Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Trading Symbol | HLX | |
Entity Registrant Name | HELIX ENERGY SOLUTIONS GROUP INC | |
Entity Central Index Key | 866,829 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 147,720,399 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 356,889 | $ 356,647 |
Accounts receivable: | ||
Trade, net of allowance for uncollectible accounts of $2,752 and $1,778, respectively | 90,480 | 101,825 |
Unbilled revenue and other | 45,816 | 10,328 |
Current deferred tax assets | 0 | 16,594 |
Other current assets | 38,172 | 37,388 |
Total current assets | 531,357 | 522,782 |
Property and equipment | 2,612,407 | 2,450,890 |
Less accumulated depreciation | (878,248) | (799,280) |
Property and equipment, net | 1,734,159 | 1,651,610 |
Other assets, net | 100,974 | 72,549 |
Total assets | 2,366,490 | 2,246,941 |
Current liabilities: | ||
Accounts payable | 91,412 | 60,210 |
Accrued liabilities | 60,761 | 58,614 |
Income tax payable | 1,756 | 0 |
Current maturities of long-term debt | 108,611 | 67,571 |
Total current liabilities | 262,540 | 186,395 |
Long-term debt | 395,345 | 558,396 |
Deferred tax liabilities | 154,158 | 167,351 |
Other non-current liabilities | 42,736 | 52,985 |
Total liabilities | 854,779 | 965,127 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, no par, 240,000 shares authorized, 147,713 and 120,630 shares issued, respectively | 1,281,747 | 1,055,934 |
Retained earnings | 302,326 | 322,854 |
Accumulated other comprehensive loss | (72,362) | (96,974) |
Total shareholders’ equity | 1,511,711 | 1,281,814 |
Total liabilities and shareholders’ equity | $ 2,366,490 | $ 2,246,941 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Allowance for uncollectible accounts | $ 2,752 | $ 1,778 |
Shareholders’ equity: | ||
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 147,713,000 | 120,630,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | $ 163,260 | $ 161,245 | $ 418,117 | $ 359,551 |
Cost of sales | 142,119 | 121,061 | 379,434 | 330,639 |
Gross profit | 21,141 | 40,184 | 38,683 | 28,912 |
Loss on disposition of assets, net | (39) | 0 | ||
Selling, general and administrative expenses | (16,374) | (18,714) | (46,532) | (47,493) |
Income (loss) from operations | 4,767 | 21,470 | (7,888) | (18,581) |
Equity in losses of investment | (153) | (122) | (457) | (366) |
Net interest expense | (3,615) | (6,843) | (15,480) | (25,007) |
Gain (loss) on early extinguishment of long-term debt | 0 | 244 | (397) | 546 |
Other income (expense), net | (551) | 830 | (619) | 4,018 |
Other income (expense) – oil and gas | 303 | (468) | 3,196 | 2,500 |
Income (loss) before income taxes | 751 | 15,111 | (21,645) | (36,890) |
Income tax provision (benefit) | (1,539) | 3,649 | (1,117) | (9,858) |
Net income (loss) | $ 2,290 | $ 11,462 | $ (20,528) | $ (27,032) |
Earnings (loss) per share of common stock (in dollars per share) | ||||
Basic | $ 0.02 | $ 0.10 | $ (0.14) | $ (0.25) |
Diluted | $ 0.02 | $ 0.10 | $ (0.14) | $ (0.25) |
Weighted average common shares outstanding (in shares) | ||||
Basic | 145,958 | 113,680 | 145,057 | 109,135 |
Diluted | 145,958 | 113,680 | 145,057 | 109,135 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,290 | $ 11,462 | $ (20,528) | $ (27,032) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gain on hedges arising during the period | 2,297 | 4,418 | 4,141 | 5,450 |
Reclassification adjustments for loss on hedges included in net loss | 3,383 | 3,157 | 10,822 | 9,651 |
Income taxes on unrealized gain on hedges | (1,992) | (2,683) | (5,256) | (5,236) |
Unrealized gain on hedges, net of tax | 3,688 | 4,892 | 9,707 | 9,865 |
Foreign currency translation gain (loss) arising during the period | 14,905 | (24,827) | ||
Reclassification adjustment for translation loss realized upon liquidation | 0 | 289 | ||
Foreign currency translation gain (loss) | 5,513 | (3,611) | 14,905 | (24,538) |
Other comprehensive income (loss), net of tax | 9,201 | 1,281 | 24,612 | (14,673) |
Comprehensive income (loss) | $ 11,491 | $ 12,743 | $ 4,084 | $ (41,705) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (20,528) | $ (27,032) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 82,670 | 84,846 |
Amortization of debt discount | 3,487 | 4,655 |
Amortization of debt issuance costs | 5,238 | 6,430 |
Share-based compensation | 7,613 | 4,351 |
Deferred income taxes | (3,019) | (6,726) |
Equity in losses of investment | 457 | 366 |
Loss on disposition of assets, net | 39 | 0 |
(Gain) loss on early extinguishment of long-term debt | 397 | (546) |
Unrealized gain and ineffectiveness on derivative contracts, net | (4,291) | (9,282) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (21,709) | (27,346) |
Other current assets | (12,145) | (10,853) |
Income tax receivable | 2,742 | 20,576 |
Accounts payable and accrued liabilities | 30,675 | (1,794) |
Other non-current, net | (40,303) | (22,201) |
Net cash provided by operating activities | 31,323 | 15,444 |
Cash flows from investing activities: | ||
Capital expenditures | (131,428) | (79,353) |
Distribution from equity investment | 0 | 1,200 |
Proceeds from sale of equity investment | 0 | 25,000 |
Proceeds from sale of assets | 10,000 | 10,887 |
Net cash used in investing activities | (121,428) | (42,266) |
Cash flows from financing activities: | ||
Proceeds from term loan | 100,000 | 0 |
Repayment of term loan | (193,508) | (30,500) |
Repayment of Nordea Q5000 Loan | (26,786) | (26,786) |
Repayment of MARAD Debt | (6,222) | (5,926) |
Repurchase of Convertible Senior Notes due 2032 | 0 | (13,400) |
Debt issuance costs | (3,694) | (1,230) |
Net proceeds from issuance of common stock | 219,504 | 94,538 |
Payments related to tax withholding for share-based compensation | (1,306) | (187) |
Proceeds from issuance of ESPP shares | 432 | 708 |
Net cash provided by financing activities | 88,420 | 17,217 |
Effect of exchange rate changes on cash and cash equivalents | 1,927 | (2,481) |
Net increase (decrease) in cash and cash equivalents | 242 | (12,086) |
Cash and cash equivalents: | ||
Balance, beginning of year | 356,647 | 494,192 |
Balance, end of period | $ 356,889 | $ 482,106 |
Basis Of Presentation And New A
Basis Of Presentation And New Accounting Standards | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And New Accounting Standards | Basis of Presentation and New Accounting Standards The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix” or the “Company”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements have been prepared pursuant to instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”), and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP and are consistent in all material respects with those applied in our 2016 Annual Report on Form 10-K (“ 2016 Form 10-K”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments (which were normal recurring adjustments) that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), and statements of cash flows, as applicable. The operating results for the three- and nine- month periods ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . Our balance sheet as of December 31, 2016 included herein has been derived from the audited balance sheet as of December 31, 2016 included in our 2016 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in our 2016 Form 10-K. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU provides a five-step approach to account for revenue arising from contracts with customers. The ASU requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This revenue standard was originally effective prospectively for annual reporting periods beginning after December 15, 2016, including interim periods, and was subsequently deferred by one year to annual reporting periods beginning after December 15, 2017. The FASB also issued several subsequent updates containing implementation guidance on principal versus agent considerations (gross versus net revenue presentation), identifying performance obligations and accounting for licenses of intellectual property. Additionally, these updates provide narrow-scope improvements and practical expedients as well as technical corrections and improvements to the guidance. The new revenue standard permits companies to either apply the requirements retrospectively to all prior periods presented or apply the requirements in the year of adoption through a cumulative adjustment. Our assessment at this stage is that we do not expect the new revenue standard to have a material impact on our consolidated financial statements upon adoption. We continue working on expanded disclosure requirements and documentation of new policies, procedures and controls. We currently intend on adopting this guidance using the modified retrospective method. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. The requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount was not affected by this guidance. We adopted this guidance prospectively in the first quarter of 2017. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU amends the existing accounting standards for leases. The amendments are intended to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We expect to adopt this guidance in the first quarter of 2019. We are currently evaluating the impact these amendments will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. Our share-based awards typically vest in the beginning of each year. The adoption of this guidance had no material impact on our consolidated financial statements for the three- and nine- month periods ended September 30, 2017 . In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss model for measurement of credit losses on financial assets including trade receivables with a forward-looking expected loss model based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory.” This ASU eliminates the exception in current guidance that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new ASU, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Scope of Modification Accounting.” This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require application of modification accounting. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods. Early adoption is permitted. We do not expect this ASU to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU improves the financial reporting of hedging relationships to better align risk management activities in financial statements and makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. |
Company Overview
Company Overview | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Overview | Company Overview We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. We seek to provide services and methodologies that we believe are critical to maximizing production economics. We provide services primarily in deepwater in the U.S. Gulf of Mexico, North Sea, Asia Pacific and West Africa regions, and have expanded our operations into Brazil with the commencement of operations of the Siem Helix 1 in mid-April 2017. Our “life of field” services are segregated into three reportable business segments: Well Intervention, Robotics and Production Facilities (Note 11). Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico, North Sea and Brazil. Our Well Intervention segment also includes intervention riser systems (“IRSs”), some of which we rent out on a stand-alone basis, and subsea intervention lubricators (“SILs”). Our well intervention vessels include the Q4000 , the Q5000 , the Seawell , the Well Enhancer and two chartered vessels, the Siem Helix 1 which is used and the Siem Helix 2 which is to be used in connection with our contracts to provide well intervention services offshore Brazil. We also have a semi-submersible well intervention vessel under construction, the Q7000 . Our Robotics segment includes remotely operated vehicles (“ROVs”), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates four chartered ROV support vessels, including the Grand Canyon III that went into service for us in May 2017. Our Production Facilities segment includes the Helix Producer I (the “HP I” ), a ship-shaped dynamic positioning floating production vessel, and the Helix Fast Response System (the “HFRS”), which provides certain operators access to our Q4000 and HP I vessels in the event of a well control incident in the Gulf of Mexico. The HP I has been under contract since February 2013 to process production from the Phoenix field for the field operator. We currently operate under a fixed fee agreement for the HP I for service to the Phoenix field until at least June 1, 2023. We are party to an agreement providing various operators with access to the HFRS for well control purposes, which agreement was amended effective February 1, 2017 to reduce the retainer fee and to extend the term of the agreement by one year to March 31, 2019. The Production Facilities segment also includes our ownership interest in Independence Hub, LLC (“Independence Hub”) and previously included our former ownership interest in Deepwater Gateway, L.L.C. (“Deepwater Gateway”) that we sold in February 2016 (Note 5). |
Details Of Certain Accounts
Details Of Certain Accounts | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Details Of Certain Accounts | Details of Certain Accounts Other current assets consist of the following (in thousands): September 30, December 31, Note receivable (1) $ — $ 10,000 Prepaid insurance 2,432 4,426 Other prepaids 10,021 9,547 Deferred costs (2) 20,704 7,971 Spare parts inventory 1,598 2,548 Income tax receivable — 880 Value added tax receivable 2,169 1,345 Other 1,248 671 Total other current assets $ 38,172 $ 37,388 (1) Relates to the balance of the promissory note we received in connection with the sale of our former Ingleside spoolbase in January 2014. Interest on the note was payable quarterly at a rate of 6% per annum. In June 2017, we collected the remaining $10 million principal balance of this note receivable as well as accrued interest. (2) Primarily reflects deferred mobilization costs associated with certain long-term contracts, which are to be amortized within 12 months from the balance sheet date. Other assets, net consist of the following (in thousands): September 30, December 31, Note receivable, net (1) $ 3,129 $ 2,827 Prepaids 8,112 6,418 Deferred dry dock costs, net 14,260 14,766 Deferred costs (2) 57,934 30,738 Deferred financing costs, net (3) 2,814 3,745 Charter fee deposit (4) 12,544 12,544 Other 2,181 1,511 Total other assets, net $ 100,974 $ 72,549 (1) In 2016, we entered into an agreement with one of our customers to defer their payment obligations until June 30, 2018. On March 30, 2017, we entered into a new agreement with this customer in which we agreed to forgive all but $4.3 million of our outstanding receivables due from the customer in exchange for redeemable convertible bonds that approximated that amount. The bonds are redeemable by the customer at any time and the maturity date of the bonds is December 14, 2019. Interest at a rate of 5% per annum is payable on the bonds annually. We received the redeemable convertible bonds in September 2017 when all aspects of the agreement were finalized. The amount at September 30, 2017 reflected the fair value of the notes as of that date. The amount at December 31, 2016 was net of allowance of $4.2 million . (2) Primarily reflects deferred mobilization costs to be amortized after 12 months from the balance sheet date through the end of the applicable term of certain long-term contracts. (3) Represents unamortized debt issuance costs related to our revolving credit facility (Note 6). (4) This amount deposited with the vessel owner is to be used to reduce our final charter payments for the Siem Helix 2 . Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued payroll and related benefits $ 29,682 $ 20,705 Deferred revenue 8,664 8,911 Accrued interest 2,997 3,758 Derivative liability (Note 14) 9,927 18,730 Taxes payable excluding income tax payable 1,209 1,214 Other 8,282 5,296 Total accrued liabilities $ 60,761 $ 58,614 Other non-current liabilities consist of the following (in thousands): September 30, December 31, Investee losses in excess of investment (Note 5) $ 8,845 $ 10,238 Deferred gain on sale of property (1) 5,910 5,761 Deferred revenue 8,827 8,598 Derivative liability (Note 14) 9,663 20,191 Other 9,491 8,197 Total other non-current liabilities $ 42,736 $ 52,985 (1) Relates to the sale and lease-back in January 2016 of our office and warehouse property located in Aberdeen, Scotland. The deferred gain is amortized over a 15 -year minimum lease term. |
