from the shares of common stock that would otherwise be delivered to such warrant holder, shares issuable upon exercise of the Warrants equal in value to the aggregate exercise price. | |||||||||
Warrant holders will not be permitted to exercise or convert their warrants if and to the extent the shares of common stock issuable upon exercise or conversion would constitute “excess shares” (as defined in the Company’s certificate of incorporation) if they were issued in order to abide by the foreign ownership limitations imposed by the Company’s certificate of incorporation. In addition, a warrant holder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the holder, the person that the holder has designated to receive the common stock upon exercise or conversion) is a United States citizen will not be permitted to exercise or convert its warrants to the extent the receipt of the common stock upon exercise or conversion would cause such person or any person whose ownership position would be aggregated with that of such person to exceed 4.9% of the Company’s outstanding common stock. | |||||||||
The warrants contain no provisions allowing the Company to force redemption, and there is no conditional obligation of the Company to redeem or convert the warrants. Each warrant is convertible into shares of the Company’s common stock at an exercise price of $0.01 per share, which the Company has the option to waive. In addition, the Company has sufficient authorized and unissued shares available to settle the warrants during the maximum period the warrants could remain outstanding. As a result, the warrants do not meet the definition of an asset or liability and were classified as equity on the date of issuance, on December 23, 2012, and on September 22, 2013. The warrants will be evaluated on a continuous basis to determine if equity classification continues to be appropriate. | |||||||||
Fair Value of Financial Instruments | |||||||||
The estimated fair values of the Company’s debt as of September 22, 2013 and December 23, 2012 were $486.6 million and $411.4 million, respectively. The fair value of the First Lien Notes and the Second Lien Notes is based upon quoted market prices. The fair value of the other long-term debt approximates carrying value. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring | ' | ||||||||||||||||
4. Restructuring | |||||||||||||||||
On December 5, 2012, the Company announced that it would discontinue its sailing that departed Jacksonville, Florida each Tuesday and arrived in San Juan, Puerto Rico the following Friday. In association with the service change, the Company recorded a pre-tax restructuring charge of $3.1 million during the fourth quarter of 2012. The $3.1 million charge was comprised of an equipment-related impairment charge of $2.2 million and union and non-union severance and employee related expense of $0.9 million. The Company recorded additional charges of $0.9 million and $0.5 million during the first nine months of 2013 as a result of the return of a portion of its excess leased equipment and union severance, respectively. The Company expects to complete the return of its remaining excess leased equipment during the fourth quarter of 2013. | |||||||||||||||||
The Company also initiated a plan during the fourth quarter of 2012 to further reduce its non-union workforce beyond the reductions associated with the Puerto Rico service change and recorded a charge of an additional $1.2 million of expenses for severance and other employee-related costs. The Company’s non-union workforce was reduced by approximately 38 positions in total, including 26 existing and 12 open positions. The workforce reduction was completed on January 31, 2013. | |||||||||||||||||
During April 2013, the Company moved its northeast terminal operations to Philadelphia, Pennsylvania from Elizabeth, New Jersey. In association with the relocation of the terminal operations, the Company recorded an estimated restructuring charge of $4.1 million during the first quarter of 2013 resulting from the withdrawal from the Port of Elizabeth’s multiemployer pension plan. During the third quarter of 2013, the Company received additional information related to the liability associated with the withdrawal from the Port of Elizabeth’s multiemployer pension plan and recorded an additional $0.8 million restructuring charge. During the fourth quarter of 2013, the Company reached a Settlement Agreement whereby the Company will pay $5.3 million during the fourth quarter to satisfy its liability associated with the withdrawal from the multiemployer pension plan. | |||||||||||||||||
The following table presents the restructuring reserves at September 22, 2013, as well as activity during the nine months (in thousands): | |||||||||||||||||
Balance at | Provision | Payments | Balance at | ||||||||||||||
December 23, | September 22, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Personnel-related costs | $ | 1,962 | $ | 450 | $ | (1,161 | ) | $ | 1,251 | ||||||||
Equipment and relocation costs | 2,218 | 945 | (2,943 | ) | 220 | ||||||||||||
Multi-employer pension plan withdrawal liability | — | 5,278 | (1) | — | 5,278 | ||||||||||||
Total | $ | 4,180 | $ | 6,673 | $ | (4,104 | ) | $ | 6,749 | ||||||||
-1 | Includes $0.4 million of non-cash interest accretion related to the liability for withdrawal from the Port of Elizabeth’s multiemployer pension plan. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
5. Discontinued Operations | |||||||||||||||||
On October 21, 2011, the Company finalized a decision to terminate the FSX trans-Pacific container shipping service and ceased all operations related to the FSX service during the fourth quarter of 2011. The entire component comprising the FSX service has been discontinued. Accordingly, there will not be any significant future cash flows related to these ceased operations. | |||||||||||||||||
During the fourth quarter of 2011, the Company recorded a restructuring charge as a result of the shutdown of the FSX service. The restructuring charge included, among other things, an amount related to the present value of the Company’s future vessel lease obligations. During 2012, the Company recorded $4.2 million of non-cash accretion of the vessel lease liability. On April 5, 2012, the Company entered into a Global Termination Agreement with SFL which enabled the Company to terminate early the bareboat charters of the five foreign-built, U.S.-flag vessels that formerly operated in the FSX service. The Global Termination Agreement became effective April 9, 2012. In connection with the Global Termination Agreement, the Company adjusted the restructuring charge related to its vessel lease obligations originally recorded during the fourth quarter of 2011. Based on (i) the issuance to SFL of $40.0 million in aggregate principal amount of Second Lien Notes, (ii) the 9,250,000 warrants issued to SFL on April 9, 2012, (iii) fees associated with the vessel lease termination and reimbursement obligations to the SFL Parties, and (iv) the net present value of the vessel lease liability as of April 9, 2012, the Company recorded an additional restructuring charge of $14.1 million during the 2nd quarter of 2012, which was recorded as part of discontinued operations. | |||||||||||||||||
The following table presents the restructuring reserves at September 22, 2013, as well as activity during the nine months (in thousands): | |||||||||||||||||
Balance at | Payments | Provision | Balance at | ||||||||||||||
December 23, | September 22, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Vessel leases | $ | 747 | $ | (766 | ) | $ | 19 | $ | — | ||||||||
The following table presents summarized financial information for the discontinued operations included in the Consolidated Statements of Operations (in thousands): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23, | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating revenue | $ | — | $ | 3 | $ | — | $ | 490 | |||||||||
Operating income (loss) | 3,484 | 414 | 2,555 | (16,078 | ) | ||||||||||||
Net income (loss) | 2,477 | 414 | 1,548 | (20,228 | ) | ||||||||||||
During 2013, the Company incurred legal and professional fees associated with an ongoing arbitration proceeding. The Company was seeking reimbursement of certain costs and expenditures related to previously co-owned assets that were utilized as part of the Company’s FSX service. During the third quarter of 2013, an arbitration panel awarded the Company $3.0 million plus reimbursement of $0.8 million of legal fees and expenses. |
Assets_Held_for_Sale_and_Impai
Assets Held for Sale and Impairment Charge | 9 Months Ended |
Sep. 22, 2013 | |
Text Block [Abstract] | ' |
Assets Held for Sale and Impairment Charge | ' |
6. Assets Held for Sale and Impairment Charge | |
Assets held for sale as of September 22, 2013 includes payments for two new cranes, which are not yet placed into service. These cranes were initially purchased for use in the Company’s Anchorage, Alaska terminal and were expected to be installed and become fully operational in December 2010. However, the Port of Anchorage Intermodal Expansion Project is encountering delays that are expected to continue beyond 2014. During the third quarter of 2013, the Company entered into a letter of intent to sell the cranes. As a result of the reclassification to assets held for sale during the quarter ended September 22, 2013, the Company recorded an impairment charge of $2.6 million to write down the carrying value of the cranes to their estimated proceeds less costs to sell, which approximates fair value (Level 2). The Company completed the sale of the cranes during the fourth quarter of 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 22, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
7. Income Taxes | |
