Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INTERNATIONAL SHIPHOLDING CORP | |
Entity Central Index Key | 278,041 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,333,406 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
Revenues | $ 66,509 | $ 74,410 | $ 201,843 | $ 223,856 |
Operating Expenses | ||||
Voyage Expenses | 52,569 | 55,450 | 158,589 | 170,685 |
Amortization Expense | 3,657 | 6,142 | 13,192 | 16,791 |
Vessel Depreciation | 5,740 | 6,291 | 16,773 | 19,528 |
Other Depreciation | 185 | 181 | 556 | 545 |
Administrative and General Expenses | 5,476 | 5,271 | 15,286 | 15,828 |
Impairment Loss | 3,042 | 4,870 | ||
(Gain) Loss on Sale of Assets | 106 | 1 | (4,573) | 1 |
Total Operating Expenses | 70,775 | 73,336 | 204,693 | 223,378 |
Operating Income (Loss) | (4,266) | 1,074 | (2,850) | 478 |
Interest and Other | ||||
Interest Expense | 3,194 | 2,890 | 8,306 | 7,076 |
Derivative (Gain) Loss | (89) | 2,991 | (57) | |
Loss on Extinguishment of Debt | 225 | 355 | 225 | |
Other Income from Vessel Financing | (463) | (456) | (1,378) | (1,417) |
Investment Income | (5) | (278) | (29) | (302) |
Foreign Exchange Loss | 30 | 91 | 123 | |
Total Interest and Other Income | 2,726 | 2,322 | 10,336 | 5,648 |
Loss Before Provision for Income Taxes and Equity in Net Income (Loss) of Unconsolidated Entities | (6,992) | (1,248) | (13,186) | (5,170) |
Provision for Income Taxes | 373 | 1,141 | 405 | 912 |
Equity in Net Income (Loss) of Unconsolidated Entities (Net of Applicable Taxes) | 158 | (176) | 1,716 | (364) |
Net Loss | (7,207) | (2,565) | (11,875) | (6,446) |
Preferred Stock Dividends | 1,305 | 1,305 | 3,916 | 3,916 |
Net Loss Attributable to Common Stockholders | $ (8,512) | $ (3,870) | $ (15,791) | $ (10,362) |
Loss Per Common Share: | ||||
Basic (in dollars per share) | $ (1.16) | $ (0.53) | $ (2.16) | $ (1.42) |
Diluted (in dollars per share) | $ (1.16) | $ (0.53) | $ (2.16) | $ (1.42) |
Weighted Average Shares of Common Stock Outstanding: | ||||
Basic (in shares) | 7,333,406 | 7,301,657 | 7,322,071 | 7,278,695 |
Diluted (in shares) | 7,333,406 | 7,301,657 | 7,322,071 | 7,278,695 |
Common Stock Dividends Per Share (in dollars per share) | $ 0.05 | $ 0.25 | $ 0.35 | $ 0.75 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Condensed Consolidated Statements Of Comprehensive Loss [Abstract] | |||||
Net Loss | $ (7,207) | $ (2,565) | $ (11,875) | $ (6,446) | |
Other Comprehensive Income (Loss): | |||||
Unrealized Foreign Currency Translation Loss | (139) | (84) | (255) | (67) | |
Change in Fair Value of Derivatives | 81 | 457 | 411 | 422 | |
De-Designation of Interest Rate Swap | 2,859 | ||||
Change in Funding Status of Defined Benefit Plan | [1] | 173 | 74 | 519 | 225 |
Comprehensive Loss | (7,092) | (2,118) | (8,341) | (5,866) | |
Tax Expense Related to Change in Funded Status of Defined Benefit Plan | $ 0 | $ 26 | $ 0 | $ 75 | |
[1] | Net of tax expense of $26,000 and $75,000 for the three and nine months ended September 30, 2014, respectively. Due to our valuation allowance referred to in Note 9 - Income Taxes, there was no net tax expense in Other Comprehensive Loss during 2015. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and Cash Equivalents | $ 6,058 | $ 21,133 |
Restricted Cash | 1,135 | 1,394 |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 25,910 | 31,322 |
Prepaid Expenses | 9,910 | 10,927 |
Deferred Tax Asset | 288 | 408 |
Other Current Assets | 612 | 370 |
Notes Receivable | 1,628 | 3,204 |
Material and Supplies Inventory | 8,331 | 9,760 |
Assets Held for Sale | 5,300 | 6,976 |
Total Current Assets | 59,172 | 85,494 |
Investment in Unconsolidated Entities | 22,907 | 21,837 |
Vessels, Property, and Other Equipment, at Cost: | ||
Vessels | 531,795 | 520,026 |
Building | 1,780 | 1,354 |
Land | 623 | 623 |
Leasehold Improvements | 26,348 | 26,348 |
Construction in Progress | 8,938 | 2,371 |
Furniture and Equipment | 10,809 | 10,461 |
Gross Vessels, Property, and Other Equipment | 580,293 | 561,183 |
Less - Accumulated Depreciation | (185,925) | (186,450) |
Net Vessels, Property, Plant and Equipment | 394,368 | 374,733 |
Other Assets: | ||
Deferred Charges, Net of Accumulated Amortization | 25,173 | 25,787 |
Intangible Assets, Net of Accumulated Amortization | 23,163 | 25,042 |
Due from Related Parties | 1,286 | 1,660 |
Notes Receivable | 24,547 | 24,455 |
Goodwill | 828 | 2,735 |
Assets Held for Sale | 48,701 | |
Other | 3,012 | 4,843 |
Total Other Assets | 78,009 | 133,223 |
TOTAL ASSETS | 554,456 | 615,287 |
Current Liabilities: | ||
Current Maturities of Long-Term Debt, Net | 211,353 | 23,367 |
Accounts Payable and Other Accrued Expenses | 47,833 | 52,731 |
Total Current Liabilities | 259,186 | 76,098 |
Long-Term Debt, Net | 216,651 | |
Other Long-Term Liabilities: | ||
Incentive Obligation | 4,080 | 4,644 |
Other | 37,992 | 50,284 |
TOTAL LIABILITIES | 301,258 | 347,677 |
Stockholders' Equity: | ||
Common Stock, $1.00 Par Value, 20,000,000 Shares Authorized, 7,333,406 and 7,301,657 Shares Outstanding at September 30, 2015 and December 31, 2014, Respectively | 8,776 | 8,743 |
Additional Paid-In Capital | 141,364 | 140,960 |
Retained Earnings | 140,751 | 159,134 |
Treasury Stock 1,388,078 Shares at September 30, 2015 and December 31, 2014 | (25,403) | (25,403) |
Accumulated Other Comprehensive Loss | (12,856) | (16,390) |
TOTAL STOCKHOLDERS' EQUITY | 253,198 | 267,610 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 554,456 | 615,287 |
9.50% Series A Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized | 250 | 250 |
9.00% Series B Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Preferred Stock, $1.00 Par Value, 2,000,000 Shares Authorized | $ 316 | $ 316 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Stockholders' Equity: | ||
Preferred Stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common Stock, shares outstanding (in shares) | 7,333,406 | 7,301,657 |
Treasury Stock, (in shares) | 1,388,078 | 1,388,078 |
9.50% Series A Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.50% | 9.50% |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 250,000 | 250,000 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 250,000 | 250,000 |
9.00% Series B Preferred Stock [Member] | ||
Stockholders' Equity: | ||
Cumulative Perpetual Preferred Stock, coupon rate (in hundredths) | 9.00% | 9.00% |
Cumulative Perpetual Preferred Stock, shares issued (in shares) | 316,250 | 316,250 |
Cumulative Perpetual Preferred Stock, shares outstanding (in shares) | 316,250 | 316,250 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (11,875) | $ (6,446) |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ||
Depreciation | 17,329 | 20,073 |
Amortization of Deferred Charges | 12,704 | 14,615 |
Amortization of Intangible Assets | 1,879 | 3,087 |
Deferred Tax | 912 | |
Non-Cash Share Based Compensation | 567 | 1,185 |
Equity in Net (Income) Loss of Unconsolidated Entities, Net | (1,200) | 364 |
Impairment Loss | 4,870 | |
(Gain) Loss on Sale of Assets | (4,573) | 1 |
Loss on Extinguishment of Debt, Net | 346 | 225 |
Loss on Foreign Currency Exchange, Net | 91 | 123 |
(Gain) Loss on Derivatives, Net of Cash Settlements | 53 | (57) |
Amortization of Deferred Gains | (2,892) | (3,323) |
Other Reconciling Items, net | 369 | 820 |
Changes in operating assets and liabilities: | ||
Deferred Drydocking Charges | (10,821) | (7,037) |
Accounts Receivable | 2,073 | (5,210) |
Inventory and Other Current Assets | 2,510 | (2,703) |
Other Assets | (125) | (2,218) |
Accounts Payable and Accrued Liabilities | (8,083) | 1,748 |
Other Long-Term Liabilities | (1,147) | (834) |
Net Cash Provided by Operating Activities | 2,075 | 15,325 |
Cash Flows from Investing Activities: | ||
Purchases of and Capital Improvements to Property and Equipment | (12,001) | (64,710) |
Investment in Unconsolidated Entities | (7,887) | |
Net Change in Restricted Cash Account | 259 | 9,112 |
Cash Proceeds from the State of Louisiana | 591 | |
Cash Proceeds from Sale of Assets | 29,346 | |
Cash Proceeds from Receivable Settlement | 3,890 | |
Proceeds from Payments on Note Receivables | 1,484 | 3,186 |
Net Cash Provided by (Used In) Investing Activities | 23,569 | (60,299) |
Cash Flows from Financing Activities: | ||
Proceeds from Line of Credit | 5,000 | 33,000 |
Payments on Line of Credit | (12,500) | (13,000) |
Proceeds from Issuance of Debt | 32,000 | 61,545 |
Principal Payments on Long Term Debt | (53,711) | (25,190) |
Cash Payments to Settle Foreign Currency Contract | (4,033) | |
Additions to Deferred Financing Charges | (999) | (987) |
Dividends Paid | (6,476) | (9,380) |
Net Cash Provided by (Used In) Financing Activities | (40,719) | 45,988 |
Net Increase (Decrease) in Cash and Cash Equivalents | (15,075) | 1,014 |
Cash and Cash Equivalents at Beginning of Period | 21,133 | 20,010 |
Cash and Cash Equivalents at End of Period | 6,058 | 21,024 |
Supplemental disclosure of non-cash investing activities: | ||
Additions to vessels, property, plant and equipment included in accounts payable and other accrued expenses | $ 3,032 | $ 1,434 |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Business and Basis of Presentation [Abstract] | |
Business and Basis of Presentation | NOTE 1 – BUSINESS AND BASIS OF PRESENTATION Financial Position We operate a diversified fleet of U.S. and International flag vessels that provide international and domestic maritime transportation services. For additional information on our business, see Item 2 of Part I of this report. Since 2014, we have encountered certain challenges related to complying with our debt covenants and overall liquidity restraints. We have taken numerous steps to improve our liquidity, including selling assets, reducing our dividends, laying up vessels and reducing our costs. In addition, in June of 2015, we initiated efforts to recapitalize all of our debt and operating leases by September 30, 2015, and thereafter sought to raise funds by either selling debt securities or borrowing funds from financial institutions. We also requested limited waivers as of September 30, 2015 from all of our lenders and lessors in case our attempts to refinance our debt and leases were unsuccessful. By early October 2015, we withdrew our efforts to recapitalize our debt, began negotiations with all of our lenders and lessors on limited waivers and began to formulate a new strategy to provide us with means to improve our liquidity and financial position. On October 21, 2015, our Board of Directors approved a plan to restructure the Company principally by focusing on three core segments including the Jones Act, PCTC and Rail-Ferry segments. Throughout this Form 10-Q, we use the term “Strategic Plan” specifically to refer to the Board approved plan to restructure the Company. The non-core assets we will seek to divest include all of the assets in our Dry Bulk Carriers, Specialty Contracts and Other segments. In addition to these assets , we will also seek to divest (i) our minority investment in mini bulkers, chemical tankers and asphalt tankers, (ii) one PCTC vessel, and (iii) a small, non-strategic portion of our retained operations. If we are successful in implementing this Strategic Plan , we believe it will strengthen our financial position by reducing our debt to more manageable levels and increasing our liquidity, which we believe will, in turn, provide us with future opportunities to create value for our shareholders. On or prior to November 16, 2015, we amended each of our credit facilities. These amendments, among other things, obligate us to complete various steps of our Strategic Plan by certain specified milestone deadlines ranging from December 4, 2015 to June 30, 2016 . Because of the uncertainties associated with our ability to implement the Strategic Plan within the required time constraints, we have classified as of September 30, 2015 all $ 213.7 million of our debt obligations as current, which caused our current liabilities to far exceed our current assets as of such date. If we are unsuccessful in disposing of certain non-core assets by the milestones and at specified amounts agreed to with our lenders and lessors , we would be in default under one or more of our credit facilities and all of our creditors would have the right to accelerate our debt. As a result of the matters described herein, including the uncertainty regarding our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern. For more information on our Strategic Plan and current debt compliance matters, see (i) Note 13 – Debt Obligations and Note 21 – Subsequent Events and (ii) Item 2 of Part I of this report . Basis of Presentation We have prepared the accompanying unaudited interim financial statements pursuant to the rules and regulations of the SEC and as permitted hereunder, we have omitted certain information and footnote disclosures requ ired by GAAP for complete financial statements. We recommend you read these interim statements in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. The Condensed Consolidated Balance Sheet as of December 31, 2014 included in this report has been derived from the audited financial statements at that date. The foregoing 2015 interim results are not necessarily indicative of the results of operations for the full year 2015. Management believes that it has made all adjustments necessary, consisting only of normal recurring adjustments, for a fair statement of the information presented. The accompanying financial statements include the accounts of International Shipholding Corporation and its majority owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Our policy is to consolidate all subsidiaries in which we hold a greater than 50% voting interest or otherwise control its operating and financial activities. We use the equity method to account for investments in entities in which we hold a 20% to 50% voting interest and have the ability to exercise significant influence over their operating and financial activities. Revenues and expenses relating to our Rail-Ferry, Jones Act, and Specialty segments’ voyages are recorded over the duration of the voyage. Our voyage expenses are estimated at the beginning of the voyages based on historical actual costs or from industry sources familiar with those types of charges. As the voyage progresses, these estimated costs are revised with actual charges and timely adjustments are made. Based on our prior experience, we believe there is not a material difference between recording estimated expenses ratably over the voyage versus the actual expenses recorded as incurred. Revenues and expenses relating to our other vessels’ voyages, which require limited estimates or assumptions, are recorded when earned or incurred during the reporting period. We have eliminated intercompany balances, accounts, and transactions in consolidation. Certain previously reported amounts have been reclassified to conform to the 2015 presentation. Specifically, drydock amortization of $ 5.1 million and $ 13.7 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense, are now included in amortization expense, and miscellaneous depreciation expense of $0.2 million and $0. 5 million for the three and nine months ended September 30, 2014, respectively, which were previously included in voyage expense and administrative and general expense, are now included in other depreciation expense in the Condensed Consolidated Statements of Operations and other tables herein. Additionally, deferred debt issuance costs, which were previously included in deferred charges, net of accumulated amortization, are now included as an offset to long-term debt (see Note 7 – Goodwill, Other Intangible Assets, and Deferred Charges ). |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2015 | |
Operating Segments [Abstract] | |
Operating Segments | NOTE 2 – OPERATING SEGMENTS Our six operating segments, Jones Act, Pure Car Truck Carriers, Dry Bulk Carriers, Rail-Ferry, Specialty Contracts, and Other are distinguished primarily by the market in which the segment assets are deployed, the physical characteristics of those assets, and the type of services provided to our customers. We report in the Other category the results of several of our subsidiaries that provide ship and cargo charter brokerage, ship management services and agency services to our operating subsidiaries as well as third party customers. Also included in the Other category are corporate related items, results of insignificant operations, and income and expense items not allocated to the other reportable segments. We manage each reportable segment separately, as each requires different resources depending on the nature of the contract or terms under which the vessels within the segment operate. Our October 2015 Strategic Plan, if fully implemented, could significantly impact our reporting segments – see Note 1 – Business and Basis of Presentation for further discussion. We allocate interest expense to the segments in proportion to the fixed assets (defined as the carrying value of vessels, property, and other equipment) within each segment. Additionally, we include the results of two of our unconsolidated entities, Oslo Bulk, AS and Oslo Bulk Holding Pte. Ltd, in our Dry Bulk Carriers segment, and the results of another unconsolidated entity, Terminales Transgolfo, S.A. de C.V., to our Rail-Ferry segment. The results of our remaining unconsolidated entities, Saltholmen Shipping Ltd (a company owning two Chemical Tankers) and Brattholmen Shipping Ltd (a company owning two Asphalt Tankers), are included in our Specialty Contracts segment. We do not allocate to our segments; (i) administrative and general expenses, (ii) (gain) loss on sale of other assets, (iii) derivative (gain) loss, (iv) income taxes, (v) impairment loss, (vi) loss of extinguishment of debt, (vii) other income from vessel financing, (viii) investment income, and (ix) foreign exchange loss. Intersegment revenues are based on market prices and include revenues earned by our subsidiaries that provide specialized services to our operating companies. Finally, we use “gross voyage profit” as the primary measure for our segments’ profitability to assist our chief operating decision makers in monitoring and managing our business. Due to the diversity across our segments, we believe the most efficient way of measuring contribution margins is by measuring gross voyage profit by segment. Gross voyage profit is the sum of revenue less voyage expense less amortization expense, plus the results from our unconsolidated entities. The following table presents information about segment profit and loss for the three months ended September 30, 2015 and 2014: RESULTS OF OPERATIONS three MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THE three MONTHS ENDED SEPTEMBER 30, 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (Loss) (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table presents information about segment profit and loss for the nine months ended September 30, 2015 and 2014: RESULTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table is a reconciliation of the totals reported for the operating segments to the applicable line items in the consolidated financial statements: (All Amounts in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ $ $ $ Voyage Expenses Amortization Expense Net (Income) Loss of Unconsolidated Entities Gross Voyage Profit Vessel Depreciation Other Depreciation Gross Profit Other Operating Expenses: Administrative and General Expenses Impairment Loss - - (Gain) Loss on Sale of Other Assets Less: Net Income (Loss) of Unconsolidated Entities Total Other Operating Expenses Operating Income (Loss) $ $ $ $ |