Statement Of Cash Flow Informat
Statement Of Cash Flow Information | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Statement Of Cash Flow Information | Statement of Cash Flow Information We define cash and cash equivalents as cash and all highly liquid financial instruments with original maturities of three months or less. The following table provides supplemental cash flow information (in thousands): Nine Months Ended 2017 2016 Interest paid, net of interest capitalized $ 9,002 $ 17,970 Income taxes paid $ 3,967 $ 4,674 Our non-cash investing activities include property and equipment capital expenditures that are incurred but not yet paid. These non-cash capital expenditures totaled $21.7 million as of September 30, 2017 and $10.1 million as of December 31, 2016 . |
Equity Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | Equity Investments We have a 20% ownership interest in Independence Hub that we account for using the equity method of accounting. We previously had a 50% ownership interest in Deepwater Gateway, which we sold in February 2016 to a subsidiary of Genesis Energy, L.P., the other 50% owner, for $25 million with no resulting gain or loss. We also received a cash distribution of $1.2 million from Deepwater Gateway in February 2016. These equity investments are included in our Production Facilities segment. Independence Hub owns the “Independence Hub” platform located in Mississippi Canyon Block 920 in the U.S. Gulf of Mexico in a water depth of 8,000 feet. Our share of the losses reported by Independence Hub exceeded the carrying amount of our investment by $8.8 million as of September 30, 2017 and $10.2 million at December 31, 2016 reflecting our share of Independence Hub’s obligations (primarily its estimated asset retirement obligations to decommission the platform), net of remaining working capital. This liability is reflected in “Other non-current liabilities” in the accompanying condensed consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Scheduled maturities of our long-term debt outstanding as of September 30, 2017 are as follows (in thousands): Term Loan (1) 2022 Notes 2032 Notes (2) MARAD Debt Nordea Q5000 Loan Total Less than one year $ 6,250 $ — $ 60,115 $ 6,532 $ 35,714 $ 108,611 One to two years 11,250 — — 6,858 35,714 53,822 Two to three years 81,250 — — 7,200 98,215 186,665 Three to four years — — — 7,560 — 7,560 Four to five years — 125,000 — 7,937 — 132,937 Over five years — — — 40,913 — 40,913 Total debt 98,750 125,000 60,115 77,000 169,643 530,508 Current maturities (6,250 ) — (60,115 ) (6,532 ) (35,714 ) (108,611 ) Long-term debt, less current maturities 92,500 125,000 — 70,468 133,929 421,897 Unamortized debt discount (3) — (14,555 ) (1,052 ) — — (15,607 ) Unamortized debt issuance costs (4) (1,815 ) (2,427 ) (92 ) (4,635 ) (1,976 ) (10,945 ) Long-term debt $ 90,685 $ 108,018 $ (1,144 ) $ 65,833 $ 131,953 $ 395,345 (1) Term Loan borrowing pursuant to the Credit Agreement (amended and restated in June 2017) matures in June 2020 . (2) The holders of our remaining Convertible Senior Notes due 2032 may require us to repurchase the notes in March 2018 . Accordingly, these notes are classified as current liabilities. (3) Our Convertible Senior Notes due 2022 will increase to their face amount through accretion of non-cash interest charges through May 2022 . Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018. (4) Debt issuance costs are amortized over the term of the applicable debt agreement. Below is a summary of certain components of our indebtedness: Credit Agreement On June 30, 2017, we entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of lenders led by Bank of America, N.A. (“Bank of America”). The amended and restated credit facility is comprised of a $100 million term loan (the “Term Loan”) and a revolving credit facility (the “Revolving Credit Facility”) of up to $150 million (the “Revolving Loans”). The Revolving Credit Facility permits the Company to obtain letters of credit up to a sublimit of $25 million . Pursuant to the Credit Agreement, subject to existing lender participation and/or the participation of new lenders, and subject to standard conditions precedent, we may request aggregate commitments up to $100 million with respect to an increase in the Revolving Credit Facility, additional term loans, or a combination thereof. The $100 million proceeds from the Term Loan as well as cash on hand were used to repay the approximately $180 million term loan then outstanding under the credit facility prior to its June 2017 amendment and restatement. At September 30, 2017 , we had no borrowings under the Revolving Credit Facility and our available borrowing capacity under that facility, based on the applicable leverage ratio covenant, totaled $69.9 million , net of $4.0 million of letters of credit issued under that facility. The Term Loan and the Revolving Loans (together, the “Loans”), at our election, bear interest either in relation to Bank of America’s base rate or to a LIBOR rate. The Term Loan or portions thereof bearing interest at the base rate will bear interest at a per annum rate equal to the base rate plus 3.25% . The Term Loan or portions thereof bearing interest at a LIBOR rate will bear interest per annum at the LIBOR rate selected by us plus a margin of 4.25% . The Revolving Loans or portions thereof bearing interest at the base rate will bear interest at a per annum rate equal to the base rate plus a margin ranging from 1.75% to 3.25% . The Revolving Loans or portions thereof bearing interest at a LIBOR rate will bear interest per annum at the LIBOR rate selected by us plus a margin ranging from 2.75% to 4.25% . A letter of credit fee is payable by us equal to its applicable margin for LIBOR rate Loans times the daily amount available to be drawn under the applicable letter of credit. Margins on the Revolving Loans will vary in relation to the consolidated total leverage ratio provided for in the Credit Agreement. We also pay a fixed commitment fee of 0.50% per annum on the unused portion of our Revolving Credit Facility. The Term Loan principal is required to be repaid in quarterly installments of 5% in the first loan year, 10% in the second loan year and 15% in the third loan year, with a balloon payment at maturity. Installment amounts are subject to adjustment for any prepayments on the Term Loan. We may elect to prepay amounts outstanding under the Term Loan without premium or penalty, but may not reborrow any amounts prepaid. We may prepay amounts outstanding under the Revolving Credit Facility without premium or penalty, and may reborrow any amounts prepaid up to the amount of the Revolving Credit Facility. The Loans mature on June 30, 2020 . The Credit Agreement and the other documents entered into in connection with the Credit Agreement include terms and conditions, including covenants, which we consider customary for this type of transaction. The covenants include certain restrictions on our and our subsidiaries’ ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, pay dividends and make capital expenditures. In addition, the Credit Agreement obligates us to meet minimum financial ratio requirements of EBITDA to interest charges (“Consolidated Interest Coverage Ratio”) and funded debt to EBITDA (“Consolidated Total Leverage Ratio”), and provided that if there are no Loans outstanding, the funded debt ratio requirement permits us to offset a certain amount of cash against the funded debt used in the calculation (“Consolidated Net Leverage Ratio”). After the initial Term Loan is repaid in full, if there are any Loans outstanding including unreimbursed draws under letters of credit issued under the Revolving Credit Facility, we are also required to ensure that the ratio of our total secured indebtedness to EBITDA (“Consolidated Secured Leverage Ratio”) does not exceed the maximum permitted ratio. The Credit Agreement also obligates us to maintain certain cash levels depending on the type of indebtedness outstanding. These financial covenant requirements are detailed as follows: (a) The minimum required Consolidated Interest Coverage Ratio: Four Fiscal Quarters Ending Minimum Consolidated Interest Coverage Ratio September 30, 2017 and each fiscal quarter thereafter 2.50 to 1.00 (b) The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Total or Net Leverage Ratio September 30, 2017 6.00 to 1.00 December 31, 2017 5.75 to 1.00 March 31, 2018 5.50 to 1.00 June 30, 2018 5.25 to 1.00 September 30, 2018 5.00 to 1.00 December 31, 2018 through and including March 31, 2019 4.50 to 1.00 June 30, 2019 through and including September 30, 2019 4.25 to 1.00 December 31, 2019 4.00 to 1.00 March 31, 2020 and each fiscal quarter thereafter 3.50 to 1.00 (c) The maximum permitted Consolidated Secured Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Secured Leverage Ratio September 30, 2017 through and including June 30, 2018 3.00 to 1.00 September 30, 2018 and each fiscal quarter thereafter 2.50 to 1.00 (d) The minimum required Unrestricted Cash and Cash Equivalents: Consolidated Total Leverage Ratio Minimum Cash (1) Greater than or equal to 4.00 to 1.00 $100,000,000.00 Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 $50,000,000.00 Less than 3.50 to 1.00 $0.00 (1) This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it on our balance sheet as cash and cash equivalents. As of September 30, 2017 , we were required to, and did, maintain an aggregate cash balance of at least $100 million in complying with this covenant. We may from time to time designate one or more of our foreign subsidiaries as subsidiaries which are not generally subject to the covenants in the Credit Agreement (the “Unrestricted Subsidiaries”), provided that we meet certain liquidity requirements. The debt and EBITDA of Unrestricted Subsidiaries are not included in the calculations of our financial covenants, except for the debt and EBITDA of Helix Q5000 Holdings, S.a.r.l., a wholly owned subsidiary incorporated in Luxembourg (“Q5000 Holdings”). Our obligations under the Credit Agreement are guaranteed by our domestic subsidiaries (except Cal Dive I – Title XI, Inc.) and Canyon Offshore Limited, a wholly owned Scottish subsidiary, and our obligations under the Credit Agreement and of such guarantors under their guarantee are secured by most of our assets of the parent, our domestic subsidiaries (other than Cal Dive I – Title XI, Inc.) and Canyon Offshore Limited, as well as pledges of up to two-thirds of the shares of certain foreign subsidiaries. In June 2017, we recognized a $0.4 million loss to write off the unamortized debt issuance costs related to the lenders exiting from the term loan then outstanding under the credit facility prior to its June 2017 amendment and restatement, which loss is presented as “Loss on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. In connection with decreases in lenders’ commitments under our revolving credit facility, in June 2017 and February 2016 we recorded interest charges of $1.6 million and $2.5 million , respectively, to accelerate the amortization of a pro-rata portion of debt issuance costs related to the lenders whose commitments were reduced. Convertible Senior Notes Due 2022 On November 1, 2016, we completed a public offering and sale of our Convertible Senior Notes due 2022 (the “2022 Notes”) in the aggregate principal amount of $125 million . The net proceeds from the issuance of the 2022 Notes were $121.7 million after deducting the underwriter’s discounts and commissions and offering expenses. We used net proceeds from the issuance of the 2022 Notes as well as cash on hand to repurchase and retire $125 million in principal of the 2032 Notes (see “Convertible Senior Notes Due 2032” below) in separate, privately negotiated transactions. The 2022 Notes bear interest at a rate of 4.25% per annum, and are payable semi-annually in arrears on November 1 and May 1 of each year, beginning on May 1, 2017. The 2022 Notes mature on May 1, 2022 unless earlier converted, redeemed or repurchased. During certain periods and subject to certain conditions (as described in the Indenture governing the 2022 Notes) the 2022 Notes are convertible by the holders into shares of our common stock at an initial conversion rate of 71.9748 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $13.89 per share of common stock), subject to adjustment in certain circumstances as set forth in the Indenture governing the 2022 Notes. We have the right and the intention to settle any such future conversions in cash. Prior to November 1, 2019, the 2022 Notes are not redeemable. On or after November 1, 2019, we may redeem all or any portion of the 2022 Notes, at our option, subject to certain conditions, at a redemption price payable in cash equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest, and a “make-whole premium” with a value equal to the present value of the remaining scheduled interest payments of the 2022 Notes to be redeemed through May 1, 2022. Holders of the 2022 Notes may require us to repurchase the notes following a “fundamental change,” as defined in the 2022 Notes documentation. The Indenture governing the 2022 Notes contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the trustee under the Indenture or the holders of not less than 25% in aggregate principal amount then outstanding under the 2022 Notes may declare the entire principal amount of all the notes, and the interest accrued on such notes, if any, to be immediately due and payable. In the case of certain events of bankruptcy, insolvency or reorganization relating to us or a principal subsidiary, the principal amount of the 2022 Notes together with any accrued and unpaid interest thereon will automatically be and become immediately due and payable. In connection with the issuance of the 2022 Notes, we recorded a debt discount of $16.9 million as required under existing accounting rules. To arrive at this discount amount, we estimated the fair value of the liability component of the 2022 Notes as of October 26, 2016 using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of pricing and an expected life of 5.5 years . The effective interest rate for the 2022 Notes is 7.3% after considering the effect of the accretion of the related debt discount that represented the equity component of the 2022 Notes at their inception. We recorded $11.0 million , net of tax, related to the carrying amount of the equity component of the 2022 Notes. The remaining unamortized amount of the debt discount of the 2022 Notes was $14.6 million at September 30, 2017 and $16.5 million at December 31, 2016 . Convertible Senior Notes Due 