Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Sep. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'TDW | ' | ' |
Entity Registrant Name | 'TIDEWATER INC | ' | ' |
Entity Central Index Key | '0000098222 | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,730,442 | ' |
Entity Public Float | ' | ' | $2,907,095,275 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $60,359 | $40,569 | |
Trade and other receivables, less allowance for doubtful accounts of $35,737 in 2014 and $46,332 in 2013 | 252,421 | 274,512 | |
Due from Affiliate | 429,450 | 118,926 | |
Marine operating supplies | 57,392 | 62,348 | |
Other current assets | 20,587 | 11,735 | |
Total current assets | 820,209 | 508,090 | |
Investments in, at equity, and advances to unconsolidated companies | 63,928 | 46,047 | |
Properties and equipment: | ' | ' | |
Vessels and related equipment | 4,521,102 | 4,250,169 | |
Other properties and equipment | 97,714 | 83,779 | |
Properties and equipment, gross | 4,618,816 | 4,333,948 | |
Less accumulated depreciation and amortization | 997,208 | 1,144,129 | |
Net properties and equipment | 3,621,608 | 3,189,819 | |
Goodwill | 283,699 | 297,822 | [1] |
Other assets | 96,385 | 126,277 | |
Total assets | 4,885,829 | 4,168,055 | |
LIABILITIES AND EQUITY | ' | ' | |
Accrued property and liability losses | 3,631 | 4,133 | |
Current liabilities: | ' | ' | |
Accounts payable | 74,515 | 59,371 | |
Accrued expenses | 157,302 | 127,012 | |
Due to Affiliate | 86,154 | 36,305 | |
Accrued property and liability losses | 3,631 | 4,133 | |
Current portion of long-term debt | 9,512 | ' | |
Other current liabilities | 70,567 | 39,808 | |
Total current liabilities | 401,681 | 266,629 | |
Long-term debt | 1,505,358 | 1,000,000 | |
Deferred income taxes | 108,929 | 189,763 | |
Other liabilities and deferred credits | 179,204 | 139,074 | |
Commitments and Contingencies (Note 12) | ' | ' | |
Equity: | ' | ' | |
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 49,730,442 shares at March 31, 2014 and 49,485,832 shares at March 31, 2013 | 4,973 | 4,949 | |
Additional paid-in capital | 142,381 | 119,975 | |
Retained earnings | 2,544,255 | 2,453,973 | |
Accumulated other comprehensive loss | -12,225 | -17,141 | |
Total stockholders' equity | 2,679,384 | 2,561,756 | |
Non controlling interests | 5,987 | ' | |
Total equity | 2,685,371 | 2,561,756 | |
Total liabilities and equity | 4,885,829 | 4,168,055 | |
Noncurrent Liabilities | ' | ' | |
LIABILITIES AND EQUITY | ' | ' | |
Accrued property and liability losses | 5,286 | 10,833 | |
Current liabilities: | ' | ' | |
Accrued property and liability losses | $5,286 | $10,833 | |
[1] | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $35,737 | $46,332 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, issued | 49,730,442 | 49,485,832 |
Consolidated_Statements_of_Ear
Consolidated Statements of Earnings (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Revenues: | ' | ' | ' |
Vessel revenues | $1,418,461 | $1,229,998 | $1,060,468 |
Other operating revenues | 16,642 | 14,167 | 6,539 |
Total revenues | 1,435,103 | 1,244,165 | 1,067,007 |
Costs and expenses: | ' | ' | ' |
Vessel operating costs | 795,890 | 692,581 | 620,170 |
Costs of other operating revenues | 15,745 | 12,216 | 7,115 |
General and administrative | 187,976 | 175,609 | 156,570 |
Vessel operating leases | 21,910 | 16,837 | 17,967 |
Depreciation and amortization | 167,480 | 147,299 | 138,356 |
Gain on asset dispositions, net | -11,722 | -6,609 | -17,657 |
Goodwill impairment | 56,283 | ' | 30,932 |
Total costs and expenses | 1,233,562 | 1,037,933 | 953,453 |
Operating income | 201,541 | 206,232 | 113,554 |
Other income (expenses): | ' | ' | ' |
Foreign exchange gain | 1,541 | 3,011 | 3,309 |
Equity in net earnings of unconsolidated companies | 15,801 | 12,189 | 13,041 |
Interest income and other, net | 2,123 | 3,476 | 3,440 |
Loss on early extinguishment of debt | -4,144 | ' | ' |
Interest and other debt costs, net | -43,814 | -29,745 | -22,308 |
Total other income (expenses) | -28,493 | -11,069 | -2,518 |
Earnings before income taxes | 173,048 | 195,163 | 111,036 |
Income tax expense | 32,793 | 44,413 | 23,625 |
Net earnings | $140,255 | $150,750 | $87,411 |
Basic earnings per common share | $2.84 | $3.04 | $1.71 |
Diluted earnings per common share | $2.82 | $3.03 | $1.70 |
Weighted average common shares outstanding | 49,392,749 | 49,550,391 | 51,165,460 |
Dilutive effect of stock options and restricted stock | 287,365 | 183,649 | 264,107 |
Adjusted weighted average common shares | 49,680,114 | 49,734,040 | 51,429,567 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Net earnings | $140,255 | $150,750 | $87,411 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains (losses) on available for sale securities, net of tax of $115, ($200) and ($146), respectively | 213 | -372 | -272 |
Amortization of loss on derivative contract, net of tax of $251, $251 and $251, respectively | 466 | 466 | 467 |
Change in supplemental executive retirement plan pension liability, net of tax of $409, $1,306 and ($693) respectively | 760 | 2,427 | -1,288 |
Change in Pension Plan minimum liability, net of tax of $763, ($290) and $481, respectively | 1,417 | -539 | 894 |
Change in Other Benefit Plan minimum liability, net of tax of $1,109, $111 and ($510), respectively | 2,060 | 207 | -947 |
Total comprehensive income | $145,171 | $152,939 | $86,265 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Unrealized gains(losses) on available-for-sale securities, tax | $115 | ($200) | ($146) |
Amortization of loss on derivative contract, tax | 251 | 251 | 251 |
Change in supplemental executive retirement plan pension liability, tax | 409 | 1,306 | -693 |
Change in Pension Plan minimum liability, tax | 763 | -290 | 481 |
Change in Other Benefit Plan minimum liability, tax | $1,109 | $111 | ($510) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Non controlling interest |
In Thousands | ||||||
Balance at Mar. 31, 2011 | $2,513,944 | $5,188 | $90,204 | $2,436,736 | ($18,184) | ' |
Total comprehensive income | 86,265 | ' | ' | 87,411 | -1,146 | ' |
Stock option activity | 8,114 | 14 | 8,100 | ' | ' | ' |
Cash dividends declared ($1.00 per share) | -51,370 | ' | ' | -51,370 | ' | ' |
Retirement of common stock | -35,015 | -74 | ' | -34,941 | ' | ' |
Amortization of restricted stock units | 272 | ' | 272 | ' | ' | ' |
Amortization/cancellation of restricted stock | 4,147 | -3 | 4,150 | ' | ' | ' |
Balance at Mar. 31, 2012 | 2,526,357 | 5,125 | 102,726 | 2,437,836 | -19,330 | ' |
Total comprehensive income | 152,939 | ' | ' | 150,750 | 2,189 | ' |
Stock option activity | 6,145 | 14 | 6,131 | ' | ' | ' |
Cash dividends declared ($1.00 per share) | -49,766 | ' | ' | -49,766 | ' | ' |
Retirement of common stock | -85,034 | -187 | ' | -84,847 | ' | ' |
Amortization of restricted stock units | 6,711 | 6 | 6,705 | ' | ' | ' |
Amortization/cancellation of restricted stock | 4,404 | -9 | 4,413 | ' | ' | ' |
Balance at Mar. 31, 2013 | 2,561,756 | 4,949 | 119,975 | 2,453,973 | -17,141 | ' |
Total comprehensive income | 145,171 | ' | ' | 140,255 | 4,916 | ' |
Stock option activity | 9,465 | 20 | 9,445 | ' | ' | ' |
Cash dividends declared ($1.00 per share) | -49,973 | ' | ' | -49,973 | ' | ' |
Amortization of restricted stock units | 9,933 | 10 | 9,923 | ' | ' | ' |
Amortization/cancellation of restricted stock | 3,032 | -6 | 3,038 | ' | ' | ' |
Non controlling interests | 5,987 | ' | ' | ' | ' | 5,987 |
Balance at Mar. 31, 2014 | $2,685,371 | $4,973 | $142,381 | $2,544,255 | ($12,225) | $5,987 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Cash dividends, per share declared | $1 | $1 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating activities: | ' | ' | ' |
Net earnings | $140,255 | $150,750 | $87,411 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 167,480 | 147,299 | 138,356 |
Benefit for deferred income taxes | -34,709 | -11,733 | -23,754 |
Reversal of liabilities for uncertain tax positions | ' | ' | -6,021 |
Gain on asset dispositions, net | -11,722 | -6,609 | -17,657 |
Goodwill impairment | 56,283 | ' | 30,932 |
Equity in earnings of unconsolidated companies, net of dividends | -15,801 | 30 | -7,033 |
Compensation expense - stock based | 19,642 | 19,416 | 14,340 |
Excess tax (benefit) liability on stock options exercised | -299 | -278 | 1,190 |
Changes in assets and liabilities, net: | ' | ' | ' |
Trade and other receivables | 13,485 | -38,438 | -33,650 |
Due from affiliate | -310,524 | -44,012 | -4,365 |
Marine operating supplies | 5,715 | -8,498 | -3,102 |
Other current assets | -7,600 | -1,663 | 140 |
Accounts payable | -1,395 | -5,888 | -2,423 |
Accrued expenses | 34,458 | 9,098 | -680 |
Due to affiliate | 49,849 | -12,065 | 29,010 |
Accrued property and liability losses | -429 | 497 | -210 |
Other current liabilities | 10,373 | 4,846 | 8,700 |
Other liabilities and deferred credits | -11,842 | 822 | 7,947 |
Other, net | 1,398 | 10,349 | 3,290 |
Net cash provided by operating activities | 104,617 | 213,923 | 222,421 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales of assets | 51,330 | 27,278 | 42,849 |
Proceeds from sale/leaseback of assets | 270,575 | ' | ' |
Additions to properties and equipment | -594,695 | -440,572 | -357,110 |
Payments for acquisition, net of cash acquired | -127,737 | ' | ' |
Other | -3,158 | -193 | -820 |
Net cash used in investing activities | -403,685 | -413,487 | -315,081 |
Cash flows from financing activities: | ' | ' | ' |
Debt issuance costs | -5,347 | -51 | -295 |
Principal payments on long-term debt | -1,103,054 | -60,000 | -40,000 |
Debt borrowings | 1,465,362 | 110,000 | 290,000 |
Proceeds from exercise of stock options | 6,863 | 3,818 | 5,411 |
Cash dividends | -49,816 | -49,588 | -51,261 |
Excess tax benefit (liability) on stock options exercised | 299 | 278 | -1,190 |
Cash contributions from noncontrolling interests | 4,551 | ' | ' |
Stock repurchases | ' | -85,034 | -35,015 |
Net cash (used in) provided by financing activities | 318,858 | -80,577 | 167,650 |
Net change in cash and cash equivalents | 19,790 | -280,141 | 74,990 |
Cash and cash equivalents at beginning of year | 40,569 | 320,710 | 245,720 |
Cash and cash equivalents at end of year | 60,359 | 40,569 | 320,710 |
Cash paid during the year for: | ' | ' | ' |
Interest | 45,687 | 38,045 | 36,839 |
Interest, net of amounts capitalized | 34,190 | 27,443 | 22,096 |
Income taxes | 59,266 | 54,722 | 49,332 |
Supplemental disclosure of noncash investing activities: | ' | ' | ' |
Additions to properties and equipment | $5,751 | $12,010 | $10,850 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | ||||||||||||||||||
-1 | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||
Nature of Operations | |||||||||||||||||||
The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. | |||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||||||||
Use of Estimates in Preparation of Financial Statements | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, valuation of goodwill, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used, as such, actual results may differ from these estimates. | |||||||||||||||||||
Cash Equivalents | |||||||||||||||||||
The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. | |||||||||||||||||||
Marine Operating Supplies | |||||||||||||||||||
Marine operating supplies, which consist primarily of operating parts and supplies for the company’s vessels, are stated at the lower of weighted-average cost or market. | |||||||||||||||||||
Properties and Equipment | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||
Properties and equipment are stated at cost. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 5%-10% for marine equipment, using estimated useful lives of 15 - 25 years for marine equipment (from date of construction) and 3 - 30 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of earnings. Used equipment is depreciated in accordance with this above policy; however, no life less than six years is used for marine equipment regardless of the date constructed. | |||||||||||||||||||
Maintenance and Repairs | |||||||||||||||||||