Impairment Loss
Impairment Loss | 9 Months Ended |
Sep. 30, 2015 | |
Impairment Loss [Abstract] | |
Impairment Loss | NOTE 3 – IMPAIRMENT LOSS We test goodwill for impairment annually as of December 1 or on an interim basis if triggering events indicate that the fair value of the asset has decreased below its carrying value. Additionally, we test long lived assets (both tangible and intangible) for impairment when events or circumstances indicate that the carrying value of a particular asset may not be recoverable. As a result of lower operating results from our UOS service s , failure to meet projected results and a significant decline in our market capitalization, we have tested our goodwill and long lived assets (both tangible and intangible) for impairments as of September 30, 2015. The testing on our intangible assets and vessels did not result in any impairment charges. However, our goodwill testing did result in an impairment charge as discussed below. At September 30, 2015, we tested our goodwill using the income approach, which estimates the fair value of our reporting units using various cash flow and earnings projections discounted at a rate estimated to approximate the reporting units’ weighted average cost of capital. As a result, we determined that the implied fair value of goodwill was less than its carrying value. As such, we recorded an impairment loss of approximately $ 1.9 million, which related to the entire goodwill balance generated from the UOS acquisition that is reported in the Jones A ct segment. During the third quarter of 2015, we received an offer to purchase our Jones Act Tug/Barge unit, which is included in current assets held for sale, for an amount that was below its net book value of $ 6.4 million. We have since decided to forego this offer. However, as a result of this offer, we reassessed the fair market value of this unit. We calculated an assumed fair value of $ 5.3 million using a weighted average of various third party appraisals and offers to purchase. As a result, we have recorded an impairment loss of $ 1.1 million in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2 015. Our November 2015 credit f acility amendments require us to apply any future proceeds from th is sale to payments toward our Credit F acility. During the second quarter 2015, the Company recorded an impairment loss of approximately $ 1.8 million to adjust two Handysize vessels and their related equipment to their current fair market value. See Note 8 – Assets Held for Sale for additional information. In October of 2015, our Board of Directors approved a Strategic Plan that requires the divestiture of certain non-core assets, which includes the Jones Act Tug/Barge unit and the two Handysize vessels discussed above. For more information regarding the Strategic Plan, see Note 21 – Subsequent Events . |
Gain On Sale Of Assets
Gain On Sale Of Assets | 9 Months Ended |
Sep. 30, 2015 | |
Gain On Sale Of Assets [Abstract] | |
Gain On Sale Of Assets | NOTE 4 – GAIN ON SALE OF ASSETS During the second quarter of 2015, we sold a 14,930 dead weight ton, 1994-built Pure Car Truck Carrier that had previously contributed to our PCTC segment. In exchange, we received $13.0 million cash, recorded a gain on sale of asset of approximately $4.6 million, and paid down $10.0 million on our revolving line of credit. During the first quarter of 2015, we sold a 36,000 dead weight ton Handysize vessel and its related equipment. We received $16.4 million, net of commissions and other costs to sell, and recorded a loss on sale of asset of approximately $68,000 during the quarter. Additionally, we paid off related debt of approximately $13.5 million and recorded a loss on extinguishment of debt of approximately $95,000 . This vessel was previously reported in the Dry Bulk segment and was included in assets held for sale at December 31, 2014. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Inventory | NOTE 5 - INVENTORY Our inventory consists of three major classes: spare parts, fuel, and warehouse inventory. Spare parts and warehouse inventories are stated at the lower of cost or market based on the first-in, first-out method of accounting. Our fuel inventory is based on the average cost method of accounting. We have broken down the inventory balances as of September 30, 2015 and December 31, 2014 by major class in the following table: (All Amounts in Thousands) September 30, December 31, Inventory Classes 2015 2014 Spare Parts Inventory $ $ Fuel Inventory Warehouse Inventory Total $ $ |
Unconsolidated Entities
Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2015 | |
Unconsolidated Entities [Abstract] | |
Unconsolidated Entities | NOTE 6 – UNCONSOLIDATED ENTITIES The following table summarizes our equity in net income (loss) of unconsolidated entities for the three and nine months ended September 30, 2015 and 2014, respectively: (All Amounts in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Oslo Bulk, AS $ $ $ $ Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers) Terminales Transgolfo, S.A. de C.V. Saltholmen Shipping Ltd Brattholmen Shipping Ltd Total Equity in Net Income (Loss) of Unconsolidated Entities $ $ $ $ During the nine months ended September 30, 2014, the Company invested approximately $5.9 million cash and $2.0 million cash to acquire a 30% interest in Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively. During this period, we did not receive dividends. During the nine months ended September 30, 2015, the Company received dividends of approximately $ 0.4 million and $0.1 million from Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively. These investments have been accounted for under the equity method and our portion of their earnings or losses is presented net of any applicable taxes on our Condensed Consolidated Statements of Operations under the caption "equity in net income (loss) of unconsolidated entities (net of applicable taxes).” The Strategic Plan approved by our Board of Directors on October 21, 2015 contemplates that we will sell our interest in each of our unconsolidated entities, with the exception of Terminales Transgolfo, S.A. de C.V. See Note 21 – Subsequent Events for additional information . For additional information on our investment in these and other unconsolidated entities, see Note E – Unconsolidated Entities to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Goodwill, Other Intangible Asse
Goodwill, Other Intangible Assets, And Deferred Charges | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | |
Goodwill, Other Intangible Assets, And Deferred Charges | NOTE 7 – GOODWILL, OTHER INTANGIBLE ASSETS, AND DEFERRED CHARGES During the third quarter of 2015, we recorded an impairment loss of approximately $ 1.9 million as a result of the write off of goodwill generated from the UOS acquisition, which is reported in the Jones Act segment. See Note 3 – Impairment Loss for additional information. During the second quarter of 2015, we adopted ASU 2015- 0 3 and, as a result, reclassified approximately $ 2.9 million of deferred debt issuance costs from deferred charges, net of accumulated amortization to offset against long-term debt on our Conde nsed Consolidated Balance Sheet as of December 31, 2014 . As of September 30, 2015, the amount of deferred debt issuance costs was $ 2.4 million and is included as an offset to current maturities of long-term debt on our Condensed Consolidated Balance Sheet – refer to Note 1 – Business and Basis of Presentation for further discussion on the reclassification of long-term debt to current as of September 30, 2015. Amortization expense related to these charges was $0. 8 million and $0.1 million for the three months ended September 30, 2015 and 2014, respectively, and $ 1.2 million and $0. 4 million for the nine months ended September 30, 2015 and 2014, respectively. Amortization expense for intangible assets was approximately $ 0.7 million and $1. 0 million for the three months ended September 30, 2015 and 2014, respectively, and $1.9 million and $3.1 million for the nine months ended September 30, 2015 and 2014, respectively. Amortization expense for deferred charges was approximately $ 3.1 million and $ 5.1 million for the three months ended September 30, 2015 and 2014, respectively, and $ 11.5 million and $ 13.8 million for the nine months ended September 30, 2015 and 2014, respectively. The following table presents the rollforward of goodwill, other intangible assets, and deferred charges for the nine months ended September 30, 2015: (All Amounts in Thousands) Balance at Balance at Amortization December 31, Cash Impairment/ Non-Cash September 30, Period 2014 Additions Disposals Amortization Reclassifications 2015 Indefinite Life Intangibles Goodwill $ $ - $ $ - $ - $ Total Indefinite Life Intangibles $ $ - $ $ - $ - $ Definite Life Intangibles Trade names - FSI 240 months $ $ - $ - $ $ - $ Trade names - UOS 144 months - - - Customer Relationships - FSI 240 months - - - Customer Relationships - UOS 144 months - - - Total Definite Life Intangibles $ $ - $ - $ $ - $ Deferred Charges Drydocking Costs various $ $ $ $ $ $ Other Deferred Charges various - Total Deferred Charges $ $ $ $ $ $ |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 30, 2015 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | NOTE 8 – ASSETS HELD FOR SALE As a result of continued evaluation of our strategic alternatives, during the fourth quarter of 2014, we devised a plan to sell three Handysize vessels and one inactive Jones Act Tug/Barge unit. Upon approval of this plan, we classified the Handysize vessels and their related equipment as long term assets held for sale, valued at approximately $48.7 million at December 31, 2014. The Tug/Barge unit and inventory related to the Handysize vessels were classified as short term assets held for sale, and were valued at approximately $7.0 million at December 31, 2014. During 2014, the Company adopted ASU 2014- 0 8 which changed the definition of discontinued operations. In accordance with this guidance, we determined that the assets held for sale did not represent a strategic shift that would have a major effect on our operations and financial results. As such, we did not report the financial results related to these assets as discontinued operations. During the first quarter of 2015, we sold one of the Handysize vessels and its equipment and paid off related debt. For additional information related to the sale of this vessel, see Note 4 – Gain on Sale of Assets. At June 30, 2015, we reclassified the remaining two Handysize vessels and their related equipment and inventory from assets held for sale to assets held in use (vessels, property, and other equipment) and recorded an impairment loss of approximately $1.8 million to adjust the vessels to current fair market value. As a result of the held for sale classification, there was no depreciation expense related to these assets during the first half of 2015. During the third quarter of 2015, we recorded an additional impairment loss of approximately $ 1.1 million on our Jones Act Tug/Barge unit, which is included in current assets held for sale – refer to Note 3 – Impairment Loss . Our November 2015 debt amendments require us to apply any future proceeds from this sale to payments toward one of our credit facilities. While we continue to actively market this unit, it is classified as held for sale; therefore, there was no depreciation expense related to this vessel during the nine months ended September 30, 2015. In October of 2015, our Board of Directors approved a Strategic Plan that requires the divestiture of certain non-core assets, which includes the Jones Act Tug/Barge unit and the two Handysize vessels discussed above. For more information regarding the Strategic Plan, see Note 21 – Subsequent Events . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 9 – INCOME TAXES We recorded a tax provision of $0.4 million on our $13.2 million loss before taxes and equity in net income (loss) of unconsolidated entities for the nine months ended September 30, 2015. For the first nine months of 2014 we recorded an income tax provision of $0.9 million on our $5.2 million loss before equity in net loss of unconsolidated entities. These provision amounts represent our qualifying U.S. flag operations, which continue to be taxed under the “tonnage tax” provisions rather than the normal U.S. corporate income tax provisions, state income taxes paid, and foreign income tax withholdings or refunds. In accordance with Internal Revenue Code (IRC) Section 1359 disposition of qualifying vessels, we have elected to defer taxable gains on the sale of qualifying tonnage tax vessels operating under the tonnage tax regime. IRC Section 1359(b) defers the recognition of taxable gains for three years after the close of the first taxable year in which the gain is realized or subject to such terms and conditions as may be specified by the Secretary of the Internal Revenue Service, on such later date as the Secretary may designate upon application by the taxpayer. Deferred gains on the sale of qualifying vessels must be recognized if the amount realized upon such sale or disposition exceeds the cost of the replacement qualifying vessel, limited to the gain recognized on the transaction. We have elected to defer gains of approximately $ 93.9 million from the dispositions of qualifying vessels in prior years, of which $ 79.3 million of such deferred gain originated in the year ending December 31, 2012. In order to meet the non-recognition requirements on the 2012 dispositions, we would need to acquire qualifying replacement property by December 31, 2015. During the quarter ended September 30, 2015, we acquired qualified replacement property totaling approximately $ 45.6 million. We anticipate a transaction for an additional $ 25.0 million of replacement property before December 31, 2015 , which would be applied to deferred gains of $17.3 million and $7.7 million with replacement years of 2015 and 2018, respectively. It is uncertain if the remaining $ 16.4 million of potentially taxable gains with a replacement period set to expire on December 31, 2015 will be replaced on or before December 31, 2015. In order to meet the non-recognition requirements on these 2012 dispositions, we would need to acquire additional qualifying replacement property to replace the $16.4 million by December 31, 2015. To the extent any gain is recognized, we expect to utilize existing tax attributes to offset such gain. During the quarter ended September 30, 2015, we changed our previously asserted position that we planned to indefinitely re-invest foreign earnings of our controlled foreign corporations. The principal reason for changing our position is our current plan to divest foreign business use assets and repatriate excess foreign cash to pay down U.S. debt of domestic affiliates. We have recorded a deferred tax liability of $ 4.7 million related to our controlled foreign corporations as a result of our change in position . We recorded a decrease in our valuation allowance as discussed below. We established a valuation allowance against deferred income tax assets in 2014 because, based on available information, we could not conclude that it was more likely than not that the full amount of deferred income tax assets generated primarily by net operating loss carryforwards and alternative minimum tax credits would be realized through the generation of taxable income in the near future. We have and will continue to evaluate the need for a valuation allowance on a quarterly basis. We recorded a decrease in our valuation allowance of $7.5 million for the nine months ended September 30, 2015, which reflects the decrease in net operating loss attributes that are estimated to be utilized to offset the recognition of the gains related to the 2012 dispositions as well as the change in assertion to indefinitely re-invest foreign earnings of our controlled foreign corporations. During the quarter ending September 30, 2015, we changed our assertions related to the 2012 dispositions and foreign earnings due to the plan approved by our Board of Directors to divest foreign use assets and repatriate excess foreign cash to pay down U.S. debt obligations. Uncertainty exists as to the extent cash will be available to acquire replacement property for the 2012 dispositions by the December 31, 2015 deadline as a result of the plan. For further information on certain tax laws and elections, see our Annual Report on Form 10-K filed for the year ended December 31, 2014, including Note J - Income Taxes to the consolidated financial statements included therein. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES Commitments During the third quarter of 2014, we were notified of the bankruptcy of a ship builder that had agreed to build a new Handysize Dry Bulk Carrier. Upon notification of the bankruptcy, we reclassified our deposit of $ 3.9 million from construction in progress to accounts receivable and we recorded an additional $ 0.3 million of interest income. On January 6, 2015, we collected $ 4.2 million which represented the return of our deposit and related interest. Contingencies As of September 30, 2015, we held three vessels under operating lease contracts, which included a Molten-Sulphur Carrier in our Jones Act segment and two Pure Car Truck Carriers that operate under our PCTC segment. These lease agreements impose certain financial covenants, including defined minimum working capital and net worth requirements, and prohibit us from incurring, without the lessor’s prior written consent, additional debt or lease obligations, subject to certain specified exceptions. These financial covenants are generally similar, but not identical, to the financial covenants set forth under our Credit Facility - see Note 13 – Debt Obligations . Additionally, our vessel operating lease agreements contain early buy-out options and fair value purchase options that enable us to purchase the vessels under certain specified circumstances. In the event that we default under any of our operating lease agreements, we may be forced to buy back the three vessels for a stipulated loss value of approximately $ 75.1 million. Effective at the end of the third quarter of 2015, we entered into separate limited waiver agreements with all of our lessors. Under these agreements, the lessors waived defaults under certain specified working capital, minimum liquidity, tangible net worth and fixed charge coverage covenants generally through at least November 30, 2015. As of November 16 , 2015, we reached separate agreements with each of our lessors to extend their waivers through March 31, 2016. As of September 30, 2015, we concluded the fair market value of these vessels exceeded the stipulated loss value; as such, if we were required to buy back these vessels, we would not anticipate a loss. On and after June 26, 2014, U.S. Customs and Border Protection (CBP) issued pre-penalty notifications to us and two of our affiliates alleging failure to properly report the importation of spare parts incorporated into our vessels covering the period April 2008 through September 2012. Under these notifications, CBP’s proposed duty is currently approximately $1.4 million along with a proposed penalty on the assessment of approximately $5.7 million. The basis of CBP’s assessment is that the U. S. Government experienced a loss of revenue consisting of the difference between the government’s ad valorem duty and the consumption entry duty actually paid by us. On September 24, 2014, we submitted our formal response to CBP’s claim and denied violating the applicable U.S. statute or regulations. We have not accrued a liability for this matter because we believe it is premature (i) to determine whether an accrual is warranted and (ii) if so, to determine a reasonable estimate of probable liability. Note 13 – Debt Obligations contains a discussion of our debt guarantees under the subheading “Guarantees.” For further information on our commitments and contingencies, see Note K – Commitments and Contingencies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | NOTE 11 – EMPLOYEE BENEFIT PLANS The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the three months ended September 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the nine months ended September 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ We contributed $480,000 to our pension plan for the nine months ended September 30, 2015. We expect to contribute an additional $170,000 before December 31, 2015. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | NOTE 12 – DERIVATIVE INSTRUMENTS We use derivative instruments from time to time to manage certain foreign currency and interest rate risk exposures. We do not use derivative instruments for speculative trading purposes. All derivative instruments are recorded on the balance sheet at fair value. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is recorded through other comprehensive income and reclassified to earnings when the derivative instrument is settled. Any ineffective portion of changes in the fair value of the derivative is reported in earnings. None of our derivative contracts contain credit-risk related contingent features that would require us to settle the contract upon the occurrence of such contingency. However, all of our contracts contain clauses specifying events of default under specified circumstances, including failure to pay, breach of agreement, default under the specific agreement to which the hedge relates, bankruptcy, misrepresentation and the occurrence of certain transactions. The remedy for default is settlement in entirety or payment of the fair value of the contracts, which was a liability of $ 107,000 in the aggregate for all of our contracts as of September 30, 2015 (see table below). As of March 31, 2015, we expected to refinance our Yen-based credit facility with a U.S. dollar facility. Interest payable under the Yen-based loan was fixed after we entered into a variable-to-fixed interest rate swap in 2009. Due to our determination at March 31, 2015 that it was more likely than not that the Yen-based loan would be refinanced, we classified the interest rate swap as completely ineffective at March 31, 2015. As a result, we recorded at such time a $ 2.8 million charge to derivative loss on our Condensed Consolidated Statement of Operations with the offset to other comprehensive loss. In April 2015, we refinanced our Yen-based facility with a USD-based facility and paid approximately $2.9 million to settle our related interest rate swap. At December 31, 2014, we had a derivative liability of $3.0 million, which was recorded in other liabilities (long-term) on the Condensed Consolidated Balance Sheet as it related to this interest rate swap. The unrealized loss related to our derivative instruments included in accumulated other comprehensive loss, net of taxes, was $ 0.4 million and $ 3.7 million as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015, we were no longer party to any interest rate swap agreements with the exception of our minority interest ownership in Oslo Bulk, AS, which is a party to one agreement. We routinely evaluate our preferred equity instruments, to determine whether the derivative feature embedded in the hybrid instruments should be bifurcated and accounted for separately. Based on the fact that we elected to defer our cumulative preferred dividend payments in October 2015 and penalties apply if we miss more than one payment, we determined that (i) the penalty structure embedded within our preferred equity instruments was required to be bifurcated and (ii) a liability existed at September 30, 2015. In determining the appropriate fair value, we calculated the present value of the potential penalties and estimated the probability of the occurrence. The range of probable outcomes was $80,000 to $730,000 . At September 30, 2015, we recorded a $ 0.2 million embedded derivative, which was recorded in both current and long term liabilities on the Condensed Consolidated Balance Sheet at September 30, 2015. We intend to adjust this liability to reflect fair value at the end of each reporting period. Any increase or decrease in the fair value from inception will be made quarterly and will be recorded in interest expense in the Condensed Consolidated Statement of Operations. See Note 16- Stockholders’ Equity for additional information on the deferral of our preferred stock dividends. The notional and fair value amounts of our derivative instruments as of September 30, 2015 were as follows: (All Amounts in Thousands) Liability Derivatives Current Notional Balance Sheet Fair Amount Location Value Foreign Exchange Contracts $ Current Liabilities $ Embedded Derivative $ - Current Liabilities $ Embedded Derivative $ - Other Long Term Liabilities $ The effect of derivative instruments designated as cash flow hedges on our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2015 were as follows: (All Amounts in Thousands) Location of Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Recognized in Recognized Reclassified from Reclassified from Income from in OCI* AOCI** to Income AOCI to Income Ineffective Portion Interest Rate Swaps $ Interest Expense $ $ De-Designation of Interest Rate Swaps - Foreign Exchange Contracts Other Revenues - Total $ $ $ * Other Comprehensive (Loss) Income **Accumulated Other Comprehensive Income Foreign Currency Contracts From time to time, we enter into foreign exchange contracts to hedge certain firm foreign currency purchase commitments. During 2014, we entered into three forward purchase contracts for Mexican Pesos, which expire in December 2015, two for $900,000 U.S. Dollar equivalents at an average exchange rate of 13.6007 and 13.7503 , respectively, and another for $600,000 U.S. Dollar equivalents at an exchange rate of 14.1934 . Our Mexican Peso foreign exchange contracts cover approximately 85% of our projected Peso exposure. In April of 2015, we paid approximately $4.0 million to settle our foreign forward exchange contract in connection with the refinancing of our Yen-based facility to a USD-based facility. This cash payment was reflected as a financing activity on the Condensed Consolidated Statement of Cash Flows since the instrument was acquired in connection with the Yen-based debt facility. At December 31, 2014, we had a derivative liability of $4.0 million, which was recorded in other liabilities (long-term), and $0.1 million, which was recorded in current liabilities, on the Condensed Consolidated Balance Sheet as it related to this contract. The following table summarizes the remaining notional values as of September 30, 2015, of these contracts: (All Amounts in Thousands) Amount Available Transaction Date Type of Currency in Dollars Effective Date Expiration Date Sep-14 Peso $ Jan-15 Dec-15 Oct-14 Peso Jan-15 Dec-15 Dec-14 Peso Jan-15 Dec-15 $ |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Debt Obligations [Abstract] | |
Debt Obligations | NOTE 13 – DEBT OBLIGATIONS The Company and some or all of its domestic subsidiaries (which we sometimes refer to as the “credit parties”) have borrowed money under six secured financing agreements . All six of our principal credit agreements require us to comply with various loan covenants, including financial covenants that require minimum levels of net worth, working capital, liquidity, and interest expense or fixed charges coverage and a maximum amount of debt leverage. Since early 2014, we have struggled to meet certain of our required debt covenants. Consequently, we solicited and received from our lenders amendments to or waivers from various of these covenants to assure our compliance therewith as of the end of the first, third, and fourth quarters of 2014 and the end of the first and second quarters of 2015. For more complete information regarding these historical waivers, see the discussion of our debt covenant compliance set forth in our periodic reports filed since January 1, 2014 with the SEC. Since late September 2015, our lenders have provided an additional series of covenant default waivers, including waivers granted in connection with recent credit facility amendments entered into on or prior to November 16, 2015. These amendments also effected a series of additional substantive amendments to each of our six credit facilities, including but not limited to accelerated repayment terms , increased interest rates , and required asset divestitures by specified milestone deadlines and specified amounts . As a result of the matters described herein, including uncertainty around our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern. Because of these uncertainties, we classified all of our debt obligations of approximately $213.7 million as current maturities at September 30, 2015, which caused our current liabilities to far exceed our current assets as of such date. For additional information , see “ Amendments, Waivers, and Covenant Compliance ” and Note 21 – Subsequent Events . Debt Facilities We currently maintain a senior secured credit facility with Regions Bank (“Credit Facility”). At September 30, 2015, the Credit Facility provided up to $ 85.0 million which was comprised of a term loan facility in the principal amount of $ 45.0 million and a revolving credit facility (“LOC”) permitting draws in the principal amount of up to $ 40.0 million. At September 30, 2015, the LOC included a $ 20.0 million sublimit for the issuance of standby letters of credit and a $ 5.0 million sublimit for swingline loans. As of September 30, 2015, we had $ 31.0 million of borrowings and $ 7.2 million of letters of credit outstanding under our LOC. We currently have no additional borrowing capacity under this facility. On November 13, 2015, this Credit Facility was materially amended. See “Amendments, Waivers, and Covenant Compliance” and Note 21 – Subsequent Events for additional information. Under the Credit Facility, each of our domestic subsidiaries is a joint and several co-borrower. The obligations of all the borrowers under this facility are secured by all personal property of the borrowers, excluding certain real property, but including the U.S. flagged vessels owned by ISH’s domestic subsidiaries and collateral related to such vessels. Several of our International flagged vessels are pledged as collateral securing several of our other secured debt facilities. The Credit Facility includes usual and customary covenants and events of default for credit facilities of its type. Our ability to borrow under the Credit Facility is conditioned upon continued compliance with such covenants, including, among others, (i) covenants that restrict our ability to engage in certain asset sales, mergers or other fundamental changes, to incur liens or to engage in various other transactions or activities and (ii) various financial covenants, including those stipulating as of September 30, 2015 that we maintain a consolidated leverage ratio not to exceed 5.0 to 1.0, an EBITDAR to fixed charges ratio of at least 1.05 to 1.0, liquidity of not less than $20.0 million, and a consolidated net worth of not less than the sum of $228.0 million, minus impairment losses, plus 50% of our consolidated net income earned after December 31, 2011, excluding impairment loss, plus 100% of the proceeds of all issuances of equity interests received after December 31, 2011 (with all such terms or amounts as defined in or determin ed under the Credit Facility). As of September 30, 2015, the lender agreed to waive our default of the minimum liquidity and consolidated fixed charge coverage ratio covenants for a temporary period covering September 30, 2015 through November 30, 2015 , and as of November 13, 2015, the lender agreed to waive our default of the minimum liquidity, consolidated fixed charge coverage ratio and the consolidated leverage ratio covenants for a temporary period ending March 31, 2016. For more information, refer to “Amendments, Waivers , and Covenant Compliance ” below. In the third quarter of 2015, we accelerated the amortization of unamortized debt issuance costs on all debt facilities related to the non-core assets that the Board identified for disposal – refer to Note 2 1 – Subsequent Events for identification of these assets. This acceleration resulted in additional amortization expense during the three and nine months ended September 30, 2015 of approximately $ 0.5 million, which is reflected in interest expense on the Condensed Consolidated Statement of Operations. On April 24, 2015, we entered into a new loan agreement with DVB Bank SE in the amount of $ 32.0 million by refinancing our 2 010 built PCTC. We received the loan proceeds on April 24, 2015 and applied them as follows: (i) $ 24.0 million to pay off an outstanding Yen facility in the amount of 2.9 billion Yen, (ii) $ 4.0 million to settle the related Yen forward contract, and (iii) $ 2.9 million to settle a Yen denominated interest rate swap. Under the DVB loan agreement, interest was, prior to a recent loan amendment, payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on a ten -year amortization schedule with a final quarterly balloon payment of $ 16.8 million due on April 22, 2020. Our 2010-built foreign flag PCTC along with customary assignment of earnings and insurances are pledged as security for the facility. As a result of the early debt payoff, we recorded a loss on extinguishment of debt of approximately $0.3 million. Additionally, we capitalized approximately $ 0.6 million in loan costs associated with the DVB Bank loan, which will be amortized over the remaining life of the loan. On November 4 , 2015, this loan agreement was materially amended. See “Amendments, Waivers, and Covenant Compliance” and Note 21 – Subsequent Events for additional information. During the second quarter of 2015, we adopted ASU 2015- 0 3 and, as a result, reclassified approximately $ 2.9 million of deferred debt issuance costs from deferred charges, net of accumulated amortization to offset against long-term debt on our Conde nsed Consolidated Balance Sheet as of December 31, 2014 . As of September 30, 2015, the amount of deferred debt issuance costs was $ 2.4 million and is included as an offset to current maturities of long-term debt on our Condensed Consolidated Balance Sheet – refer to Note 1 – Business and Basis of Presentation for further discussion on the reclassification of long-term debt to current as of September 30, 2015. During the first quarter of 2015, we paid off approximately $ 13.5 million in debt in connection with the sale of one of our Handysize vessels. Additionally , we wrote off approximately $95,000 of unamortized loan costs associated with the debt instrument which is reflected in loss on extinguishment of debt on our Condensed Consolidated Statements of Operations. As of September 30, 2015 and December 31, 2014, our debt obligations are summarized as follows: (All Amount in Thousands) Interest Rate Original Total Principal Due September 30, December 31, Maturity September 30, December 31, Description of Secured Debt 2015 2014 Date 2015 2014 Notes Payable – Variable Rate 1 % % 2018 $ $ Notes Payable – Variable Rate 1 2.6930-2.7835 % 2.7312 -2.7324 % 2018 Notes Payable – Variable Rate 2 % % 2017 Notes Payable – Variable Rate 1 % % 2018 Notes Payable – Variable Rate 3 % % 2018 Notes Payable – Fixed Rate 4 % % 2020 Notes Payable – Variable Rate 5 % % 2021 Notes Payable – Variable Rate 6 % 2020 - Notes Payable – Fixed Rate 6 % 2020 - Note Payable - Mortgage 7 Line of Credit 3 % % 2018 Less: Current Maturities Less: Debt Issuance Costs $ - $ 1. We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one facility without altering the debt maturities or terms of our indebtedness. Effective November 4, 2015, the interest rate was increased from LIBOR plus 2.5% to LIBOR plus 4.5% . For other changes to the credit facility, refer to Note 21 – Subsequent Events . 