The Company continues to believe it will not generate sufficient taxable income to realize its deferred tax assets. Accordingly, the Company maintains a valuation allowance against its deferred tax assets. The valuation allowance is reviewed quarterly and will be maintained until sufficient positive evidence exists to support the reversal of the valuation allowance. In addition, until such time the Company determines it is more likely than not that it will generate sufficient taxable income to realize its deferred tax assets, income tax benefits associated with future period losses will be fully reserved, except for intraperiod allocations of income tax expense as discussed below. | |
As a result of the loss from continuing operations and income from discontinued operations and other comprehensive income during 2013, the Company is required to record a tax benefit from continuing operations with an offsetting tax expense from discontinued operations and other comprehensive income. For the quarter ended September 22, 2013, the Company has recorded a tax benefit in continuing operations. As such, the Company’s tax benefit recorded in continuing operations will approximate the income from discontinued operations and other comprehensive income multiplied by the statutory tax rate during 2013. | |
During 2012, after evaluating the merits and requirements of the tonnage tax regime, the Company revoked its election under subchapter R of the tonnage tax regime effective for the tax years beginning January 1, 2012. As a result, the activities attributable to the Company’s operation of the vessels in the Puerto Rico tradelane are no longer eligible as qualifying shipping activities under the tonnage tax regime, and therefore, the income (loss) derived from the Puerto Rico vessels will no longer be excluded from corporate income tax for U.S. federal income tax purposes. The Company’s decision was made based on several factors, including the expected economic challenges in Puerto Rico in the foreseeable future. Under the eligibility requirements of the tonnage tax regime, the Company may not elect back into the tonnage tax regime until five years following its revocation. The Company will reevaluate the merits of the tonnage tax regime at such time in the future. | |
The Company has accounted for the revocation of the tonnage tax as a change in tax status of its qualifying shipping activities. Accordingly, the Company recognized the impact of the revocation of its tonnage tax election in the first quarter of 2012, the period for which the Company filed its revocation statement with the Internal Revenue Service. The revocation had a minimal impact on the Company’s Condensed Consolidated Statement of Operations during 2012. The change in tax status resulted in the revaluation of the Company’s deferred taxes. The overall decrease in the Company’s net deferred tax assets was approximately $3.0 million, before the impact of the valuation allowance. After offsetting the decrease in net deferred tax assets with the valuation allowance, the impact on the Company’s net deferred taxes was minimal. | |
During the quarter ended September 23, 2012, the Company completed the unwind of its former interest rate swap. The interest rate swap and its tax effects were initially recorded in other comprehensive income and any changes in market value of the interest rate swap along with their tax effects were recorded directly to other comprehensive income. However, at the time that the Company established its valuation allowance against its net deferred tax assets, the impact was recorded entirely against continuing operations, thereby establishing disproportionate tax effects within other comprehensive income for the interest rate swap. During the quarter ended September 23, 2012, to eliminate the disproportionate tax effects from other comprehensive income, the Company recorded a charge to other comprehensive income in the amount of $1.5 million and an income tax benefit of $1.5 million. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
8. Stock-Based Compensation | |||||||||||||||||
Stock-based compensation costs are measured at the grant date, based on the estimated fair value of the award, and are recognized as an expense in the income statement over the requisite service period. Compensation costs related to stock options, restricted shares, restricted stock units (“RSUs”), and vested shares granted under the Amended and Restated Equity Incentive Plan (the “Plan”), the 2009 Incentive Compensation Plan (the “2009 Plan”), and the 2012 Incentive Compensation Plan (the “2012 Plan”) are recognized using the straight-line method, net of estimated forfeitures. Stock options and restricted shares granted to employees under the Plan and the 2009 Plan typically cliff vest and become fully exercisable on the third anniversary of the grant date, provided the employee who was granted such options/restricted shares is continuously employed by the Company or its subsidiaries through such date, and provided performance based criteria, if any, are met. RSUs granted under the 2012 Plan typically contain a graded vesting schedule with a portion vesting each year over a three-year period. Recipients who retire from the Company and meet certain age and length of service criteria are typically entitled to proportionate vesting. | |||||||||||||||||
The following compensation costs are included within selling, general, and administrative expenses on the condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23 | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted stock units | $ | 705 | $ | 918 | $ | 2,229 | $ | 939 | |||||||||
Restricted stock / vested shares | 25 | 98 | 107 | 335 | |||||||||||||
$ | 730 | $ | 1,016 | $ | 2,336 | $ | 1,274 | ||||||||||
Restricted Stock Units | |||||||||||||||||
On July 5, 2012, the Company granted Samuel A. Woodward, its President and Chief Executive Officer, 3.0 million RSUs. The grant was made pursuant to the employment agreement between Mr. Woodward and the Company. A portion of the RSUs will vest during the periods ending December 31, 2013, December 31, 2014, and June 30, 2015, solely if Mr. Woodward remains in continuous employment with the Company. The remaining RSUs will vest on any of the same dates if Mr. Woodward remains in continuous employment with the Company and certain performance goals established by the Board of Directors or the Compensation Committee have been met. The Company did not meet the 2012 performance goals set forth in the RSU grant. As a result, the Company did not record any compensation expense during 2012 related to these performance-based RSUs. Per the terms of the agreement, if any of the performance-based RSUs do not vest on their assigned performance date solely because the performance goals are not met, then such RSUs shall remain outstanding and shall be eligible to vest on subsequent performance dates to the extent performance goals are established and met for such subsequent year. However, the Company has determined it does not expect to meet the performance goals established for 2013. Accordingly, the Company has not recorded any expense during 2013 related to these performance-based RSUs. | |||||||||||||||||
On July 25, 2012, the Company granted 150,000 RSUs to each non-employee member of the Board of Directors. A portion of the RSUs for each director vested on March 31, 2013, and the remaining portions will vest during the periods ending March 31, 2014 and March 31, 2015, if the director is continuously a member of the Board of Directors at those dates. Each vested RSU shall be settled by lump sum delivery of shares of the Company’s common stock within thirty days following termination of the director’s service as a member of the Board of Directors. | |||||||||||||||||
On July 25, 2012, the Company granted certain senior management employees of the Company a total of approximately 2.8 million RSUs. A portion of the RSUs granted will vest during the periods ending March 31, 2014 and March 31, 2015 solely if the employee remains in continuous employment with the Company. The other half of the RSUs will vest on any of those same dates if certain performance goals are met and the employee remains in continuous employment with the Company. The Company did not meet the 2012 performance goals set forth in the RSU grant. As a result, the Company did not record any compensation expense during 2012 related to these performance-based RSUs. Per the terms of the agreement, if any of the performance-based RSUs do not vest on their assigned performance date solely because the performance goals are not met, then such RSUs shall remain outstanding and shall be eligible to vest on subsequent performance dates to the extent performance goals are established and met for such subsequent year. However, the Company has determined it does not expect to meet the performance goals established for 2013. Accordingly, the Company has not recorded any expense during 2013 related to these performance-based RSUs. Each vested RSU shall be settled within 30 days following termination of the employment with the Company. Fifty percent of the vested RSUs shall be settled in shares of the Company’s common stock and the remaining fifty percent of such vested RSUs shall be settled, in the discretion of the Company, either in shares of the Company’s common stock, cash or any combination thereof. The amount of any cash is to be determined based on the value of a share of the Company’s common stock on the settlement date. | |||||||||||||||||
On December 26, 2012, the Company granted a senior management employee of the Company a total of approximately 0.2 million RSUs. One half of the RSUs granted will vest during the periods ending March 31, 2014 and March 31, 2015 solely if the employee remains in continuous employment with the Company. The other half of the RSUs will vest on any of those same dates if certain performance goals are met and the employee remains in continuous employment with the Company. The Company has determined it does not expect to meet the performance goals established for 2013. Accordingly, the Company has not recorded any expense during 2013 related to these performance-based RSUs. Each vested RSU shall be settled within 30 days following termination of the employment with the Company. Fifty percent of the vested RSUs shall be settled in shares of the Company’s common stock and the remaining fifty percent of such vested RSUs shall be settled, in the discretion of the Company, either in shares of the Company’s common stock, cash or any combination thereof. The amount of any cash is to be determined based on the value of a share of the Company’s common stock on the settlement date. | |||||||||||||||||