Maintenance and repairs (including major repair costs) are expensed as incurred during the asset’s original estimated useful life (its original depreciable life). Major repair costs incurred after the original estimated depreciable life that also have the effect of extending the useful life (for example, the complete overhaul of main engines, the replacement of mechanical components, or the replacement of steel in the vessel’s hull) of the asset are capitalized and amortized over 30 months. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not only for a specific customer contract are capitalized and amortized over the remaining life of the equipment. The majority of the company’s vessels require certification inspections twice in every five year period, and the company schedules major repairs and maintenance, including time the vessel will be in a dry dock, when it is anticipated that the work can be performed. While the actual length of time between major repairs and maintenance and drydockings can vary, in the case of major repairs incurred after a vessel’s original estimated useful life, we use a 30 month amortization period for depreciating the capitalized costs of these major repairs and maintenance and drydockings. | |||||||||||||||||||
Net Properties and Equipment | |||||||||||||||||||
The following is a summary of net properties and equipment at March 31: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Number | Carrying | Number | Carrying | ||||||||||||||||
Of Vessels | Value | Of Vessels | Value | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Vessels in active service | 257 | $ | 3,281,391 | 256 | $ | 2,882,908 | |||||||||||||
Stacked vessels | 15 | 9,743 | 51 | 30,084 | |||||||||||||||
Vessels withdrawn from service | — | — | 2 | 633 | |||||||||||||||
Marine equipment and other assets under construction | 268,189 | 239,287 | |||||||||||||||||
Other property and equipment (A) | 62,285 | 36,907 | |||||||||||||||||
Totals | 272 | $ | 3,621,608 | 309 | $ | 3,189,819 | |||||||||||||
(A) | Other property and equipment includes six remotely operated vehicles the company took delivery of in fiscal 2014. | ||||||||||||||||||
The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at March 31, 2014 and 2013 have an average age of 32.2 and 31.5 years, respectively. A vast majority of vessels stacked at March 31, 2014 are currently being marketed for sale and are not expected to return to the active fleet, primarily due to their age. | |||||||||||||||||||
Vessels withdrawn from service represent those vessels that are not included in the company’s utilization statistics. There are no vessels withdrawn from service at March 31, 2014. Two vessels withdrawn from service at March 31, 2013 had an average age of 32.5 years. | |||||||||||||||||||
All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Stacked vessels and vessels withdrawn from service are reviewed for impairment semiannually or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. | |||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that have not | |||||||||||||||||||
been stacked, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. We also subdivide our groupings of assets with similar operating and marketing characteristics between our older vessels and newer vessels. | |||||||||||||||||||
The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company uses the discounted cash flow method to determine the estimated fair value of each asset group and compares such estimated fair value (considered Level 3), as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 Impairment or Disposal of Long-lived Assets, to the carrying value of each asset group in order to determine if impairment exists. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. | |||||||||||||||||||
The primary estimates and assumptions used in reviewing active vessel groups for impairment include utilization rates, average dayrates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, dayrates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. | |||||||||||||||||||
In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels and vessels withdrawn from service every six months or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. Management estimates each stacked vessel’s fair value by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. In certain situations we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers. The company records an impairment charge when the carrying value of a vessel withdrawn from service or a stacked vessel exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. The company has consistently recorded modest gains on the sale of stacked vessels. Refer to Note (13) for a discussion on asset impairments. | |||||||||||||||||||
Goodwill | |||||||||||||||||||
Goodwill represents the cost in excess of fair value of the net assets of companies acquired. Goodwill primarily relates to the fiscal 1998 acquisition of O.I.L. Ltd. and the fiscal 2014 acquisition of Troms Offshore. The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. The company has the option of assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. In the event that a qualitative assessment indicates that the fair value of a reporting unit exceeds its carrying value the two step impairment test is not necessary. If, however, the assessment of qualitative factors indicates otherwise, the standard two-step method for evaluating goodwill for impairment as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, Intangibles-Goodwill and Other must be performed. Step one involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is greater than the fair value, the second step must be completed to measure the amount of impairment, if any. Step two involves calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss is recognized equal to the difference. | |||||||||||||||||||
During the year ended March 31, 2014, $42.2 million of goodwill related to the acquisition of Troms Offshore was allocated to the Sub-Saharan Africa/Europe segment. The company performed its annual goodwill impairment assessment as of December 31, 2013 and recorded a goodwill impairment charge of $56.3 million related to the Asia/Pacific segment. Refer to Note (16) for a complete discussion of Goodwill. | |||||||||||||||||||
Accrued Property and Liability Losses | |||||||||||||||||||
The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. | |||||||||||||||||||
The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Accrued property and liability losses | $ | 8,917 | 14,966 | ||||||||||||||||
Pension and Other Postretirement Benefits | |||||||||||||||||||
The company follows the provisions of ASC 715, Compensation – Retirement Benefits, and uses a March 31 measurement date for determining net periodic benefit costs, benefit obligations and the fair value of plan assets. Net periodic pension costs and accumulated benefit obligations are determined using a number of assumptions including the discount rates used to measure future obligations and expenses, the rate of compensation increases, retirement ages, mortality rates, expected long-term return on plan assets, health care cost trends, and other assumptions, all of which have a significant impact on the amounts reported. | |||||||||||||||||||
The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. | |||||||||||||||||||
Net periodic benefit costs are based on a market-related valuation of assets equal to the fair value of assets. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (6) for a complete discussion on compensation – retirement benefits. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are not provided on undistributed earnings of certain non-U.S. subsidiaries and business ventures because the company considers those earnings to be permanently invested abroad. Refer to Note (4) for a complete discussion on income taxes. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (average three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. | |||||||||||||||||||
Operating Costs | |||||||||||||||||||
Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major drydocking repair costs, which occur during the initial economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. | |||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||
The U.S. dollar is the functional currency for all of the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. | |||||||||||||||||||
Earnings Per Share | |||||||||||||||||||
The company follows ASC 260, Earnings Per Share and reports both basic earnings per share and diluted earnings per share. The calculation of basic earnings per share is computed based on the weighted average number of shares of common stock outstanding. Dilutive earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of the company’s share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. Refer to Note 10, Earnings Per Share. | |||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||
The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. | |||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
The company follows ASC 718, Compensation – Stock Compensation, for the expensing of stock options and other share-based payments. This topic requires that stock-based compensation transactions be accounted for using a fair-value-based method. The company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. Refer to Note (8) for a complete discussion on stock-based compensation. | |||||||||||||||||||
Comprehensive Income | |||||||||||||||||||
The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income. Total comprehensive income represents the net change in stockholders’ equity during a period from sources other than transactions with stockholders and, as such, includes net earnings. For the company, accumulated other comprehensive income is comprised of unrealized gains and losses on available-for-sale securities and derivative financial instruments, currency translation adjustment and any minimum pension liability for the company’s U.S. Defined Benefits Pension Plan and Supplemental Executive Retirement Plan. Refer to Note (9) for a complete discussion on comprehensive income. | |||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||
The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. | |||||||||||||||||||
The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. | |||||||||||||||||||
For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for financial assets and liabilities that are measured and reported at fair value on a recurring basis. ASC 820 establishes a hierarchy for inputs used in measuring fair value. Fair value is calculated based on assumptions that market participants would use in pricing assets and liabilities and not on assumptions specific to the entity. The statement requires that each asset and liability carried at fair value be classified into one of the following categories: | |||||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets or liabilities | ||||||||||||||||||
Level 2: | Observable market based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||
Level 3: | Unobservable inputs that are not corroborated by market data | ||||||||||||||||||
Reclassifications | |||||||||||||||||||
The company made certain reclassifications to prior period amounts to conform to the current year presentation. These reclassifications did not have a material effect on the consolidated statement of financial position, results of operations or cash flows. | |||||||||||||||||||
Subsequent Events | |||||||||||||||||||
The company evaluates subsequent events through the time of our filing on the date we issue financial statements. | |||||||||||||||||||
Accounting Pronouncements | |||||||||||||||||||
From time to time, new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. | |||||||||||||||||||
In February 2013, the FASB issued ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires entities to present changes in accumulated other comprehensive income by component, including the amounts of changes that are due to reclassifications and the amounts that are due to current period other comprehensive income. Entities are also required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The new guidance was effective for us beginning April 1, 2013 and includes disclosure changes only. |
Acquisition
Acquisition | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Acquisition | ' | ||||||
-2 | ACQUISITION | ||||||
Troms Offshore Supply AS | |||||||
On June 4, 2013, the company, through a subsidiary, acquired Troms Offshore Supply AS, a Norwegian company (Troms Offshore). At the time of the acquisition, Troms Offshore owned four deepwater PSVs, and had two additional deepwater PSVs under construction, one of which was delivered shortly after the acquisition and the other delivered in January 2014. The purchase price (not including transaction costs) consisted of a $150.0 million cash payment to the shareholders of Troms Offshore and the assumption of approximately $261.3 million of combined Troms Offshore obligations, comprised of net interest-bearing debt and the remaining installment payments due on vessels under construction. The company has performed a fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair values resulting in $42.2 million of goodwill, all of which was allocated to our Sub-Saharan Africa/Europe segment. | |||||||