2. In December 2011, we entered into a variable rate financing agreement with Capital One N.A. for a five year facility totaling $ 15.7 million to finance a portion of the acquisition price of a multi-purpose ice strengthened vessel. This loan requires us to make 59 monthly payments with a final balloon payment of $ 4.7 million in January 2017. 3. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at September 30, 2015, included a term loan facility in the original principal amount of $45.0 million and a LOC in the principal amount up to $40 .0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. On November 13, 2015, the Credit Facility was amended. The maturity date was accelerated to July 20, 2017. Additionally, the interest rate increased from LIBOR plus 3.5% to LIBOR plus 9.25% which is effective from November 13, 2015 through June 30, 2016 and LIBOR plus 10.0% from July 1, 2016 through July 20, 2017. For other changes to the credit facility, refer to Note 21 – Subsequent Events . 4. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.4 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. Effective November 4, 2015, the interest rate increased from 4.35% to 6.35% . For other changes to the credit facility, refer to Note 21 – Subsequent Events. 5. In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. For certain changes to the credit facility, refer to Note 21 – Subsequent Events . 6. As discussed in greater detail above, in April of 2015, we obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.7 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. Effective November 4, 2015, the interest rate increased from 4.16% fixed to 6.35% fixed. This loan is required to be paid off by the end of the fourth quarter of 2015 upon the sale of the loan collateral. For other changes to the credit facility, refer to Note 21 – Subsequent Events. 7. Represents additional bank financing to fund the construction and renovation of our office building in New Orleans, Louisiana. Guarantees In addition to the obligations discussed above, we guarantee two separate loan facilities of two separate shipping companies in which one of our wholly-owned subsidiaries has indirect ownership interests. With respect to one of the two loan facilities of these shipping companies, in which our wholly-owned subsidiary indirectly owns a 25% interest, we guarantee 5% of the amount owed under the loan facility. As of September 30, 2015 and December 31, 2014, this guarantee obligation equated to approximately $3.4 million and $3.8 million, respectively. The amount of this guarantee reduces semi-annually by approximately $ 165,000 through December 2018. Under the second facility, in which our wholly-owned subsidiary indirectly owns approximately 23.7% of the borrower, we guarantee only $1.0 million of the approximately $11.0 million loan facility. This second guarantee is non-amortizing and is scheduled to expire in December 2018. In December 2017, we anticipate that this guarantee will be reduced from $1.0 million to $ 510,000 as a result of a scheduled payment of a portion of the facility. Amendments, Waivers, and Covenant Compliance All six of our principal loan agreements require us to comply with various loan covenants, including financial covenants that require, as applicable, minimum levels of net worth, working capital, liquidity, and interest expense or fixed charges coverage and a maximum amount of debt leverage. Since early 201 4, we have struggled to meet certain of our required debt covenants. Consequently, we solicited an d received from our lenders amendments to or waivers from various of these covenants to assure our compliance therewith as of the end of the first, third and fourth quarters of 2014 and the end of the first, second and third quarters of 2015. Summarized below are key amendments and waivers received since September 30, 2015. For more complete information, see the discussion of our debt covenant compliance set forth in our periodic reports filed since January 1, 2014 with the SEC. Effective at the end of the third quarter of 2015, we entered into separate limited waiver agreements with each of our principal lenders. Under these agreements, the lenders waived defaults under certain specified working capital, minimum liquidity, tangible net worth and fixed charge coverage covenants generally through at least November 30, 2015, although two of our lenders provided a series of shorter-term waivers. On or prior to November 16, 2015, we reached separate agreements with each of our lenders to extend their waivers through March 31, 2016, as well as to amend each of our credit facilities subject to attaining certain milestones related to our Strategic Plan – see Note 21 – Subsequent Events . C ompliance with our covenants and amended repayment terms is contingent upon t he successful execution of our Strategic Plan approved by the Board of Directors in October 2015 . If we are unsuccessful in disposing of certain non-core assets by the milestones and amounts agreed to with our lenders, we would be in default under one or more of our credit facilities and all of our creditors would have the right to accelerate our debt. As a result of the matters described herein, including the uncertainty regarding our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern. For additional information on these waivers and amendments, refer to Note 21 – Subsequent Events . |
Other Long Term Liabilities
Other Long Term Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Other Long Term Liabilities [Abstract] | |
Other Long Term Liabilities | NOTE 14 – OTHER LONG TERM LIABILITIES Other Long Term Liabilities as of September 30, 2015 and December 31, 2014 were $38.0 million and $50.3 million, respectively. (All Amounts in Thousands) September 30, December 31, 2015 2014 Deferred Gains, net of Amortization $ $ Pension and Post Retirement Alabama Lease Incentive Insurance Reserves Derivatives Deferred Tax Liability Other $ $ |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | NOTE 15 – STOCK BASED COMPENSATION We grant stock-based compensation in the form of (1) unrestricted stock awards to our outside directors and (2) restricted stock units (“RSUs”) to key executive personnel. RSUs are granted in a combination of time based and performance based units. These awards were granted under the International Shipholding Corporation 2011 Stock Incentive Plan (the “Plan”), which was approved by our stockholders in 2011. In the first quarter of 2015, we granted 8,100 unrestricted shares to our outside directors and 42,650 RSUs to key executive personnel. Additionally, during the first quarter of 2015, our key executive personnel forfeited 37,700 shares from certain performance based RSUs granted in 2012 and 2014 and modified awards originally granted in 2013. Our total compensation expense related to these plans was approximately $0.3 million and $0.4 million for the three months ended September 30, 2015 and 2014, respectively, and $0.6 million and $1.2 million for the nine months ended September 30, 2015 and 2014, respectively, which is reflected in administrative and general expenses. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 16 – STOCKHOLDERS’ EQUITY A summary of the changes in Stockholders’ equity for the nine months ended September 30, 2015 is as follows: (All Amounts in Thousands) Stockholders' Equity Balance at December 31, 2014 $ Net Loss Common Stock Dividends* Preferred Stock Dividends Unrealized Foreign Currency Translation Gain Net Change in Fair Value of Derivatives De-Designation of Interest Rate Swap Net Change in Funding Status of Defined Benefit Plan Issuance of stock-based compensation, net of forfeited shares Balance at September 30, 2015 $ * Includes approximately $32,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. Stock Repurchase Program On January 25, 2008, our Board of Directors approved a share repurchase program for up to a total of 1,000,000 shares of our common stock. We expect that any share repurchases under this program will be made from time to time for cash in open market transactions at prevailing market prices. The timing and amount of any purchases under the program will be determined by management based upon market conditions and other factors. In 2008, we repurchased 491,572 shares of our common stock for $11.5 million. Thereafter, we suspended repurchases until the second quarter of 2010, when we repurchased 223,051 shares of our common stock for $5.2 million. Unless and until our Board of Directors otherwise provides, this authorization will remain open indefinitely, or until we reach the approved 1,000,000 share limit. As of September 30, 2015, the maximum number of shares that may yet be purchased under the Plan was 285,377 shares. Based on our current liquidity position and debt covenants, we have no plans to repurchase any of our shares under this program in the near future. Dividend Payments The payment of dividends to common stockholders and preferred stockholders is at the discretion and subject to the approval of our Board of Directors. On October 29, 2008, our Board of Directors authorized the reinstitution of a quarterly cash common stock dividend program beginning in the fourth quarter of 2008. Since then, the Board of Directors has declared a cash common stock di vidend each quarter through the middle of 2015. On October 19, 2015, we announced that our Board of Directors elected to defer the cumulative dividend payments scheduled for October 30, 2015 with respect to our Series A and Series B Preferred Stock. If we do not pay our preferred stock dividends for two periods (whether consecutive or not), the per annum rate will increase by an additional 2.00% per $ 100.00 stated liquidation preference, or $ 2.00 per annum, up to a maximum annual dividend rate of twice the original interest rate , on and after the day following such second dividend payment date. The dividend rate will reset to the original dividend rate once we have paid all accrued and unpaid dividends for three consecutive quarters. At September 30, 2015, we recorded a $0.2 million embedded derivative liability related to the potential penalties on our preferred stock dividends. See Note 12 – Derivatives for additional information. Additionally, since our preferred shares rank senior to our common shares, and carry accrued but unpaid dividends, we are currently precluded from paying cash dividends on our common stock. Moreover, our November 2015 credit facility amendments place further restrictions on our ability to pay dividends on our common and preferred stock until certain conditions are met . For additional information, see “Risk Factors” under Item 1A of Part II of this report. During the nine months ended September 30, 2015, we paid cash dividends on our common stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 19-Feb-15 4-Mar-15 $ $ 29-Apr-15 15-May-15 3-Jun-15 30-Jul-15 14-Aug-15 4-Sep-15 $ During the nine months ended September 30, 2015, we paid cash dividends on our Series A and Series B Cumulative Perpetual Preferred Stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Series Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 29-Jan-15 A 30-Jan-15 $ $ 7-Jan-15 29-Jan-15 B 30-Jan-15 2-Apr-15 29-Apr-15 A 30-Apr-15 2-Apr-15 29-Apr-15 B 30-Apr-15 8-Jul-15 29-Jul-15 A 30-Jul-15 8-Jul-15 29-Jul-15 B 30-Jul-15 $ |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Loss Per Share [Abstract] | |
Loss Per Share | NOTE 17 – LOSS PER SHARE Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding assuming the exercise of the conversion of restricted stock units. We had net losses attributable to common stockholders for the three and nine months ending September 30, 2015 and 2014; therefore, we disregarded the impact of any incremental shares issuable under our outstanding restricted stock units because the net loss with respect to such shares would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | NOTE 18 – FAIR VALUE MEASUREMENTS ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Under ASC 820, the price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a voluntary transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, and (iii) able and willing to complete a transaction. Fair value measurements require the use of valuation techniques that are consistent with one or more of the following: the market approach, the income approach or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. The fair value of our interest rate swap agreements is based upon the approximate amounts required to settle the contracts. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. In that regard, ASC 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (including interest rates, volatilities, prepayment speeds, credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. The following table summarizes our financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, segregated by the above-described levels of valuation inputs: (All Amounts in Thousands) September 30, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ Embedded Derivative $ - $ - $ $ (All Amounts in Thousands) December 31, 2014 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ The carrying amounts of our accounts receivable, accounts payable and accrued liabilities approximated their fair value at September 30, 2015 and December 31, 2014. The estimated fair value of our debt obligations at September 30, 2015 was approximately $ 214.0 million due to the variable rate nature of certain of our debt instruments as well as to the underlying value of the collateral. We calculated the fair value of our debt obligations using Level 3 inputs. We have determined that credit risk is not a material factor . The following table reflects the fair value measurements used in testing the impairment of long-lived assets and goodwill during the nine months ended September 30, 2015: (All Amounts in Thousands) September 30, Level 1 Level 2 Level 3 Total 2015 Inputs Inputs Inputs Losses Vessels, Property, and Other Equipment, net (1) $ $ - $ - $ $ Goodwill (2) - - - - Assets Held for Sale (3) - - (1) Refers to the two Handysize vessels and their related equipment that we reclassified from assets held for sale to assets held in use at June 30, 2015. (2) Refers to the goodwill associated with our UOS acquisition included in the Jones Act segment. (3) Refers to our Jo nes Act Tug/Barge unit included in current assets held for sale. See Note 3 – Impairment Loss for additional information. |
Change In Accounting Estimate
Change In Accounting Estimate | 9 Months Ended |
Sep. 30, 2015 | |
Change In Accounting Estimate [Abstract] | |