On June 1, 2013, the Company granted a senior management employee of the Company a total of approximately 0.2 million RSUs. One half of the RSUs granted will vest during the periods ending March 31, 2014 and March 31, 2015 solely if the employee remains in continuous employment with the Company. The other half of the RSUs will vest on any of those same dates if certain performance goals are met and the employee remains in continuous employment with the Company. The Company has determined it does not expect to meet the performance goals established for 2013. Accordingly, the Company has not recorded any expense during 2013 related to these performance-based RSUs. Each vested RSU shall be settled within 30 days following termination of the employment with the Company. Fifty percent of the vested RSUs shall be settled in shares of the Company’s common stock and the remaining fifty percent of such vested RSUs shall be settled, in the discretion of the Company, either in shares of the Company’s common stock, cash or any combination thereof. The amount of any cash is to be determined based on the value of a share of the Company’s common stock on the settlement date. | |||||||||||||||||
A summary of the status of the Company’s RSU awards as of September 22, 2013 is presented below: | |||||||||||||||||
Restricted Stock Units | Number of | Weighted- | |||||||||||||||
Shares | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
at Grant | |||||||||||||||||
Date | |||||||||||||||||
Nonvested at December 23, 2012 | 6,119,167 | $ | 1.87 | ||||||||||||||
Granted | 416,667 | $ | 1.51 | ||||||||||||||
Vested | (540,958 | ) | $ | 1.87 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 22, 2013 | 5,994,876 | $ | 1.85 | ||||||||||||||
As of September 22, 2013, there was $7.4 million of unrecognized compensation expense related to the RSUs, which is expected to be recognized over a weighted-average period of 1.5 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
A summary of the status of the Company’s restricted stock awards as of September 22, 2013 is presented below: | |||||||||||||||||
Restricted Shares | Number of | Weighted- | |||||||||||||||
Shares | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
at Grant | |||||||||||||||||
Date | |||||||||||||||||
Nonvested at December 23, 2012 | 8,327 | $ | 134.25 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (4,144 | ) | $ | 123 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 22, 2013 | 4,183 | $ | 145.25 | ||||||||||||||
As of September 22, 2013, there was $47 thousand of unrecognized compensation expense related to all restricted stock awards, which is expected to be recognized over a weighted-average period of 0.5 years. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company’s stock option plan provides for grants of stock options to key employees at prices not less than the fair market value of the Company’s common stock on the grant date. The Company has not granted any stock options since 2008. As of September 22, 2013, there was no unrecognized compensation costs related to stock options. A summary of stock option activity is presented below: | |||||||||||||||||
Options | Number of | Weighted- | Weighted- | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (000’s) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 23, 2012 | 36,059 | $ | 390.75 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | (9,230 | ) | $ | 357.5 | |||||||||||||
Outstanding and exercisable at September 22, 2013 | 26,829 | $ | 402.25 | 2.8 | $ | — | |||||||||||
Net_Income_Loss_per_Common_Sha
Net Income (Loss) per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) per Common Share | ' | ||||||||||||||||
9. Net Income (Loss) per Common Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted daily average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential shares of common stock, including stock options and warrants to purchase common stock, using the treasury-stock method. | |||||||||||||||||
Net income (loss) per share is as follows (in thousands, except per share amounts): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23, | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) from continuing operations | $ | 1,603 | $ | 1,443 | $ | (19,322 | ) | $ | (56,495 | ) | |||||||
Net income (loss) from discontinued operations | 2,477 | 414 | 1,548 | (20,228 | ) | ||||||||||||
Net income (loss) | $ | 4,080 | $ | 1,857 | $ | (17,774 | ) | $ | (76,723 | ) | |||||||
Denominator: | |||||||||||||||||
Denominator for basic net income (loss) per common share: | |||||||||||||||||
Weighted average shares outstanding | 36,215 | 33,642 | 35,521 | 18,943 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||
Warrants to purchase common stock | 52,588 | 57,103 | — | — | |||||||||||||
Denominator for diluted net income (loss) per common share | 88,803 | 90,745 | 35,521 | 18,943 | |||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||
From continuing operations | $ | 0.04 | $ | 0.05 | $ | (0.54 | ) | $ | (2.98 | ) | |||||||
From discontinued operations | 0.07 | 0.01 | 0.04 | (1.07 | ) | ||||||||||||
Basic net income (loss) per common share | $ | 0.11 | $ | 0.06 | $ | (0.50 | ) | $ | (4.05 | ) | |||||||
Diluted net income (loss) per common share: | |||||||||||||||||
From continuing operations | $ | 0.02 | $ | 0.02 | $ | (0.54 | ) | $ | (2.98 | ) | |||||||
From discontinued operations | 0.03 | 0 | 0.04 | (1.07 | ) | ||||||||||||
Diluted net income (loss) per common share | $ | 0.05 | $ | 0.02 | $ | (0.50 | ) | $ | (4.05 | ) | |||||||
Warrants outstanding to purchase 52.6 million and 57.2 million common shares have been excluded from the denominator for calculating diluted net loss per share during the nine months ended September 22, 2013 and September 23, 2012, respectively, as the impact would be anti-dilutive. | |||||||||||||||||
Certain of the Company’s unvested stock-based awards contain non-forfeitable rights to dividends. In periods when the Company generates net income from continuing operations, shares are included in the denominator for these participating securities. However, in periods when the Company generates a net loss from continuing operations, shares are excluded from the denominator for these participating securities as the impact would be anti-dilutive. A total of 1 thousand and 3 thousand shares have been excluded from the denominator for basic net loss per share during the nine months ended September 22, 2013 and September 23, 2012, respectively. | |||||||||||||||||
On August 27, 2012, the Company adopted a rights plan (the “Rights Plan”) intended to avoid an “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended, and thereby preserve the current ability of the Company to utilize certain net operating loss carryovers and other tax benefits of the Company. As part of the Rights Agreement, the Company authorized and declared a dividend distribution of one right (a “Right”) for each outstanding share of Common Stock to stockholders of record at the close of business on September 7, 2012. Each Right entitles the holder to purchase from the Company a unit consisting of one ten-thousandth of a share (a “Unit”) of Series A Participating Preferred Stock, par value $0.01 per share, of the Company (the “Preferred Stock”) at a purchase price of $8.00 per Unit, subject to adjustment (the “Purchase Price”). Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company, including the right to vote or to receive dividends in respect of Rights. The issuance of the Rights alone does not cause any change in the number of shares deliverable upon the exercise of the Company’s outstanding warrants or convertible notes, or the exercise price or conversion price (as applicable) thereof. The Company intends to (i) include in its proxy statement for the Company’s 2014 Annual Meeting of Stockholders a proposal soliciting stockholder approval of the Rights Plan or (ii) repeal the Rights Plan prior to the 2014 Annual Meeting. In the event that the Company elects to include a proposal to approve the Rights Plan in the proxy statement, and the Company does not receive the affirmative vote of the majority of shares present in person or represented by proxy at the 2014 Annual Meeting of Stockholders and entitled to vote on the matter, then the Company will promptly take action to repeal the Rights Plan. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
10. Property and Equipment | |||||||||||||||||
Property and equipment consists of the following (in thousands): | |||||||||||||||||
September 22, 2013 | December 23, 2012 | ||||||||||||||||
Historical | Net Book | Historical | Net Book | ||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||
Vessels and vessel improvements | $ | 226,665 | $ | 131,699 | $ | 156,705 | $ | 63,855 | |||||||||
Containers | 40,603 | 25,737 | 35,604 | 20,573 | |||||||||||||
Chassis | 18,702 | 9,944 | 13,745 | 5,626 | |||||||||||||
Cranes | 28,746 | 12,587 | 28,070 | 13,371 | |||||||||||||
Machinery and equipment | 33,218 | 11,006 | 32,088 | 10,535 | |||||||||||||
Facilities and land improvements | 30,005 | 21,495 | 29,862 | 22,508 | |||||||||||||
Software | 24,004 | 1,092 | 23,562 | 1,308 | |||||||||||||
Construction in progress | 11,321 | 11,321 | 22,274 | 22,274 | |||||||||||||
Total | $ | 413,264 | $ | 224,881 | $ | 341,910 | $ | 160,050 | |||||||||