The following table summarizes the allocation of the purchase price for the acquisition of Troms Offshore: | |||||||
(In thousands) | |||||||
Cash | $ | 22,263 | |||||
Trade receivables and other current assets | 9,816 | ||||||
Vessels | 245,605 | ||||||
Goodwill | 42,160 | ||||||
Payable and other liabilities | (13,020 | ) | |||||
Notes payable | (156,824 | ) | |||||
Total purchase price | $ | 150,000 | |||||
The effect of the acquisition on pro forma results of operations and the condensed consolidated statement of operations for the years ended March 31, 2014 and 2013 are immaterial and therefore not presented. |
Investment_in_Unconsolidated_C
Investment in Unconsolidated Companies | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Investment in Unconsolidated Companies | ' | ||||||||||||||
-3 | INVESTMENT IN UNCONSOLIDATED COMPANIES | ||||||||||||||
Investments in unconsolidated affiliates, generally 50% or less owned partnerships and corporations, are accounted for by the equity method. Under the equity method, the assets and liabilities of the unconsolidated | |||||||||||||||
joint venture companies are not consolidated in the company’s consolidated balance sheet. | |||||||||||||||
Investments in, at equity, and advances to unconsolidated joint venture companies at March 31, were as follows: | |||||||||||||||
(In thousands) | Percentage | 2014 | 2013 | ||||||||||||
Ownership | |||||||||||||||
Sonatide Marine, Ltd. (Angola) | 49 | % | $ | 62,126 | 46,047 | ||||||||||
DTDW Holdings, Ltd. (Nigeria) | 40 | % | 1,802 | — | |||||||||||
Investments in, at equity, and advances to unconsolidated companies | $ | 63,928 | 46,047 | ||||||||||||
During the third quarter of fiscal 2014, the company advanced $1.9 million to a 40%-owned unconsolidated joint venture company located in Nigeria. The company also sold a vessel to this unconsolidated joint venture company for $23.3 million, and recognized a gain in the third quarter of fiscal 2014 of $7.9 million and a deferred gain of $5.2 million based on proportional ownership of the joint venture. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
-4 | INCOME TAXES | ||||||||||||||||||
Earnings before income taxes derived from United States and non-U.S. operations for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Non-U.S. | $ | 217,816 | 246,863 | 148,369 | |||||||||||||||
United States | (44,768 | ) | (51,700 | ) | (37,333 | ) | |||||||||||||
$ | 173,048 | 195,163 | 111,036 | ||||||||||||||||
Income tax expense (benefit) for the years ended March 31, consists of the following: | |||||||||||||||||||
U.S. | |||||||||||||||||||
(In thousands) | Federal | State | International | Total | |||||||||||||||
2014 | |||||||||||||||||||
Current | $ | (602 | ) | 4 | 68,100 | 67,502 | |||||||||||||
Deferred | (34,226 | ) | — | (483 | ) | (34,709 | ) | ||||||||||||
$ | (34,828 | ) | 4 | 67,617 | 32,793 | ||||||||||||||
2013 | |||||||||||||||||||
Current | $ | (7,633 | ) | (313 | ) | 64,092 | 56,146 | ||||||||||||
Deferred | (11,335 | ) | — | (398 | ) | (11,733 | ) | ||||||||||||
$ | (18,968 | ) | (313 | ) | 63,694 | 44,413 | |||||||||||||
2012 | |||||||||||||||||||
Current | $ | (5,009 | ) | (558 | ) | 54,363 | 48,796 | ||||||||||||
Deferred | (24,545 | ) | — | (626 | ) | (25,171 | ) | ||||||||||||
$ | (29,554 | ) | (558 | ) | 53,737 | 23,625 | |||||||||||||
The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following for the years ended March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Computed “expected” tax expense | $ | 60,567 | 68,307 | 38,863 | |||||||||||||||
Increase (reduction) resulting from: | |||||||||||||||||||
Resolution of uncertain tax positions | — | — | (4,187 | ) | |||||||||||||||
Foreign income taxed at different rates | (18,536 | ) | (23,965 | ) | (13,504 | ) | |||||||||||||
Foreign tax credits not previously recognized | (483 | ) | (398 | ) | (626 | ) | |||||||||||||
Expenses which are not deductible for tax purposes | 3,661 | 498 | 2,889 | ||||||||||||||||
Reversal of basis difference – sale leaseback | (3,369 | ) | — | — | |||||||||||||||
Valuation allowance – foreign tax credits | (5,821 | ) | 5,821 | — | |||||||||||||||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | (1,475 | ) | (6,232 | ) | 326 | ||||||||||||||
Expenses which are not deductible for book purposes | (2,144 | ) | — | — | |||||||||||||||
State taxes | 3 | (203 | ) | (363 | ) | ||||||||||||||
Other, net | 390 | 585 | 227 | ||||||||||||||||
$ | 32,793 | 44,413 | 23,625 | ||||||||||||||||
Income taxes resulting from intercompany vessel sales, as well as the tax effect of any reversing temporary differences resulting from the sales, are deferred and amortized on a straight-line basis over the remaining useful lives of the vessels. | |||||||||||||||||||
The company is not liable for U.S. taxes on undistributed earnings of most of its non-U.S. subsidiaries and business ventures that it considers indefinitely reinvested abroad because the company adopted the provisions of the American Jobs Creation Act of 2004 (the Act) effective April 1, 2005. All previously recorded deferred tax assets and liabilities related to temporary differences, foreign tax credits, or prior undistributed earnings of these entities whose future and prior earnings were anticipated to be indefinitely reinvested abroad were reversed in March 2005. | |||||||||||||||||||
The effective tax rate applicable to pre-tax earnings for the years ended March 31, is as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Effective tax rate applicable to pre-tax earnings | 18.95 | % | 22.76 | % | 21.28 | % | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Accrued employee benefit plan costs | $ | 21,423 | 18,162 | ||||||||||||||||
Stock based compensation | 7,162 | 6,451 | |||||||||||||||||
Net operating loss and tax credit carryforwards | 2,895 | 45,640 | |||||||||||||||||
Other | 2,896 | 8,673 | |||||||||||||||||
Gross deferred tax assets | 34,376 | 78,926 | |||||||||||||||||
Less valuation allowance | — | 5,821 | |||||||||||||||||
Net deferred tax assets | 34,376 | 73,105 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation and amortization | (108,929 | ) | (189,763 | ) | |||||||||||||||
Gross deferred tax liabilities | (108,929 | ) | (189,763 | ) | |||||||||||||||
Net deferred tax liabilities | $ | (74,553 | ) | (116,658 | ) | ||||||||||||||
The company has not recognized a U.S. deferred tax liability associated with temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. The differences relate primarily to undistributed earnings and stock basis differences. Though the company does not anticipate repatriation of funds, a current U.S. tax liability would be recognized when the company receives those foreign funds in a taxable manner such as through receipt of dividends or sale of investments. A determination of the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries is not practicable due to uncertainty regarding the use of foreign tax credits which would become available as a result of a transaction. | |||||||||||||||||||
The amount of foreign income that U.S. deferred taxes has not been recognized upon, as of March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Foreign income not recognized for U.S. deferred taxes | $ | 2,374,503 | |||||||||||||||||
The company has the following foreign tax credit carry-forwards that expire in 2022. | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Foreign tax credit carry-forwards | $ | 2,895 | |||||||||||||||||
The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes at March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Tax liabilities for uncertain tax positions | $ | 18,008 | 14,269 | ||||||||||||||||
Income tax payable | 36,472 | 30,906 | |||||||||||||||||
Included in the liability balances for uncertain tax positions above are $9.2 million of penalties and interest. The tax liabilities for uncertain tax positions are primarily attributable to a permanent establishment issue related to a foreign joint venture. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. As a result of the anticipated settling of a tax dispute, the company believes it is reasonably possible that it will make a tax payment that will result in a decrease of income tax payable of up to $4 million within the next twelve months. | |||||||||||||||||||
Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized, at March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Unrecognized tax benefit related to state tax issues | $ | 11,230 | |||||||||||||||||
Interest receivable on unrecognized tax benefit related to state tax issues | 24 | ||||||||||||||||||
A reconciliation of the beginning and ending amount of all unrecognized tax benefits, including the unrecognized tax benefit related to state tax issues and the liability for uncertain tax positions (but excluding related penalties and interest) for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Balance at April 1, | $ | 14,868 | 15,727 | 15,220 | |||||||||||||||
Additions based on tax positions related to the current year | 4,393 | 2,041 | 2,813 | ||||||||||||||||
Additions based on tax positions related to prior years | 2,217 | — | — | ||||||||||||||||
Reductions for tax positions of prior years | (1,412 | ) | (2,900 | ) | (1,375 | ) | |||||||||||||
Exchange rate fluctuation | — | — | — | ||||||||||||||||
Settlement and lapse of statute of limitations | — | — | (931 | ) | |||||||||||||||
Balance at March 31, | $ | 20,066 | 14,868 | 15,727 | |||||||||||||||
With limited exceptions, the company is no longer subject to tax audits by United States (U.S.) federal, state, local or foreign taxing authorities for years prior to 2006. The company has ongoing examinations by various state and foreign tax authorities and does not believe that the results of these examinations will have a material adverse effect on the company’s financial position or results of operations. | |||||||||||||||||||
The company receives a tax benefit that is generated by certain employee stock benefit plan transactions. This benefit is recorded directly to additional paid-in-capital and does not reduce the company’s effective income tax rate. The tax benefit for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Excess tax benefits on stock benefit transactions | $ | 301 | 359 | 738 |
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Indebtedness | ' | ||||||||||||||
-5 | INDEBTEDNESS | ||||||||||||||
Revolving Credit and Term Loan Agreement | |||||||||||||||
In June 2013, the company amended and extended its existing credit facility. The amended credit agreement matures in June 2018 (the “Maturity Date”) and provides for a $900 million, five-year credit facility (“credit facility”) consisting of a (i) $600 million revolving credit facility (the “revolver”) and a (ii) $300 million term loan facility (“term loan”). | |||||||||||||||
Borrowings under the credit facility are unsecured and bear interest at the company’s option at (i) the greater of prime or the federal funds rate plus 0.25 to 1.00%, or (ii) Eurodollar rates, plus margins ranging from 1.25 to 2.00% based on the company’s consolidated funded debt to capitalization ratio. Commitment fees on the unused portion of the facilities range from 0.15 to 0.30% based on the company’s funded debt to total capitalization ratio. The credit facility requires that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%, and maintain a consolidated interest coverage ratio (essentially consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four prior fiscal quarters to consolidated interest charges, including capitalized interest, for such period) of not less than 3.0 to 1.0. All other terms, including the financial and negative covenants, are customary for facilities of its type and consistent with the prior agreement in all material respects. | |||||||||||||||
The company had $300 million in term loan borrowings outstanding at March 31, 2014 (whose fair value approximates the carrying value because the borrowings bear interest at variable rates), and has the entire $600.0 million available under the revolver to fund future liquidity needs at March 31, 2014. The company had $125 million of term loan borrowings and $110 million of revolver borrowings outstanding at March 31, 2013. These estimated fair values are based on Level 2 inputs. | |||||||||||||||
Senior Debt Notes | |||||||||||||||
The determination of fair value includes an estimated credit spread between our long term debt and treasuries with similar matching expirations. The credit spread is determined based on comparable publicly traded companies in the oilfield service segment with similar credit ratings. These estimated fair values are based on Level 2 inputs. | |||||||||||||||