Change In Accounting Estimate | NOTE 19 – CHANGE IN ACCOUNTING ESTIMATE Based on company policy, we review the reasonableness of our salvage values every three years based on the most recent three year average price of scrap steel per metric ton. In the first quarter of 2015, we reviewed and adjusted the salvage values based on changes in the market value of scrap steel. This adjustment resulted in a decrease in salvage values of approximately $0.6 million. The impact of this adjustment on depreciation expense for the three and nine months ending September 30, 2015 was immaterial. The impact for future periods is also expected to be immaterial. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 20 – NEW ACCOUNTING PRONOUNCEMENTS In July 2015, the FASB issued ASU 2015-11, Inventory – Simplifying the Measurement of Inventory , which applies to inventory measured using first-in, first-out or average cost. The guidance in this update states that inventory within scope shall be measured at the lower of cost or net realizable value, and when the net realizable value of inventory is lower than its cost, the difference shall be recognized as a loss in earnings. The new standard is effective for the Company beginning on January 1, 2017 and should be applied on a prospective basis. The Company is evaluating the effect that ASU 2015-11 will have on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . The amendments in this Update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. During the second quarter of 2015, we adopted ASU 2015- 0 3 and, as a result, reclassified approximately $ 2.9 million of deferred debt issuance costs from deferred charges, net of accumulated amortization to offset against long-term debt on our Conde nsed Consolidated Balance Sheet as of December 31, 2014 . As of September 30, 2015, the amount of deferred debt issuance costs was $ 2.4 million and is included as an offset to current maturities of long-term debt on our Condensed Consolidated Balance Sheet. In April 2015, the FASB issued ASU 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. The amendment is effective for annual periods beginning after December 15, 2015. Early adoption is permitted. The amendment may be adopted either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. Management is currently in the process of evaluating the impact of this amendment. In February 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-02, Amendments to the Consolidation Analysis . The amendments in ASU 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 will be effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of ASU 2015-02 will have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in GAAP. The guidance in this update requires an entity to recognize the amount of revenue that it expects to be entitled for the transfer of promised goods or services to customers. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of this standard. The new standard will apply to us on January 1, 2018, with earlier adoption permitted only as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. Management is currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures and, therefore, has not determined the effect of the accounting guidance on our ongoing financial reporting. Management reviewed all other significant newly issued accounting pronouncements and concluded that they are either not applicable to our business or that we do not expect their future adoption to have a material effect on our condensed consolidated financial statements . |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Event | NOTE 21 - SUBSEQUENT EVENTS On October 21, 2015, our Board of Directors approved a Strategic Plan to restructure the company by focusing on our three core segments - the Jones Act, PCTC and Rail Ferry segments. The Strategic Plan requires that we will, among other things (i) divest of one international flagged PCTC vessel, one inactive Jones Act Tug/Barge unit and certain businesses and contracts during the fourth quarter of 2015, (ii) divest all of our vessels, minority investments and contracts included in our Dry Bulk Carrier, Specialty Contracts and Other segments as well as sell or enter into a sale leaseback of the headquarters facility in New Orleans by March 31, 2016, (iii) divest of certain brokerage contracts by June 30, 2016, (iv) apply substantially all of the net proceeds from these divestitures to discharge indebtedness and (v) reduce our operating and administrative costs. If we are successful in implementing this Strategic Plan , we believe this will strengthen our financial position by reducing our debt to more manageable levels and increasing our liquidity, which, we believe, will in turn provide us with future opportunities to create value for our shareholders. By virtue of adopting the Strategic Plan in October 2015, the identified disposal assets met all of the criteria for assets held for sale classification in the fourth quarter of 2015 and we expect to write down the assets to their fair value. In connection therewith, we expect to incur non-cash impairment charges in a range of $85.0 million to $95.0 million during the fourth quarter of 2015. At September 30, 2015, these assets had not met all of the requirements for held for sale classification, as such, the vessels were tested for impairment and the impairment tests did not result in any impairment charges as the related estimated undiscounted future cash flows exceeded the carrying amounts. On or prior to November 16, 2015 , we amended each of our credit facilities. Each of these amendments included provisions extending the lenders’ or lessor’s prior covenant breach waivers through March 31, 2016. These waivers are temporary one-time waivers, and the lenders and lessors have no obligation, express or implied, to waive any other defaults or grant any other extensions. The waivers are contingent upon our continued performance with the terms of the credit facilities, as amended, including newly-implemented requirements to sell certain specified non-core assets at certain specified prices by certain specified dates (ranging from December 4, 2015 to June 30, 2016) and to apply substantially all of the net proceeds from such sales to retire debt owed under such facilities. If we are unsuccessful in the execution of our October 2015 Strategic Plan by the milestones agreed to with our lenders, we would be in default under one or more of our credit facilities and all of our creditors would have the right to accelerate our debt. As a result of the matters described herein, including the uncertainty regarding our ability to execute the Strategic Plan and our lenders’ abilities to demand payment under our debt agreements, if we are unable to successfully mitigate these uncertainties, there would be substantial doubt about our ability to continue as a going concern. In addition to the changes of general applicability to our credit facilities described above, the recent November 2015 amendments to our credit facilities identified below included several additional amendments, including those described below. Some of the more significant amendments to our Senior Credit Facility with Regions Bank included (i) accelerating the facility’s maturity date from September 24, 2018 to July 20, 2017 , (ii) reducing the Letter of Credit Sublimit from $20 million to $ 7.2 million initially and to lower amounts at future dates, (iii) prohibiting us from issuing new letters of credit without the lenders’ consent, (iv) reducing the Aggregate Revolving Commitment by $ 1.8 million, (v) increasing the applicable margins for all Loans, Letter of Credit Fees and Commitment Fees set to 9.25% from the effective date of the amendment through June 30, 2016, and 10.0% from July 1, 2016 through the maturity date, (vi) increasing our scheduled payments for the next twelve months by $ 3.0 million and mandating certain specified mandatory prepayments, (vii) prohibiting us from paying common stock dividends unless we have at least $ 30.0 million of liquidity (as defined in the credit facility) after making the payment, (viii) prohibiting us from paying preferred stock dividends prior to January 29, 2016 or paying preferred stock dividends thereafter unless various financial conditions are met, (ix) prohibiting us from making any further payments to construct our New Orleans headquarters, except to the extent financed by the general contractor, and (x) amending certain of our financial covenants, effective as of June 30, 2016, and amending certain of our other loan covenants to further restrict our operations, effective immediately. Additionally, Regions Bank appointed a financial consultant to review our financial results. With respect to our two credit facilities with DVB Bank SE, some of the more significant amendments included (i) requiring us to apply the proceeds from the sale of one of our PCTCs to pay down 100% of the debt owned under one facility of approximately $ 30.2 million and $ 912,000 of the debt owed under the other facility, (ii) pledging under certain circumstances 65% of our shares of our wholly-owned Singapore subsidiaries to DVB Bank SE, (iii) increasing the interest rate by 2% , (iv) increasing by approximately $ 222,000 our quarterly principal payments and (v) specifying various dates (ranging from December 2015 through March 2016) by which our sale of non-core assets must be completed and at specified amounts. With respect to our credit facility with ING Bank N.V., some of the more significant amendments included (i) increasing by approximately $ 625,000 our quarterly principal payments, (ii) increasing our interest rate margin by approximately 2% per annum, (iii) modifying the manner in which we will be required to pay down debt owed under the facility upon the sale of assets comprising collateral under the facility, including requiring any excess proceeds to be applied to pay off the other tranches at the discretion of the facility’s agent, (iv) providing credit enhancements of equal value to those afforded by us to our other creditors, (v) prohibiting the payment of common stock dividends, (vi) prohibiting the payment of preferred stock dividends without the written consent from the lender, (vii) requiring the preparation of a financial plan acceptable to the facility agent in its sole discretion, and (viii) specifying various amounts and dates in December 2015 by which our sale of non-core assets must be completed. Most of our remaining November 2015 credit facility amendments included less substantial changes, principally with respect to amending certain of our financial covenants, effective March 31, 2016 or thereafter, or requiring us to provide equal treatment if and to the extent we provide credit enhancements to other of our creditors. We have reached an agreement with RBS Asset Finance to extend its prior covenant default waiver through March 31, 2016, together with amendments increasing the interest rate 1.0% per annum, requiring a loan-to-value ratio as of April 1, 2016 not to exceed 75.0% and modifying the covenants in a manner substantially similar to those reflected in the Regions Bank amendment. In connection with entering into these above-described amendments, we have further agreed to pay various fees to our lenders and lessors and to reimburse them for various of their costs incurred in connection with the amendments or their future monitoring of our financial position or performance. We have also agreed to take or omit to take various other actions designed to protect the interest of the creditors, including agreements to create various earnings or retention accounts, to provide enhanced information about our financial position or performance, to deliver certain appraisals and to provide certain subordination undertakings. The descriptions of our recent credit facility amendments set forth above are general summaries only, and are qualified in their entirety by reference to the full text of those amendments to be filed with our 2015 Form 10-K. On November 6, 2015, we entered into a memorandum of agreement to sell one of our international flagged PCTC vessels. If all of the conditions to this sale are met, the transaction could be completed by late November or early December 2015. Under the current terms, the net proceeds after the pay down of debt would be approximately $ 15.1 million and would generate a loss on sale of approximately $ 16.7 million , which is included in the range of $85.0 million to $95.0 million discussed above, in the fourth quarter of 2015. As noted above in connection with the discussion of the bank amendments, we will be obligated to pay off approximately $ 31.3 m illion in debt upon completion of this sale. Due to refinancing discussions that were ongoing as of September 30, 2015, we considered this asset to be held in use; as such, there were no indicators of impairment. |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Operating Segments [Abstract] | |
Segment Profit And Loss | (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (Loss) (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % The following table presents information about segment profit and loss for the nine months ended September 30, 2015 and 2014: RESULTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (All Amounts in Thousands) Pure Car Jones Truck Dry Bulk Rail Specialty Act Carriers Carriers Ferry Contracts Other Total 2015 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % 2014 Fixed Revenue $ $ $ $ - $ $ - $ Variable Revenue - Total Revenue Voyage Expenses Amortization Expense - (Income) Loss of Unconsolidated Entities - - - Gross Voyage Profit (excluding Depreciation Expense) $ $ $ $ $ $ $ Gross Voyage Profit Margin % % % % % - % |
Reconciliation Of The Totals Reported For The Operating Segments | (All Amounts in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ $ $ $ Voyage Expenses Amortization Expense Net (Income) Loss of Unconsolidated Entities Gross Voyage Profit Vessel Depreciation Other Depreciation Gross Profit Other Operating Expenses: Administrative and General Expenses Impairment Loss - - (Gain) Loss on Sale of Other Assets Less: Net Income (Loss) of Unconsolidated Entities Total Other Operating Expenses Operating Income (Loss) $ $ $ $ |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory [Abstract] | |
Inventory By Class | (All Amounts in Thousands) September 30, December 31, Inventory Classes 2015 2014 Spare Parts Inventory $ $ Fuel Inventory Warehouse Inventory Total $ $ |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Unconsolidated Entities [Abstract] | |
Summarized Equity In Net Income (Loss) Of Unconsolidated Entities | (All Amounts in Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Oslo Bulk, AS $ $ $ $ Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers) Terminales Transgolfo, S.A. de C.V. Saltholmen Shipping Ltd Brattholmen Shipping Ltd Total Equity in Net Income (Loss) of Unconsolidated Entities $ $ $ $ |
Goodwill, Other Intangible As31
Goodwill, Other Intangible Assets, And Deferred Charges (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill, Other Intangible Assets, And Deferred Charges [Abstract] | |
Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges | (All Amounts in Thousands) Balance at Balance at Amortization December 31, Cash Impairment/ Non-Cash September 30, Period 2014 Additions Disposals Amortization Reclassifications 2015 Indefinite Life Intangibles Goodwill $ $ - $ $ - $ - $ Total Indefinite Life Intangibles $ $ - $ $ - $ - $ Definite Life Intangibles Trade names - FSI 240 months $ $ - $ - $ $ - $ Trade names - UOS 144 months - - - Customer Relationships - FSI 240 months - - - Customer Relationships - UOS 144 months - - - Total Definite Life Intangibles $ $ - $ - $ $ - $ Deferred Charges Drydocking Costs various $ $ $ $ $ $ Other Deferred Charges various - Total Deferred Charges $ $ $ $ $ $ |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Components Of Net Periodic Benefit Cost | (All Amounts in Thousands) Pension Plan Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ The following table provides the components of net periodic benefit cost for our pension plan and postretirement benefits plan for the nine months ended September 30, 2015 and 2014: (All Amounts in Thousands) Pension Plan Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, Components of net periodic benefit cost: 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets - - Amortization of prior service cost Amortization of net loss Net periodic benefit cost (benefit) $ $ $ $ |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments [Abstract] | |
Notional And Fair Value Of Derivative Instruments | (All Amounts in Thousands) Liability Derivatives Current Notional Balance Sheet Fair Amount Location Value Foreign Exchange Contracts $ Current Liabilities $ Embedded Derivative $ - Current Liabilities $ Embedded Derivative $ - Other Long Term Liabilities $ |
Derivative Instruments, Effect On Other Comprehensive Income (Loss) | (All Amounts in Thousands) Location of Amount of Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Recognized in Recognized Reclassified from Reclassified from Income from in OCI* AOCI** to Income AOCI to Income Ineffective Portion Interest Rate Swaps $ Interest Expense $ $ De-Designation of Interest Rate Swaps - Foreign Exchange Contracts Other Revenues - Total $ $ $ * Other Comprehensive (Loss) Income **Accumulated Other Comprehensive Income |
Notional Amount Of Foreign Exchange Contracts | (All Amounts in Thousands) Amount Available Transaction Date Type of Currency in Dollars Effective Date Expiration Date Sep-14 Peso $ Jan-15 Dec-15 Oct-14 Peso Jan-15 Dec-15 Dec-14 Peso Jan-15 Dec-15 $ |
Debt Obligations (Tables)
Debt Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Obligations [Abstract] | |
Schedule of Debt Obligations | (All Amount in Thousands) Interest Rate Original Total Principal Due September 30, December 31, Maturity September 30, December 31, Description of Secured Debt 2015 2014 Date 2015 2014 Notes Payable – Variable Rate 1 % % 2018 $ $ Notes Payable – Variable Rate 1 2.6930-2.7835 % 2.7312 -2.7324 % 2018 Notes Payable – Variable Rate 2 % % 2017 Notes Payable – Variable Rate 1 % % 2018 Notes Payable – Variable Rate 3 % % 2018 Notes Payable – Fixed Rate 4 % % 2020 Notes Payable – Variable Rate 5 % % 2021 Notes Payable – Variable Rate 6 % 2020 - Notes Payable – Fixed Rate 6 % 2020 - Note Payable - Mortgage 7 Line of Credit 3 % % 2018 Less: Current Maturities Less: Debt Issuance Costs $ - $ 1. We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one facility without altering the debt maturities or terms of our indebtedness. Effective November 4, 2015, the interest rate was increased from LIBOR plus 2.5% to LIBOR plus 4.5% . For other changes to the credit facility, refer to Note 21 – Subsequent Events . 2. In December 2011, we entered into a variable rate financing agreement with Capital One N.A. for a five year facility totaling $ 15.7 million to finance a portion of the acquisition price of a multi-purpose ice strengthened vessel. This loan requires us to make 59 monthly payments with a final balloon payment of $ 4.7 million in January 2017. 3. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at September 30, 2015, included a term loan facility in the original principal amount of $45.0 million and a LOC in the principal amount up to $40 .0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. On November 13, 2015, the Credit Facility was amended. The maturity date was accelerated to July 20, 2017. Additionally, the interest rate increased from LIBOR plus 3.5% to LIBOR plus 9.25% which is effective from November 13, 2015 through June 30, 2016 and LIBOR plus 10.0% from July 1, 2016 through July 20, 2017. For other changes to the credit facility, refer to Note 21 – Subsequent Events . 4. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.4 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. Effective November 4, 2015, the interest rate increased from 4.35% to 6.35% . For other changes to the credit facility, refer to Note 21 – Subsequent Events. 5. In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. For certain changes to the credit facility, refer to Note 21 – Subsequent Events . 6. As discussed in greater detail above, in April of 2015, we obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five -year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.7 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. Effective November 4, 2015, the interest rate increased from 4.16% fixed to 6.35% fixed. This loan is required to be paid off by the end of the fourth quarter of 2015 upon the sale of the loan collateral. For other changes to the credit facility, refer to Note 21 – Subsequent Events. 7. Represents additional bank financing to fund the construction and renovation of our office building in New Orleans, Louisiana. |