On January 31, 2013, the Company, through its newly formed subsidiary Horizon Alaska, acquired off of charter the Vessels for a purchase price of approximately $91.8 million. The charter for the Vessels was due to expire in January 2015. For each chartered vessel, the Company generally had the following options in connection with the expiration of the charter: (i) purchase the vessel for its fixed price or fair market value, (ii) extend the charter for an agreed upon period of time at a fixed price or fair market value charter rate or, (iii) return the vessel to its owner. The $91.8 million purchase price was partially offset by certain liabilities, including an unfavorable lease liability and accrued vessel rent, to arrive at the Vessels’ carrying value as of the purchase date of $75.2 million. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
11. Intangible Assets | |||||||||
Intangible assets consist of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
Customer contracts/relationships | $ | 141,430 | $ | 141,430 | |||||
Trademarks | 63,800 | 63,800 | |||||||
Deferred financing costs | 15,633 | 13,781 | |||||||
Total intangibles with definite lives | 220,863 | 219,011 | |||||||
Accumulated amortization | (182,751 | ) | (170,438 | ) | |||||
Net intangibles with definite lives | 38,112 | 48,573 | |||||||
Goodwill | 198,793 | 198,793 | |||||||
Intangible assets, net | $ | 236,905 | $ | 247,366 | |||||
In connection with the purchase of the Vessels and the issuance of the $75.0 Million Agreement and the $20.0 Million Agreement, the Company paid financing costs of $2.6 million during the first nine months of 2013. All of the Company’s deferred financing costs are being amortized through non-cash interest expense through the maturity of the associated debt agreement. |
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
12. Accrued Liabilities | |||||||||
Other current accrued liabilities consist of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
Vessel operations | $ | 13,529 | $ | 14,592 | |||||
Payroll and employee benefits | 17,330 | 13,409 | |||||||
Marine operations | 7,476 | 7,677 | |||||||
Terminal operations | 9,374 | 8,765 | |||||||
Fuel | 7,005 | 5,546 | |||||||
Interest | 12,882 | 4,946 | |||||||
Legal settlements | 3,500 | 6,500 | |||||||
Restructuring | 6,749 | 4,180 | |||||||
Other liabilities | 14,391 | 21,743 | |||||||
Total other current accrued liabilities | $ | 92,236 | $ | 87,358 | |||||
The Company has recorded certain of its legal settlements at their net present value and is recording accretion of the liability balance through interest expense. In addition to the current accrued liabilities related to legal settlements, the Company also has commitments to make payments after September 22, 2014. The Company is required to make payments related to the plea agreement with the Antitrust Division of the Department of Justice of $4.0 million on or before March 24, 2015 and $4.0 million on or before March 21, 2016, all of which are included in other long term liabilities. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
13. Fair Value Measurement | |||||||||||||||||
U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||
Level 1: | observable inputs such as quoted prices in active markets | ||||||||||||||||
Level 2: | inputs other than the quoted prices in active markets that are observable either directly or indirectly | ||||||||||||||||
Level 3: | unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions | ||||||||||||||||
As of September 22, 2013, the Company’s liabilities measured at fair value on a recurring basis are as follows (in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Conversion features within Series A Notes (Note 3) | $ | — | $ | — | $ | 256 | $ | 256 | |||||||||
Total liabilities | $ | — | $ | — | $ | 256 | $ | 256 | |||||||||
Pension_and_Postretirement_Ben
Pension and Post-retirement Benefit Plans | 9 Months Ended |
Sep. 22, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Pension and Post-retirement Benefit Plans | ' |
14. Pension and Post-retirement Benefit Plans | |
The Company provides pension and post-retirement benefit plans for certain of its union workers. Each of the plans is described in more detail below. | |
Pension Plans | |
The Company sponsors a defined benefit plan covering approximately 30 union employees as of September 22, 2013. The plan provides for retirement benefits based only upon years of service. Employees whose terms and conditions of employment are subject to or covered by the collective bargaining agreement between Horizon Lines and the International Longshore & Warehouse Union Local 142 are eligible to participate once they have completed one year of service. Contributions to the plan are based on the projected unit credit actuarial method and are limited to the amounts that are currently deductible for income tax purposes. The Company recorded net periodic benefit costs of $0.2 million during each of the quarters ended September 22, 2013 and September 23, 2012, and $0.6 million during each of the nine months ended September 22, 2013 and September 23, 2012. | |
The HSI pension plan covering approximately 50 salaried employees was frozen to new entrants as of December 31, 2005. Contributions to the plan are based on the projected unit credit actuarial method and are limited to the amounts that are currently deductible for income tax purposes. The Company recorded net periodic benefit costs of $0.1 million during each of the quarters ended September 22, 2013 and September 23, 2012, and $0.3 million during each of the nine months ended September 22, 2013 and September 23, 2012. | |
Post-retirement Benefit Plans | |
In addition to providing pension benefits, the Company provides certain healthcare (both medical and dental) and life insurance benefits for eligible retired members (“post-retirement benefits”). For eligible employees hired on or before July 1, 1996, the healthcare plan provides for post-retirement health coverage for an employee who, immediately preceding his/her retirement date, was an active participant in the retirement plan and has attained age 55 as of his/her retirement date. For eligible employees hired after July 1, 1996, the plan provides post-retirement health coverage for an employee who, immediately preceding his/her retirement date, was an active participant in the retirement plan and has attained a combination of age and service totaling 75 years or more as of his/her retirement date. The Company recorded net periodic benefit costs of $0.1 million during each of the quarters ended September 22, 2013 and September 23, 2012, and $0.3 million during each of the nine months ended September 22, 2013 and September 23, 2012. | |
Effective June 25, 2007, the HSI plan provides for post-retirement medical, dental and life insurance benefits for salaried employees who had attained age 55 and completed 20 years of service as of December 31, 2005. Any salaried employee already receiving post-retirement medical coverage as of June 25, 2007 will continue to be covered by the plan. For eligible union employees hired on or before July 1, 1996, the healthcare plan provides for post-retirement medical coverage for an employee who, immediately preceding his/her retirement date, was an active participant in the retirement plan and has attained age 55 as of his/her retirement date. For eligible union employees hired after July 1, 1996, the plan provides post-retirement health coverage for an employee who, immediately preceding his/her retirement date, was an active participant in the retirement plan and has attained age 55 and has a combination of age and service totaling 75 years or more as of his/her retirement date. The Company recorded net periodic benefit costs of $0.1 million during each of the quarters ended September 22, 2013 and September 23, 2012, and $0.3 million during each of the nine months ended September 22, 2013 and September 23, 2012. | |
Other Plans | |
Under collective bargaining agreements, the Company participates in a number of union-sponsored, multiemployer benefit plans. Payments to these plans are made as part of aggregate assessments generally based on hours worked, tonnage of cargo moved, or a combination thereof. Expense for these plans is recognized as contributions are funded. The Company has made higher payments related to increased assessments as a result of lower container volumes and increased benefit costs. If the Company exits these markets, it may be required to pay a potential withdrawal liability if the plans are underfunded at the time of the withdrawal. Any adjustments would be recorded when it is probable that a liability exists and it is determined that markets will be exited. See Note 4 for information related to the estimated multiemployer pension plan withdrawal liability associated with the Company’s relocation of its northeast terminal operations from Elizabeth, New Jersey to Philadelphia, Pennsylvania. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 22, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
15. Commitments and Contingencies | |
Legal Proceedings | |
In May 2013, the U.S. Department of Justice declined to intervene in a qui tam complaint filed in the U.S. District Court for the Central District of California by Mario Rizzo under the Federal False Claims Act. The case was unsealed on May 15, 2013, and the Company was served with a complaint in June 2013. The case is entitled United States of America, ex rel. Mario Rizzo v. Horizon Lines, LLC et al. The qui tam complaint alleges, among other things, that the Company and another defendant submitted false claims by claiming fuel surcharges in excess of what was agreed by the Department of Defense. The complaint seeks significant damages, penalties and other relief. The Company has filed responsive pleadings and intends to vigorously defend against the allegations set forth in the complaint. | |