2032 In March 2012, we completed a public offering and sale of our Convertible Senior Notes due 2032 (the “2032 Notes”) in the aggregate principal amount of $200 million , $60 million of which are currently outstanding. The 2032 Notes bear interest at a rate of 3.25% per annum, and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2012. The 2032 Notes mature on March 15, 2032 unless earlier converted, redeemed or repurchased. The 2032 Notes are convertible in certain circumstances and during certain periods at an initial conversion rate of 39.9752 shares of our common stock per $1,000 principal amount (which represents an initial conversion price of approximately $25.02 per share of common stock), subject to adjustment in certain circumstances as set forth in the Indenture governing the 2032 Notes. We have the right and the intention to settle any such future conversions in cash. Prior to March 20, 2018, the 2032 Notes are not redeemable. On or after March 20, 2018, we, at our option, may redeem some or all of the 2032 Notes in cash, at any time upon at least 30 days’ notice, at a price equal to 100% of the principal amount plus accrued and unpaid interest (including contingent interest, if any) up to but excluding the redemption date. In addition, the holders of the 2032 Notes may require us to purchase in cash some or all of their 2032 Notes at a repurchase price equal to 100% of the principal amount of the 2032 Notes, plus accrued and unpaid interest (including contingent interest, if any) up to but excluding the applicable repurchase date, on March 15, 2018, March 15, 2022 and March 15, 2027, or, subject to specified exceptions, at any time prior to the 2032 Notes’ maturity following a Fundamental Change (either a Change of Control or a Termination of Trading, as those terms are defined in the Indenture governing the 2032 Notes). We elected to repurchase $7.3 million , $7.6 million and $125 million , respectively, in aggregate principal amount of the 2032 Notes in June, July and November of 2016, respectively. For the three- and nine- month periods ended September 30, 2016 , we recognized gains related to the repurchase of the 2032 Notes of $0.2 million and $0.5 million , respectively, which are presented as “Gain on early extinguishment of long-term debt” in the accompanying consolidated statements of operations. In connection with the issuance of the 2032 Notes we recorded a debt discount of $35.4 million as required under existing accounting rules. To arrive at this discount amount we estimated the fair value of the liability component of the 2032 Notes as of March 12, 2012 using an income approach. To determine this estimated fair value, we used borrowing rates of similar market transactions involving comparable liabilities at the time of pricing and an expected life of 6.0 years . In selecting the expected life, we selected the earliest date the holders could require us to repurchase all or a portion of the 2032 Notes (March 15, 2018). The effective interest rate for the 2032 Notes is 6.9% after considering the effect of the accretion of the related debt discount that represented the equity component of the 2032 Notes at their inception. We recorded $22.5 million , net of tax, related to the carrying amount of the equity component of the 2032 Notes. The remaining unamortized amount of the debt discount of the 2032 Notes was $1.1 million at September 30, 2017 and $2.6 million at December 31, 2016 . MARAD Debt This U.S. government guaranteed financing (the “MARAD Debt”), pursuant to Title XI of the Merchant Marine Act of 1936 administered by the Maritime Administration, was used to finance the construction of the Q4000 . The MARAD Debt is collateralized by the Q4000 and is guaranteed 50% by us. The MARAD Debt is payable in equal semi-annual installments beginning in August 2002 and matures in February 2027 , and initially bore interest at a floating rate that approximated AAA Commercial Paper yields plus 20 basis points. As required by the MARAD Debt agreements, in September 2005, we fixed the interest rate on the debt through the issuance of a 4.93% fixed-rate note with the same maturity date. Nordea Credit Agreement In September 2014, Q5000 Holdings entered into a credit agreement (the “Nordea Credit Agreement”) with a syndicated bank lending group for a term loan (the “Nordea Q5000 Loan”) in an amount of up to $250 million . The Nordea Q5000 Loan was funded in the amount of $250 million in April 2015 at the time the Q5000 vessel was delivered to us. The parent company of Q5000 Holdings, Helix Vessel Finance S.à r.l., also a wholly owned Luxembourg subsidiary, guaranteed the Nordea Q5000 Loan. The loan is secured by the Q5000 and its charter earnings as well as by a pledge of the shares of Q5000 Holdings. This indebtedness is non-recourse to Helix. The Nordea Q5000 Loan bears interest at a LIBOR rate plus a margin of 2.5% . The Nordea Q5000 Loan matures on April 30, 2020 and is repayable in scheduled quarterly principal installments of $8.9 million with a balloon payment of $80.4 million at maturity. Q5000 Holdings may elect to prepay amounts outstanding under the Nordea Q5000 Loan without premium or penalty, but may not reborrow any amounts prepaid. Quarterly principal installments are subject to adjustment for any prepayments on this debt. In June 2015, we entered into various interest rate swap contracts to fix the one-month LIBOR rate on a portion of our borrowings under the Nordea Q5000 Loan (Note 14). The total notional amount of the swaps (initially $187.5 million ) decreases in proportion to the reduction in the principal amount outstanding under our Nordea Q5000 Loan. The fixed LIBOR rates are approximately 150 basis points. The Nordea Credit Agreement and related loan documents include terms and conditions, including covenants and prepayment requirements, that we consider customary for this type of transaction. The covenants include restrictions on Q5000 Holdings’s ability to grant liens, incur indebtedness, make investments, merge or consolidate, sell or transfer assets, and pay dividends. In addition, the Nordea Credit Agreement obligates Q5000 Holdings to meet certain minimum financial requirements, including liquidity, consolidated debt service coverage and collateral maintenance. Other In accordance with our Credit Agreement, the 2022 Notes, the 2032 Notes, the MARAD Debt agreements and the Nordea Credit Agreement, we are required to comply with certain covenants, including certain financial ratios such as a consolidated interest coverage ratio and various leverage ratios, as well as the maintenance of minimum cash balance, net worth, working capital and debt-to-equity requirements. As of September 30, 2017 , we were in compliance with these covenants. The following table details the components of our net interest expense (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Interest expense $ 8,336 $ 10,745 $ 30,183 $ 34,224 Interest income (792 ) (833 ) (2,056 ) (1,713 ) Capitalized interest (3,929 ) (3,069 ) (12,647 ) (7,504 ) Net interest expense $ 3,615 $ 6,843 $ 15,480 $ 25,007 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We believe that our recorded deferred tax assets and liabilities are reasonable. However, tax laws and regulations are subject to interpretation and the outcomes of tax disputes are inherently uncertain, and therefore our assessments can involve a series of complex judgments about future events and rely heavily on estimates and assumptions. The effective tax rates for the three- and nine- month periods ended September 30, 2017 were (204.9)% and 5.2% , respectively. The effective tax rates for the three- and nine- month periods ended September 30, 2016 were 24.1% and 26.7% , respectively. The variance was primarily attributable to the earnings mix between our higher and lower tax rate jurisdictions and a change in tax position related to our foreign taxes. We continued recording income taxes using a year-to-date effective tax rate method for the three- and nine- month periods ended September 30, 2017 . The use of this method was based on our expectations at September 30, 2017 that a small change in our estimated ordinary income could result in a large change in the estimated annual effective tax rate. We will re-evaluate our use of this method each quarter until such time as a return to the annualized effective tax rate method is deemed appropriate. Income taxes are provided based on the U.S. statutory rate of 35% and at the local statutory rate for each foreign jurisdiction adjusted for items that are allowed as deductions for federal and foreign income tax reporting purposes, but not for book purposes. The primary differences between the U.S. statutory rate and our effective rate are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Foreign provision (241.5 ) (10.8 ) 2.8 (8.8 ) Change in tax position (1) — — (29.3 ) — Other 1.6 (0.1 ) (3.3 ) 0.5 Effective rate (204.9 )% 24.1 % 5.2 % 26.7 % (1) We consider all available evidence, both positive and negative, when determining whether a valuation allowance is required against deferred tax assets. Due to weaker near term outlook and financial results primarily associated with our Robotics segment, we currently do not anticipate generating sufficient foreign source income to fully utilize our foreign tax credits prior to their expiration. We have concluded that it is more likely than not previously recorded deferred tax assets attributable to foreign tax credits will not be realized. As a result of this change in tax position, we recorded a tax charge of $6.3 million in June 2017, which is comprised of a $2.8 million valuation allowance attributable to a foreign tax credit carryforward from 2015 and a $3.5 million charge attributable to the decision to deduct foreign taxes related to 2016 and 2017. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On January 10, 2017, we completed an underwritten public offering (the “Offering”) of 26,450,000 shares of our common stock at a public offering price of $8.65 per share. The net proceeds from the Offering approximated $220 million , after deducting underwriting discounts and commissions and estimated offering expenses. We used the net proceeds from the Offering for general corporate purposes, including debt repayment, capital expenditures, working capital and investments in our subsidiaries. The components of Accumulated Other Comprehensive Income (Loss) (“OCI”) are as follows (in thousands): September 30, December 31, Cumulative foreign currency translation adjustment $ (64,048 ) $ (78,953 ) Unrealized loss on hedges, net (1) (8,314 ) (18,021 ) Accumulated other comprehensive loss $ (72,362 ) $ (96,974 ) (1) Relates to foreign currency hedges for the Grand Canyon , Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Nordea Q5000 Loan, and are net of deferred income taxes totaling $4.5 million at September 30, 2017 and $9.7 million at December 31, 2016 (Note 14). |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We have shares of restricted stock issued and outstanding that are currently unvested. Holders of shares of unvested restricted stock are entitled to the same liquidation and dividend rights as the holders of our unrestricted common stock and the shares of restricted stock are thus considered participating securities. Under applicable accounting guidance, the undistributed earnings for each period are allocated based on the participation rights of both the common shareholders and holders of any participating securities as if earnings for the respective periods had been distributed. Because both the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. Further, we are required to compute earnings per share (“EPS”) amounts under the two class method in periods in which we have earnings. For periods in which we have a net loss we do not use the two class method as holders of our restricted shares are not obligated to share in such losses. The presentation of basic EPS amounts on the face of the accompanying condensed consolidated statements of operations is computed by dividing net income or loss by the weighted average shares of our common stock outstanding. The calculation of diluted EPS is similar to basic EPS, except that the denominator includes dilutive common stock equivalents and the income included in the numerator excludes the effects of the impact of dilutive common stock equivalents, if any. The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations for the three -month periods ended September 30, 2017 and 2016 are as follows (in thousands): Three Months Ended Three Months Ended Income Shares Income Shares Basic: Net income $ 2,290 $ 11,462 Less: Undistributed earnings allocated to participating securities (27 ) (160 ) Undistributed earnings allocated to common shares $ 2,263 145,958 $ 11,302 113,680 Diluted: Undistributed earnings allocated to common shares $ 2,263 145,958 $ 11,302 113,680 Effect of dilutive securities: Share-based awards other than participating securities — — — — Undistributed earnings reallocated to participating securities — — — — Net income $ 2,263 145,958 $ 11,302 113,680 We had net losses for the nine -month periods ended September 30, 2017 and 2016 . Accordingly, our diluted EPS calculation for these periods was equivalent to our basic EPS calculation since diluted EPS excluded any assumed exercise or conversion of common stock equivalents. These common stock equivalents were excluded because they were deemed to be anti-dilutive, meaning their inclusion would have reduced the reported net loss per share in the applicable periods. Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Nine Months Ended 2017 2016 Diluted shares (as reported) 145,057 109,135 Share-based awards 364 308 Total 145,421 109,443 In addition, the following potentially dilutive shares related to the 2022 Notes and the 2032 Notes were excluded from the diluted EPS calculation because we have the right and the intention to settle any such future conversions in cash (Note 6) (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 2022 Notes 8,997 — 8,997 — 2032 Notes 2,403 7,493 2,403 7,814 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Long-Term Incentive Stock-Based Plan As of September 30, 2017 , there were 2.4 million shares of our common stock available for issuance under our long-term incentive stock-based plan, the 2005 Long-Term Incentive Plan, as amended and restated January 1, 2017 (the “2005 Incentive Plan”). During the nine -month period ended September 30, 2017 , the following grants of share-based awards were made under the 2005 Incentive Plan: Date of Grant Shares Grant Date Fair Value Per Share Vesting Period January 3, 2017 (1) 671,771 $ 8.82 33% per year over three years January 3, 2017 (2) 671,771 $ 12.64 100% on January 1, 2020 January 3, 2017 (3) 9,956 $ 8.82 100% on January 1, 2019 April 3, 2017 (3) 8,004 $ 7.77 100% on January 1, 2019 July 3, 2017 (3) 14,018 $ 5.64 100% on January 1, 2019 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of performance share units (“PSUs”) to our executive officers and select management employees. The PSUs provide for an award based on the performance of our common stock over a three -year period with the maximum amount of the award being 200% of the original awarded PSUs and the minimum amount being zero . For the 2017 awards, vested PSUs can only be settled in shares of our common stock. (3) Reflects grants of restricted stock to certain independent members of our Board of Directors (the “Board”) who have made an election to take their quarterly fees in stock in lieu of cash. Compensation cost for restricted stock is the product of grant date fair value of each share and the number of shares granted and is recognized over the applicable vesting periods on a straight-line basis. We elected to account for forfeitures when they occur upon the adoption of the new guidance for employee share-based payment accounting (Note 1). For the three- and nine- month periods ended September 30, 2017 , $1.7 million and $5.4 million , respectively, were recognized as share-based compensation related to restricted stock. For the three- and nine- month periods ended September 30, 2016 , $1.4 million and $4.3 million , respectively, were recognized as share-based compensation related to restricted stock. The estimated fair value of PSUs is determined using a Monte Carlo simulation model. Compensation cost for PSUs that are accounted for as equity awards is measured based on the estimated grant date fair value and recognized over the vesting period on a straight-line basis. PSUs that are accounted for as liability awards are measured based on the estimated fair value at the balance sheet date and changes in fair value of the awards are recognized in earnings. Cumulative compensation cost for vested liability PSU awards equals the actual cash payout amount upon vesting. The 2017 awards are accounted for as equity awards whereas awards made prior to 2017 are accounted for as liability awards. For the three- and nine- month periods ended September 30, 2017 , $4.0 million and $5.8 million , respectively, were recognized as share-based compensation related to PSUs. For the three- and nine- month periods ended September 30, 2016 , $2.5 million and $5.3 million , respectively, were recognized as share-based compensation related to PSUs. The liability balance for unvested PSUs was $10.2 million at September 30, 2017 and $7.1 million at December 31, 2016 . We paid $0.6 million in cash to settle the 2014 grant of PSUs when they vested in January 2017. Employee Stock Purchase Plan We have an employee stock purchase plan (the “ESPP”). The ESPP has 1.5 million shares authorized for issuance, of which 0.6 million shares were available for issuance as of September 30, 2017 . In February 2016, we suspended ESPP purchases for the January through April 2016 purchase period and indefinitely imposed a purchase limit of 130 shares per employee for subsequent purchase periods. For more information regarding our employee benefit plans, including our long-term incentive stock-based and cash plans and our employee stock purchase plan, see Note 12 to our 2016 Form 10-K. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We have three reportable business segments: Well Intervention, Robotics and Production Facilities. Our U.S., U.K. and Brazil well intervention operating segments are aggregated into the Well Intervention business segment for financial reporting purposes. Our Well Intervention segment includes our vessels and equipment used to perform well intervention services primarily in the U.S. Gulf of Mexico, North Sea and Brazil. Our Well Intervention segment also includes IRSs, some of which we rent out on a stand-alone basis, and SILs. Our well intervention vessels include the Q4000 , the Q5000 , the Seawell , the Well Enhancer and the chartered Siem Helix 1 and Siem Helix 2 vessels. The Siem Helix 1 commenced its operations for Petrobras in mid-April 2017. Our Robotics segment includes ROVs, trenchers and ROVDrills designed to complement offshore construction and well intervention services, and currently operates four chartered ROV support vessels, including the Grand Canyon III that went into service for us in May 2017. Our Production Facilities segment includes the HP I , the HFRS and our investment in Independence Hub that is accounted for under the equity method, and previously included our former ownership interest in Deepwater Gateway that we sold in February 2016 (Note 5). All material intercompany transactions between the segments have been eliminated. We evaluate our performance primarily based on operating income of each reportable segment. Certain financial data by reportable segment are summarized as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net revenues — Well Intervention $ 111,522 $ 108,287 $ 299,219 $ 214,262 Robotics 47,049 48,897 102,078 119,805 Production Facilities 16,380 17,128 47,965 54,567 Intercompany elimination (11,691 ) (13,067 ) (31,145 ) (29,083 ) Total $ 163,260 $ 161,245 $ 418,117 $ 359,551 Income (loss) from operations — Well Intervention $ 16,906 $ 24,413 $ 37,356 $ 7,187 Robotics (9,365 ) (94 ) (37,313 ) (21,667 ) Production Facilities 7,660 8,312 20,724 25,225 Corporate and other (10,633 ) (10,288 ) (29,296 ) (28,784 ) Intercompany elimination 199 (873 ) 641 (542 ) Total $ 4,767 $ 21,470 $ (7,888 ) $ (18,581 ) Intercompany segment amounts are derived primarily from equipment and services provided to other business segments at rates consistent with those charged to third parties. Intercompany segment revenues are as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Well Intervention $ 3,765 $ 2,898 $ 8,033 $ 5,740 Robotics 7,926 10,169 23,112 23,343 Total $ 11,691 $ 13,067 $ 31,145 $ 29,083 Segment assets are comprised of all assets attributable to each reportable segment. Corporate and other includes all assets not directly identifiable with our business segments, most notably the majority of our cash and cash equivalents. The following table reflects total assets by reportable segment (in thousands): September 30, December 31, Well Intervention $ 1,774,821 $ 1,596,517 Robotics 179,777 186,901 Production Facilities 141,739 158,192 Corporate and other 270,153 305,331 Total $ 2,366,490 $ 2,246,941 |
Commitments And Contingencies A
Commitments And Contingencies And Other Matters | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Other Matters | Commitments and Contingencies and Other Matters Commitments We have charter agreements for the Grand Canyon , Grand Canyon II and Grand Canyon III vessels for use in our robotics operations. In February 2016, we amended the charter agreements to reduce the charter rates and, in connection with those reductions, to extend the terms to October 2019 for the Grand Canyon , to April 2021 for the Grand Canyon II and to May 2023 for the Grand Canyon III . We also have a charter agreement for the Deep Cygnus that expires in March 2018. In September 2013, we executed a contract with the same shipyard in Singapore that constructed the Q5000 for the construction of a newbuild semi-submersible well intervention vessel, the Q7000 , which is being built to North Sea standards. This $346 million shipyard contract represents the majority of the expected costs associated with the construction of the Q7000 . Pursuant to the original contract and subsequent amendments, 20% of the contract price was paid upon the signing of the contract in 2013, 20% was paid in 2016, 20% is to be paid upon issuance of the Completion Certificate, which is to be issued on or before December 31, 2017, and 40% is to be paid upon the delivery of the vessel, which at our option can be deferred until December 30, 2018. We agreed to pay the shipyard its incremental costs in connection with the contract amendments to extend the scheduled delivery of the Q7000 and to defer certain payment obligations. Incremental costs are capitalized as they are incurred during the construction of the vessel. At September 30, 2017 , our total investment in the Q7000 was $213.6 million , including $138.4 million of installment payments to the shipyard. In February 2014, we entered into agreements with Petróleo Brasileiro S.A. (“Petrobras”) to provide well intervention services offshore Brazil, and in connection with the Petrobras agreements, we entered into charter agreements with Siem Offshore AS (“Siem”) for two newbuild monohull vessels, the Siem Helix 1 and the Siem Helix 2 . The initial term of the charter agreements with Siem is for seven years from the respective vessel delivery dates with options to extend. The initial term of the agreements with Petrobras is for four years with Petrobras’s options to extend. The Siem Helix 1 vessel was delivered to us and the charter term began on June 14, 2016. The vessel was accepted by Petrobras and commenced operations on April 14, 2017, at which time we agreed with Petrobras to commence operations at reduced day rates. Our day rates improved in the third quarter as we addressed most of the items identified in the vessel acceptance process. The Siem Helix 2 was delivered to us and the charter term began on February 10, 2017. The vessel has transited to Brazil after integration and commissioning of our topside equipment onboard and is currently in the process of inspection protocol and customer equipment integration. We currently anticipate that the vessel will commence operations for Petrobras late in the fourth quarter of 2017. At September 30, 2017 , our total investment in the topside equipment for the two vessels was $304.1 million . Contingencies and Claims We believe that there are currently no contingencies that would have a material adverse effect on our financial position, results of operations or cash flows. Litigation We are involved in various other legal proceedings, some involving claims for personal injury under the General Maritime Laws of the United States and the Jones Act based on alleged negligence. In addition, from time to time we incur other claims, such as contract and employment-related disputes, in the normal course of business. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting rules establish a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1. Observable inputs such as quoted prices in active markets; • Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and • Level 3. Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation approaches as follows: (a) Market Approach. Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. (b) Cost Approach. Amount that would be required to replace the service capacity of an asset (replacement cost). (c) Income Approach. Techniques to convert expected future cash flows to a single present amount based on market expectations (including present value techniques, option-pricing and excess earnings models). Our financial instruments include cash and cash equivalents, receivables, accounts payable, long-term debt and various derivative instruments. The carrying amount of cash and cash equivalents, trade and other current receivables as well as accounts payable approximates fair value due to the short-term nature of these instruments. The net carrying amount of our long-term note receivable also approximates its fair value. The following tables provide additional information relating to other financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Level 1 Level 2 (1) Level 3 Total Valuation Approach Assets: Interest rate swaps $ — $ 374 $ — $ 374 (c) Liabilities: Foreign exchange contracts — 19,508 — 19,508 (c) Interest rate swaps — 82 — 82 (c) Total liability $ — $ 19,216 $ — $ 19,216 Fair Value Measurements at Level 1 Level 2 (1) Level 3 Total Valuation Approach Assets: Interest rate swaps $ — $ 451 $ — $ 451 (c) Liabilities: Foreign exchange contracts — 38,170 — 38,170 (c) Interest rate swaps — 751 — 751 (c) Total net liability $ — $ 38,470 $ — $ 38,470 (1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. See Note 14 for further discussion on fair value of our derivative instruments. The carrying values and estimated fair values of our long-term debt are as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value (1) Fair Value (2) Carrying Value (1) Fair Value (2) Term Loan (previously scheduled to mature June 2018) $ — $ — $ 192,258 $ 192,258 Nordea Q5000 Loan (matures April 2020) 169,643 168,583 196,429 192,746 Term Loan (matures June 2020) 98,750 99,120 — — MARAD Debt (matures February 2027) 77,000 83,928 83,222 92,049 2022 Notes (mature May 2022) 125,000 123,281 125,000 130,156 2032 Notes (mature March 2032) 60,115 60,077 60,115 59,965 Total debt $ 530,508 $ 534,989 $ 657,024 $ 667,174 (1) Carrying value includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes and the 2032 Notes was determined using Level 1 inputs under the market approach. The fair value of the Nordea Q5000 Loan, the MARAD Debt, the Term Loan maturing June 2020 and our previous term loan that was scheduled to mature June 2018 was estimated using Level 2 fair value inputs under the market approach, which was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities Our business is exposed to market risks associated with interest rates and foreign currency exchange rates. Our risk management activities involve the use of derivative financial instruments to hedge the impact of market risk exposure related to variable interest rates and foreign currency exchange rates. To reduce the impact of these risks on earnings and increase the predictability of our cash flows, from time to time we enter into certain derivative contracts, including interest rate swaps and foreign currency exchange contracts. All derivative instruments are reflected in the accompanying condensed consolidated balance sheets at fair value. We engage solely in cash flow hedges. Hedges of cash flow exposure are entered into to hedge a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. Changes in the fair value of derivative instruments that are designated as cash flow hedges are deferred to the extent the hedges are effective. These changes are recorded as a component of Accumulated OCI (a component of shareholders’ equity) until the hedged transactions occur and are recognized in earnings. The ineffective portion of changes in the fair value of cash flow hedges is recognized immediately in earnings. In addition, any change in the fair value of a derivative instrument that does not qualify for hedge accounting is recorded in earnings in the period in which the change occurs. For additional information regarding our accounting for derivative instruments and hedging activities, see Notes 2 and 18 to our 2016 Form 10-K. Interest Rate Risk From time to time, we enter into interest rate swaps to stabilize cash flows related to our long-term variable interest rate debt. In June 2015 we entered into various interest rate swap contracts to fix the interest rate on $187.5 million of our Nordea Q5000 Loan (Note 6). These swap contracts, which are settled monthly, began in June 2015 and extend through April 2020. Our interest rate swap contracts qualify for cash flow hedge accounting treatment. Changes in the fair value of interest rate swaps are deferred to the extent the swaps are effective. These changes are recorded as a component of Accumulated OCI until the anticipated interest is recognized as interest expense. The ineffective portion of the interest rate swaps, if any, is recognized immediately in earnings within the line titled “Net interest expense.” The amount of ineffectiveness associated with our interest rate swap contracts was immaterial for all periods presented. Foreign Currency Exchange Rate Risk Because we operate in various regions around the world, we conduct a portion of our business in currencies other than the U.S. dollar. We enter into foreign currency exchange contracts from time to time to stabilize expected cash outflows related to our vessel charters that are denominated in foreign currencies. In January 2013, we entered into foreign currency exchange contracts to hedge through September 2017 our foreign currency exposure associated with the Grand Canyon charter payments ( $104.6 million ) denominated in Norwegian kroner (NOK 591.3 