Other Long Term Liabilities (Ta
Other Long Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Long Term Liabilities [Abstract] | |
Other Long Term Liabilities | (All Amounts in Thousands) September 30, December 31, 2015 2014 Deferred Gains, net of Amortization $ $ Pension and Post Retirement Alabama Lease Incentive Insurance Reserves Derivatives Deferred Tax Liability Other $ $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Summary Of Changes In Stockholders' Equity | (All Amounts in Thousands) Stockholders' Equity Balance at December 31, 2014 $ Net Loss Common Stock Dividends* Preferred Stock Dividends Unrealized Foreign Currency Translation Gain Net Change in Fair Value of Derivatives De-Designation of Interest Rate Swap Net Change in Funding Status of Defined Benefit Plan Issuance of stock-based compensation, net of forfeited shares Balance at September 30, 2015 $ * Includes approximately $32,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. |
Cash Dividends Paid | (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 19-Feb-15 4-Mar-15 $ $ 29-Apr-15 15-May-15 3-Jun-15 30-Jul-15 14-Aug-15 4-Sep-15 $ During the nine months ended September 30, 2015, we paid cash dividends on our Series A and Series B Cumulative Perpetual Preferred Stock as follows: (All Amounts in Thousands Except per Share Data) Declaration Date Record Date Series Payment Date Per Share Amount Total Dividend Paid 7-Jan-15 29-Jan-15 A 30-Jan-15 $ $ 7-Jan-15 29-Jan-15 B 30-Jan-15 2-Apr-15 29-Apr-15 A 30-Apr-15 2-Apr-15 29-Apr-15 B 30-Apr-15 8-Jul-15 29-Jul-15 A 30-Jul-15 8-Jul-15 29-Jul-15 B 30-Jul-15 $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | (All Amounts in Thousands) September 30, 2015 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ Embedded Derivative $ - $ - $ $ (All Amounts in Thousands) December 31, 2014 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Derivative Liabilities $ - $ $ - $ |
Fair Value Measurements Used in Testing Impairment of Long-lived Assets and Goodwill | (All Amounts in Thousands) September 30, Level 1 Level 2 Level 3 Total 2015 Inputs Inputs Inputs Losses Vessels, Property, and Other Equipment, net (1) $ $ - $ - $ $ Goodwill (2) - - - - Assets Held for Sale (3) - - (1) Refers to the two Handysize vessels and their related equipment that we reclassified from assets held for sale to assets held in use at June 30, 2015. (2) Refers to the goodwill associated with our UOS acquisition included in the Jones Act segment. (3) Refers to our Jo nes Act Tug/Barge unit included in current assets held for sale. |
Business and Basis of Present38
Business and Basis of Presentation (Details) $ in Thousands | Oct. 21, 2015segment | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) |
Number of operating segments | segment | 6 | ||||
Long-term debt reclassified to current | $ 213,700 | $ 213,700 | |||
Minimum percentage of ownership considered for consolidation (in hundredths) | 50.00% | ||||
Minimum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 20.00% | ||||
Maximum percentage of ownership considered for equity method of accounting for investments (in hundredths) | 50.00% | ||||
Amortization expense for deferred charges - drydock | $ 5,100 | $ 13,700 | |||
Miscellaneous depreciation expense | $ 185 | $ 181 | $ 556 | $ 545 | |
Subsequent Event [Member] | |||||
Number of operating segments | segment | 3 |
Operating Segments (Segment Pro
Operating Segments (Segment Profit And Loss) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 6 | |||
Fixed Revenue | $ 45,654 | $ 58,763 | $ 143,936 | $ 172,452 |
Variable Revenue | 20,855 | 15,647 | 57,907 | 51,404 |
Total Revenues | 66,509 | 74,410 | 201,843 | 223,856 |
Voyage Expenses | 52,569 | 55,450 | 158,589 | 170,685 |
Amortization Expenses | 3,657 | 6,142 | 13,192 | 16,791 |
(Income) Loss of Unconsolidated Entities | (158) | 176 | (1,716) | 364 |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 10,441 | $ 12,642 | $ 31,778 | $ 36,016 |
Gross Voyage Profit Margin Percentage (in hundredths) | 16.00% | 17.00% | 16.00% | 16.00% |
Jones Act [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 19,199 | $ 32,101 | $ 63,344 | $ 94,408 |
Total Revenues | 19,199 | 32,101 | 63,344 | 94,408 |
Voyage Expenses | 17,342 | 20,541 | 52,634 | 65,226 |
Amortization Expenses | 2,450 | 4,799 | 9,392 | 12,144 |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ (593) | $ 6,761 | $ 1,318 | $ 17,038 |
Gross Voyage Profit Margin Percentage (in hundredths) | (3.00%) | 21.00% | 2.00% | 18.00% |
PCTC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 13,131 | $ 15,290 | $ 41,890 | $ 46,200 |
Variable Revenue | 8,665 | 3,520 | 24,854 | 11,319 |
Total Revenues | 21,796 | 18,810 | 66,744 | 57,519 |
Voyage Expenses | 16,228 | 15,606 | 51,289 | 48,417 |
Amortization Expenses | 604 | 593 | 2,095 | 1,938 |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 4,964 | $ 2,611 | $ 13,360 | $ 7,164 |
Gross Voyage Profit Margin Percentage (in hundredths) | 23.00% | 14.00% | 20.00% | 12.00% |
Dry Bulk Carriers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 1,933 | $ 1,910 | $ 5,667 | $ 5,194 |
Variable Revenue | 1,695 | 1,786 | 4,063 | 8,881 |
Total Revenues | 3,628 | 3,696 | 9,730 | 14,075 |
Voyage Expenses | 2,305 | 2,870 | 6,821 | 9,820 |
Amortization Expenses | 60 | 63 | 181 | 172 |
(Income) Loss of Unconsolidated Entities | 45 | 373 | (797) | 542 |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 1,218 | $ 390 | $ 3,525 | $ 3,541 |
Gross Voyage Profit Margin Percentage (in hundredths) | 34.00% | 11.00% | 36.00% | 25.00% |
Rail-Ferry Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Variable Revenue | $ 10,402 | $ 9,435 | $ 28,014 | $ 27,101 |
Total Revenues | 10,402 | 9,435 | 28,014 | 27,101 |
Voyage Expenses | 8,038 | 7,644 | 22,514 | 22,089 |
Amortization Expenses | 258 | 259 | 679 | 675 |
(Income) Loss of Unconsolidated Entities | 229 | 81 | 186 | 148 |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 1,877 | $ 1,451 | $ 4,635 | $ 4,189 |
Gross Voyage Profit Margin Percentage (in hundredths) | 18.00% | 15.00% | 17.00% | 15.00% |
Specialty Contracts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Fixed Revenue | $ 11,391 | $ 9,462 | $ 33,035 | $ 26,650 |
Variable Revenue | 541 | 1,497 | 1,373 | 4,624 |
Total Revenues | 11,932 | 10,959 | 34,408 | 31,274 |
Voyage Expenses | 9,435 | 9,923 | 26,654 | 26,964 |
Amortization Expenses | 285 | 428 | 845 | 1,862 |
(Income) Loss of Unconsolidated Entities | (432) | (278) | (1,105) | (326) |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 2,644 | $ 886 | $ 8,014 | $ 2,774 |
Gross Voyage Profit Margin Percentage (in hundredths) | 22.00% | 8.00% | 23.00% | 9.00% |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Variable Revenue | $ (448) | $ (591) | $ (397) | $ (521) |
Total Revenues | (448) | (591) | (397) | (521) |
Voyage Expenses | (779) | (1,134) | (1,323) | (1,831) |
Gross Voyage Profit (Loss) (excluding Depreciation Expense) | $ 331 | $ 543 | $ 926 | $ 1,310 |
Operating Segments (Reconciliat
Operating Segments (Reconciliation Of The Totals Reported For The Operating Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Segments [Abstract] | ||||
Revenues | $ 66,509 | $ 74,410 | $ 201,843 | $ 223,856 |
Voyage Expenses | 52,569 | 55,450 | 158,589 | 170,685 |
Amortization Expense | 3,657 | 6,142 | 13,192 | 16,791 |
Gross Voyage Profit | 10,441 | 12,642 | 31,778 | 36,016 |
Vessel Depreciation | 5,740 | 6,291 | 16,773 | 19,528 |
Other Depreciation | 185 | 181 | 556 | 545 |
Gross Profit | 4,516 | 6,170 | 14,449 | 15,943 |
Administrative and General Expenses | 5,476 | 5,271 | 15,286 | 15,828 |
Impairment Loss | 3,042 | 4,870 | ||
(Gain) Loss on Sale of Assets | 106 | 1 | (4,573) | 1 |
Less: Net Income (Loss) of Unconsolidated Entities | 158 | (176) | 1,716 | (364) |
Total Other Operating Expenses | 8,782 | 5,096 | 17,299 | 15,465 |
Operating Income (Loss) | $ (4,266) | $ 1,074 | $ (2,850) | $ 478 |
Impairment Loss (Details)
Impairment Loss (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)item | Dec. 31, 2014USD ($)item | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Goodwill impairment loss | $ 1,907 | ||||
Short term assets held for sale | $ 5,300 | $ 6,976 | 5,300 | ||
Impairment of Long-Lived Assets held for sale | 1,135 | ||||
Fair value of asset held for sell | 5,300 | 5,300 | |||
Jones Act [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Goodwill impairment loss | 1,900 | ||||
Fair value of asset held for sell | 5,300 | 5,300 | |||
Jones Act Tug-Barge [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels held for sale | item | 1 | ||||
Impairment of Long-Lived Assets held for sale | 1,100 | 1,100 | |||
Tug-Barge Unit [Member] | Jones Act [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Short term assets held for sale | $ 6,400 | $ 6,400 | |||
Handysize Vessel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels held for sale | item | 2 | 3 | |||
Impairment of Long-Lived Assets held for sale | $ 1,800 | $ 1,800 |
Gain On Sale Of Assets (Details
Gain On Sale Of Assets (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)T | Mar. 31, 2015USD ($)T | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Gain on sale of other assets | $ (106,000) | $ (1,000) | $ 4,573,000 | $ (1,000) | ||
Loss on Extinguishment of Debt | $ 225,000 | $ 355,000 | $ 225,000 | |||
Handysize Vessel [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of other assets | $ 16,400,000 | |||||
Weight of vessel sold | T | 36,000 | |||||
Gain on sale of other assets | $ (68,000) | |||||
Related debt paid off | 13,500,000 | |||||
Loss on Extinguishment of Debt | $ 95,000 | |||||
Pure Car Truck Carriers [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sale of other assets | $ 13,000,000 | |||||
Weight of vessel sold | T | 14,930 | |||||
Gain on sale of other assets | $ 4,600,000 | |||||
Related debt paid off | $ 10,000,000 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory [Abstract] | ||
Spare Parts Inventory | $ 3,534 | $ 3,253 |
Fuel Inventory | 2,191 | 3,967 |
Warehouse Inventory | 2,606 | 2,540 |
Total | $ 8,331 | $ 9,760 |
Unconsolidated Entities (Narrat
Unconsolidated Entities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Saltholmen Shipping Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds received from dividends | $ 0.4 | $ 0 |
Percentage of ownership interest acquired | 30.00% | |
Cash paid to acquire ownership interest | $ 5.9 | |
Brattholmen Shipping Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds received from dividends | $ 0.1 | $ 0 |
Percentage of ownership interest acquired | 30.00% | |
Cash paid to acquire ownership interest | $ 2 |
Unconsolidated Entities (Summar
Unconsolidated Entities (Summarized Equity In Net Income (Loss) Of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | $ 158 | $ (176) | $ 1,716 | $ (364) |
Oslo Bulk AS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | (40) | (55) | 646 | (142) |
Oslo Bulk Holding Pte. Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | (5) | (318) | 151 | (400) |
TTG [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | (229) | (81) | (186) | (148) |
Saltholmen Shipping Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | 335 | 30 | 847 | 30 |
Brattholmen Shipping Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Equity in Net Income (Loss) of Unconsolidated Entities | $ 97 | $ 248 | $ 258 | $ 296 |
Goodwill, Other Intangible As46
Goodwill, Other Intangible Assets, And Deferred Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | |||||
Deferred debt issuance costs reclassified from deferred charges, net | $ 2,363 | $ 2,363 | $ 2,870 | ||
Amortization expense on deferred finance costs | 800 | $ 100 | 1,200 | $ 400 | |
Amortization of Intangible Assets | 700 | 1,000 | 1,879 | 3,087 | |
Amortization expense for deferred charges | $ 3,100 | $ 5,100 | 11,500 | $ 13,800 | |
Goodwill impairment loss | 1,907 | ||||
Jones Act [Member] | |||||
Goodwill And Other Intangible Assets [Line Items] | |||||
Goodwill impairment loss | $ 1,900 |
Goodwill, Other Intangible As47
Goodwill, Other Intangible Assets, And Deferred Charges (Schedule Of Goodwill, Other Intangible Assets, And Deferred Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | ||||
Goodwill, Beginning Balance | $ 2,735 | |||
Goodwill, Ending Balance | $ 828 | 828 | ||
Total Indefinite Life Intangibles, Beginning Balance | 2,735 | |||
Total Indefinite Life Intangibles, Ending Balance | 828 | 828 | ||
Definite Life Intangibles, Beginning Balance | 25,042 | |||
Definite Life Intangibles, Amortization | (700) | $ (1,000) | (1,879) | $ (3,087) |
Definite Life Intangibles, Ending Balance | 23,163 | 23,163 | ||
Drydocking Costs, Beginning Balance | 25,238 | |||
Drydocking Costs, Cash Additions | 10,821 | |||
Drydocking Costs, Impairment/Disposals | (2,080) | |||
Drydocking Costs, Amortization | (11,313) | |||
Drydocking Costs, Non-Cash Reclassifications | 1,989 | |||
Drydocking Costs, Ending Balance | 24,655 | 24,655 | ||
Other Deferred Charges, Beginning Balance | 549 | |||
Other Deferred Charges, Cash Additions | 273 | |||
Other Deferred Charges, Amortization | (188) | |||
Other Deferred Charges, Non-Cash Reclassifications | (116) | |||
Other Deferred Charges, Ending Balance | 518 | 518 | ||
Total Deferred Charges, Beginning Balance | 25,787 | |||
Total Deferred Charges, Cash Additions | 11,094 | |||
Total Deferred Charges, Impairment/Disposals | (2,080) | |||
Total Deferred Charges, Amortization | (11,501) | |||
Total Deferred Charges, Non-Cash Reclassifications | 1,873 | |||
Total Deferred Charges, Ending Balance | 25,173 | $ 25,173 | ||
Trade Names [Member] | Frascati Shops, Inc. and Tower, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 240 months | |||
Definite Life Intangibles, Beginning Balance | $ 57 | |||
Definite Life Intangibles, Amortization | (2) | |||
Definite Life Intangibles, Ending Balance | 55 | $ 55 | ||
Trade Names [Member] | United Ocean Services, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 144 months | |||
Definite Life Intangibles, Beginning Balance | $ 1,357 | |||
Definite Life Intangibles, Amortization | (103) | |||
Definite Life Intangibles, Ending Balance | 1,254 | $ 1,254 | ||
Customer Relationships [Member] | Frascati Shops, Inc. and Tower, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 240 months | |||
Definite Life Intangibles, Beginning Balance | $ 375 | |||
Definite Life Intangibles, Amortization | (16) | |||
Definite Life Intangibles, Ending Balance | 359 | $ 359 | ||
Customer Relationships [Member] | United Ocean Services, LLC [Member] | ||||
Goodwill And Other Intangible Assets [Line Items] | ||||
Amortization period | 144 months | |||
Definite Life Intangibles, Beginning Balance | $ 23,253 | |||
Definite Life Intangibles, Amortization | (1,758) | |||
Definite Life Intangibles, Ending Balance | $ 21,495 | $ 21,495 |
Assets Held For Sale (Details)
Assets Held For Sale (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)item | Mar. 31, 2015item | Dec. 31, 2014USD ($)item | Jun. 30, 2015USD ($)item | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Long Term Assets Held for Sale | $ 48,701,000 | ||||||
Impairment of Long-Lived Assets held for sale | $ 1,135,000 | ||||||
Depreciation expense on assets held for use | 17,329,000 | $ 20,073,000 | |||||
Short term assets held for sale | $ 5,300,000 | $ 6,976,000 | 5,300,000 | ||||
Handysize Vessel [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels held for sale | item | 2 | 3 | |||||
Long Term Assets Held for Sale | $ 48,700,000 | ||||||
Number of vessels sold | item | 1 | ||||||
Number of vessels held in use | item | 2 | 2 | |||||
Impairment of Long-Lived Assets held for sale | $ 1,800,000 | $ 1,800,000 | |||||
Depreciation expense on assets held for use | $ 0 | ||||||
Jones Act Tug-Barge [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels held for sale | item | 1 | ||||||
Impairment of Long-Lived Assets held for sale | $ 1,100,000 | 1,100,000 | |||||
Depreciation expense on assets held for sale | $ 0 | ||||||
Tug-Barge Unit And Inventory Related To Handysize Vessels [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Short term assets held for sale | $ 7,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||||
Provision for income taxes | $ 373 | $ 1,141 | $ 405 | $ 912 | ||
Loss before taxes and equity in net income of unconsolidated entities | (6,992) | $ (1,248) | (13,186) | $ (5,170) | ||
Deferred gain from disposition of qualifying vessels remaining amount | 16,400 | |||||
Increase in valuation allowance | 7,500 | |||||
Qualified replacement property acquired | 45,600 | |||||
Deferred gain on disposal | $ 93,900 | $ 79,300 | ||||
Deferred tax liability related to controlled foreign corporations | 4,700 | 4,700 | ||||
Replacement Before December 31, 2015 [Member] | ||||||
Income Taxes [Line Items] | ||||||
Qualified replacement property acquired | 25,000 | |||||
Deferred gain on disposal | 17,300 | 17,300 | ||||
Replacement Years of 2018 [Member] | ||||||
Income Taxes [Line Items] | ||||||
Deferred gain on disposal | $ 7,700 | $ 7,700 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015USD ($)item | Jan. 06, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 26, 2014USD ($)item | |
Commitments And Contingencies [Line Items] | ||||
Deposit and interest collected | $ 4.2 | |||
Deposit reclassified to current receivable | $ 3.9 | |||
Interest accrued on receivable from customer | $ 0.3 | |||
Number of vessels held under operating lease contracts | item | 3 | |||
If Defaulted on any of Operating Lease Agreements [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Stipulated loss value if forced to buy back vessels | $ 75.1 | |||
Jones Act [Member] | Molten Sulphur Carrier [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of vessels held under operating lease contracts | item | 1 | |||
PCTC [Member] | Pure Car Truck Carriers [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of vessels held under operating lease contracts | item | 2 | |||
U.S. Customs And Border Protection [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of affiliates that allegedly failed to properly report the importation of spare parts consumed by vessels | item | 2 | |||