In the ordinary course of business, from time to time, the Company becomes involved in various legal proceedings. These relate primarily to claims for loss or damage to cargo, employees’ personal injury claims, and claims for loss or damage to the person or property of third parties. The Company generally maintains insurance, subject to customary deductibles or self-retention amounts, and/or reserves to cover these types of claims. The Company also, from time to time, becomes involved in routine employment-related disputes and disputes with parties with which the Company has contractual relations. The Company’s policy is to disclose contingent liabilities associated with both asserted and unasserted claims after all available facts and circumstances have been reviewed and the Company determines that a loss is reasonably possible. The Company’s policy is to record contingent liabilities associated with both asserted and unasserted claims when it is probable that the liability has been incurred and the amount of the loss is reasonably estimable. | |
Standby Letters of Credit | |
The Company has standby letters of credit, primarily related to its property and casualty insurance programs. On September 22, 2013 and December 23, 2012, these letters of credit totaled $12.9 million and $13.2 million, respectively. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 22, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
16. Recent Accounting Pronouncements | |
Accounting pronouncements effective after September 22, 2013 are not expected to have a material effect on the Company’s consolidated financial position or results of operations. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 22, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and accordingly, certain financial information has been condensed and certain footnote disclosures have been omitted. Such information and disclosures are normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 23, 2012. The Company uses a 52 or 53 week (every sixth or seventh year) fiscal year that ends on the Sunday before the last Friday in December. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt | ' | ||||||||
As of the dates below, long-term debt consisted of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
First lien notes | $ | 223,675 | $ | 225,305 | |||||
Second lien notes | 180,189 | 160,871 | |||||||
$75.0 million term loan agreement | 73,060 | — | |||||||
$20.0 million term loan agreement | 19,552 | — | |||||||
Capital lease obligations | 11,118 | 7,443 | |||||||
6.0% convertible notes | 1,643 | 1,711 | |||||||
ABL facility | — | 42,500 | |||||||
Total long-term debt | 509,237 | 437,830 | |||||||
Less current portion | (8,950 | ) | (3,608 | ) | |||||
Long-term debt, net of current portion | $ | 500,287 | $ | 434,222 | |||||
Order of Lien Priority for Debt Agreements on the Secured Notes Priority Collateral and the ABL Priority Collateral | ' | ||||||||
The following table lists the order of lien priority for each of the Horizon Lines Debt Agreements on the Secured Notes Priority Collateral and the ABL Priority Collateral, as applicable: | |||||||||
Secured | ABL Priority | ||||||||
Notes | Collateral | ||||||||
Priority | |||||||||
Collateral | |||||||||
$20 Million Agreement | First | Second | |||||||
First Lien Notes | Second | Third | |||||||
Second Lien Notes | Third | Fourth | |||||||
6.0% Convertible Notes | Fourth | Fifth | |||||||
ABL Facility | Fifth | First |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Summary of Restructuring Reserve Activity | ' | ||||||||||||||||
The following table presents the restructuring reserves at September 22, 2013, as well as activity during the nine months (in thousands): | |||||||||||||||||
Balance at | Provision | Payments | Balance at | ||||||||||||||
December 23, | September 22, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Personnel-related costs | $ | 1,962 | $ | 450 | $ | (1,161 | ) | $ | 1,251 | ||||||||
Equipment and relocation costs | 2,218 | 945 | (2,943 | ) | 220 | ||||||||||||
Multi-employer pension plan withdrawal liability | — | 5,278 | (1) | — | 5,278 | ||||||||||||
Total | $ | 4,180 | $ | 6,673 | $ | (4,104 | ) | $ | 6,749 | ||||||||
-1 | Includes $0.4 million of non-cash interest accretion related to the liability for withdrawal from the Port of Elizabeth’s multiemployer pension plan. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) (Discontinued Operations [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Discontinued Operations [Member] | ' | ||||||||||||||||
Summary of Restructuring Reserve Activity | ' | ||||||||||||||||
The following table presents the restructuring reserves at September 22, 2013, as well as activity during the nine months (in thousands): | |||||||||||||||||
Balance at | Payments | Provision | Balance at | ||||||||||||||
December 23, | September 22, | ||||||||||||||||
2012 | 2013 | ||||||||||||||||
Vessel leases | $ | 747 | $ | (766 | ) | $ | 19 | $ | — | ||||||||
Summary of Financial Information for the Discontinued Operations Included in the Consolidated Statements of Operations | ' | ||||||||||||||||
The following table presents summarized financial information for the discontinued operations included in the Consolidated Statements of Operations (in thousands): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23, | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Operating revenue | $ | — | $ | 3 | $ | — | $ | 490 | |||||||||
Operating income (loss) | 3,484 | 414 | 2,555 | (16,078 | ) | ||||||||||||
Net income (loss) | 2,477 | 414 | 1,548 | (20,228 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Compensation Cost Included in Selling, General, and Administration Expenses | ' | ||||||||||||||||
The following compensation costs are included within selling, general, and administrative expenses on the condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23 | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restricted stock units | $ | 705 | $ | 918 | $ | 2,229 | $ | 939 | |||||||||
Restricted stock / vested shares | 25 | 98 | 107 | 335 | |||||||||||||
$ | 730 | $ | 1,016 | $ | 2,336 | $ | 1,274 | ||||||||||
Summary of Restricted Stock Units | ' | ||||||||||||||||
A summary of the status of the Company’s RSU awards as of September 22, 2013 is presented below: | |||||||||||||||||
Restricted Stock Units | Number of | Weighted- | |||||||||||||||
Shares | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
at Grant | |||||||||||||||||
Date | |||||||||||||||||
Nonvested at December 23, 2012 | 6,119,167 | $ | 1.87 | ||||||||||||||
Granted | 416,667 | $ | 1.51 | ||||||||||||||
Vested | (540,958 | ) | $ | 1.87 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 22, 2013 | 5,994,876 | $ | 1.85 | ||||||||||||||
Summary of Restricted Stock Awards | ' | ||||||||||||||||
A summary of the status of the Company’s restricted stock awards as of September 22, 2013 is presented below: | |||||||||||||||||
Restricted Shares | Number of | Weighted- | |||||||||||||||
Shares | Average | ||||||||||||||||
Fair Value | |||||||||||||||||
at Grant | |||||||||||||||||
Date | |||||||||||||||||
Nonvested at December 23, 2012 | 8,327 | $ | 134.25 | ||||||||||||||
Granted | — | — | |||||||||||||||
Vested | (4,144 | ) | $ | 123 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Nonvested at September 22, 2013 | 4,183 | $ | 145.25 | ||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity is presented below: | |||||||||||||||||
Options | Number of | Weighted- | Weighted- | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | (000’s) | |||||||||||||||
Term (Years) | |||||||||||||||||
Outstanding at December 23, 2012 | 36,059 | $ | 390.75 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Expired | (9,230 | ) | $ | 357.5 | |||||||||||||
Outstanding and exercisable at September 22, 2013 | 26,829 | $ | 402.25 | 2.8 | $ | — | |||||||||||
Net_Income_Loss_per_Common_Sha1
Net Income (Loss) per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||||
Net income (loss) per share is as follows (in thousands, except per share amounts): | |||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||
September 22, | September 23, | September 22, | September 23, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) from continuing operations | $ | 1,603 | $ | 1,443 | $ | (19,322 | ) | $ | (56,495 | ) | |||||||
Net income (loss) from discontinued operations | 2,477 | 414 | 1,548 | (20,228 | ) | ||||||||||||
Net income (loss) | $ | 4,080 | $ | 1,857 | $ | (17,774 | ) | $ | (76,723 | ) | |||||||
Denominator: | |||||||||||||||||
Denominator for basic net income (loss) per common share: | |||||||||||||||||
Weighted average shares outstanding | 36,215 | 33,642 | 35,521 | 18,943 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||
Warrants to purchase common stock | 52,588 | 57,103 | — | — | |||||||||||||
Denominator for diluted net income (loss) per common share | 88,803 | 90,745 | 35,521 | 18,943 | |||||||||||||
Basic net income (loss) per common share: | |||||||||||||||||
From continuing operations | $ | 0.04 | $ | 0.05 | $ | (0.54 | ) | $ | (2.98 | ) | |||||||
From discontinued operations | 0.07 | 0.01 | 0.04 | (1.07 | ) | ||||||||||||
Basic net income (loss) per common share | $ | 0.11 | $ | 0.06 | $ | (0.50 | ) | $ | (4.05 | ) | |||||||
Diluted net income (loss) per common share: | |||||||||||||||||
From continuing operations | $ | 0.02 | $ | 0.02 | $ | (0.54 | ) | $ | (2.98 | ) | |||||||
From discontinued operations | 0.03 | 0 | 0.04 | (1.07 | ) | ||||||||||||
Diluted net income (loss) per common share | $ | 0.05 | $ | 0.02 | $ | (0.50 | ) | $ | (4.05 | ) | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and equipment consists of the following (in thousands): | |||||||||||||||||
September 22, 2013 | December 23, 2012 | ||||||||||||||||
Historical | Net Book | Historical | Net Book | ||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||
Vessels and vessel improvements | $ | 226,665 | $ | 131,699 | $ | 156,705 | $ | 63,855 | |||||||||
Containers | 40,603 | 25,737 | 35,604 | 20,573 | |||||||||||||
Chassis | 18,702 | 9,944 | 13,745 | 5,626 | |||||||||||||
Cranes | 28,746 | 12,587 | 28,070 | 13,371 | |||||||||||||