million ). In February 2013, we entered into similar foreign currency exchange contracts to hedge our foreign currency exposure associated with the Grand Canyon II and Grand Canyon III charter payments ( $100.4 million and $98.8 million , respectively) denominated in Norwegian kroner (NOK 594.7 million and NOK 595.0 million , respectively), through July 2019 and February 2020, respectively. In December 2015, we de-designated the foreign currency exchange contracts associated with the charter payment obligations for the Grand Canyon II and Grand Canyon III vessels that no longer qualified for cash flow hedge accounting treatment and we re-designated the hedging relationship between a portion of these contracts and our forecasted Grand Canyon II and Grand Canyon III charter payments of NOK 434.1 million and NOK 185.2 million , respectively, that were expected to remain highly probable of occurring. Unrealized losses associated with the effective portion of our foreign currency exchange contracts that qualify for hedge accounting treatment are included in our Accumulated OCI (net of tax). Reflected in “Other income (expense), net” in the accompanying condensed consolidated statements of operations are changes in unrealized losses associated with the foreign currency exchange contracts that are no longer designated as cash flow hedges. Hedge ineffectiveness also is reflected in “Other income (expense), net” in the accompanying condensed consolidated statements of operations. There were no gains or losses associated with hedge ineffectiveness for the three- and nine- month periods ended September 30, 2017 and the three -month period ended September 30, 2016 . For the nine -month period ended September 30, 2016 , we recorded unrealized gains of $0.1 million related to our hedge ineffectiveness. Quantitative Disclosures Relating to Derivative Instruments The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments (in thousands): September 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivative Instruments: Interest rate swaps Other assets, net $ 374 Other assets, net $ 451 $ 374 $ 451 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 6,945 Accrued liabilities $ 14,056 Interest rate swaps Accrued liabilities 82 Accrued liabilities 751 Foreign exchange contracts Other non-current liabilities 6,123 Other non-current liabilities 13,383 $ 13,150 $ 28,190 The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments (in thousands): September 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 2,900 Accrued liabilities $ 3,923 Foreign exchange contracts Other non-current liabilities 3,540 Other non-current liabilities 6,808 $ 6,440 $ 10,731 The following tables present the impact that derivative instruments designated as hedging instruments had on our Accumulated OCI (net of tax) and our condensed consolidated statements of operations (in thousands). We estimate that as of September 30, 2017 , $4.6 million of losses in Accumulated OCI associated with our derivative instruments is expected to be reclassified into earnings within the next 12 months. Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts $ 3,620 $ 4,249 $ 9,341 $ 10,745 Interest rate swaps 68 643 366 (880 ) $ 3,688 $ 4,892 $ 9,707 $ 9,865 Location of Loss Reclassified from Accumulated OCI into Earnings Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts Cost of sales $ (3,288 ) $ (2,663 ) $ (10,280 ) $ (8,033 ) Interest rate swaps Net interest expense (95 ) (494 ) (542 ) (1,618 ) $ (3,383 ) $ (3,157 ) $ (10,822 ) $ (9,651 ) The following table presents the impact that derivative instruments not designated as hedging instruments had on our condensed consolidated statements of operations (in thousands): Location of Gain Recognized in Earnings on Derivative Instruments Gain Recognized in Earnings on Derivative Instruments Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts Other income (expense), net $ 1,050 $ 1,309 $ 1,531 $ 3,375 $ 1,050 $ 1,309 $ 1,531 $ 3,375 |
Basis Of Presentation And New21
Basis Of Presentation And New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | The accompanying condensed consolidated financial statements include the accounts of Helix Energy Solutions Group, Inc. and its subsidiaries (collectively, “Helix” or the “Company”). Unless the context indicates otherwise, the terms “we,” “us” and “our” in this report refer collectively to Helix and its subsidiaries. All material intercompany accounts and transactions have been eliminated. These unaudited condensed consolidated financial statements have been prepared pursuant to instructions for the Quarterly Report on Form 10-Q required to be filed with the Securities and Exchange Commission (the “SEC”), and do not include all information and footnotes normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP and are consistent in all material respects with those applied in our 2016 Annual Report on Form 10-K (“ 2016 Form 10-K”). The preparation of these financial statements requires us to make estimates and judgments that affect the amounts reported in the financial statements and the related disclosures. Actual results may differ from our estimates. We have made all adjustments (which were normal recurring adjustments) that we believe are necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, statements of comprehensive income (loss), and statements of cash flows, as applicable. The operating results for the three- and nine- month periods ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . Our balance sheet as of December 31, 2016 included herein has been derived from the audited balance sheet as of December 31, 2016 included in our 2016 Form 10-K. These unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and notes thereto included in our 2016 Form 10-K. |
Reclassifications | Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current presentation format. |
New Accounting Standards | In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This ASU provides a five-step approach to account for revenue arising from contracts with customers. The ASU requires an entity to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This revenue standard was originally effective prospectively for annual reporting periods beginning after December 15, 2016, including interim periods, and was subsequently deferred by one year to annual reporting periods beginning after December 15, 2017. The FASB also issued several subsequent updates containing implementation guidance on principal versus agent considerations (gross versus net revenue presentation), identifying performance obligations and accounting for licenses of intellectual property. Additionally, these updates provide narrow-scope improvements and practical expedients as well as technical corrections and improvements to the guidance. The new revenue standard permits companies to either apply the requirements retrospectively to all prior periods presented or apply the requirements in the year of adoption through a cumulative adjustment. Our assessment at this stage is that we do not expect the new revenue standard to have a material impact on our consolidated financial statements upon adoption. We continue working on expanded disclosure requirements and documentation of new policies, procedures and controls. We currently intend on adopting this guidance using the modified retrospective method. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes.” This ASU requires companies to classify all deferred tax assets and liabilities as non-current on the balance sheet instead of separating deferred taxes into current and non-current amounts. The requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount was not affected by this guidance. We adopted this guidance prospectively in the first quarter of 2017. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” This ASU amends the existing accounting standards for leases. The amendments are intended to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. We expect to adopt this guidance in the first quarter of 2019. We are currently evaluating the impact these amendments will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification in the statement of cash flows. Our share-based awards typically vest in the beginning of each year. The adoption of this guidance had no material impact on our consolidated financial statements for the three- and nine- month periods ended September 30, 2017 . In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU replaces the current incurred loss model for measurement of credit losses on financial assets including trade receivables with a forward-looking expected loss model based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory.” This ASU eliminates the exception in current guidance that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new ASU, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Scope of Modification Accounting.” This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require application of modification accounting. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods. Early adoption is permitted. We do not expect this ASU to have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities.” This ASU improves the financial reporting of hedging relationships to better align risk management activities in financial statements and makes certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. |
Details Of Certain Accounts (Ta
Details Of Certain Accounts (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): September 30, December 31, Note receivable (1) $ — $ 10,000 Prepaid insurance 2,432 4,426 Other prepaids 10,021 9,547 Deferred costs (2) 20,704 7,971 Spare parts inventory 1,598 2,548 Income tax receivable — 880 Value added tax receivable 2,169 1,345 Other 1,248 671 Total other current assets $ 38,172 $ 37,388 (1) Relates to the balance of the promissory note we received in connection with the sale of our former Ingleside spoolbase in January 2014. Interest on the note was payable quarterly at a rate of 6% per annum. In June 2017, we collected the remaining $10 million principal balance of this note receivable as well as accrued interest. (2) Primarily reflects deferred mobilization costs associated with certain long-term contracts, which are to be amortized within 12 months from the balance sheet date. |
Schedule of other assets, net | Other assets, net consist of the following (in thousands): September 30, December 31, Note receivable, net (1) $ 3,129 $ 2,827 Prepaids 8,112 6,418 Deferred dry dock costs, net 14,260 14,766 Deferred costs (2) 57,934 30,738 Deferred financing costs, net (3) 2,814 3,745 Charter fee deposit (4) 12,544 12,544 Other 2,181 1,511 Total other assets, net $ 100,974 $ 72,549 (1) In 2016, we entered into an agreement with one of our customers to defer their payment obligations until June 30, 2018. On March 30, 2017, we entered into a new agreement with this customer in which we agreed to forgive all but $4.3 million of our outstanding receivables due from the customer in exchange for redeemable convertible bonds that approximated that amount. The bonds are redeemable by the customer at any time and the maturity date of the bonds is December 14, 2019. Interest at a rate of 5% per annum is payable on the bonds annually. We received the redeemable convertible bonds in September 2017 when all aspects of the agreement were finalized. The amount at September 30, 2017 reflected the fair value of the notes as of that date. The amount at December 31, 2016 was net of allowance of $4.2 million . (2) Primarily reflects deferred mobilization costs to be amortized after 12 months from the balance sheet date through the end of the applicable term of certain long-term contracts. (3) Represents unamortized debt issuance costs related to our revolving credit facility (Note 6). (4) This amount deposited with the vessel owner is to be used to reduce our final charter payments for the Siem Helix 2 . |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, Accrued payroll and related benefits $ 29,682 $ 20,705 Deferred revenue 8,664 8,911 Accrued interest 2,997 3,758 Derivative liability (Note 14) 9,927 18,730 Taxes payable excluding income tax payable 1,209 1,214 Other 8,282 5,296 Total accrued liabilities $ 60,761 $ 58,614 |
Schedule of other non-current liabilities | Other non-current liabilities consist of the following (in thousands): September 30, December 31, Investee losses in excess of investment (Note 5) $ 8,845 $ 10,238 Deferred gain on sale of property (1) 5,910 5,761 Deferred revenue 8,827 8,598 Derivative liability (Note 14) 9,663 20,191 Other 9,491 8,197 Total other non-current liabilities $ 42,736 $ 52,985 (1) Relates to the sale and lease-back in January 2016 of our office and warehouse property located in Aberdeen, Scotland. The deferred gain is amortized over a 15 -year minimum lease term. |
Statement Of Cash Flow Inform23
Statement Of Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of supplemental cash flow information | The following table provides supplemental cash flow information (in thousands): Nine Months Ended 2017 2016 Interest paid, net of interest capitalized $ 9,002 $ 17,970 Income taxes paid $ 3,967 $ 4,674 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Scheduled maturities of long-term debt outstanding | Scheduled maturities of our long-term debt outstanding as of September 30, 2017 are as follows (in thousands): Term Loan (1) 2022 Notes 2032 Notes (2) MARAD Debt Nordea Q5000 Loan Total Less than one year $ 6,250 $ — $ 60,115 $ 6,532 $ 35,714 $ 108,611 One to two years 11,250 — — 6,858 35,714 53,822 Two to three years 81,250 — — 7,200 98,215 186,665 Three to four years — — — 7,560 — 7,560 Four to five years — 125,000 — 7,937 — 132,937 Over five years — — — 40,913 — 40,913 Total debt 98,750 125,000 60,115 77,000 169,643 530,508 Current maturities (6,250 ) — (60,115 ) (6,532 ) (35,714 ) (108,611 ) Long-term debt, less current maturities 92,500 125,000 — 70,468 133,929 421,897 Unamortized debt discount (3) — (14,555 ) (1,052 ) — — (15,607 ) Unamortized debt issuance costs (4) (1,815 ) (2,427 ) (92 ) (4,635 ) (1,976 ) (10,945 ) Long-term debt $ 90,685 $ 108,018 $ (1,144 ) $ 65,833 $ 131,953 $ 395,345 (1) Term Loan borrowing pursuant to the Credit Agreement (amended and restated in June 2017) matures in June 2020 . (2) The holders of our remaining Convertible Senior Notes due 2032 may require us to repurchase the notes in March 2018 . Accordingly, these notes are classified as current liabilities. (3) Our Convertible Senior Notes due 2022 will increase to their face amount through accretion of non-cash interest charges through May 2022 . Our Convertible Senior Notes due 2032 will increase to their face amount through accretion of non-cash interest charges through March 2018. (4) Debt issuance costs are amortized over the term of the applicable debt agreement. |