Amount of proposed duty | $ 1.4 | |||
Amount of proposed penalty on assessment | $ 5.7 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Employee Benefit Plans [Abstract] | |
Contribution to pension plan | $ 480 |
Expected contribution to pension plan before December 31, 2015 | $ 170 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 171 | $ 155 | $ 513 | $ 464 |
Interest cost | 359 | 381 | 1,077 | 1,143 |
Expected return on plan assets | (638) | (571) | (1,914) | (1,797) |
Amortization of prior service cost | (1) | (1) | (3) | (2) |
Amortization of net loss | 111 | 32 | 333 | 96 |
Net periodic benefit cost (benefit) | 2 | (4) | 6 | (96) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 8 | 4 | 24 | 11 |
Interest cost | 118 | 144 | 354 | 433 |
Amortization of prior service cost | 26 | 25 | 78 | 75 |
Amortization of net loss | 37 | 44 | 111 | 131 |
Net periodic benefit cost (benefit) | $ 189 | $ 217 | $ 567 | $ 650 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)contractMXN / $ | Apr. 30, 2015USD ($) | Apr. 24, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Maximum potential future exposure on derivatives | $ 107 | ||||||
Derivative (Gain) Loss | $ 2,800 | $ (89) | 2,991 | $ (57) | |||
Derivative liability | 67 | $ 7,050 | |||||
Embedded derivative liabilities | 202 | ||||||
Number of forward purchase contracts | contract | 3 | ||||||
Notional amount of forward purchase contracts | $ 600 | ||||||
Projected Peso exposure represented by Mexican Peso foreign exchange contracts (in hundredths) | 85.00% | ||||||
Other Comprehensive Income (Loss) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Unrealized loss related to derivative instruments included in accumulated other comprehensive loss | $ 400 | $ 3,700 | |||||
Foreign Exchange Contract 1 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | 225 | $ 900 | |||||
Exchange rate | MXN / $ | 13.6007 | ||||||
Foreign Exchange Contract 2 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | 225 | $ 900 | |||||
Exchange rate | MXN / $ | 13.7503 | ||||||
Foreign Exchange Contract 3 [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Notional amount of forward purchase contracts | 150 | $ 600 | |||||
Exchange rate | MXN / $ | 14.1934 | ||||||
Minimum [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Embedded derivative liabilities | 80 | ||||||
Maximum [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Embedded derivative liabilities | $ 730 | ||||||
Interest Rate Swaps [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of Yen denominated interest rate swap settled | $ 2,900 | ||||||
Interest Rate Swaps [Member] | Other Liabilities (Long-Term) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative liability | $ 3,000 | ||||||
Foreign Exchange Contracts [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Amount of Yen denominated foreign forward exchange contract settled | $ 4,000 | ||||||
Foreign Exchange Contracts [Member] | Other Liabilities (Long-Term) [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivative liability | 4,000 | ||||||
Foreign Exchange Contracts [Member] | Current Liabilities [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Current derivative liability | $ 100 |
Derivative Instruments (Notiona
Derivative Instruments (Notional And Fair Value Of Derivative Instruments) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivatives, current notional amount | $ 600 |
Foreign Exchange Contract 1 [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivatives, current notional amount | 600 |
Current Liabilities [Member] | Foreign Exchange Contract 1 [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives, fair value | (107) |
Current Liabilities [Member] | Embedded Derivative [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives, fair value | (135) |
Other Liabilities (Long-Term) [Member] | Embedded Derivative [Member] | Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability derivatives, fair value | $ (67) |
Derivative Instruments (Derivat
Derivative Instruments (Derivative Instruments, Effect On Other Comprehensive Income (Loss)) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | $ 3,270 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 811 | |
Gain/(Loss) Recognized in Income from Ineffective portion | (2,991) | |
Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | 338 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | 484 | |
Gain/(Loss) Recognized in Income from Ineffective portion | (132) | |
De-Designation Of Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | 2,859 | [1] |
Gain/(Loss) Recognized in Income from Ineffective portion | (2,859) | |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized in OCI | 73 | [1] |
Amount of Gain (Loss) Reclassified from AOCI to Income | $ 327 | |
[1] | Other Comprehensive (Loss) Income |
Derivative Instruments (Notio56
Derivative Instruments (Notional Amount Of Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Derivatives, current notional amount | $ 600 | |
Foreign Exchange Contract 1 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-09 | |
Derivatives, current notional amount | $ 225 | $ 900 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 | |
Foreign Exchange Contract 2 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-10 | |
Derivatives, current notional amount | $ 225 | 900 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 | |
Foreign Exchange Contract 3 [Member] | ||
Derivative [Line Items] | ||
Transaction Date | 2014-12 | |
Derivatives, current notional amount | $ 150 | $ 600 |
Effective Date | 2015-01 | |
Expiration Date | Dec. 1, 2015 |
Debt Obligations (Narrative) (D
Debt Obligations (Narrative) (Details) ¥ in Billions | Apr. 24, 2015JPY (¥) | Apr. 24, 2015USD ($) | Sep. 30, 2015USD ($)loanitemagreement | Mar. 31, 2015USD ($)item | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)loanitemagreement | Sep. 30, 2014USD ($) | Nov. 04, 2015 | Oct. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2014USD ($) | Aug. 26, 2014USD ($) |
Line of Credit Facility [Line Items] | ||||||||||||
Number of secured financing agreements | agreement | 6 | 6 | ||||||||||
Long-term debt reclassified to current | $ 213,700,000 | $ 213,700,000 | ||||||||||
Line of credit | 40,000,000 | 40,000,000 | ||||||||||
Amortization of debt issuance costs | 500,000 | 500,000 | ||||||||||
Proceeds from borrowings of line of credit | 5,000,000 | $ 33,000,000 | ||||||||||
Total principal due | 213,716,000 | 213,716,000 | $ 242,888,000 | |||||||||
Deferred debt issuance costs reclassified from deferred charges, net | $ 2,363,000 | 2,363,000 | 2,870,000 | |||||||||
Loss on Extinguishment of Debt | $ 225,000 | 355,000 | 225,000 | |||||||||
Increase in valuation allowance | 7,500,000 | |||||||||||
Total amount paid off | $ 12,500,000 | $ 13,000,000 | ||||||||||
Number of loan facilities guaranteed | loan | 2 | 2 | ||||||||||
Number of shipping companies indirectly owned by wholly-owned subsidiary | item | 2 | 2 | ||||||||||
Number of lenders provided shorter-term waivers | item | 2 | 2 | ||||||||||
December 2017 [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Amount of non-amortizing guarantee | $ 510,000 | |||||||||||
DVB Bank SE [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument effective interest rate percentage | 4.35% | 4.35% | ||||||||||
DVB Bank SE [Member] | Subsequent Event [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument effective interest rate percentage | 6.35% | |||||||||||
Loan Agreement [Member] | DVB Bank SE [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Term loan facility principal amount | $ 38,500,000 | |||||||||||
Final quarterly balloon payment | $ 20,700,000 | |||||||||||
Loan Agreement [Member] | RBS Asset Finance [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Term loan facility principal amount | $ 23,000,000 | |||||||||||
Revolving Credit Facility [Member] | Regions Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | $ 40,000,000 | $ 40,000,000 | ||||||||||
Senior Secured Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Term loan facility principal amount | 45,000,000 | 45,000,000 | ||||||||||
Senior Secured Credit Facility [Member] | Regions Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | 85,000,000 | 85,000,000 | ||||||||||
Credit facility, current borrowing capacity | 0 | $ 0 | ||||||||||
Credit facility maturity date | Sep. 24, 2018 | |||||||||||
Line of credit | 31,000,000 | $ 31,000,000 | ||||||||||
Standby Letters of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit | 20,000,000 | 20,000,000 | ||||||||||
Standby Letters of Credit [Member] | Regions Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | 20,000,000 | 20,000,000 | ||||||||||
Outstanding letters of credit | 7,200,000 | 7,200,000 | ||||||||||
Standby Letters of Credit [Member] | Regions Bank [Member] | Subsequent Event [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | $ 7,200,000 | |||||||||||
Swingline Loans [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit | 5,000,000 | 5,000,000 | ||||||||||
Swingline Loans [Member] | Regions Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | 5,000,000 | $ 5,000,000 | ||||||||||
Old Line Of Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Consolidated Leverage Ratio | 5.00% | |||||||||||
Minimum fixed charge coverage ratio | 1.05% | |||||||||||
Minimum Liquidity Amount | $ 20,000,000 | |||||||||||
Minimum Net Worth | $ 228,000,000 | |||||||||||
Consolidated Net Income Earned | 50.00% | |||||||||||
Percent of the proceeds of issuances of equity interests received | 100.00% | |||||||||||
Loan Facility A [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Percentage of equity position | 25.00% | |||||||||||
Percentage of equity position guaranteed | 5.00% | |||||||||||
Guarantee obligation amount | 3,400,000 | $ 3,400,000 | $ 3,800,000 | |||||||||
Semi-annual reduction in guarantee through December 2018 | $ 165,000 | |||||||||||
Loan Facility B [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Percentage of equity position | 23.70% | |||||||||||
Amount of non-amortizing guarantee | $ 1,000,000 | |||||||||||
Amount of facility covered by overall bank guarantee | $ 11,000,000 | |||||||||||
New Loan Agreement [Member] | DVB Bank SE [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Term loan facility principal amount | $ 32,000,000 | |||||||||||
Amount of Yen denominated foreign forward exchange contract settled | 4,000,000 | |||||||||||
Amount of Yen denominated interest rate swap settled | $ 2,900,000 | |||||||||||
Debt instrument effective interest rate percentage | 4.16% | |||||||||||
Term for principal to be paid quarterly | 5 years | |||||||||||
Amortization period | 10 years | |||||||||||
Final quarterly balloon payment | $ 16,800,000 | |||||||||||
Capitalized loan costs | 600,000 | |||||||||||
Related debt paid off | ¥ 2.9 | $ 24,000,000 | ||||||||||
New Loan Agreement [Member] | DVB Bank SE [Member] | Subsequent Event [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt instrument effective interest rate percentage | 6.35% | |||||||||||
Term Loan [Member] | Senior Secured Credit Facility [Member] | Regions Bank [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility borrowing capacity | $ 45,000,000 | $ 45,000,000 | ||||||||||
Handysize Vessel [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Related debt paid off | $ 13,500,000 | |||||||||||
Number of vessels sold | item | 1 | |||||||||||
Loss on Extinguishment of Debt | $ 95,000 |
Debt Obligations (Schedule Of L
Debt Obligations (Schedule Of Long-Term Debt) (Details) ¥ in Billions | Nov. 04, 2015 | Apr. 24, 2015JPY (¥) | Apr. 24, 2015USD ($) | Aug. 26, 2014USD ($)item | Nov. 13, 2011 | Jun. 20, 2011USD ($)item | Aug. 31, 2014USD ($)item | Jan. 24, 2012USD ($) | Dec. 31, 2011USD ($)item | Nov. 30, 2011USD ($) | Aug. 31, 2010USD ($)item | Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Total principal due | $ 213,716,000 | $ 242,888,000 | ||||||||||||||
Less current maturities | (211,353,000) | (23,367,000) | ||||||||||||||
Less: Debt Issuance Costs | (2,363,000) | (2,870,000) | ||||||||||||||
Long-Term Debt, Net | 216,651,000 | |||||||||||||||
Proceeds from borrowings of line of credit | 5,000,000 | $ 33,000,000 | ||||||||||||||
Line of credit | 40,000,000 | |||||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 1,135,000 | $ 1,394,000 | ||||||||||||||
Notes Payable - Variable Rate 2018, Tranche A [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [1] | 2.6704% | 2.7471% | |||||||||||||
Maturity date | [1] | 2,018 | ||||||||||||||
Total principal due | [1] | $ 9,449,000 | $ 12,025,000 | |||||||||||||
Business acquisition interest in acquiree | 100.00% | |||||||||||||||
Proceeds from borrowings of line of credit | $ 24,100,000 | |||||||||||||||
Notes Payable - Variable Rate 2018, Tranche B [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument interst rate, minimum | [1] | 2.7312% | ||||||||||||||
Maturity date | [1] | 2,018 | ||||||||||||||
Total principal due | [1] | $ 25,760,000 | $ 41,400,000 | |||||||||||||
Proceeds from borrowings of line of credit | $ 23,300,000 | $ 12,700,000 | $ 6,100,000 | |||||||||||||
Notes Payable - Variable Rate 2017 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [2] | 2.547% | 2.505% | |||||||||||||
Maturity date | [2] | 2,017 | ||||||||||||||
Total principal due | [2] | $ 7,464,000 | $ 9,144,000 | |||||||||||||
Notes Payable - Variable Rate 2018c [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [1] | 2.693% | 2.735% | |||||||||||||
Maturity date | [1] | 2,018 | ||||||||||||||
Total principal due | [1] | $ 14,452,000 | $ 15,394,000 | |||||||||||||
Notes Payable - Variable Rate 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [3] | 4.16% | 3.61% | |||||||||||||
Maturity date | [3] | 2,020 | ||||||||||||||
Total principal due | [3] | $ 31,200,000 | $ 24,812,000 | |||||||||||||
Notes Payable - Variable Rate 2018d [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [4] | 3.96% | 3.99% | |||||||||||||
Maturity date | [4] | 2,018 | ||||||||||||||
Total principal due | [4] | $ 39,375,000 | $ 41,906,000 | |||||||||||||
Notes Payable - Fixed Rate 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [5] | 4.35% | 4.35% | |||||||||||||
Maturity date | [5] | 2,020 | ||||||||||||||
Total principal due | [5] | $ 35,538,000 | $ 37,759,000 | |||||||||||||
Notes Payable - Variable Rate 2021 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [6] | 2.948% | 2.9195% | |||||||||||||
Maturity date | [6] | 2,021 | ||||||||||||||
Total principal due | [6] | $ 19,473,000 | $ 21,943,000 | |||||||||||||
Note Payable - Mortgage [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Total principal due | [7] | $ 5,000 | $ 5,000 | |||||||||||||
Notes Payable - Variable Rate 2018 Tranche I [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Secured term loan facility fully drawn amount | $ 36,800,000 | |||||||||||||||
Notes Payable - Variable Rate 2018 Tranche II [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Secured term loan facility fully drawn amount | $ 18,400,000 | |||||||||||||||
Old Line Of Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | [4] | 3.96% | 3.91% | |||||||||||||
Maturity date | [4] | 2,018 | ||||||||||||||
Total principal due | [4] | $ 31,000,000 | $ 38,500,000 | |||||||||||||
Senior Secured Credit Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan facility principal amount | $ 45,000,000 | |||||||||||||||
Senior Secured Credit Facility [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 3.50% | |||||||||||||||
Senior Secured Credit Facility [Member] | Subsequent Event [Member] | LIBOR [Member] | November 13,2015 through June 30, 2016 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 9.25% | |||||||||||||||
Senior Secured Credit Facility [Member] | Subsequent Event [Member] | LIBOR [Member] | July 1, 2016 through July 20, 2017 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 10.00% | |||||||||||||||
Standby Letters of Credit [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | $ 20,000,000 | |||||||||||||||
Swingline Loans [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit | $ 5,000,000 | |||||||||||||||
Capital One N.A. [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan facility principal amount | $ 15,700,000 | |||||||||||||||
Debt instrument term, years | 5 years | |||||||||||||||
Number of quarterly payments | item | 59 | |||||||||||||||
Final quarterly balloon payment | $ 4,700,000 | |||||||||||||||
Loan Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 400,000 | |||||||||||||||
ING Bank [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term of financing agreement in years | 7 years | 7 years | ||||||||||||||
Number of tranches | item | 2 | 2 | ||||||||||||||
ING Bank [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 2.50% | |||||||||||||||
ING Bank [Member] | Subsequent Event [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 4.50% | |||||||||||||||
Handysize Vessel [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels covered by Tranch I | item | 2 | |||||||||||||||
Related debt paid off | $ 13,500,000 | |||||||||||||||
Handysize Vessel [Member] | ING Bank [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels financed | item | 3 | |||||||||||||||
DVB Bank SE [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | 4.35% | |||||||||||||||
DVB Bank SE [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | 6.35% | |||||||||||||||
DVB Bank SE [Member] | Loan Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan facility principal amount | $ 38,500,000 | |||||||||||||||
Number of quarterly payments | item | 24 | |||||||||||||||
Final quarterly balloon payment | $ 20,700,000 | |||||||||||||||
DVB Bank SE [Member] | New Loan Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | 4.16% | |||||||||||||||
Term loan facility principal amount | $ 32,000,000 | |||||||||||||||
Final quarterly balloon payment | 16,800,000 | |||||||||||||||
Pre-funding of upcoming quarterly debt payment, amount | $ 700,000 | |||||||||||||||
Related debt paid off | ¥ 2.9 | $ 24,000,000 | ||||||||||||||
Term for principal to be paid quarterly | 5 years | |||||||||||||||