Machinery and equipment | 33,218 | 11,006 | 32,088 | 10,535 | |||||||||||||
Facilities and land improvements | 30,005 | 21,495 | 29,862 | 22,508 | |||||||||||||
Software | 24,004 | 1,092 | 23,562 | 1,308 | |||||||||||||
Construction in progress | 11,321 | 11,321 | 22,274 | 22,274 | |||||||||||||
Total | $ | 413,264 | $ | 224,881 | $ | 341,910 | $ | 160,050 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Intangible Assets | ' | ||||||||
Intangible assets consist of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
Customer contracts/relationships | $ | 141,430 | $ | 141,430 | |||||
Trademarks | 63,800 | 63,800 | |||||||
Deferred financing costs | 15,633 | 13,781 | |||||||
Total intangibles with definite lives | 220,863 | 219,011 | |||||||
Accumulated amortization | (182,751 | ) | (170,438 | ) | |||||
Net intangibles with definite lives | 38,112 | 48,573 | |||||||
Goodwill | 198,793 | 198,793 | |||||||
Intangible assets, net | $ | 236,905 | $ | 247,366 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 22, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Current Accrued Liabilities | ' | ||||||||
Other current accrued liabilities consist of the following (in thousands): | |||||||||
September 22, | December 23, | ||||||||
2013 | 2012 | ||||||||
Vessel operations | $ | 13,529 | $ | 14,592 | |||||
Payroll and employee benefits | 17,330 | 13,409 | |||||||
Marine operations | 7,476 | 7,677 | |||||||
Terminal operations | 9,374 | 8,765 | |||||||
Fuel | 7,005 | 5,546 | |||||||
Interest | 12,882 | 4,946 | |||||||
Legal settlements | 3,500 | 6,500 | |||||||
Restructuring | 6,749 | 4,180 | |||||||
Other liabilities | 14,391 | 21,743 | |||||||
Total other current accrued liabilities | $ | 92,236 | $ | 87,358 | |||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 22, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
As of September 22, 2013, the Company’s liabilities measured at fair value on a recurring basis are as follows (in thousands): | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Conversion features within Series A Notes (Note 3) | $ | — | $ | — | $ | 256 | $ | 256 | |||||||||
Total liabilities | $ | — | $ | — | $ | 256 | $ | 256 | |||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 22, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Minimum percentage of ownership by domestic citizens subsidiary in shipping business | 75.00% |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 22, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of week used for fiscal year every sixth year by entity | '364 days |
Number of week used for fiscal year every seventh year by entity | '371 days |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $509,237 | $437,830 |
Less current portion | -8,950 | -3,608 |
Long-term debt, net of current portion | 500,287 | 434,222 |
ABL Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 42,500 |
First Lien Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 223,675 | 225,305 |
Second Lien Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 180,189 | 160,871 |
$75.0 Million Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 73,060 | ' |
$20.0 Million Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 19,552 | ' |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 11,118 | 7,443 |
6.0% Convertible Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $1,643 | $1,711 |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | Sep. 22, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Dec. 23, 2012 |
In Millions, unless otherwise specified | $75.0 Million Term Loan [Member] | $75.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | 6.0% Convertible Notes [Member] | 6.0% Convertible Notes [Member] |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | $75 | $75 | $20 | $20 | ' | ' |
Senior notes states percentage | ' | 10.25% | ' | 8.00% | 6.00% | 6.00% |
LongTerm_Debt_Order_of_Lien_Pr
Long-Term Debt - Order of Lien Priority for Debt Agreements on the Secured Notes Priority Collateral and the ABL Priority Collateral (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 22, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Dec. 23, 2012 | Sep. 22, 2013 | Jan. 31, 2013 |
$20.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | First Lien Notes [Member] | Second Lien Notes [Member] | 6.0% Convertible Notes [Member] | 6.0% Convertible Notes [Member] | ABL Facility [Member] | ABL Facility [Member] | |
$20.0 Million Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Secured notes priority collateral | 'First | ' | 'Second | 'Third | 'Fourth | ' | 'Fifth | ' |
ABL Priority Collateral | 'Second | ' | 'Third | 'Fourth | 'Fifth | ' | 'First | ' |
Debt instrument principal amount | $20 | $20 | ' | ' | ' | ' | ' | $20 |
Senior notes states percentage | ' | 8.00% | ' | ' | 6.00% | 6.00% | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 22, 2013 | Sep. 22, 2013 | Sep. 23, 2012 | Dec. 23, 2012 | Apr. 09, 2012 | Sep. 22, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Jan. 31, 2013 | Oct. 05, 2011 | Oct. 05, 2011 | Jan. 31, 2013 | Oct. 05, 2011 | Sep. 22, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Oct. 05, 2011 | Oct. 05, 2011 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Oct. 05, 2012 | Oct. 05, 2011 | Sep. 22, 2013 | Apr. 15, 2013 | Dec. 23, 2012 | Oct. 15, 2012 | Apr. 15, 2012 | Oct. 05, 2011 | Sep. 22, 2013 | Oct. 05, 2011 | Sep. 22, 2013 | Oct. 05, 2011 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Oct. 05, 2011 | Oct. 05, 2011 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Oct. 05, 2011 | Oct. 05, 2011 | Sep. 22, 2013 | Apr. 15, 2013 | Oct. 15, 2012 | Jan. 31, 2013 | |
Vessel | Warrants [Member] | D-7 Vessels [Member] | $75.0 Million Term Loan [Member] | $75.0 Million Term Loan [Member] | $75.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | Convertible Senior Secured Notes Series [Member] | Convertible Senior Secured Notes Series B [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | 11.00% First Lien Senior Secured Notes Due 2016 [Member] | 11.00% First Lien Senior Secured Notes Due 2016 [Member] | 11.00% First Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 13.00%-15.00% Second Lien Senior Secured Notes Due 2016 [Member] | 6% Convertible Notes Due 2017 [Member] | 6% Convertible Notes Due 2017 [Member] | 6% Convertible Notes Due 2017 [Member] | 6% Convertible Notes Due 2017 [Member] | 6% Convertible Notes Due 2017 [Member] | 6% Convertible Notes Due 2017 [Member] | 6.0% Convertible Notes [Member] | 6.0% Convertible Senior Secured [Member] | 6.0% Convertible Senior Secured [Member] | 6.0% Convertible Senior Secured [Member] | 6.0% Convertible Senior Secured [Member] | SFL Notes Due 2013 [Member] | SFL Notes Due 2013 [Member] | SFL Notes Due 2013 [Member] | Series A Convertible Senior Secured Notes [Member] | |||||
Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | $75.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | Letter of Credit Sub-Facility [Member] | Swingline Sub Facility [Member] | Minimum [Member] | Maximum [Member] | Interest Rate Criteria Three [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Series A Notes [Member] | Series A Notes [Member] | Series B Notes [Member] | Minimum [Member] | Maximum [Member] | Series A Notes [Member] | Series A Notes [Member] | Series B Notes [Member] | |||||||||||||||||||||||||||||||||
Interest Rate Criteria One [Member] | Interest Rate Criteria Two [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes states percentage | ' | ' | ' | ' | ' | ' | ' | 10.25% | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | 15.00% | 13.00% | 13.00% | 15.00% | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | ' | 6.00% |
Convertible senior notes date of maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-16 | ' | ' | 15-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Apr-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, date of first required payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Apr-12 | ' | ' | 15-Apr-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligated mandatory prepayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of change of control in other covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of the Company's debt | $486,600,000 | $486,600,000 | ' | $411,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $228,400,000 | ' | ' | ' | ' | ' | $96,600,000 | ' | ' | ' | ' | ' | $300,000 | ' | $105,600,000 | $58,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of issued premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Callable percentage on principal amount | ' | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.50% | ' | ' | 106.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 75,000,000 | 75,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 178,800,000 | 99,300,000 | ' | ' | ' | 75,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of interest payable in cash in arrears | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest payable in kind | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-callable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional second lien note to satisfy interest obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,700,000 | ' | 8,100,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 3,100,000 | ' |