September 2013 Senior Notes | |||||||||||||||
On September 30, 2013, the company executed a note purchase agreement for $500 million and issued $300 million of senior unsecured notes to a group of institutional investors. The company issued the remaining $200 million of senior unsecured notes on November 15, 2013. A summary of these outstanding notes at March 31, 2014, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | March 31, | ||||||||||||||
2014 | |||||||||||||||
Aggregate debt outstanding | $ | 500,000 | |||||||||||||
Weighted average remaining life in years | 9.4 | ||||||||||||||
Weighted average coupon rate on notes outstanding | 4.86 | % | |||||||||||||
Fair value of debt outstanding | 520,979 | ||||||||||||||
The multiple series of notes totaling $500 million were issued with maturities ranging from approximately seven to 12 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55% and maintain a ratio of consolidated EBITDA to consolidated interest charges, including capitalized interest, of not less than 3.0 to 1.0. | |||||||||||||||
August 2011 Senior Notes | |||||||||||||||
On August 15, 2011, the company issued $165 million of senior unsecured notes to a group of institutional investors. A summary of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 165,000 | 165,000 | ||||||||||||
Weighted average remaining life in years | 6.6 | 7.6 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.42 | % | 4.42 | % | |||||||||||
Fair value of debt outstanding | 168,653 | 179,802 | |||||||||||||
The multiple series of notes were originally issued with maturities ranging from approximately eight to 10 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%. | |||||||||||||||
September 2010 Senior Notes | |||||||||||||||
In fiscal 2011, the company completed the sale of $425 million of senior unsecured notes. A summary of the aggregate amount of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 425,000 | 425,000 | ||||||||||||
Weighted average remaining life in years | 5.6 | 6.6 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.25 | % | 4.25 | % | |||||||||||
Fair value of debt outstanding | 436,254 | 458,520 | |||||||||||||
The multiple series of these notes were originally issued with maturities ranging from five to 12 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%. | |||||||||||||||
Included in accumulated other comprehensive income at March 31, 2014 and 2013, is an after-tax loss of $2.4 million ($3.7 million pre-tax), and $2.9 million ($4.4 million pre-tax), respectively, relating to the purchase of interest rate hedges, which are cash flow hedges, in July 2010 in connection with the September 2010 senior notes offering. The interest rate hedges settled in August 2010 concurrent with the pricing of the senior unsecured notes. The hedges met the effectiveness criteria and their acquisition costs are being amortized to interest expense over the term of the individual notes matching the term of the hedges to interest expense. | |||||||||||||||
July 2003 Senior Notes | |||||||||||||||
In July 2003, the company completed the sale of $300 million of senior unsecured notes. A summary of the aggregate amount of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 35,000 | 175,000 | ||||||||||||
Weighted average remaining life in years | 1.3 | 0.7 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.61 | % | 4.47 | % | |||||||||||
Fair value of debt outstanding | 36,018 | 178,227 | |||||||||||||
The multiple series of notes were originally issued with maturities ranging from seven to 12 years. These notes can be retired in whole or in part prior to maturity for a redemption price equal to the principal amount of the notes redeemed plus a customary make-whole premium. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%. | |||||||||||||||
Troms Offshore Debt | |||||||||||||||
In January 2014, Troms Offshore entered into a new 300 million NOK, 12 year unsecured borrowing agreement which matures in January 2026. The loan requires semi-annual principal payments of 12.5 million NOK (plus accrued interest) and bears interest at a fixed rate of 2.31% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.50% for a total all-in rate of 3.81%). As of March 31, 2014, 300.0 million NOK (approximately $50.0 million) is outstanding under this agreement. | |||||||||||||||
In May 2012, Troms Offshore entered into a 204.4 million NOK denominated borrowing agreement which matures in May 2024. The loan requires semi-annual principal payments of 8.5 million NOK (plus accrued interest), bears interest at a fixed rate of 6.38% and is secured by certain guarantees and various types of collateral, including a vessel. As of March 31, 2014, 178.9 million NOK (approximately $29.8 million) is outstanding under this agreement. In January 2014, the loan was amended to, among other things, change the interest rate to a fixed rate equal to 3.88% plus a premium based on Tidewater’s funded indebtedness to capitalization ratio (currently equal to 1.50% for a total all-in rate of 5.38%), change the borrower, change the export creditor guarantor, and to replace the vessel security with a company guarantee. | |||||||||||||||
In May 2012, Troms Offshore entered into a 35.0 million NOK denominated borrowing agreement with a shipyard which matures in May 2015. In June 2013, Troms Offshore entered into a 25.0 million NOK denominated borrowing agreement a Norwegian Bank, which matures in June 2019. These borrowings bear interest based on three month NIBOR plus a credit spread of 2.0% to 3.5%. As of March 31, 2014 60.0 million NOK (approximately $10.0 million) is outstanding under these agreements. | |||||||||||||||
Troms Offshore had 60.0 million NOK, or approximately $10.0 million, outstanding in floating rate debt at March 31, 2014 (whose fair value approximates the carrying value because the borrowings bear interest at variable NIBOR rates plus a margin). Troms Offshore also had 478.9 million NOK, or $79.9 million, of outstanding fixed rate debt at March 31, 2014, which has an estimated fair value of 477.5 million NOK, or $79.6 million. These estimated fair values are based on Level 2 inputs. | |||||||||||||||
In June 2013, Troms Offshore repaid a 188.9 million NOK loan (approximately $32.5 million), plus accrued interest that was secured with various guarantees and collateral, including a vessel. | |||||||||||||||
During the second quarter of fiscal 2014, the company repaid prior to maturity 500 million Norwegian Kroner (NOK) denominated (approximately $82.1 million) public bonds (plus accrued interest) that had been issued by Troms Offshore in April 2013. The repayment of these bonds, at an average price of approximately 105.0% of par value, resulted in the recognition of a loss on early extinguishment of debt of approximately 26 million NOK (approximately $4.1 million). | |||||||||||||||
Summary of Long-Term Debt Outstanding | |||||||||||||||
The following table summarizes debt outstanding at March 31: | |||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||
4.44% July 2003 senior notes due fiscal 2014 | $ | — | 140,000 | ||||||||||||
4.61% July 2003 senior notes due fiscal 2016 | 35,000 | 35,000 | |||||||||||||
3.28% September 2010 senior notes due fiscal 2016 | 42,500 | 42,500 | |||||||||||||
3.90% September 2010 senior notes due fiscal 2018 | 44,500 | 44,500 | |||||||||||||
3.95% September 2010 senior notes due fiscal 2018 | 25,000 | 25,000 | |||||||||||||
4.12% September 2010 senior notes due fiscal 2019 | 25,000 | 25,000 | |||||||||||||
4.17% September 2010 senior notes due fiscal 2019 | 25,000 | 25,000 | |||||||||||||
4.33% September 2010 senior notes due fiscal 2020 | 50,000 | 50,000 | |||||||||||||
4.51% September 2010 senior notes due fiscal 2021 | 100,000 | 100,000 | |||||||||||||
4.56% September 2010 senior notes due fiscal 2021 | 65,000 | 65,000 | |||||||||||||
4.61% September 2010 senior notes due fiscal 2023 | 48,000 | 48,000 | |||||||||||||
4.06% August 2011 senior notes due fiscal 2019 | 50,000 | 50,000 | |||||||||||||
4.54% August 2011 senior notes due fiscal 2022 | 65,000 | 65,000 | |||||||||||||
4.64% August 2011 senior notes due fiscal 2022 | 50,000 | 50,000 | |||||||||||||
4.26% September 2013 senior notes due fiscal 2021 | 123,000 | — | |||||||||||||
5.01% September 2013 senior notes due fiscal 2024 | 250,000 | — | |||||||||||||
5.16% September 2013 senior notes due fiscal 2026 | 127,000 | — | |||||||||||||
NOK denominated notes due fiscal 2025 | 29,837 | — | |||||||||||||
NOK denominated notes due fiscal 2026 | 50,028 | — | |||||||||||||
NOK denominated borrowing agreement due fiscal 2015 | 5,837 | — | |||||||||||||
NOK denominated borrowing agreement due fiscal 2019 | 4,168 | — | |||||||||||||
Term Loan | 300,000 | 125,000 | |||||||||||||
Revolving line of credit | — | 110,000 | |||||||||||||
$ | 1,514,870 | 1,000,000 | |||||||||||||
Less: Current maturities of long-term debt | 9,512 | — | |||||||||||||
Total | $ | 1,505,358 | 1,000,000 | ||||||||||||
Debt Costs | |||||||||||||||
The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized, for the years ended March 31, are as follows: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ | 43,814 | 29,745 | 22,308 | |||||||||||
Interest costs capitalized | 11,497 | 10,602 | 14,743 | ||||||||||||
Total interest and debt costs | $ | 55,311 | 40,347 | 37,051 | |||||||||||
Employee_Retirement_Plans
Employee Retirement Plans | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Employee Retirement Plans | ' | ||||||||||||||||||||||||||
-6 | EMPLOYEE RETIREMENT PLANS | ||||||||||||||||||||||||||
U.S. Defined Benefit Pension Plan | |||||||||||||||||||||||||||
The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Benefits are based on years of service and employee compensation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. On that date, previously accrued pension benefits under the pension plan were frozen for the approximately 60 active employees who participated in the plan. As of March 31, 2014, approximately 48 employees are covered by this plan. This change did not affect benefits earned by participants prior to January 1, 2011. Active employees who previously accrued benefits under the pension plan continue to accrue benefits as participants in the company’s defined contribution retirement plan effective January 1, 2011. The transfer of employee benefits from a defined benefit pension plan to a defined contribution plan have provided the company with more predictable retirement plan costs and cash flows. The company’s future benefit obligations and requirements for cash contributions for the frozen pension plan have also been reduced. Losses associated with the curtailment of the pension plan were immaterial. No amounts were contributed to the defined benefit pension plan during fiscal 2014 and 2013. Management is working with its actuary to determine if a contribution will be necessary during fiscal 2015. | |||||||||||||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||||||||||
The company also offers a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not Tidewater stock), are recorded at fair value with unrealized gains or losses included in other comprehensive income. Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company did not contribute to the supplemental plan during fiscal 2014 and 2013. Management has not made any decision on funding the plan during fiscal 2015. | |||||||||||||||||||||||||||
As a result of the May 31, 2012 retirement of Dean E. Taylor, former President and Chief Executive Officer of Tidewater Inc., Mr. Taylor received in December 2012 a $13.0 million lump sum distribution in full settlement and discharge of his supplemental executive retirement plan benefit. A settlement loss of $5.2 million related to this distribution was recorded in general and administrative expenses during the quarter ended December 31, 2012. The settlement loss is the result of the recognition of previously unrecognized actuarial losses that were being amortized over time from accumulated other comprehensive income to pension expense. As a result of the December 2012 lump sum distribution, a portion of the previously unrecognized actuarial losses was required to be recognized in earnings in the current quarter in accordance with ASC 715. | |||||||||||||||||||||||||||
Investments held in a Rabbi Trust in the supplemental plan are included in other assets at fair value. The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Investments held in Rabbi Trust | $ | 10,285 | 10,486 | ||||||||||||||||||||||||
Unrealized (loss) gains in carrying value of trust assets | 92 | (121 | ) | ||||||||||||||||||||||||