Schedule of debt covenants | These financial covenant requirements are detailed as follows: (a) The minimum required Consolidated Interest Coverage Ratio: Four Fiscal Quarters Ending Minimum Consolidated Interest Coverage Ratio September 30, 2017 and each fiscal quarter thereafter 2.50 to 1.00 (b) The maximum permitted Consolidated Total Leverage Ratio or Consolidated Net Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Total or Net Leverage Ratio September 30, 2017 6.00 to 1.00 December 31, 2017 5.75 to 1.00 March 31, 2018 5.50 to 1.00 June 30, 2018 5.25 to 1.00 September 30, 2018 5.00 to 1.00 December 31, 2018 through and including March 31, 2019 4.50 to 1.00 June 30, 2019 through and including September 30, 2019 4.25 to 1.00 December 31, 2019 4.00 to 1.00 March 31, 2020 and each fiscal quarter thereafter 3.50 to 1.00 (c) The maximum permitted Consolidated Secured Leverage Ratio: Four Fiscal Quarters Ending Maximum Consolidated Secured Leverage Ratio September 30, 2017 through and including June 30, 2018 3.00 to 1.00 September 30, 2018 and each fiscal quarter thereafter 2.50 to 1.00 (d) The minimum required Unrestricted Cash and Cash Equivalents: Consolidated Total Leverage Ratio Minimum Cash (1) Greater than or equal to 4.00 to 1.00 $100,000,000.00 Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 $50,000,000.00 Less than 3.50 to 1.00 $0.00 (1) This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it on our balance sheet as cash and cash equivalents. As of September 30, 2017 , we were required to, and did, maintain an aggregate cash balance of at least $100 million in complying with this covenant. |
Components of net interest expense | The following table details the components of our net interest expense (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Interest expense $ 8,336 $ 10,745 $ 30,183 $ 34,224 Interest income (792 ) (833 ) (2,056 ) (1,713 ) Capitalized interest (3,929 ) (3,069 ) (12,647 ) (7,504 ) Net interest expense $ 3,615 $ 6,843 $ 15,480 $ 25,007 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of differences between U.S. statutory rate and effective rate | The primary differences between the U.S. statutory rate and our effective rate are as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % Foreign provision (241.5 ) (10.8 ) 2.8 (8.8 ) Change in tax position (1) — — (29.3 ) — Other 1.6 (0.1 ) (3.3 ) 0.5 Effective rate (204.9 )% 24.1 % 5.2 % 26.7 % (1) We consider all available evidence, both positive and negative, when determining whether a valuation allowance is required against deferred tax assets. Due to weaker near term outlook and financial results primarily associated with our Robotics segment, we currently do not anticipate generating sufficient foreign source income to fully utilize our foreign tax credits prior to their expiration. We have concluded that it is more likely than not previously recorded deferred tax assets attributable to foreign tax credits will not be realized. As a result of this change in tax position, we recorded a tax charge of $6.3 million in June 2017, which is comprised of a $2.8 million valuation allowance attributable to a foreign tax credit carryforward from 2015 and a $3.5 million charge attributable to the decision to deduct foreign taxes related to 2016 and 2017. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Components of Accumulated OCI | The components of Accumulated Other Comprehensive Income (Loss) (“OCI”) are as follows (in thousands): September 30, December 31, Cumulative foreign currency translation adjustment $ (64,048 ) $ (78,953 ) Unrealized loss on hedges, net (1) (8,314 ) (18,021 ) Accumulated other comprehensive loss $ (72,362 ) $ (96,974 ) (1) Relates to foreign currency hedges for the Grand Canyon , Grand Canyon II and Grand Canyon III charters as well as interest rate swap contracts for the Nordea Q5000 Loan, and are net of deferred income taxes totaling $4.5 million at September 30, 2017 and $9.7 million at December 31, 2016 (Note 14). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computations of basic and diluted EPS | The computations of the numerator (income) and denominator (shares) to derive the basic and diluted EPS amounts presented on the face of the accompanying condensed consolidated statements of operations for the three -month periods ended September 30, 2017 and 2016 are as follows (in thousands): Three Months Ended Three Months Ended Income Shares Income Shares Basic: Net income $ 2,290 $ 11,462 Less: Undistributed earnings allocated to participating securities (27 ) (160 ) Undistributed earnings allocated to common shares $ 2,263 145,958 $ 11,302 113,680 Diluted: Undistributed earnings allocated to common shares $ 2,263 145,958 $ 11,302 113,680 Effect of dilutive securities: Share-based awards other than participating securities — — — — Undistributed earnings reallocated to participating securities — — — — Net income $ 2,263 145,958 $ 11,302 113,680 |
Schedule of shares excluded from diluted per share calculation | Shares that otherwise would have been included in the diluted per share calculations assuming we had earnings are as follows (in thousands): Nine Months Ended 2017 2016 Diluted shares (as reported) 145,057 109,135 Share-based awards 364 308 Total 145,421 109,443 In addition, the following potentially dilutive shares related to the 2022 Notes and the 2032 Notes were excluded from the diluted EPS calculation because we have the right and the intention to settle any such future conversions in cash (Note 6) (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 2022 Notes 8,997 — 8,997 — 2032 Notes 2,403 7,493 2,403 7,814 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based awards granted | During the nine -month period ended September 30, 2017 , the following grants of share-based awards were made under the 2005 Incentive Plan: Date of Grant Shares Grant Date Fair Value Per Share Vesting Period January 3, 2017 (1) 671,771 $ 8.82 33% per year over three years January 3, 2017 (2) 671,771 $ 12.64 100% on January 1, 2020 January 3, 2017 (3) 9,956 $ 8.82 100% on January 1, 2019 April 3, 2017 (3) 8,004 $ 7.77 100% on January 1, 2019 July 3, 2017 (3) 14,018 $ 5.64 100% on January 1, 2019 (1) Reflects grants of restricted stock to our executive officers and select management employees. (2) Reflects grants of performance share units (“PSUs”) to our executive officers and select management employees. The PSUs provide for an award based on the performance of our common stock over a three -year period with the maximum amount of the award being 200% of the original awarded PSUs and the minimum amount being zero . For the 2017 awards, vested PSUs can only be settled in shares of our common stock. (3) Reflects grants of restricted stock to certain independent members of our Board of Directors (the “Board”) who have made an election to take their quarterly fees in stock in lieu of cash. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of financial data by reportable segment | Certain financial data by reportable segment are summarized as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net revenues — Well Intervention $ 111,522 $ 108,287 $ 299,219 $ 214,262 Robotics 47,049 48,897 102,078 119,805 Production Facilities 16,380 17,128 47,965 54,567 Intercompany elimination (11,691 ) (13,067 ) (31,145 ) (29,083 ) Total $ 163,260 $ 161,245 $ 418,117 $ 359,551 Income (loss) from operations — Well Intervention $ 16,906 $ 24,413 $ 37,356 $ 7,187 Robotics (9,365 ) (94 ) (37,313 ) (21,667 ) Production Facilities 7,660 8,312 20,724 25,225 Corporate and other (10,633 ) (10,288 ) (29,296 ) (28,784 ) Intercompany elimination 199 (873 ) 641 (542 ) Total $ 4,767 $ 21,470 $ (7,888 ) $ (18,581 ) |
Summary of intercompany segment revenues | Intercompany segment revenues are as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Well Intervention $ 3,765 $ 2,898 $ 8,033 $ 5,740 Robotics 7,926 10,169 23,112 23,343 Total $ 11,691 $ 13,067 $ 31,145 $ 29,083 |
Schedule of total assets by reportable segment | The following table reflects total assets by reportable segment (in thousands): September 30, December 31, Well Intervention $ 1,774,821 $ 1,596,517 Robotics 179,777 186,901 Production Facilities 141,739 158,192 Corporate and other 270,153 305,331 Total $ 2,366,490 $ 2,246,941 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of other financial instruments measured at fair value on a recurring basis | The following tables provide additional information relating to other financial instruments measured at fair value on a recurring basis (in thousands): Fair Value Measurements at Level 1 Level 2 (1) Level 3 Total Valuation Approach Assets: Interest rate swaps $ — $ 374 $ — $ 374 (c) Liabilities: Foreign exchange contracts — 19,508 — 19,508 (c) Interest rate swaps — 82 — 82 (c) Total liability $ — $ 19,216 $ — $ 19,216 Fair Value Measurements at Level 1 Level 2 (1) Level 3 Total Valuation Approach Assets: Interest rate swaps $ — $ 451 $ — $ 451 (c) Liabilities: Foreign exchange contracts — 38,170 — 38,170 (c) Interest rate swaps — 751 — 751 (c) Total net liability $ — $ 38,470 $ — $ 38,470 (1) Unless otherwise indicated, the fair value of our Level 2 derivative instruments reflects our best estimate and is based upon exchange or over-the-counter quotations whenever they are available. Quoted valuations may not be available due to location differences or terms that extend beyond the period for which quotations are available. Where quotes are not available, we utilize other valuation techniques or models to estimate market values. These modeling techniques require us to make estimations of future prices, price correlation and market volatility and liquidity based on market data. Our actual results may differ from our estimates, and these differences could be positive or negative. See Note 14 for further discussion on fair value of our derivative instruments. |
Schedule of carrying values and estimated fair values of long-term debt | The carrying values and estimated fair values of our long-term debt are as follows (in thousands): September 30, 2017 December 31, 2016 Carrying Value (1) Fair Value (2) Carrying Value (1) Fair Value (2) Term Loan (previously scheduled to mature June 2018) $ — $ — $ 192,258 $ 192,258 Nordea Q5000 Loan (matures April 2020) 169,643 168,583 196,429 192,746 Term Loan (matures June 2020) 98,750 99,120 — — MARAD Debt (matures February 2027) 77,000 83,928 83,222 92,049 2022 Notes (mature May 2022) 125,000 123,281 125,000 130,156 2032 Notes (mature March 2032) 60,115 60,077 60,115 59,965 Total debt $ 530,508 $ 534,989 $ 657,024 $ 667,174 (1) Carrying value includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt. (2) The estimated fair value of the 2022 Notes and the 2032 Notes was determined using Level 1 inputs under the market approach. The fair value of the Nordea Q5000 Loan, the MARAD Debt, the Term Loan maturing June 2020 and our previous term loan that was scheduled to mature June 2018 was estimated using Level 2 fair value inputs under the market approach, which was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms. |
Derivative Instruments And He31
Derivative Instruments And Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of balance sheet location and fair value of derivative instruments designated as hedging instruments | The following table presents the balance sheet location and fair value of our derivative instruments that were designated as hedging instruments (in thousands): September 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Asset Derivative Instruments: Interest rate swaps Other assets, net $ 374 Other assets, net $ 451 $ 374 $ 451 Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 6,945 Accrued liabilities $ 14,056 Interest rate swaps Accrued liabilities 82 Accrued liabilities 751 Foreign exchange contracts Other non-current liabilities 6,123 Other non-current liabilities 13,383 $ 13,150 $ 28,190 |
Schedule of balance sheet location and fair value of derivative instruments not designated as hedging instruments | The following table presents the balance sheet location and fair value of our derivative instruments that were not designated as hedging instruments (in thousands): September 30, 2017 December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Liability Derivative Instruments: Foreign exchange contracts Accrued liabilities $ 2,900 Accrued liabilities $ 3,923 Foreign exchange contracts Other non-current liabilities 3,540 Other non-current liabilities 6,808 $ 6,440 $ 10,731 |
Schedule of impact of derivative instruments designated as hedging instruments on Accumulated OCI | The following tables present the impact that derivative instruments designated as hedging instruments had on our Accumulated OCI (net of tax) and our condensed consolidated statements of operations (in thousands). We estimate that as of September 30, 2017 , $4.6 million of losses in Accumulated OCI associated with our derivative instruments is expected to be reclassified into earnings within the next 12 months. Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts $ 3,620 $ 4,249 $ 9,341 $ 10,745 Interest rate swaps 68 643 366 (880 ) $ 3,688 $ 4,892 $ 9,707 $ 9,865 |
Schedule of loss reclassified from Accumulated OCI into earnings | Location of Loss Reclassified from Accumulated OCI into Earnings Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts Cost of sales $ (3,288 ) $ (2,663 ) $ (10,280 ) $ (8,033 ) Interest rate swaps Net interest expense (95 ) (494 ) (542 ) (1,618 ) $ (3,383 ) $ (3,157 ) $ (10,822 ) $ (9,651 ) |
Schedule of impact of derivative instruments not designated as hedging instruments on consolidated statements of operations | The following table presents the impact that derivative instruments not designated as hedging instruments had on our condensed consolidated statements of operations (in thousands): Location of Gain Recognized in Earnings on Derivative Instruments Gain Recognized in Earnings on Derivative Instruments Three Months Ended Nine Months Ended 2017 2016 2017 2016 Foreign exchange contracts Other income (expense), net $ 1,050 $ 1,309 $ 1,531 $ 3,375 $ 1,050 $ 1,309 $ 1,531 $ 3,375 |
Company Overview (Details)
Company Overview (Details) | Feb. 01, 2017 | Sep. 30, 2017segmentvessel |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Well Intervention [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of chartered vessels | 2 | |
Robotics [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of chartered vessels | 4 | |
HFRS [Member] | Production Facilities [Member] | ||
Segment Reporting Information [Line Items] | ||
Contract extension period | 1 year |
Details Of Certain Accounts - O
Details Of Certain Accounts - Other Current Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Note receivable | $ 0 | $ 10,000 | |
Prepaid insurance | 2,432 | 4,426 | |
Other prepaids | 10,021 | 9,547 | |
Deferred costs | 20,704 | 7,971 | |
Spare parts inventory | 1,598 | 2,548 | |
Income tax receivable | 0 | 880 | |
Value added tax receivable | 2,169 | 1,345 | |
Other | 1,248 | 671 | |
Total other current assets | $ 38,172 | $ 37,388 | |
Current note receivable, interest rate (as a percent) | 6.00% | ||
Proceeds from collection of note receivable | $ 10,000 |
Details Of Certain Accounts -34
Details Of Certain Accounts - Other Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Note receivable, net | $ 3,129 | $ 2,827 |
Prepaids | 8,112 | 6,418 |
Deferred dry dock costs, net | 14,260 | 14,766 |
Deferred costs | 57,934 | 30,738 |
Deferred financing costs, net | 2,814 | 3,745 |
Charter fee deposit | 12,544 | 12,544 |
Other | 2,181 | 1,511 |
Total other assets, net | $ 100,974 | 72,549 |
Noncurrent note receivable, interest rate (as a percent) | 5.00% | |
Redeemable convertible bonds, face amount | $ 4,300 | |
Allowance for note receivable | $ 4,200 |
Details Of Certain Accounts - A
Details Of Certain Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued payroll and related benefits | $ 29,682 | $ 20,705 |
Deferred revenue | 8,664 | 8,911 |
Accrued interest | 2,997 | 3,758 |
Derivative liability (Note 14) | 9,927 | 18,730 |
Taxes payable excluding income tax payable | 1,209 | 1,214 |
Other | 8,282 | 5,296 |
Total accrued liabilities | $ 60,761 | $ 58,614 |
Details Of Certain Accounts -36
Details Of Certain Accounts - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Investee losses in excess of investment (Note 5) | $ 8,845 | $ 10,238 | |