Accrued interest an increase to long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Issuance to SFL in aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued to SFL | ' | ' | ' | ' | 9,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock per share value | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.25 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | 30,000,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional increase in maximum commitment under asset based lending facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of borrowing on maximum borrowing capacity under line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance maturity date | ' | '90 days earlier | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument basis spread on variable rate based on base rate loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument basis spread on variable rate based on LIBOR rate loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable commitment fee on the unused portion of the commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing capacity under senior credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit amount | 12,900,000 | 12,900,000 | ' | 13,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of previously chartered vessels | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Chartered vessels expiration date | ' | '2015-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of vessels | ' | ' | ' | ' | ' | ' | 91,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of first term loan agreement with certain lenders | ' | ' | ' | ' | ' | ' | ' | 75,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly amortization installment percentage | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in amortization installment percentage | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of financing costs | ' | 5,637,000 | 5,679,000 | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional closing fee | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion converted instrument conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 402.3272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion original debt instrument conversion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Weighted Average Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation period to complete exchange offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days to determine common stock weighted average price under condition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of consideration received by stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of repurchase rate on principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' |
Non-cash gain loss recorded for change in fair value | $23,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price of warrants per common shares | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants outstanding | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 38,885,000 | 38,885,000 | ' | 34,434,000 | ' | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock conversion ratio | ' | ' | ' | ' | ' | '1/25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership position | ' | ' | ' | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
Sep. 22, 2013 | Dec. 23, 2012 | Jun. 24, 2012 | Sep. 22, 2013 | Dec. 23, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Dec. 23, 2012 | Dec. 23, 2012 | Sep. 22, 2013 | Mar. 24, 2013 | |
Employee | Subsequent Event [Member] | Portion of excess leased equipment returned [Member] | Union Severance [Member] | Equipment [Member] | Non-Union Employee [Member] | Estimated Multi-Employer Pension Plan Withdrawal Liability [Member] | Estimated Multi-Employer Pension Plan Withdrawal Liability [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring charge | $1,042,000 | $3,100,000 | ' | $6,294,000 | ' | ' | ' | $2,200,000 | ' | $800,000 | $4,100,000 |
Union and non-union severance and employee related expense | ' | 900,000 | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Company recorded an additional restructuring charge | ' | ' | 14,100,000 | ' | ' | 900,000 | 500,000 | ' | ' | ' | ' |
Reduction in non-union workforce plan approximately, in numbers | ' | ' | ' | 38 | ' | ' | ' | ' | ' | ' | ' |
Existing position of Company's non-union workforce | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' |
Open position of Company's non-union workforce | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' |
Multiemployer pension plan withdrawal liability cash payable under settlement agreement | ' | ' | ' | ' | $5,300,000 | ' | ' | ' | ' | ' | ' |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Reserve Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 22, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | $4,180 |
Provision | 6,673 |
Payments | -4,104 |
Ending Balance | 6,749 |
Personnel Related Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 1,962 |
Provision | 450 |
Payments | -1,161 |
Ending Balance | 1,251 |
Equipment and Relocation Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | 2,218 |
Provision | 945 |
Payments | -2,943 |
Ending Balance | 220 |
Estimated Multi-Employer Pension Plan Withdrawal Liability [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning Balance | ' |
Provision | 5,278 |
Payments | ' |
Ending Balance | $5,278 |
Restructuring_Summary_of_Restr1
Restructuring - Summary of Restructuring Reserve Activity (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 22, 2013 |
Restructuring And Related Activities [Abstract] | ' |
Restructuring reserve accelerated non cash interest related to pension plan liability | $0.40 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 22, 2013 | Jun. 24, 2012 | Dec. 23, 2012 | Apr. 09, 2012 | Apr. 05, 2012 |
Foreign_Ship | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Number of foreign-built ship | ' | ' | ' | ' | 5 |
Non-Cash accretion of the liability | ' | ' | $4.20 | ' | ' |
Warrants issued to SFL | ' | ' | ' | 9,250,000 | ' |
Company recorded an additional restructuring charge | ' | 14.1 | ' | ' | ' |
Award received from arbitration panel | 3 | ' | ' | ' | ' |
Reimbursement of legal fees and expenses | 0.8 | ' | ' | ' | ' |
Senior Debt Obligations [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Issuance to SFL in aggregate principal amount | ' | ' | ' | 40 | ' |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Restructuring Reserve Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 22, 2013 | Dec. 23, 2012 | Sep. 22, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | ' | $4,180 |
Payments | ' | ' | -4,104 |
Provision | 1,042 | 3,100 | 6,294 |
Ending Balance | 6,749 | 4,180 | 6,749 |
Discontinued Operations [Member] | Vessel Leases [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning Balance | ' | ' | 747 |
Payments | ' | ' | -766 |
Provision | ' | ' | 19 |
Ending Balance | ' | ' | ' |
Discontinued_Operations_Summar1
Discontinued Operations - Summary of Financial Information for the Discontinued Operations Included in the Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net income (loss) | $2,477 | $414 | $1,548 | ($20,228) |
Discontinued Operations [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Operating revenue | ' | 3 | ' | 490 |
Operating income (loss) | 3,484 | 414 | 2,555 | -16,078 |
Net income (loss) | $2,477 | $414 | $1,548 | ($20,228) |
Assets_Held_for_Sale_and_Impai1
Assets Held for Sale and Impairment Charge - Additional Information (Detail) (Cranes [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 22, 2013 | Sep. 22, 2013 |
Cranes | ||
Cranes [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Number of cranes not yet placed into service | ' | 2 |
Impairment charge to write down carrying value | $2.60 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 23, 2012 | Jun. 24, 2012 | Dec. 23, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tonnage tax regime period | ' | ' | '5 years |
(Decrease) in deferred tax assets, gross | ' | $3 | ' |
Income tax charge included in other comprehensive income | 1.5 | ' | ' |
Income tax benefit included in other comprehensive income | $1.50 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Jul. 25, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Jul. 25, 2012 | Dec. 26, 2012 | Jul. 25, 2012 | Jun. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Jul. 05, 2012 | Dec. 26, 2012 | Jul. 25, 2012 | Jun. 23, 2012 | Dec. 26, 2012 | Jun. 23, 2012 | Dec. 26, 2012 | Jul. 25, 2012 | Jun. 23, 2012 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | |
Non-Employee [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock/Vested Shares [Member] | Restricted Stock/Vested Shares [Member] | Restricted Stock/Vested Shares [Member] | Restricted Stock/Vested Shares [Member] | Employee Stock Option [Member] | ||||||
Executive Officer [Member] | Employment Contracts [Member] | Employment Contracts [Member] | Employment Contracts [Member] | Management [Member] | Management [Member] | |||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period to exercise option | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units | 2,800,000 | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | 416,667 | ' | 3,000,000 | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to performance based RSUs | ' | $730,000 | $1,016,000 | $2,336,000 | $1,274,000 | ' | ' | ' | ' | $705,000 | $918,000 | $2,229,000 | $939,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $25,000 | $98,000 | $107,000 | $335,000 | ' |
Settlement period of RSU | ' | ' | ' | ' | ' | ' | '30 days | '30 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested RSUs settled in shares of the Company's common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,400,000 | ' | $7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,000 | ' | $47,000 | ' | $0 |
Weighted-average period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
StockBased_Compensation_Compen
Stock-Based Compensation - Compensation Cost Included in Selling, General, and Administration Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation Costs | $730 | $1,016 | $2,336 | $1,274 |
Restricted Stock Units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation Costs | 705 | 918 | 2,229 | 939 |
Restricted Stock/Vested Shares [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation Costs | $25 | $98 | $107 | $335 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Units (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
Jul. 25, 2012 | Sep. 22, 2013 | |
Restricted Stock Units [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Nonvested, Number of Shares, Beginning Balance | ' | 6,119,167 |
Granted, Number of Shares | 2,800,000 | 416,667 |