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of | 49 | (65 | ) | ||||||||||||||||||||||||
Obligations under the supplemental plan | 21,918 | 21,431 | |||||||||||||||||||||||||
The unrealized gains or losses in the carrying value of the trust assets, net of income tax expense, are included in accumulated other comprehensive income (other stockholders’ equity). To the extent that trust assets are liquidated to fund benefit payments, gains or losses, if any, will be recognized at that time. The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities and deferred credits’ on the consolidated balance sheet. | |||||||||||||||||||||||||||
Postretirement Benefit Plan | |||||||||||||||||||||||||||
Qualified retired employees currently are covered by a program which provides limited health care and life insurance benefits. Costs of the program are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments as benefits are required. | |||||||||||||||||||||||||||
Investment Strategies | |||||||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||||
The obligations of our pension plan are supported by assets held in a trust for the payment of future benefits. The company is obligated to adequately fund the trust. For the pension plan assets, the company has the following primary investment objectives: (1) closely match the cash flows from the plan’s investments from interest payments and maturities with the payment obligations from the plan’s liabilities; (2) closely match the duration of plan assets with the duration of plan liabilities and (3) enhance the plan’s investment returns without taking on undue risk by industries, maturities or geographies of the underlying investment holdings. | |||||||||||||||||||||||||||
If the plan assets are less than the plan liabilities, the pension plan assets will be invested exclusively in fixed income debt securities. Any investments in corporate bonds shall be at least investment grade, while mortgage and asset-backed securities must be rated “A” or better. If an investment is placed on credit watch, or is | |||||||||||||||||||||||||||
downgraded to a level below the investment grade, the holding will be liquidated, even at a loss, in a reasonable time period. The plan will only hold investments in equity securities if the plan assets exceed the estimated plan liabilities. | |||||||||||||||||||||||||||
The cash flow requirements of the pension plan will be analyzed at least annually. Portfolio repositioning will be required when material changes to the plan liabilities are identified and when opportunities arise to better match cash flows with the known liabilities. Additionally, trades will occur when opportunities arise to improve the yield-to-maturity or credit quality of the portfolio. | |||||||||||||||||||||||||||
The company’s policy for the pension plan is to contribute no less than the minimum required contribution by law and no more than the maximum deductible amount. The plan does not invest in Tidewater stock. | |||||||||||||||||||||||||||
Supplemental Plan | |||||||||||||||||||||||||||
The investment policy of the supplemental plan is to assess the historical returns and risk associated with alternative investment strategies to achieve an expected rate of return on plan assets. The objectives of the plan are designed to maximize total returns within prudent parameters of risk for a retirement plan of this type. The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: | |||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||
Expected | Expected Rate | ||||||||||||||||||||||||||
Rate of Return | of Return | ||||||||||||||||||||||||||
on Plan Assets | on Plan Assets | ||||||||||||||||||||||||||
Equity securities | 5% | 7% | |||||||||||||||||||||||||
Debt securities | 1% | 3% | |||||||||||||||||||||||||
Cash and cash equivalents | 0% | 1% | |||||||||||||||||||||||||
Whereas fluctuating rates of return are characteristic of the securities markets, the investment objective of the supplemental plan is to achieve investment returns sufficient to meet the actuarial assumptions. This is defined as an investment return greater than the current actuarial discount rate assumption of 4.75%, which is subject to annual upward or downward revisions. | |||||||||||||||||||||||||||
The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: | |||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||
Market Value | Market Value | ||||||||||||||||||||||||||
Objective for | Objective for | ||||||||||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||||
Equity securities | 55% | 75% | |||||||||||||||||||||||||
Debt securities | 25% | 45% | |||||||||||||||||||||||||
Percentage of debt securities allowed in below investment grade bonds | 0% | 20% | |||||||||||||||||||||||||
Cash and cash equivalents | 0% | 10% | |||||||||||||||||||||||||
Equity holdings shall be restricted to issues of corporations that are actively traded on the major U.S. exchanges and NASDAQ. Debt security investments may include all securities issued by the U.S. Treasury or other federal agencies and investment grade corporate bonds. When a particular asset class exceeds its minimum or maximum allocation ranges, rebalancing will be addressed upon review of the quarterly performance reports and as cash contributions and withdrawals are made. | |||||||||||||||||||||||||||
Pension and Supplemental Plan Asset Allocations | |||||||||||||||||||||||||||
The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: | |||||||||||||||||||||||||||
Target | Actual as of | Actual as of | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||||
Equity securities | — | — | — | ||||||||||||||||||||||||
Debt securities | 100 | % | 96 | % | 98 | % | |||||||||||||||||||||
Cash and other | — | 4 | % | 2 | % | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
Supplemental plan: | |||||||||||||||||||||||||||
Equity securities | 65 | % | 60 | % | 60 | % | |||||||||||||||||||||
Debt securities | 35 | % | 37 | % | 35 | % | |||||||||||||||||||||
Cash and other | — | 3 | % | 5 | % | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
Significant Concentration Risks | |||||||||||||||||||||||||||
The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2014, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | |||||||||||||||||||||||||||
The pension plan assets are primarily invested in debt securities with no more than the greater of 5% of the fixed income portfolio or $2.5 million being invested in the securities of a single issuer, except investments in U.S. Treasury and other federal agency obligations. In the event that plan assets exceed the estimated plan liabilities for the pension plan, up to two times the difference between the plan assets and plan liabilities may be invested in equity securities, and so long as equities do not exceed 15% of the market value of the assets. The investment policy sets forth that the maximum single investment of the equity portfolio is 5% of the portfolio market value. Further, investments in foreign securities are restricted to American Depository Receipts (ADR) and stocks listed on the U.S. stock exchanges and may not exceed 10% of the equity portfolio. | |||||||||||||||||||||||||||
The current diversification policy for the supplemental plan sets forth that equity securities in any single industry sector shall not exceed 25% of the equity portfolio market value and shall not exceed 10% market value of the equity portfolio for equity holdings in any single corporation. Additionally, debt securities should be diversified between issuers within each sector with no one issuer comprising more than 10% of the aggregate fixed income portfolio, excluding issues of the U.S. Treasury or other federal agencies. | |||||||||||||||||||||||||||
Fair Value of Pension Plan and Supplemental Plan Assets | |||||||||||||||||||||||||||
The fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2014, are as follows: | |||||||||||||||||||||||||||
(In thousands) | Fair Value | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active | observable | unobservable | |||||||||||||||||||||||||
markets | inputs | inputs | |||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
Pension plan measured at fair value: | |||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government securities | $ | 2,935 | 2,935 | — | — | ||||||||||||||||||||||
Corporate debt securities | 50,113 | — | 50,113 | — | |||||||||||||||||||||||
Foreign debt securities | 1,443 | — | 1,443 | — | |||||||||||||||||||||||
Cash and cash equivalents | 1,511 | — | 1,511 | — | |||||||||||||||||||||||
Total | $ | 56,002 | 2,935 | 53,067 | — | ||||||||||||||||||||||
Accrued income | 894 | 894 | — | — | |||||||||||||||||||||||
Total fair value of plan assets | $ | 56,896 | 3,829 | 53,067 | — | ||||||||||||||||||||||
Supplemental plan measured at fair value: | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 4,141 | 4,141 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 231 | 231 | — | — | |||||||||||||||||||||||
American depository receipts | 1,809 | 1,809 | — | — | |||||||||||||||||||||||
Preferred American depository receipts | 15 | 15 | — | — | |||||||||||||||||||||||
Real estate investment trusts | 38 | 38 | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 1,975 | 1,363 | 612 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,797 | 1,797 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 369 | 57 | 312 | — | |||||||||||||||||||||||
Total | $ | 10,375 | 9,451 | 924 | — | ||||||||||||||||||||||
Other pending transactions | (90 | ) | (90 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,285 | 9,361 | 924 | — | ||||||||||||||||||||||
The following table provides the fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2013: | |||||||||||||||||||||||||||
(In thousands) | Fair Value | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active | observable | unobservable | |||||||||||||||||||||||||
markets | inputs | inputs | |||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
Pension plan measured at fair value: | |||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government securities | $ | 3,142 | 3,142 | — | — | ||||||||||||||||||||||
Corporate debt securities | 53,352 | — | 53,352 | — | |||||||||||||||||||||||
Foreign debt securities | 1,416 | — | 1,416 | — | |||||||||||||||||||||||
Cash and cash equivalents | 614 | — | 614 | — | |||||||||||||||||||||||
Total | $ | 58,524 | 3,142 | 55,382 | — | ||||||||||||||||||||||
Accrued income | 907 | 907 | — | — | |||||||||||||||||||||||
Total fair value of plan assets | $ | 59,431 | 4,049 | 55,382 | — | ||||||||||||||||||||||
Supplemental plan measured at fair value: | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 4,240 | 4,240 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 285 | 285 | — | — | |||||||||||||||||||||||
American depository receipts | 1,811 | 1,811 | — | ||||||||||||||||||||||||
Preferred American depository receipts | 16 | 16 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 2,007 | 1,240 | 767 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,743 | 1,743 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 533 | 93 | 440 | — | |||||||||||||||||||||||
Total | $ | 10,635 | 9,428 | 1,207 | — | ||||||||||||||||||||||
Other pending transactions | (149 | ) | (149 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,486 | 9,279 | 1,207 | — | ||||||||||||||||||||||
Plan Assets and Obligations | |||||||||||||||||||||||||||
Changes in plan assets and obligations during the years ended March 31, 2014 and 2013 and the funded status of the U.S. defined benefit pension plan and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”) at March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 88,238 | 93,356 | 29,006 | 29,262 | ||||||||||||||||||||||
Service cost | 790 | 983 | 405 | 475 | |||||||||||||||||||||||
Interest cost | 3,581 | 4,098 | 1,048 | 1,235 | |||||||||||||||||||||||
Participant contributions | — | — | 436 | 428 | |||||||||||||||||||||||
ERRP reimbursement | — | — | (26 | ) | 274 | ||||||||||||||||||||||
Plan settlement | — | (13,046 | ) | — | — | ||||||||||||||||||||||
Benefits paid | (4,250 | ) | (3,965 | ) | (962 | ) | (960 | ) | |||||||||||||||||||
Actuarial (gain) loss | (4,292 | ) | 6,812 | (5,793 | ) | (1,708 | ) | ||||||||||||||||||||
Benefit obligation at end of year | 84,067 | 88,238 | 24,114 | 29,006 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 59,431 | 56,917 | — | — | ||||||||||||||||||||||
Actual return | 776 | 5,605 | — | — | |||||||||||||||||||||||
Employer contributions | 939 | 13,920 | 552 | 258 | |||||||||||||||||||||||
Participant contributions | — | — | 436 | 428 | |||||||||||||||||||||||
ERRP reimbursement | — | — | (26 | ) | 274 | ||||||||||||||||||||||
Plan settlement | — | (13,046 | ) | — | — | ||||||||||||||||||||||