Deferred gain on sale of property | 5,910 | 5,761 | |
Deferred revenue | 8,827 | 8,598 | |
Derivative liability (Note 14) | 9,663 | 20,191 | |
Other | 9,491 | 8,197 | |
Total other non-current liabilities | $ 42,736 | $ 52,985 | |
Term of lease agreement | 15 years |
Statement Of Cash Flow Inform37
Statement Of Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid, net of interest capitalized | $ 9,002 | $ 17,970 |
Income taxes paid | $ 3,967 | $ 4,674 |
Statement Of Cash Flow Inform38
Statement Of Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash capital expenditures | $ 21.7 | $ 10.1 |
Equity Investments - Narrative
Equity Investments - Narrative (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Feb. 29, 2016USD ($) | Sep. 30, 2017USD ($)ft | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Sale of ownership interest for cash | $ 0 | $ 25,000 | ||
Distribution from equity investment | 0 | $ 1,200 | ||
Investee losses in excess of investment | $ 8,845 | $ 10,238 | ||
Independence Hub, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
Water depth | ft | 8,000 | |||
Investee losses in excess of investment | $ 8,845 | $ 10,238 | ||
Deepwater Gateway, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 50.00% | |||
Sale of ownership interest for cash | $ 25,000 | |||
Distribution from equity investment | $ 1,200 |
Long-Term Debt - Maturities Of
Long-Term Debt - Maturities Of Long-Term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Aug. 31, 2002 | Sep. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||||||
Less than one year | $ 108,611 | |||||
One to two years | 53,822 | |||||
Two to three years | 186,665 | |||||
Three to four years | 7,560 | |||||
Four to five years | 132,937 | |||||
Over five years | 40,913 | |||||
Total debt | 530,508 | |||||
Current maturities | (108,611) | $ (67,571) | ||||
Long-term debt, less current maturities | 421,897 | |||||
Unamortized debt discount | (15,607) | |||||
Unamortized debt issuance costs | (10,945) | |||||
Long-term debt | 395,345 | 558,396 | ||||
Term Loan Maturing June 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less than one year | 6,250 | |||||
One to two years | 11,250 | |||||
Two to three years | 81,250 | |||||
Three to four years | 0 | |||||
Four to five years | 0 | |||||
Over five years | 0 | |||||
Total debt | $ 100,000 | 98,750 | 0 | |||
Current maturities | (6,250) | |||||
Long-term debt, less current maturities | 92,500 | |||||
Unamortized debt discount | 0 | |||||
Unamortized debt issuance costs | (1,815) | |||||
Long-term debt | 90,685 | |||||
Maturity date | June 2,020 | |||||
Convertible Senior Notes Maturing May 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less than one year | 0 | |||||
One to two years | 0 | |||||
Two to three years | 0 | |||||
Three to four years | 0 | |||||
Four to five years | 125,000 | |||||
Over five years | 0 | |||||
Total debt | 125,000 | 125,000 | $ 125,000 | |||
Current maturities | 0 | |||||
Long-term debt, less current maturities | 125,000 | |||||
Unamortized debt discount | (14,555) | (16,500) | $ (16,900) | |||
Unamortized debt issuance costs | (2,427) | |||||
Long-term debt | $ 108,018 | |||||
Maturity date | May 2,022 | |||||
Convertible Senior Notes Maturing March 2032 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less than one year | $ 60,115 | |||||
One to two years | 0 | |||||
Two to three years | 0 | |||||
Three to four years | 0 | |||||
Four to five years | 0 | |||||
Over five years | 0 | |||||
Total debt | 60,115 | 60,115 | $ 200,000 | |||
Current maturities | (60,115) | |||||
Long-term debt, less current maturities | 0 | |||||
Unamortized debt discount | (1,052) | (2,600) | $ (35,400) | |||
Unamortized debt issuance costs | (92) | |||||
Long-term debt | $ (1,144) | |||||
Earliest put date | March 2018 | |||||
MARAD Debt Maturing February 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less than one year | $ 6,532 | |||||
One to two years | 6,858 | |||||
Two to three years | 7,200 | |||||
Three to four years | 7,560 | |||||
Four to five years | 7,937 | |||||
Over five years | 40,913 | |||||
Total debt | 77,000 | 83,222 | ||||
Current maturities | (6,532) | |||||
Long-term debt, less current maturities | 70,468 | |||||
Unamortized debt discount | 0 | |||||
Unamortized debt issuance costs | (4,635) | |||||
Long-term debt | 65,833 | |||||
Maturity date | February 2027 | |||||
Nordea Q5000 Loan Maturing April 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Less than one year | 35,714 | |||||
One to two years | 35,714 | |||||
Two to three years | 98,215 | |||||
Three to four years | 0 | |||||
Four to five years | 0 | |||||
Over five years | 0 | |||||
Total debt | 169,643 | $ 196,429 | ||||
Current maturities | (35,714) | |||||
Long-term debt, less current maturities | 133,929 | |||||
Unamortized debt discount | 0 | |||||
Unamortized debt issuance costs | (1,976) | |||||
Long-term debt | $ 131,953 |
Long-Term Debt - Credit Agreeme
Long-Term Debt - Credit Agreement (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2017 | Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 530,508,000 | $ 530,508,000 | ||||||
Proceeds from term loan | 100,000,000 | $ 0 | ||||||
Repayment of previous term loan | 193,508,000 | 30,500,000 | ||||||
Gain (loss) on early extinguishment of long-term debt | 0 | $ 244,000 | (397,000) | 546,000 | ||||
Amortization of debt issuance costs | 5,238,000 | $ 6,430,000 | ||||||
Term Loan Maturing June 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | 0 | 0 | $ 192,258,000 | |||||
Repayment of previous term loan | $ 180,000,000 | |||||||
Gain (loss) on early extinguishment of long-term debt | $ (400,000) | |||||||
Term Loan Maturing June 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | 100,000,000 | 100,000,000 | 98,750,000 | 98,750,000 | $ 0 | |||
Proceeds from term loan | $ 100,000,000 | |||||||
Frequency of periodic payment | quarterly | |||||||
Term Loan Maturing June 2020 [Member] | First Loan Year [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment (as a percent) | 5.00% | |||||||
Term Loan Maturing June 2020 [Member] | Second Loan Year [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment (as a percent) | 10.00% | |||||||
Term Loan Maturing June 2020 [Member] | Third Loan Year [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment (as a percent) | 15.00% | |||||||
Term Loan Maturing June 2020 [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||||
Term Loan Maturing June 2020 [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 4.25% | |||||||
Term Loan and Revolving Loans [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Jun. 30, 2020 | |||||||
Revolving Credit Facility Maturing June 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | $ 150,000,000 | 150,000,000 | ||||||
Available borrowing capacity | 69,900,000 | 69,900,000 | ||||||
Letters of credit issued | $ 4,000,000 | $ 4,000,000 | ||||||
Commitment fee percentage | 0.50% | |||||||
Amortization of debt issuance costs | 1,600,000 | $ 2,500,000 | ||||||
Revolving Credit Facility Maturing June 2020 [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Revolving Credit Facility Maturing June 2020 [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 3.25% | |||||||
Revolving Credit Facility Maturing June 2020 [Member] | LIBOR [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 2.75% | |||||||
Revolving Credit Facility Maturing June 2020 [Member] | LIBOR [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 4.25% | |||||||
Letter of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity | $ 25,000,000 | 25,000,000 | ||||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Additional commitments | $ 100,000,000 | $ 100,000,000 |
Long-Term Debt - Schedule Of Co
Long-Term Debt - Schedule Of Consolidated Interest Coverage Ratio (Details) | Jun. 30, 2017 |
September 30, 2017 and each fiscal quarter thereafter [Member] | Line of Credit [Member] | |
Debt Instrument [Line Items] | |
Minimum Consolidated Interest Coverage Ratio | 2.5 |
Long-Term Debt - Schedule Of 43
Long-Term Debt - Schedule Of Consolidated Total Leverage Ratio (Details) - Line of Credit [Member] | Jun. 30, 2017 |
September 30, 2017 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 6 |
December 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 5.75 |
March 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 5.50 |
June 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 5.25 |
September 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 5 |
December 31, 2018 through and including March 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 4.50 |
June 30, 2019 through and including September 30, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 4.25 |
December 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 4 |
March 31, 2020 and each fiscal quarter thereafter [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Total or Net Leverage Ratio | 3.50 |
Long-Term Debt - Schedule Of 44
Long-Term Debt - Schedule Of Consolidated Net Leverage Ratio (Details) - Line of Credit [Member] | Sep. 30, 2017 |
September 30, 2017 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 6 |
December 31, 2017 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 5.75 |
March 31, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 5.50 |
June 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 5.25 |
September 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 5 |
December 31, 2018 through and including March 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 4.50 |
June 30, 2019 through and including September 30, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 4.25 |
December 31, 2019 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 4 |
March 31, 2020 and each fiscal quarter thereafter [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Net Leverage Ratio | 3.50 |
Long-Term Debt - Schedule Of 45
Long-Term Debt - Schedule Of Consolidated Secured Leverage Ratio (Details) - Line of Credit [Member] | Jun. 30, 2017 |
September 30, 2017 through and including June 30, 2018 [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Secured Leverage Ratio | 3 |
September 30, 2018 and each fiscal quarter thereafter [Member] | |
Debt Instrument [Line Items] | |
Maximum Consolidated Secured Leverage Ratio | 2.50 |
Long-Term Debt - Schedule Of Un
Long-Term Debt - Schedule Of Unrestricted Cash and Cash Equivalents (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Minimum Cash | $ 100,000,000 | |
Credit Agreement February 2016 Amendment [Member] | Greater than or equal to 4.00 to 1.00 [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | $ 100,000,000 | |
Credit Agreement February 2016 Amendment [Member] | Greater than or equal to 3.50 to 1.00 but less than 4.00 to 1.00 [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | 50,000,000 | |
Credit Agreement February 2016 Amendment [Member] | Less than 3.50 to 1.00 [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Minimum Cash | $ 0 |
Long-Term Debt - Convertible Se
Long-Term Debt - Convertible Senior Notes Due 2022 (Details) $ / shares in Units, $ in Thousands | Nov. 01, 2016USD ($)$ / shares | Mar. 31, 2012USD ($)$ / shares | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 530,508 | |||||
Unamortized debt discount | 15,607 | |||||
Convertible Senior Notes Maturing May 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 125,000 | 125,000 | $ 125,000 | |||
Net proceeds from debt issuance | $ 121,700 | |||||
Interest rate (as a percent) | 4.25% | |||||
Frequency of periodic payment | semi-annually | |||||
Maturity date | May 1, 2022 | |||||
Initial conversion ratio | 0.0719748 | |||||
Initial conversion price per share (in dollars per share) | $ / shares | $ 13.89 | |||||
Redemption price as a percentage of principal amount | 100.00% | |||||
Minimum percentage in aggregate principal amount | 25.00% | |||||
Unamortized debt discount | $ 16,900 | 14,555 | 16,500 | |||
Expected life used to estimate fair value | 5 years 6 months | |||||
Effective interest rate (as a percent) | 7.30% | |||||
Carrying amount of equity component | $ 11,000 | |||||
Convertible Senior Notes Maturing March 2032 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 200,000 | 60,115 | 60,115 | |||
Repurchased principal amount | $ 125,000 | $ 7,600 | $ 7,300 | |||
Interest rate (as a percent) | 3.25% | |||||
Frequency of periodic payment | semi-annually | |||||
Maturity date | Mar. 15, 2032 | |||||
Initial conversion ratio | 0.0399752 | |||||
Initial conversion price per share (in dollars per share) | $ / shares | $ 25.02 | |||||
Redemption price as a percentage of principal amount | 100.00% | |||||
Unamortized debt discount | $ 35,400 | $ 1,052 | $ 2,600 | |||
Expected life used to estimate fair value | 6 years | |||||
Effective interest rate (as a percent) | 6.90% | |||||
Carrying amount of equity component | $ 22,500 |
Long-Term Debt - Convertible 48
Long-Term Debt - Convertible Senior Notes Due 2032 (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2012 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Nov. 01, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 530,508 | $ 530,508 | |||||||
Gain (loss) on early extinguishment of long-term debt | 0 | $ 244 | (397) | $ 546 | |||||
Unamortized debt discount | 15,607 | 15,607 | |||||||
Convertible Senior Notes Maturing March 2032 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 200,000 | 60,115 | 60,115 | $ 60,115 | |||||
Interest rate (as a percent) | 3.25% | ||||||||
Frequency of periodic payment | semi-annually | ||||||||
Maturity date | Mar. 15, 2032 | ||||||||
Initial conversion ratio | 0.0399752 | ||||||||
Initial conversion price per share (in dollars per share) | $ 25.02 | ||||||||
Redemption price as a percentage of principal amount | 100.00% | ||||||||
Repurchase price as a percentage of principal amount | 100.00% | ||||||||
Repurchased principal amount | $ 125,000 | $ 7,600 | $ 7,300 | ||||||
Gain (loss) on early extinguishment of long-term debt | $ 200 | $ 500 | |||||||
Expected life used to estimate fair value | 6 years | ||||||||
Effective interest rate (as a percent) | 6.90% | ||||||||
Carrying amount of equity component | $ 22,500 | ||||||||
Unamortized debt discount | $ 35,400 | $ 1,052 | $ 1,052 | $ 2,600 |
Long-Term Debt - MARAD Debt (De
Long-Term Debt - MARAD Debt (Details) - MARAD Debt Maturing February 2027 [Member] | 1 Months Ended | |
Aug. 31, 2002 | Sep. 30, 2005 | |
Debt Instrument [Line Items] | ||
Guarantor obligations (as a percent) | 50.00% | |
Frequency of periodic payment | semi-annual | |
Maturity date | February 2027 | |
Basis spread on variable rate (as a percent) | 0.20% | |
Interest rate (as a percent) | 4.93% |
Long-Term Debt - Nordea Credit
Long-Term Debt - Nordea Credit Agreement (Details) - Nordea Q5000 Loan Maturing April 2020 [Member] - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 250 | ||
Funded amount | $ 250 | ||
Maturity date | Apr. 30, 2020 | ||
Frequency of periodic payment | quarterly | ||
Scheduled principal installments | $ 8.9 | ||
Balloon payment | $ 80.4 | ||
Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Notional amount | $ 187.5 | ||
Fixed LIBOR rate on interest rate swaps (as a percent) | 1.50% | ||
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 2.50% |
Long-Term Debt - Net Interest E
Long-Term Debt - Net Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 8,336 | $ 10,745 | $ 30,183 | $ 34,224 |
Interest income | (792) | (833) | (2,056) | (1,713) |
Capitalized interest | (3,929) | (3,069) | (12,647) | (7,504) |