Vested, Number of Shares | ' | -540,958 |
Forfeited, Number of Shares | ' | ' |
Nonvested, Number of Shares, Ending Balance | ' | 5,994,876 |
Nonvested, Weighted-Average Fair Value at Grant Date, Beginning Balance | ' | $1.87 |
Granted, Weighted-Average Fair Value at Grant Date | ' | $1.51 |
Vested, Weighted-Average Fair Value at Grant Date | ' | $1.87 |
Forfeited, Weighted-Average Fair Value at Grant Date | ' | ' |
Nonvested, Weighted-Average Fair Value at Grant Date, Ending Balance | ' | $1.85 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Awards (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
Jul. 25, 2012 | Sep. 22, 2013 | |
Restricted Stock/Vested Shares [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Nonvested, Number of Shares, Beginning Balance | ' | 8,327 |
Granted, Number of Shares | 2,800,000 | ' |
Vested, Number of Shares | ' | -4,144 |
Forfeited, Number of Shares | ' | ' |
Nonvested, Number of Shares, Ending Balance | ' | 4,183 |
Nonvested, Weighted-Average Fair Value at Grant Date, Beginning Balance | ' | $134.25 |
Granted, Weighted-Average Fair Value at Grant Date | ' | ' |
Vested, Weighted-Average Fair Value at Grant Date | ' | $123 |
Forfeited, Weighted-Average Fair Value at Grant Date | ' | ' |
Nonvested, Weighted-Average Fair Value at Grant Date, Ending Balance | ' | $145.25 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
Sep. 22, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding, Number of Options | 36,059 |
Granted, Number of Options | ' |
Exercised, Number of Options | ' |
Forfeited, Number of Options | ' |
Expired, Number of Options | -9,230 |
Outstanding and exercisable, Number of Options | 26,829 |
Outstanding, Weighted-Average Exercise Price | $390.75 |
Granted, Weighted-Average Exercise Price | ' |
Exercised, Weighted-Average Exercise Price | ' |
Forfeited, Weighted-Average Exercise Price | ' |
Expired, Weighted-Average Exercise Price | $357.50 |
Outstanding and exercisable, Weighted-Average Exercise Price | $402.25 |
Outstanding and exercisable, Weighted-Average Remaining Contractual Terms (Years) | '2 years 9 months 18 days |
Outstanding, vested and exercisable, Aggregate Intrinsic Value ending period | ' |
Recovered_Sheet1
Net Income (Loss) Per Common Share - Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (loss) from continuing operations | $1,603 | $1,443 | ($19,322) | ($56,495) |
Net income (loss) from discontinued operations | 2,477 | 414 | 1,548 | -20,228 |
Net income (loss) | $4,080 | $1,857 | ($17,774) | ($76,723) |
Denominator for basic net income (loss) per common share: | ' | ' | ' | ' |
Weighted average shares outstanding | 36,215 | 33,642 | 35,521 | 18,943 |
Effect of dilutive securities: | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' |
Warrants to purchase common stock | 52,588 | 57,103 | ' | ' |
Denominator for diluted net income (loss) per common share | 88,803 | 90,745 | 35,521 | 18,943 |
Basic net income (loss) per common share: | ' | ' | ' | ' |
From continuing operations | $0.04 | $0.05 | ($0.54) | ($2.98) |
From discontinued operations | $0.07 | $0.01 | $0.04 | ($1.07) |
Basic net income (loss) per common share | $0.11 | $0.06 | ($0.50) | ($4.05) |
Diluted net income (loss) per common share: | ' | ' | ' | ' |
From continuing operations | $0.02 | $0.02 | ($0.54) | ($2.98) |
From discontinued operations | $0.03 | $0 | $0.04 | ($1.07) |
Diluted net income (loss) per common share | $0.05 | $0.02 | ($0.50) | ($4.05) |
Recovered_Sheet2
Net Income (Loss) Per Common Share - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 27, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Dec. 23, 2012 |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total number of shares excluded from denominator for basic net loss per share | ' | 1 | 3 | ' |
Common stock purchase rights share | $0.01 | ' | ' | ' |
Preferred stock, par value | $0.01 | $0.01 | ' | $0.01 |
Preferred Stock, purchase price | $8 | ' | ' | ' |
Warrants [Member] | ' | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total number of shares excluded from denominator for basic net loss per share | ' | 52,600 | 57,200 | ' |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | $413,264 | $341,910 |
Net Book Value | 224,881 | 160,050 |
Vessels and Vessel Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 226,665 | 156,705 |
Net Book Value | 131,699 | 63,855 |
Containers [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 40,603 | 35,604 |
Net Book Value | 25,737 | 20,573 |
Chassis [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 18,702 | 13,745 |
Net Book Value | 9,944 | 5,626 |
Cranes [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 28,746 | 28,070 |
Net Book Value | 12,587 | 13,371 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 33,218 | 32,088 |
Net Book Value | 11,006 | 10,535 |
Facilities and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 30,005 | 29,862 |
Net Book Value | 21,495 | 22,508 |
Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 24,004 | 23,562 |
Net Book Value | 1,092 | 1,308 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Historical Cost | 11,321 | 22,274 |
Net Book Value | $11,321 | $22,274 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 22, 2013 |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Expiry of charter | ' | '2015-01 |
Purchase price of vessels | $91.80 | ' |
Vessels [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Net Book Value | $75.20 | ' |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangibles with definite lives | $220,863 | $219,011 |
Accumulated amortization | -182,751 | -170,438 |
Net intangibles with definite lives | 38,112 | 48,573 |
Goodwill | 198,793 | 198,793 |
Intangible assets, net | 236,905 | 247,366 |
Customer Contracts/Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangibles with definite lives | 141,430 | 141,430 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangibles with definite lives | 63,800 | 63,800 |
Deferred Financing Costs [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangibles with definite lives | $15,633 | $13,781 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||
Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | Jan. 31, 2013 | Sep. 22, 2013 | |
$75.0 Million Term Loan [Member] | $75.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | $20.0 Million Term Loan [Member] | Term Loan Agreement [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | $75,000,000 | $75,000,000 | $20,000,000 | $20,000,000 | ' |
Deferred financing cost | $5,637,000 | $5,679,000 | $2,500,000 | ' | $500,000 | ' | $2,600,000 |
Accrued_Liabilities_Other_Curr
Accrued Liabilities - Other Current Accrued Liabilities (Detail) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Vessel operations | $13,529 | $14,592 |
Payroll and employee benefits | 17,330 | 13,409 |
Marine operations | 7,476 | 7,677 |
Terminal operations | 9,374 | 8,765 |
Fuel | 7,005 | 5,546 |
Interest | 12,882 | 4,946 |
Legal settlements | 3,500 | 6,500 |
Restructuring | 6,749 | 4,180 |
Other liabilities | 14,391 | 21,743 |
Total other current accrued liabilities | $92,236 | $87,358 |
Accrued_Liabilities_Additional
Accrued Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 22, 2013 |
On or Before March 24, 2015 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Payments related to the plea agreement with the Antitrust Division | $4 |
Payment date | 24-Mar-15 |
On or Before March 21, 2016 [Member] | ' |
Loss Contingencies [Line Items] | ' |
Payments related to the plea agreement with the Antitrust Division | $4 |
Payment date | 21-Mar-16 |
Fair_Value_Measurement_Liabili
Fair Value Measurement - Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 22, 2013 |
In Thousands, unless otherwise specified | |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | $256 |
Conversion Features within Series A Notes [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | 256 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Conversion Features within Series A Notes [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | ' |
Significant Other Observable Inputs (Level 2) [Member] | Conversion Features within Series A Notes [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | 256 |
Significant Unobservable Inputs (Level 3) [Member] | Conversion Features within Series A Notes [Member] | ' |
Fair Value Liabilities Measured On Recurring Basis [Line Items] | ' |
Total liabilities | $256 |
Recovered_Sheet3
Pension and Post-Retirement Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 22, 2013 | Sep. 23, 2012 | Sep. 22, 2013 | Sep. 23, 2012 | Dec. 31, 2005 |
Employees | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Recorded net periodic benefit costs | $0.10 | $0.10 | $0.30 | $0.30 | ' |
Horizon Lines and the International Longshore & Warehouse Collective Arrangement [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of union employees sponsors benefit plan | ' | ' | 142 | ' | ' |
Pension Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of union employees sponsors benefit plan | ' | ' | 30 | ' | ' |
Eligibility for defined benefit plan | ' | ' | '1 year | ' | ' |
Recorded net periodic benefit costs | 0.2 | 0.2 | 0.6 | 0.6 | ' |
Pension Plan Defined Benefit HSI [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Number of union employees sponsors benefit plan | ' | ' | ' | ' | 50 |
Recorded net periodic benefit costs | 0.1 | 0.1 | 0.3 | 0.3 | ' |
Post Retirement Benefit Plans HSI [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Recorded net periodic benefit costs | $0.10 | $0.10 | $0.30 | $0.30 | ' |
Minimum age of employee on date of retirement | ' | ' | '55 years | ' | ' |
Minimum year of service to be eligible for post-retirement medical, dental and life insurance | ' | ' | '20 years | ' | ' |
Year of service and age of employee on date of retirement | ' | ' | '75 years | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 22, 2013 | Dec. 23, 2012 |
In Millions, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Letters of credit amount | $12.90 | $13.20 |