Benefits paid | (4,250 | ) | (3,965 | ) | (962 | ) | (960 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | 56,896 | 59,431 | — | — | |||||||||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||||
Fair value of plan assets | $ | 56,896 | 59,431 | — | — | ||||||||||||||||||||||
Benefit obligation | 84,067 | 88,238 | 24,114 | 29,006 | |||||||||||||||||||||||
Unfunded status | $ | (27,171 | ) | (28,807 | ) | (24,114 | ) | (29,006 | ) | ||||||||||||||||||
Net amount recognized in the balance sheet consists of: | |||||||||||||||||||||||||||
Current liabilities | $ | (1,162 | ) | (1,070 | ) | (1,129 | ) | (1,329 | ) | ||||||||||||||||||
Noncurrent liabilities | (26,009 | ) | (27,737 | ) | (22,985 | ) | (27,677 | ) | |||||||||||||||||||
Net amount recognized | $ | (27,171 | ) | (28,807 | ) | (24,114 | ) | (29,006 | ) | ||||||||||||||||||
The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 84,067 | 88,238 | ||||||||||||||||||||||||
Accumulated benefit obligation | 81,223 | 85,631 | |||||||||||||||||||||||||
The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plan and supplemental plan): | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 84,067 | 88,238 | ||||||||||||||||||||||||
Accumulated benefit obligation | 81,223 | 85,631 | |||||||||||||||||||||||||
Fair value of plan assets | 56,896 | 59,431 | |||||||||||||||||||||||||
Net periodic benefit cost for the pension plan and the supplemental plan for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 790 | 983 | 875 | |||||||||||||||||||||||
Interest cost | 3,581 | 4,098 | 4,412 | ||||||||||||||||||||||||
Expected return on plan assets | (2,871 | ) | (2,748 | ) | (2,576 | ) | |||||||||||||||||||||
Amortization of prior service cost | 50 | 50 | 50 | ||||||||||||||||||||||||
Recognized actuarial loss | 1,103 | 1,648 | 1,760 | ||||||||||||||||||||||||
Settlement loss | — | 5,161 | — | ||||||||||||||||||||||||
Net periodic pension cost | $ | 2,653 | 9,192 | 4,521 | |||||||||||||||||||||||
Net periodic benefit cost for the postretirement health care and life insurance plan for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 405 | 475 | 554 | |||||||||||||||||||||||
Interest cost | 1,048 | 1,235 | 1,379 | ||||||||||||||||||||||||
Amortization of prior service cost | (2,032 | ) | (2,032 | ) | (2,032 | ) | |||||||||||||||||||||
Recognized actuarial loss | (396 | ) | — | (4 | ) | ||||||||||||||||||||||
Net periodic postretirement benefit | $ | (975 | ) | (322 | ) | (103 | ) | ||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Net loss (gain) | $ (2,196) | 3,954 | (5,793 | ) | (1,708 | ) | |||||||||||||||||||||
Settlement loss | — | (5,161 | ) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | -50 | (50 | ) | 2,032 | 2,032 | ||||||||||||||||||||||
Amortization of net (loss) gain | -1,103 | (1,648 | ) | 395 | — | ||||||||||||||||||||||
Other | — | — | 197 | (643 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ (3,349) | (2,905 | ) | (3,169 | ) | (319 | ) | ||||||||||||||||||||
Net of 35% tax rate | -2,177 | (1,888 | ) | (2,060 | ) | (207 | ) | ||||||||||||||||||||
Amounts recognized as a component of accumulated other comprehensive (income) loss as of March 31, 2014 are as follows: | |||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Unrecognized actuarial loss | $ 14,148 | (6,986 | ) | ||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | 85 | (6,620 | ) | ||||||||||||||||||||||||
Pre-tax amount included in accumulated other comprehensive loss (income) | $ 14,233 | (13,606 | ) | ||||||||||||||||||||||||
The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: | |||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Unrecognized actuarial loss | $ (976) | — | |||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | -50 | 2,032 | |||||||||||||||||||||||||
Assumptions used to determine net benefit obligations for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 4.75% | 4.25% | 4.75% | 4.25% | |||||||||||||||||||||||
Rates of annual increase in compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||||
Assumptions used to determine net periodic benefit costs for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.75% | 4.75% | 5.25% | 4.75% | 4.75% | 5.25% | |||||||||||||||||||||
Expected long-term rate of return on assets | 5.00% | 5.00% | 5.00% | N/A | N/A | N/A | |||||||||||||||||||||
Rates of annual increase in compensation levels | 3.00% | 3.00% | 3.00% | N/A | N/A | N/A | |||||||||||||||||||||
To develop the expected long-term rate of return on assets assumption, the company considered the current level of expected returns on various asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected return on plan assets assumption for the portfolio. | |||||||||||||||||||||||||||
Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at March 31, 2014, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Year ending March 31, | Pension | Other | |||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | $ 5,240 | 1,129 | |||||||||||||||||||||||||
2016 | 5,509 | 1,184 | |||||||||||||||||||||||||
2017 | 5,735 | 1,263 | |||||||||||||||||||||||||
2018 | 5,997 | 1,336 | |||||||||||||||||||||||||
2019 | 6,216 | 1,424 | |||||||||||||||||||||||||
2020 – 2024 | 33,992 | 7,881 | |||||||||||||||||||||||||
Total 10-year estimated future benefit payments | $ 62,689 | 14,217 | |||||||||||||||||||||||||
Health Care Cost Trends | |||||||||||||||||||||||||||
The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at March 31, 2014 for pre-65 medical and prescription drug coverage and for post-65 medical coverage, including expected future trend rates. | |||||||||||||||||||||||||||
Pre-65 | Post-65 | ||||||||||||||||||||||||||
Year ending March 31, 2014 | |||||||||||||||||||||||||||
Accumulated postretirement benefit obligation | 8.2 | % | 6.9 | % | |||||||||||||||||||||||
Net periodic postretirement benefit obligation | 8.7 | % | 6.9 | % | |||||||||||||||||||||||
Ultimate health care cost trend | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Ultimate year health care cost trend rate is achieved | 2029 | 2029 | |||||||||||||||||||||||||
Year ending March 31, 2015 | |||||||||||||||||||||||||||
Net periodic postretirement benefit obligation | 8.2 | % | 6.9 | % | |||||||||||||||||||||||
A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of March 31: | |||||||||||||||||||||||||||
(In thousands) | 1% | 1% | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||
Accumulated postretirement benefit obligation | $ | 3,232 | 2,664 | ||||||||||||||||||||||||
Aggregate service and interest cost | 222 | 179 | |||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||
Prior to February 2013, the company maintained the below two defined contribution plans. The plans were merged in February 2013 to provide administrative efficiencies, potential savings on service provider fees and to simplify the participant experience. Following the merger, the provisions of the two plans remained substantially similar with the exception of cost neutral changes that were approved to simplify the administration of the combined plan. | |||||||||||||||||||||||||||
Retirement Contributions | |||||||||||||||||||||||||||
All eligible U.S. fleet personnel, along with all new eligible employees of the company hired after December 31, 1995 are eligible to receive retirement contributions. Effective January 1, 2011, the active employees who participated in the now frozen defined benefit pension plan also became eligible for retirement contributions. This benefit is noncontributory by the employee, but the company contributes, in cash, 3% of an eligible employee’s compensation to a trust on behalf of the employees. The active employees who participated in the now frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. Company contributions vest over five years. | |||||||||||||||||||||||||||
401(k) Savings Contribution | |||||||||||||||||||||||||||
Upon meeting various citizenship, age and service requirements, employees are eligible to participate in a defined contribution savings plan and can contribute from 2% to 75% of their base salary to an employee benefit trust. The company matches with company common stock 50% of the first 8% of eligible compensation deferred by the employee. Company contributions vest over five years. | |||||||||||||||||||||||||||
The plan held the following number of shares of Tidewater common stock as of March 31: | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Number of shares of Tidewater common stock held by 401(k) plan | 273,662 | 271,237 | |||||||||||||||||||||||||
The amounts charged to expense related to the above defined contribution plans, for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Defined contribution plans expense, net of forfeitures | $ 3,854 | 3,356 | 3,120 | ||||||||||||||||||||||||
Defined contribution plans forfeitures | 82 | 115 | 335 | ||||||||||||||||||||||||
Other Plans | |||||||||||||||||||||||||||
A non-qualified supplemental savings plan is provided to executive officers who have the opportunity to defer up to 50% of their eligible compensation that cannot be deferred under the existing 401(k) plan due to IRS limitations. A company match may be provided on these contributions equal to 50% of the first 8% of eligible compensation deferred by the employee to the extent the employee is not able to receive the full amount of company match to the 401(k) plan due to IRS limitations. The plan also allows participants to defer up to 100% of their bonuses. In addition, an amount equal to any refunds that must be made due to the failure of the 401(k) nondiscrimination test may be deferred into this plan. | |||||||||||||||||||||||||||
Effective March 4, 2010, the non-qualified supplemental savings plan was modified to allow the company to contribute restoration benefits to eligible employees. Employees who do not accrue a benefit in the supplemental executive retirement plan and who are eligible for a contribution in the defined contribution retirement plan automatically become eligible for the restoration benefit when the employee’s eligible retirement compensation exceeds the section 401(a)(17) limit. The restoration benefit is noncontributory by the employee, but the company contributes, in cash, 3% of an eligible employee’s compensation above the 401(a)(17) limit to a trust on behalf of the employees. The active employees who participated in the now frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. | |||||||||||||||||||||||||||
The company also provides a multinational savings plan to eligible non-U.S. citizen employees working outside their respective country of origin and who have been employed for one year of continuous service with the company. Participants of the plan may contribute 1% to 15% of their base salary. The company matches, in cash, 50% of the first 6% of eligible compensation deferred by the employee. Company contributions vest over six years. | |||||||||||||||||||||||||||
The amounts charged to expense related to the multinational pension savings plan contributions, for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Multinational pension savings plan expense | $ | 465 | 420 | 415 | |||||||||||||||||||||||
The company also provides certain benefits programs which are maintained in several other countries that provide retirement income for covered employees. |
Other_Assets_Accrued_Expenses_
Other Assets, Accrued Expenses, Other Current Liabilities, and Other Liabilities and Deferred Credits | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Other Assets, Accrued Expenses, Other Current Liabilities, and Other Liabilities and Deferred Credits | ' | ||||||||||
-7 | OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS | ||||||||||
A summary of other assets at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Recoverable insurance losses | $ 5,219 | 10,833 | |||||||||
Deferred income tax assets | 34,376 | 73,105 | |||||||||
Deferred finance charges – revolver | 8,728 | 5,133 | |||||||||
Savings plans and supplemental plan | 23,212 | 23,149 | |||||||||
Noncurrent tax receivable | 9,106 | 9,106 | |||||||||
Other | 15,744 | 4,951 | |||||||||
$ 96,385 | 126,277 | ||||||||||
A summary of accrued expenses at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Payroll and related payables | $ 27,248 | 23,453 | |||||||||
Commissions payable | 8,263 | 7,118 | |||||||||
Accrued vessel expenses | 96,468 | 77,851 | |||||||||
Accrued interest expense | 14,816 | 8,096 | |||||||||
Other accrued expenses | 10,507 | 10,494 | |||||||||
$ 157,302 | 127,012 | ||||||||||
A summary of other current liabilities at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Taxes payable | $ | 56,080 | 38,100 | ||||||||
Deferred gain on vessel sales - current | 13,996 | 1,374 | |||||||||