Net interest expense | $ 3,615 | $ 6,843 | $ 15,480 | $ 25,007 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | (204.90%) | 24.10% | 5.20% | 26.70% |
U.S. statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||
U.S. statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | |
Foreign provision | (241.50%) | (10.80%) | 2.80% | (8.80%) | |
Change in tax position | 0.00% | 0.00% | (29.30%) | 0.00% | |
Other | 1.60% | (0.10%) | (3.30%) | 0.50% | |
Effective rate | (204.90%) | 24.10% | 5.20% | 26.70% | |
Tax charge related to change in tax position on foreign taxes | $ 6.3 | ||||
Change in tax position on foreign taxes reflected as valuation allowance | 2.8 | ||||
Change in tax position on foreign taxes reflected as prior period tax deduction | $ 3.5 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jan. 10, 2017 | |
Class of Stock [Line Items] | |||
Net proceeds from issuance of common stock | $ 219,504 | $ 94,538 | |
Underwritten Public Equity Offering [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares issued | 26,450,000 | ||
Price per share issued (in dollars per share) | $ 8.65 | ||
Net proceeds from issuance of common stock | $ 220,000 |
Shareholders' Equity - Componen
Shareholders' Equity - Components Of Accumulated OCI (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Cumulative foreign currency translation adjustment | $ (64,048) | $ (78,953) |
Unrealized loss on hedges, net | (8,314) | (18,021) |
Accumulated other comprehensive loss | (72,362) | (96,974) |
Deferred income taxes | $ 4,500 | $ 9,700 |
Earnings Per Share - Computatio
Earnings Per Share - Computations Of Basic And Diluted EPS (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic: | ||||
Net income (loss) | $ 2,290 | $ 11,462 | $ (20,528) | $ (27,032) |
Less: Undistributed earnings allocated to participating securities | (27) | (160) | ||
Undistributed earnings allocated to common shares | $ 2,263 | $ 11,302 | ||
Weighted average number of shares outstanding, basic (in shares) | 145,958 | 113,680 | 145,057 | 109,135 |
Effect of dilutive securities: | ||||
Share-based awards other than participating securities | $ 0 | $ 0 | ||
Undistributed earnings reallocated to participating securities | 0 | 0 | ||
Net income, diluted | $ 2,263 | $ 11,302 | ||
Share-based awards other than participating securities (in shares) | 0 | 0 | ||
Weighted average number of shares outstanding, diluted (in shares) | 145,958 | 113,680 | 145,057 | 109,135 |
Earnings Per Share - Excluded S
Earnings Per Share - Excluded Securities On Diluted Shares Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Diluted shares (as reported) | 145,958 | 113,680 | 145,057 | 109,135 |
Total (in shares) | 145,421 | 109,443 | ||
Share-based Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 364 | 308 |
Earnings Per Share - Potentiall
Earnings Per Share - Potentially Dilutive Shares Excluded From Diluted EPS Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Convertible Senior Notes Maturing May 2022 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 8,997 | 0 | 8,997 | 0 |
Convertible Senior Notes Maturing March 2032 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 2,403 | 7,493 | 2,403 | 7,814 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2017 | Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
2005 Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for issuance (in shares) | 2,400,000 | 2,400,000 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | $ 1.7 | $ 1.4 | $ 5.4 | $ 4.3 | |||
Performance Share Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation | 4 | $ 2.5 | 5.8 | $ 5.3 | |||
Share-based award liability | $ 10.2 | $ 10.2 | $ 7.1 | ||||
Cash paid to settle share-based award liability | $ 0.6 | ||||||
ESPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for issuance (in shares) | 600,000 | 600,000 | |||||
Shares authorized for issuance (in shares) | 1,500,000 | 1,500,000 | |||||
Purchase limit per employee (in shares) | 130 |
Employee Benefit Plans - Share-
Employee Benefit Plans - Share-Based Awards Granted (Details) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Performance Share Units [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Vesting Period | 3 years |
Maximum [Member] | Performance Share Units [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Vesting Percentage | 200.00% |
Minimum [Member] | Performance Share Units [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Vesting Percentage | 0.00% |
January 3, 2017 - 33% per year over three years [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 3, 2017 |
Shares | shares | 671,771 |
Grant Date Fair Value Per Share | $ / shares | $ 8.82 |
Vesting Percentage | 33.00% |
Vesting Period | 3 years |
January 3, 2017 - 100% on January 1, 2020 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 3, 2017 |
Shares | shares | 671,771 |
Grant Date Fair Value Per Share | $ / shares | $ 12.64 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2020 |
January 3, 2017 - 100% on January 1, 2019 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jan. 3, 2017 |
Shares | shares | 9,956 |
Grant Date Fair Value Per Share | $ / shares | $ 8.82 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2019 |
April 3, 2017 - 100% on January 1, 2019 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Apr. 3, 2017 |
Shares | shares | 8,004 |
Grant Date Fair Value Per Share | $ / shares | $ 7.77 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2019 |
July 3, 2017 - 100% on January 1, 2019 [Member] | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |
Date of Grant | Jul. 3, 2017 |
Shares | shares | 14,018 |
Grant Date Fair Value Per Share | $ / shares | $ 5.64 |
Vesting Percentage | 100.00% |
Vesting Date | Jan. 1, 2019 |
Business Segment Information -
Business Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2017segmentvessel | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | segment | 3 |
Robotics [Member] | |
Segment Reporting Information [Line Items] | |
Number of chartered vessels | vessel | 4 |
Business Segment Information 62
Business Segment Information - Summary Of Financial Data By Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 163,260 | $ 161,245 | $ 418,117 | $ 359,551 |
Income (loss) from operations | 4,767 | 21,470 | (7,888) | (18,581) |
Intercompany Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (11,691) | (13,067) | (31,145) | (29,083) |
Income (loss) from operations | 199 | (873) | 641 | (542) |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (10,633) | (10,288) | (29,296) | (28,784) |
Well Intervention [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 111,522 | 108,287 | 299,219 | 214,262 |
Income (loss) from operations | 16,906 | 24,413 | 37,356 | 7,187 |
Well Intervention [Member] | Intercompany Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (3,765) | (2,898) | (8,033) | (5,740) |
Robotics [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 47,049 | 48,897 | 102,078 | 119,805 |
Income (loss) from operations | (9,365) | (94) | (37,313) | (21,667) |
Robotics [Member] | Intercompany Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | (7,926) | (10,169) | (23,112) | (23,343) |
Production Facilities [Member] | Reportable Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 16,380 | 17,128 | 47,965 | 54,567 |
Income (loss) from operations | $ 7,660 | $ 8,312 | $ 20,724 | $ 25,225 |
Business Segment Information 63
Business Segment Information - Summary Of Intercompany Segment Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ (163,260) | $ (161,245) | $ (418,117) | $ (359,551) |
Intercompany Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 11,691 | 13,067 | 31,145 | 29,083 |
Intercompany Elimination [Member] | Well Intervention [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 3,765 | 2,898 | 8,033 | 5,740 |
Intercompany Elimination [Member] | Robotics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 7,926 | $ 10,169 | $ 23,112 | $ 23,343 |
Business Segment Information 64
Business Segment Information - Total Assets By Reportable Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,366,490 | $ 2,246,941 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 270,153 | 305,331 |
Well Intervention [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,774,821 | 1,596,517 |
Robotics [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 179,777 | 186,901 |
Production Facilities [Member] | Reportable Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 141,739 | $ 158,192 |
Commitments And Contingencies65
Commitments And Contingencies And Other Matters - Narrative (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2014vessel | Sep. 30, 2013USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Total investment | $ 2,612,407 | $ 2,450,890 | ||
Q7000 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Contract amount | $ 346,000 | |||
Total investment | 213,600 | |||
Payment of shipyard costs | $ 138,400 | |||
Q7000 [Member] | Contract Signing [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of contract price paid or to be paid | 20.00% | |||
Q7000 [Member] | Due 2016 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of contract price paid or to be paid | 20.00% | |||
Q7000 [Member] | Issuance of Completion Certificate [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of contract price paid or to be paid | 20.00% | |||
Q7000 [Member] | Vessel Delivery [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of contract price paid or to be paid | 40.00% | |||
Monohull Vessels [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of chartered vessels | vessel | 2 | |||
Topside Equipment [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Total investment | $ 304,100 | |||
Siem [Member] | Monohull Vessels [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Term of charter agreement | 7 years | |||
Petrobras [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Term of contract | 4 years |
Fair Value Measurements - Asset
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | $ 19,216 | $ 38,470 |
Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 19,508 | 38,170 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 82 | 751 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 374 | 451 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 0 | 0 |
Level 1 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 19,216 | 38,470 |
Level 2 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 19,508 | 38,170 |
Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 82 | 751 |
Level 2 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 374 | 451 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total net liability | 0 | 0 |
Level 3 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values And Estimated Fair Values Of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Mar. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | $ 530,508 | ||||
Term Loan Maturing June 2020 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 98,750 | $ 100,000 | $ 0 | ||
Fair value | 99,120 | 0 | |||
Term Loan Maturing June 2018 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 0 | 192,258 | |||
Fair value | 0 | 192,258 | |||
Nordea Q5000 Loan Maturing April 2020 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 169,643 | 196,429 | |||
Fair value | 168,583 | 192,746 | |||
MARAD Debt Maturing February 2027 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 77,000 | 83,222 | |||
Fair value | 83,928 | 92,049 | |||
Convertible Senior Notes Maturing May 2022 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 125,000 | 125,000 | $ 125,000 | ||
Fair value | 123,281 | 130,156 | |||
Convertible Senior Notes Maturing March 2032 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 60,115 | 60,115 | $ 200,000 | ||
Fair value | 60,077 | 59,965 | |||
Loan Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value | 530,508 | 657,024 | |||
Fair value | $ 534,989 | $ 667,174 |
Derivative Instruments And He68
Derivative Instruments And Hedging Activities - Narrative (Details) NOK in Millions, $ in Millions | 9 Months Ended | |||||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015NOK | Jun. 30, 2015USD ($) | Feb. 28, 2013USD ($) | Feb. 28, 2013NOK | Jan. 31, 2013USD ($) | Jan. 31, 2013NOK | |
Derivative [Line Items] | ||||||||
Losses in Accumulated OCI to be re-classified within twelve months | $ 4.6 | |||||||
Other Income (Expense), Net [Member] | ||||||||
Derivative [Line Items] | ||||||||
Unrealized losses on hedge ineffectiveness | $ (0.1) | |||||||
Interest Rate Swaps [Member] | Nordea Q5000 Loan Maturing April 2020 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 187.5 | |||||||
Grand Canyon [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 104.6 | NOK 591.3 | ||||||
Grand Canyon II [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | NOK 434.1 | $ 100.4 | NOK 594.7 | |||||
Grand Canyon III [Member] | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | NOK 185.2 | $ 98.8 | NOK 595 |
Derivative Instruments And He69
Derivative Instruments And Hedging Activities - Derivative Instruments Designated As Hedging Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset derivative instruments designated as hedging instruments | $ 374 | $ 451 |
Liability derivative instruments designated as hedging instruments | 13,150 | 28,190 |
Other Assets, Net [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivative instruments designated as hedging instruments | 374 | 451 |
Accrued Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | 82 | 751 |
Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | 6,945 | 14,056 |
Other Noncurrent Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivative instruments designated as hedging instruments | $ 6,123 | $ 13,383 |
Derivative Instruments And He70
Derivative Instruments And Hedging Activities - Derivative Instruments Not Designated As Hedging Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | $ 6,440 | $ 10,731 |
Accrued Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | 2,900 | 3,923 |
Other Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Liability derivative instruments not designated as hedging instruments | $ 3,540 | $ 6,808 |
Derivative Instruments And He71
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Designated As Hedging Instruments on Accumulated OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | $ 3,688 | $ 4,892 | $ 9,707 | $ 9,865 |
Foreign Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | 3,620 | 4,249 | 9,341 | 10,745 |
Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in OCI on Derivative Instruments, Net of Tax (Effective Portion) | $ 68 | $ 643 | $ 366 | $ (880) |
Derivative Instruments And He72
Derivative Instruments And Hedging Activities - Loss Reclassified From Accumulated OCI Into Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | $ (3,383) | $ (3,157) | $ (10,822) | $ (9,651) |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | (3,288) | (2,663) | (10,280) | (8,033) |
Interest Rate Swaps [Member] | Net Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss Reclassified from Accumulated OCI into Earnings (Effective Portion) | $ (95) | $ (494) | $ (542) | $ (1,618) |
Derivative Instruments And He73
Derivative Instruments And Hedging Activities - Impact Of Derivative Instruments Not Designated As Hedging Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain Recognized in Earnings on Derivative Instruments | $ 1,050 | $ 1,309 | $ 1,531 | $ 3,375 |
Foreign Exchange Contracts [Member] | Other Income (Expense), Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain Recognized in Earnings on Derivative Instruments | $ 1,050 | $ 1,309 | $ 1,531 | $ 3,375 |