Amortization period | 10 years | |||||||||||||||
DVB Bank SE [Member] | New Loan Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (in hundredths) | 6.35% | |||||||||||||||
RBS Asset Finance [Member] | Loan Agreement [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Term loan facility principal amount | $ 23,000,000 | |||||||||||||||
Number of monthly payments | item | 84 | |||||||||||||||
RBS Asset Finance [Member] | Loan Agreement [Member] | LIBOR [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable interest rate | 2.75% | |||||||||||||||
DNB Bank [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Bank debt owed to DnB ASA paid off | $ 11,400,000 | |||||||||||||||
[1] | We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule. Tranche I covered the first two vessels delivered with Tranche II covering the last vessel. Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 2011 for a seven year facility to finance the acquisition of a Capesize vessel and a Supramax Bulk Carrier newbuilding, both of which we acquired a 100% interest in as a result of our acquisition of Dry Bulk. Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches: Tranche A, fully drawn in June 2011 in the amount of $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million in January 2012. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one facility without altering the debt maturities or terms of our indebtedness. Effective November 4, 2015, the interest rate was increased from LIBOR plus 2.5% to LIBOR plus 4.5%. For other changes to the credit facility, refer to Note 21 - Subsequent Events. | |||||||||||||||
[2] | In December 2011, we entered into a variable rate financing agreement with Capital One N.A. for a five year facility totaling $15.7 million to finance a portion of the acquisition price of a multi-purpose ice strengthened vessel. This loan requires us to make 59 monthly payments with a final balloon payment of $4.7 million in January 2017. | |||||||||||||||
[3] | As discussed in greater detail above, in April of 2015, we obtained a new loan with DVB Bank SE in the amount of $32.0 million. Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five-year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020. This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.7 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc. Effective November 4, 2015, the interest rate increased from 4.16% fixed to 6.35% fixed. This loan is required to be paid off by | |||||||||||||||
[4] | As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at September 30, 2015, included a term loan facility in the original principal amount of $45.0 million and a LOC in the principal amount up to $40.0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. | |||||||||||||||
[5] | We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at September 30, 2015, constituted $0.4 million and is included as restricted cash on our Condensed Consolidated Balance Sheet. | |||||||||||||||
[6] | In August 2014, we paid off our $11.4 million loan with DNB Bank and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021. | |||||||||||||||
[7] | Represents additional bank financing to fund the construction and renovation of our office building in New Orleans, Louisiana. |
Other Long Term Liabilities (De
Other Long Term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Other Long Term Liabilities [Abstract] | ||
Deferred Gains, net of Amortization | $ 15,080 | $ 17,917 |
Pension and Post Retirement | 11,597 | 12,497 |
Alabama Lease Incentive | 4,878 | 5,739 |
Insurance Reserves | 4,994 | 4,941 |
Derivatives | 67 | 7,050 |
Deferred Tax Liability | 288 | 408 |
Other | 1,088 | 1,732 |
Other Long Term Liabilities | $ 37,992 | $ 50,284 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 0.3 | $ 0.4 | $ 0.6 | $ 1.2 | |
Unrestricted Stock [Member] | Independent Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 8,100 | ||||
Restricted Stock Units (RSUs) [Member] | Key Executive Personnel [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 42,650 | ||||
Number of shares forfeited | 37,700 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Oct. 19, 2015 | Jun. 30, 2010 | Sep. 30, 2015 | Dec. 31, 2008 | Jan. 25, 2008 |
Shares authorized for repurchase (in shares) | 1,000,000 | ||||
Total number of shares purchased (in shares) | 223,051 | 491,572 | |||
Payments for shares purchased | $ 5,200,000 | $ 11,500,000 | |||
Maximum number of shares that may yet be purchased | 285,377 | ||||
Preferred dividend payment allowed to defer, description | If we do not pay our preferred stock dividends for two periods (whether consecutive or not), the per annum rate will increase by an additional 2.00% per $100.00 stated liquidation preference, or $2.00 per annum, up to a maximum annual dividend rate of twice the original interest rate, on and after the day following such second dividend payment date. The dividend rate will reset to the original dividend rate once we have paid all accrued and unpaid dividends for three consecutive quarters. | ||||
If Preferred Stock Dividends Not Paid For Two Periods [Member] | Subsequent Event [Member] | |||||
Increase in preferred stock dividend rate percentage | 2.00% | ||||
Preferred stock liquidation preference value | $ 100 | ||||
Preferred Stock, Liquidation Preference Per Share | $ 2 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Changes In Stockholders' Equity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Stockholders' Equity [Abstract] | |||||
Balance | $ 267,610,000 | ||||
Net Loss | $ (7,207,000) | $ (2,565,000) | (11,875,000) | $ (6,446,000) | |
Common Stock Dividends | [1] | (2,592,000) | |||
Preferred Stock Dividends | (1,305,000) | (1,305,000) | (3,916,000) | (3,916,000) | |
Unrealized Foreign Currency Translation Gain | (139,000) | (84,000) | (255,000) | (67,000) | |
Net Change in Fair Value of Derivatives | 81,000 | 457,000 | 411,000 | 422,000 | |
De-Designation of Interest Rate Swap | 2,859,000 | ||||
Net Change in Funding Status of Defined Benefit Plan | [2] | 173,000 | $ 74,000 | 519,000 | $ 225,000 |
Issuance of stock-based compensation, net of forfeited shares | 437,000 | ||||
Balance | $ 253,198,000 | 253,198,000 | |||
Accrued dividends not paid | $ 32,000 | ||||
[1] | Includes approximately $32,000 of dividends accrued but not paid during the period with respect to unvested equity incentive awards. | ||||
[2] | Net of tax expense of $26,000 and $75,000 for the three and nine months ended September 30, 2014, respectively. Due to our valuation allowance referred to in Note 9 - Income Taxes, there was no net tax expense in Other Comprehensive Loss during 2015. |
Stockholders' Equity (Cash Divi
Stockholders' Equity (Cash Dividends Paid) (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / shares | |
Dividends Payable [Line Items] | |
Total dividend paid, Common Stock | $ 2,560 |
Total dividend paid, Preferred Stock | $ 3,916 |
Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Feb. 19, 2015 |
Payment Date | Mar. 4, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 0.25 |
Total dividend paid, Common Stock | $ 1,828 |
Declaration Date, April 29, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 29, 2015 |
Record Date | May 15, 2015 |
Payment Date | Jun. 3, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 0.05 |
Total dividend paid, Common Stock | $ 366 |
Declaration Date, July 30, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jul. 30, 2015 |
Record Date | Aug. 14, 2015 |
Payment Date | Sep. 4, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 0.05 |
Total dividend paid, Common Stock | $ 366 |
9.50% Series A Preferred Stock [Member] | Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Jan. 29, 2015 |
Payment Date | Jan. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.375 |
Total dividend paid, Preferred Stock | $ 594 |
9.50% Series A Preferred Stock [Member] | Declaration Date, April 2, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 2, 2015 |
Record Date | Apr. 29, 2015 |
Payment Date | Apr. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.375 |
Total dividend paid, Preferred Stock | $ 594 |
9.50% Series A Preferred Stock [Member] | Declaration Date, July 8, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jul. 8, 2015 |
Record Date | Jul. 29, 2015 |
Payment Date | Jul. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.375 |
Total dividend paid, Preferred Stock | $ 594 |
9.00% Series B Preferred Stock [Member] | Declaration Date, January 7, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jan. 7, 2015 |
Record Date | Jan. 29, 2015 |
Payment Date | Jan. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.250 |
Total dividend paid, Preferred Stock | $ 711 |
9.00% Series B Preferred Stock [Member] | Declaration Date, April 2, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Apr. 2, 2015 |
Record Date | Apr. 29, 2015 |
Payment Date | Apr. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.250 |
Total dividend paid, Preferred Stock | $ 712 |
9.00% Series B Preferred Stock [Member] | Declaration Date, July 8, 2015 [Member] | |
Dividends Payable [Line Items] | |
Declaration Date | Jul. 8, 2015 |
Record Date | Jul. 29, 2015 |
Payment Date | Jul. 30, 2015 |
Per Share Amount (in dollars per share) | $ / shares | $ 2.250 |
Total dividend paid, Preferred Stock | $ 711 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ (107) | $ (7,348) |
Embedded Derivative | (202) | |
Long-term debt, fair value | $ 214,000 | |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | ||
Embedded Derivative | ||
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | $ (107) | $ (7,348) |
Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | ||
Embedded Derivative | $ (202) |
Fair Value Measurements (Deta65
Fair Value Measurements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Vessels, Property, and Other Equipment, net | $ 30,293 |
Assets Held for Sale | 5,300 |
Impairment Losses, Vessels, Property, and Other Equipment, net | (1,828) |
Impairment Losses, Goodwill | (1,907) |
Impairment Losses, Assets Held for Sale | (1,135) |
Level 3 Inputs [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Vessels, Property, and Other Equipment, net | 30,293 |
Assets Held for Sale | $ 5,300 |
Change In Accounting Estimate (
Change In Accounting Estimate (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Change In Accounting Estimate [Abstract] | |
Decrease in salvage values | $ 0.6 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements [Abstract] | ||
Deferred debt issuance costs reclassified from deferred charges, net | $ 2,363 | $ 2,870 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | Nov. 06, 2015USD ($)item | Oct. 31, 2015USD ($)item | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($)loan | Oct. 21, 2015segmentitem |
Impairment of Long-Lived Assets held for sale | $ 1,135 | ||||
Long-term Line of Credit | $ 40,000 | 40,000 | |||
Jones Act Tug-Barge [Member] | |||||
Impairment of Long-Lived Assets held for sale | 1,100 | $ 1,100 | |||
DVB Bank SE [Member] | |||||
Debt instrument amendment description | significant amendments included (i) requiring us to apply the proceeds from the sale of one of our PCTCs to pay down 100% of the debt owned under one facility of approximately $30.2 million and $912,000 of the debt owed under the other facility, (ii) pledging under certain circumstances 65% of our shares of our wholly-owned Singapore subsidiaries to DVB Bank SE, (iii) increasing the interest rate by 2%, (iv) increasing by approximately $222,000 our quarterly principal payments and (v) specifying various dates (ranging from December 2015 through March 2016) by which our sale of non-core assets must be completed and at specified amounts. | ||||
Number of loan facilities | loan | 2 | ||||
Senior Secured Credit Facility [Member] | Regions Bank [Member] | |||||
Credit facility maturity date | Sep. 24, 2018 | ||||
Line of credit facility borrowing capacity | 85,000 | $ 85,000 | |||
Long-term Line of Credit | 31,000 | 31,000 | |||
Standby Letters of Credit [Member] | |||||
Long-term Line of Credit | 20,000 | 20,000 | |||
Standby Letters of Credit [Member] | Regions Bank [Member] | |||||
Line of credit facility borrowing capacity | $ 20,000 | $ 20,000 | |||
ING Bank [Member] | |||||
Debt instrument amendment description | significant amendments included (i) increasing by approximately $625,000 our quarterly principal payments, (ii) increasing our interest rate margin by approximately 2% per annum, (iii) modifying the manner in which we will be required to pay down debt owed under the facility upon the sale of assets comprising collateral under the facility, including requiring any excess proceeds to be applied to pay off the other tranches at the discretion of the facility's agent, (iv) providing credit enhancements of equal value to those afforded by us to our other creditors, (v) prohibiting the payment of common stock dividends, (vi) prohibiting the payment of preferred stock dividends without the written consent from the lender, (vii) requiring the preparation of a financial plan acceptable to the facility agent in its sole discretion, and (viii) specifying various amounts and dates in December 2015 by which our sale of non-core assets must be completed. | ||||
Credit Facility Amendment [Member] | Senior Secured Credit Facility [Member] | Regions Bank [Member] | |||||
Credit facility maturity date | Jul. 20, 2017 | ||||
Debt instrument amendment description | amendments to our Senior Credit Facility with Regions Bank included (i) accelerating the facility's maturity date from September 24, 2018 to July 20, 2017, (ii) reducing the Letter of Credit Sublimit from $20 million to $7.2 million initially and to lower amounts at future dates, (iii) prohibiting us from issuing new letters of credit without the lenders' consent, (iv) reducing the Aggregate Revolving Commitment by $1.8 million, (v) increasing the applicable margins for all Loans, Letter of Credit Fees and Commitment Fees set to 9.25% from the effective date of the amendment through June 30, 2016, and 10.0% from July 1, 2016 through the maturity date, (vi) increasing our scheduled payments for the next twelve months by $3.0 million and mandating certain specified mandatory prepayments, (vii) prohibiting us from paying common stock dividends unless we have at least $30.0 million of liquidity (as defined in the credit facility) after making the payment, (viii) prohibiting us from paying preferred stock dividends prior to January 29, 2016 or paying preferred stock dividends thereafter unless various financial conditions are met, (ix) prohibiting us from making any further payments to construct our New Orleans headquarters, except to the extent financed by the general contractor, and (x) amending certain of our financial covenants, effective as of June 30, 2016, and amending certain of our other loan covenants to further restrict our operations, effective immediately. | ||||
Subsequent Event [Member] | |||||
Number of core segments approved for restructuring | segment | 3 | ||||
Subsequent Event [Member] | Jones Act Tug-Barge [Member] | |||||
Number of core segments approved for restructuring | item | 1 | ||||
Subsequent Event [Member] | International Flag PCTC [Member] | |||||
Number of core segments approved for restructuring | item | 1 | ||||
Number of held for sale assets being actively marketed | item | 1 | ||||
Subsequent Event [Member] | Standby Letters of Credit [Member] | Regions Bank [Member] | |||||
Line of credit facility borrowing capacity | $ 7,200 | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | PCTC [Member] | |||||
Number of held for sale assets being actively marketed | item | 1 | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | DVB Bank SE [Member] | |||||
Percentage of debt to be paid down from proceed of asset sold | 100.00% | ||||
Ownership interest in wholly-owned Singapore subsidiaries to be pledged | 65.00% | ||||
Increase in quarterly principal payment amounts | $ 222 | ||||
Increase in interest rate margins per annum | 2.00% | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | RBS Asset Finance [Member] | |||||
Increase in interest rate margins per annum | 1.00% | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | Senior Secured Credit Facility [Member] | Regions Bank [Member] | |||||
Reduce aggregate revolving commitment | $ 1,800 | ||||
Long term debt covenant minimum liquidity amount | 30,000 | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | Loan Facility A [Member] | DVB Bank SE [Member] | |||||
Repayments of debt | 30,200 | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | Loan Facility B [Member] | DVB Bank SE [Member] | |||||
Repayments of debt | 912 | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | ING Bank [Member] | |||||
Increase in quarterly principal payment amounts | $ 625 | ||||
Increase in interest rate margins per annum | 2.00% | ||||
Subsequent Event [Member] | Credit Facility Amendment [Member] | Maximum [Member] | RBS Asset Finance [Member] | |||||
Loan-to-value ratio | 75.00% | ||||
Subsequent Event [Member] | Memorandum of Agreement to Sell [Member] | International Flag PCTC [Member] | |||||
Net proceeds from sale of vessels | $ 15,100 | ||||
Loss on sale of vessels | 16,700 | ||||
Repayments of debt | $ 31,300 | ||||
Subsequent Event [Member] | Fourth Quarter 2015 [Member] | Minimum [Member] | |||||
Impairment of Long-Lived Assets held for sale | $ 85,000 | ||||
Subsequent Event [Member] | Fourth Quarter 2015 [Member] | Maximum [Member] | |||||
Impairment of Long-Lived Assets held for sale | $ 95,000 | ||||
Subsequent Event [Member] | November 13,2015 through June 30, 2016 [Member] | Credit Facility Amendment [Member] | Standby Letters of Credit [Member] | Regions Bank [Member] | |||||
Line of credit facility commitment fees | 9.25% | ||||
Subsequent Event [Member] | July 1, 2016 through July 20, 2017 [Member] | Credit Facility Amendment [Member] | Standby Letters of Credit [Member] | Regions Bank [Member] | |||||
Line of credit facility commitment fees | 10.00% | ||||
Subsequent Event [Member] | Next Twelve Months [Member] | Senior Secured Credit Facility [Member] | Regions Bank [Member] | |||||
Increase in scheduled payments | $ 3,000 |