Other | 491 | 334 | |||||||||
$ | 70,567 | 39,808 | |||||||||
A summary of other liabilities and deferred credits at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Postretirement benefits liability | $ | 23,185 | 27,681 | ||||||||
Pension liabilities | 35,234 | 37,096 | |||||||||
Deferred gain on vessel sales | 85,316 | 39,568 | |||||||||
Other | 35,469 | 34,729 | |||||||||
$ | 179,204 | 139,074 | |||||||||
StockBased_Compensation_and_In
Stock-Based Compensation and Incentive Plans | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Stock-Based Compensation and Incentive Plans | ' | ||||||||||||||||||
-8 | STOCK-BASED COMPENSATION AND INCENTIVE PLANS | ||||||||||||||||||
General | |||||||||||||||||||
The company’s employee stock option, restricted stock awards, restricted stock units (that settle in Tidewater common stock), and phantom stock plans are long-term retention plans that are intended to attract, retain and provide incentives for talented employees, including officers and non-employee directors, and to align stockholder and employee interests. The company believes its employee restricted stock, stock unit and stock option plans are critical to its operations and productivity. The employee stock option plans allow the company to grant, on a discretionary basis, both incentive and non-qualified stock options as well as restricted stock. The restricted stock and stock unit awards include performance shares. | |||||||||||||||||||
Under the company’s stock option and restricted stock plans, the Compensation Committee of the Board of Directors has the authority to grant stock options, restricted shares and restricted stock units of the company’s stock to officers and other key employees. Under the terms of the plans, stock options are granted with an exercise price equal to the stock’s closing fair market value on the date of grant. | |||||||||||||||||||
The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants at March 31, are as follows: | |||||||||||||||||||
March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Shares of common stock reserved for issuance under the plans | 1,469,305 | ||||||||||||||||||
Shares of common stock available for future grants | 99,249 | ||||||||||||||||||
Stock Option Plans | |||||||||||||||||||
The company has granted stock options to its directors and employees, including officers, under several different stock incentive plans. Generally, options granted vest annually over a three-year vesting period measured from the date of grant. Options not previously exercised expire at the earlier of either three months after termination of the grantee’s employment or ten years after the date of grant. Upon retirement, unvested stock options are forfeited. The retiree has two years post retirement to exercise vested options. All of the stock options are classified as equity awards. | |||||||||||||||||||
The company uses the Black-Scholes option-pricing model to determine the fair value of options granted and to calculate the share-based compensation expense. Stock options were not granted during fiscal 2014, 2013 or 2012. | |||||||||||||||||||
The following table sets forth a summary of stock option activity of the company for fiscal years 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Number of | ||||||||||||||||||
Exercise Price | Shares | ||||||||||||||||||
Outstanding at March 31, 2011 | 45.36 | 1,875,476 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 38.71 | (146,508 | ) | ||||||||||||||||
Expired or cancelled/forfeited | 56.44 | (3,544 | ) | ||||||||||||||||
Outstanding at March 31, 2012 | 44.93 | 1,725,424 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 29.09 | (141,542 | ) | ||||||||||||||||
Expired or cancelled/forfeited | 52.47 | (27,607 | ) | ||||||||||||||||
Outstanding at March 31, 2013 | 46.24 | 1,556,275 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 36.86 | (186,219 | ) | ||||||||||||||||
Expired or cancelled/forfeited | — | — | |||||||||||||||||
Outstanding at March 31, 2014 | $ 47.51 | 1,370,056 | |||||||||||||||||
(A) | Stock options were not granted during fiscal 2014, 2013 and 2012. | ||||||||||||||||||
Information regarding the 1,370,056 options outstanding and exercisable at March 31, 2014 can be grouped into three general exercise-price ranges as follows: | |||||||||||||||||||
Exercise Price Range | |||||||||||||||||||
At March 31, 2014 | $33.83 - $37.55 | $45.75 - $48.96 | $55.76 - $65.69 | ||||||||||||||||
Options outstanding and exercisable | 371,961 | 394,514 | 603,581 | ||||||||||||||||
Weighted average exercise price | $34.37 | $45.86 | $56.70 | ||||||||||||||||
Weighted average remaining contractual life | 4.4 years | 6.0 years | 3.0 years | ||||||||||||||||
Additional information regarding stock options for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands, except number of stock options and weighted average price) | 2014 | 2013 | 2012 | ||||||||||||||||
Intrinsic value of options exercised | $ | 4,059 | 2,544 | 2,800 | |||||||||||||||
Number of stock options vested | 8,926 | 144,537 | 328,325 | ||||||||||||||||
Fair value of stock options vested | $ | 115 | 2,154 | 4,117 | |||||||||||||||
Number of options exercisable | 1,370,056 | 1,547,349 | 1,561,836 | ||||||||||||||||
Weighted average exercise price of options exercisable | $ | 47.51 | 46.27 | 44.86 | |||||||||||||||
The aggregate intrinsic value of the options outstanding and exercisable at March 31, 2014 was $6.4 million. | |||||||||||||||||||
Stock option compensation expense along with the reduction effect on basic and diluted earnings per share, and stock option compensation expense for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||
Stock option compensation expense | $ | 12 | 2,049 | 3,892 | |||||||||||||||
Basic earnings per share reduced by | 0 | 0.03 | 0.05 | ||||||||||||||||
Diluted earnings per share reduced by | 0 | 0.03 | 0.05 | ||||||||||||||||
There were no unrecognized stock-option compensation costs as of March 31, 2014. No stock option compensation costs were capitalized as part of the cost of an asset. Compensation costs for stock options that have not yet vested will be recognized as the underlying stock options vest over the appropriate future period. The level of unrecognized stock-option compensation will be affected by any future stock option grants and by the termination of any employee who has received stock options that are unvested as of the employee’s termination date. | |||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||
The company has granted restricted stock awards to key employees, including officers, under several different employee stock plans, which provide for the granting of restricted stock and/or performance awards to officers and key employees. The company awards both time-based and performance-based shares of restricted stock awards. The restrictions on the time-based restricted stock awards lapse generally over a four year period and require no goals to be achieved other than the passage of time and continued employment. The restrictions on the performance-based restricted stock award lapse if the company meets specific targets. During the restricted period, the restricted shares may not be transferred or encumbered, but the recipient has the right to vote the restricted shares and receive dividends on the time-based restricted shares. Dividends are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. All of the restricted stock awards are classified as equity awards in stockholders’ equity. The value of restricted stock awards is generally amortized on a straight-line basis to earnings over the respective vesting periods and is net of forfeitures. | |||||||||||||||||||
The following table sets forth a summary of restricted stock award activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time Based | Performance | |||||||||||||||||
Grant-Date | Shares | Based Shares | |||||||||||||||||
Fair Value | |||||||||||||||||||
Non-vested balance at March 31, 2011 | 51.13 | 369,599 | 228,624 | ||||||||||||||||
Granted | 54.59 | 7,500 | — | ||||||||||||||||
Vested | 50.11 | (110,681 | ) | (4,983 | ) | ||||||||||||||
Cancelled/forfeited | — | — | — | ||||||||||||||||
Non-vested balance at March 31, 2012 | 51.43 | 266,418 | 223,641 | ||||||||||||||||
Granted | — | — | — | ||||||||||||||||
Vested | 49.53 | (110,802 | ) | — | |||||||||||||||
Cancelled/forfeited | 56.84 | (7,067 | ) | (59,503 | ) | ||||||||||||||
Non-vested balance at March 31, 2013 | 50.95 | 148,549 | 164,138 | ||||||||||||||||
Granted | 55.04 | 28,963 | — | ||||||||||||||||
Vested | 56.71 | (93,739 | ) | (1,749 | ) | ||||||||||||||
Cancelled/forfeited | 35.76 | (4,949 | ) | (56,123 | ) | ||||||||||||||
Non-vested balance at March 31, 2014 | $ 54.75 | 78,824 | 106,266 | ||||||||||||||||
Restrictions on approximately 49,861 time-based restricted stock awards will lapse during fiscal 2015, and restrictions on 37,861 performance-based restricted stock awards outstanding at March 31, 2014 will lapse during fiscal 2015 if performance-based targets are achieved. | |||||||||||||||||||
Restricted stock award compensation expense and grant date fair value for the years ended March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of restricted stock vested | $ | 4,429 | 5,488 | 5,796 | |||||||||||||||
Restricted stock compensation expense | 4,633 | 5,987 | 6,171 | ||||||||||||||||
As of March 31, 2014, total unrecognized restricted stock compensation costs amounted to $4.8 million, or $3.8 million net of tax. No restricted stock award compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized restricted stock compensation will be affected by any future restricted stock grants and by the separation of an employee from the company who has received restricted stock grants that are unvested as of their separation date. There were no modifications to the restricted stock awards during fiscal 2014, 2013 and 2012. | |||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||
The company has granted restricted stock units (RSUs) to key employees, including officers, under the company’s employee stock plan, which provide for the granting of restricted stock units to officers and key employees. The company awards time-based units, where each unit represents the right to receive, at the end of a vesting period, one unrestricted share of Tidewater common stock with no exercise price. The company also awards performance-based RSUs, where each unit represents the right to receive, at the end of a vesting period, up to two shares of Tidewater common stock with no exercise price. Vesting of the various performance-based restricted stock units is based on metrics such as a three year Total Shareholder Return (TSR) as measured against a three year TSR of a defined peer group and Return on Total Capital (ROTC) for the company over a three year performance period. The company uses assumptions underlying the Black-Scholes methodology to produce a Monte Carlo simulation model to value the TSR performance-based restricted stock units. The fair value of the ROTC performance-based RSUs and time-based RSUs is based on the market price of our common stock on the date of grant. The restrictions on the time-based RSUs lapse over a three year period from the date of the award and require no goals to be achieved other than the passage of time and continued employment. The restrictions on the performance-based restricted stock units lapse if the company meets specific targets as defined. During the restricted period, the RSUs may not be transferred or encumbered, but the recipient has the right to receive dividend equivalents on the restricted stock units, but have no voting rights until the units vest. Dividend equivalents are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. Upon retirement, the Compensation | |||||||||||||||||||
Committee of the Board of Directors will take into consideration the accelerated vesting of the restricted stock units after certain age and service criteria are met. Restricted stock unit compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. | |||||||||||||||||||
The following table sets forth a summary of restricted stock unit activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time | Weight-average | Performance | ||||||||||||||||
Grant-Date | Based | Grant Date | Based Units | ||||||||||||||||
Fair Value | Units | Fair Value | |||||||||||||||||
Non-vested balance at March 31, 2011 | $ — | — | — | — | |||||||||||||||
Granted | 54.18 | 248,288 | 72.23 | 84,394 | |||||||||||||||
Vested | — | — | — | — | |||||||||||||||
Cancelled/forfeited | — | — | — | — | |||||||||||||||
Non-vested balance at March 31, 2012 | $54.18 | 248,288 | 72.23 | 84,394 | |||||||||||||||
Granted | 50.16 | 259,158 | 67.11 | 84,323 | |||||||||||||||
Vested | 54.17 | (79,507) | — | — | |||||||||||||||
Cancelled/forfeited | 54.18 | (10,274) | 72.23 | (3,476) | |||||||||||||||
Non-vested balance at March 31, 2013 | $51.69 | 417,665 | 69.62 | 165,241 | |||||||||||||||
Granted | 49.37 | 265,937 | 49.34 | 91,132 | |||||||||||||||
Vested | 52.22 | (175,673) | — | — | |||||||||||||||
Cancelled/forfeited | 52.43 | (12,720) | — | — | |||||||||||||||
Non-vested balance at March 31, 2014 | $ 50.24 | 495,209 | 51.06 | 256,373 | |||||||||||||||
Restrictions on approximately 228,207 time-based shares will lapse during fiscal 2015, and no performance-based shares outstanding at March 31, 2014 will vest during fiscal 2015. | |||||||||||||||||||
Restricted stock unit compensation expense and grant date fair value for the year ended March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of restricted stock units vested | $ | 8,684 | 4,307 | — | |||||||||||||||
Restricted stock unit compensation expense | 12,664 | 7,836 | 272 | ||||||||||||||||
As of March 31, 2014, total unrecognized restricted stock unit compensation costs amounted to $34.2 million, or $21.7 million net of tax. No restricted stock unit compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized restricted stock unit compensation costs will be affected by any future restricted stock unit grants and by the separation of an employee from the company who has received restricted stock units that are unvested as of their separation date. There were no modifications to the restricted stock units during fiscal 2014, 2013 and 2012. | |||||||||||||||||||
Phantom Stock Plan | |||||||||||||||||||
The company provides a Phantom Stock Plan to provide additional incentive compensation to certain key employees who are not officers of the company. The plan awards phantom stock units to participants who have the right to receive the value of a share of common stock in cash from the company. Participants have no voting or other rights as a shareholder with respect to any common stock as a result of participation in the phantom stock plan. The phantom shares generally have a three or four-year vesting period from the grant date of the award provided the employee remains employed by the company during the vesting period. Participants receive dividend equivalents at the same rate as dividends on the company’s common stock. | |||||||||||||||||||
The following table sets forth a summary of phantom stock activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time | Performance | |||||||||||||||||
Grant-Date | Based | Based | |||||||||||||||||
Fair Value | Shares | Shares | |||||||||||||||||
Non-vested balance at March 31, 2011 | 46.08 | 138,068 | 28,059 | ||||||||||||||||
Granted | 54.18 | 22,845 | — | ||||||||||||||||
Vested | 41.61 | (51,255 | ) | — | |||||||||||||||
Cancelled/forfeited | 46.16 | (6,347 | ) | — | |||||||||||||||
Non-vested balance at March 31, 2012 | 49.23 | 103,311 | 28,059 | ||||||||||||||||
Granted | 50.76 | 27,100 | — | ||||||||||||||||
Vested | 43.60 | (54,823 | ) | — | |||||||||||||||
Cancelled/forfeited | 54.26 | (6,993 | ) | (28,059 | ) | ||||||||||||||
Non-vested balance at March 31, 2013 | 51.74 | 68,595 | — | ||||||||||||||||
Granted | 48.81 | 31,736 | 1,291 | ||||||||||||||||
Vested | 51.45 | (35,095 | ) | — | |||||||||||||||
Cancelled/forfeited | 50.93 | (4,354 | ) | — | |||||||||||||||
Non-vested balance at March 31, 2014 | $ | 50.94 | 60,882 | 1,291 | |||||||||||||||
Restrictions on 30,689 time-based shares will lapse in fiscal 2015. The fair value of the non-vested phantom shares at March 31, 2014 is $48.62 per unit. | |||||||||||||||||||
Phantom stock compensation expense and grant date fair value for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of phantom stock vested | $ | 1,806 | 2,390 | 3,041 | |||||||||||||||
Phantom stock compensation expense | 1,706 | 2,507 | 3,180 | ||||||||||||||||
Phantom stock compensation costs capitalized as part of an asset | — | — | — | ||||||||||||||||
As of March 31, 2014, total unrecognized phantom stock compensation costs amounted to $3.1 million, or $2.8 million net of tax. The liability for this plan will be adjusted in the future until paid to the participant to reflect the value of the units at the respective quarter end Tidewater stock price. | |||||||||||||||||||
Non-Employee Board of Directors Deferred Stock Unit Plan | |||||||||||||||||||
The company provides a Deferred Stock Unit Plan to its non-employee directors. The plan provides that each non-employee director is granted annually a number of stock units having an aggregate value of $115,000 during fiscal 2014 and $100,000 prior to fiscal 2013 on the date of grant. Dividend equivalents are paid on the stock units at the same rate as dividends on the company’s common stock and are re-invested as additional stock units based upon the fair market value of a share of company common stock on the date of payment of the dividend. A stock unit represents the right to receive from the company the equivalent value of one share of company’s common stock in cash. Payment of the value of the stock unit granted from inception of the plan to March 2013 shall be made upon the earlier of the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company. For these units, the participant can elect to receive five annual installments or a lump sum. Beginning with deferred stock units granted in fiscal 2014, participants will have the additional option of electing a distribution made upon the earlier of the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company or distribution date commencing on an anniversary of the grant date, whichever is earlier. For the units granted in fiscal 2014, the participant can elect to receive annual installments of two to ten years or a lump sum distribution. | |||||||||||||||||||
The following table sets forth a summary of deferred stock unit activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Number | ||||||||||||||||||
Grant-Date | Of | ||||||||||||||||||
Fair Value | Units | ||||||||||||||||||
Balance at March 31, 2011 | 49.80 | 92,365 | |||||||||||||||||
Dividend equivalents reinvested | 50.49 | 1,843 | |||||||||||||||||
Retirement distribution | — | — | |||||||||||||||||
Granted | 54.02 | 20,372 | |||||||||||||||||
Balance at March 31, 2012 | 50.56 | 114,580 | |||||||||||||||||
Dividend equivalents reinvested | 46.73 | 2,472 | |||||||||||||||||
Retirement distribution | — | — | |||||||||||||||||
Granted | 50.48 | 26,955 | |||||||||||||||||
Balance at March 31, 2013 | 50.48 | 144,007 | |||||||||||||||||
Dividend equivalents reinvested | 53.82 | 2,492 | |||||||||||||||||
Retirement distribution | 59.65 | (26,661 | ) | ||||||||||||||||
Granted | 49.47 | 26,550 | |||||||||||||||||
Balance at March 31, 2014 | $ | 48.68 | 146,388 | ||||||||||||||||
Deferred stock units are fully vested at the time of grant. The liability for this plan will be adjusted in the future until paid to the participant to reflect the value of the units at the respective quarter end Tidewater stock price. | |||||||||||||||||||
Deferred stock unit compensation expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Deferred stock units compensation expense | $ | 1,737 | 1,085 | 700 |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||||||||||||||||||||
-9 | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||
The number of authorized and issued common stock and preferred stock at March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | 125,000,000 | 125,000,000 | |||||||||||||||||||||||||||||||||||||||||
Common stock par value | $0.10 | $0.10 | |||||||||||||||||||||||||||||||||||||||||
Common stock shares issued | 49,730,442 | 49,485,832 | |||||||||||||||||||||||||||||||||||||||||
Preferred stock shares authorized | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||
Preferred stock par value | No par | No par | |||||||||||||||||||||||||||||||||||||||||
Preferred stock shares issued | — | — | |||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases | |||||||||||||||||||||||||||||||||||||||||||
In May 2014, the company’s Board of Directors authorized the company to spend up to $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2014 through June 30, 2015. The company uses its available cash and, when considered advantageous, borrowings under its revolving credit facility or other borrowings, to fund any share repurchases. The company evaluates share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets. | |||||||||||||||||||||||||||||||||||||||||||
In May 2013, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2013 through June 30, 2014. At March 31, 2014, $200.0 million remains available to repurchase shares under the May 2013 share repurchase program. | |||||||||||||||||||||||||||||||||||||||||||
In May 2012, the company’s Board of Directors authorized the company to spend up to $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization was July 1, 2012 through June 30, 2013. The May 2012 repurchase program ended on June 30, 2013 and the company utilized $20.0 million of the $200.0 million authorized. | |||||||||||||||||||||||||||||||||||||||||||
In May 2011, the company’s Board of Directors replaced its then existing July 2009 share repurchase program with a $200.0 million repurchase program that stayed in effect through June 30, 2012. The May 2011 repurchase program authorized the company to repurchase shares of its common stock in open-market or privately-negotiated transactions. The authorization of the May 2011 repurchase program ended on June 30, 2012, and the company utilized $100.0 million of the $200.0 million authorized. | |||||||||||||||||||||||||||||||||||||||||||
The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Aggregate cost of common stock repurchased | $ | — | 85,034 | 35,015 | |||||||||||||||||||||||||||||||||||||||
Shares of common stock repurchased | — | 1,856,900 | 739,231 | ||||||||||||||||||||||||||||||||||||||||
Average price paid per common share | $ | — | 45.79 | 47.37 | |||||||||||||||||||||||||||||||||||||||
Dividend Program | |||||||||||||||||||||||||||||||||||||||||||
The declaration of dividends is at the discretion of the company’s Board of Directors. The Board of Directors declared the following dividends for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared | $ | 49,973 | 49,766 | 51,370 | |||||||||||||||||||||||||||||||||||||||
Dividend per share | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
For the year ended March 31, 2013 | For the year ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Balance | Gains/(losses) | Reclasses | Net | Remaining | Balance | Gains/(losses) | Reclasses | Net | Remaining | |||||||||||||||||||||||||||||||||
at | recognized | from OCI to | period | balance | at | recognized | from OCI to | period | balance | ||||||||||||||||||||||||||||||||||
3/31/12 | in OCI | net income | OCI | 3/31/13 | 3/31/13 | in OCI | net income | OCI | 3/31/14 | ||||||||||||||||||||||||||||||||||
Available for sale securities | 251 | (1,049 | ) | 677 | (372 | ) | (121 | ) | (121 | ) | (92 | ) | 305 | 213 | 92 | ||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | (6,448 | ) | 2,095 | — | 2,095 | (4,353 | ) | (4,353 | ) | 4,237 | — | 4,237 | (116 | ) | |||||||||||||||||||||||||||||
Interest rate swap | (3,322 | ) | — | 466 | 466 | (2,856 | ) | (2,856 | ) | — | 466 | 466 | (2,390 | ) | |||||||||||||||||||||||||||||
Total | (19,330 | ) | 1,046 | 1,143 | 2,189 | (17,141 | ) | (17,141 | ) | 4,145 | 771 | 4,916 | (12,225 | ) | |||||||||||||||||||||||||||||
The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
Year Ended | Affected line item in the condensed | ||||||||||||||||||||||||||||||||||||||||||
March 31, | consolidated statements of income | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Realized gains on available for sale securities | $ | 469 | 1,042 | Interest income and other, net | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate swap | 717 | 717 | Interest and other debt costs | ||||||||||||||||||||||||||||||||||||||||
Total pre-tax amounts | 1,186 | 1,759 | |||||||||||||||||||||||||||||||||||||||||
Tax effect | 415 | 616 | |||||||||||||||||||||||||||||||||||||||||
Total gains for the period, net of tax | $ | 771 | 1,143 | ||||||||||||||||||||||||||||||||||||||||
Included in accumulated other comprehensive loss for the year ended March 31, 2014, is an after-tax loss of $2.4 million ($3.7 million pre-tax) relating to interest rate hedges, which are cash flow hedges, entered into in July 2010 in connection with the September 2010 senior notes offering as disclosed in Note (5). The interest rate hedges settled in August 2010 concurrent with the pricing of the senior unsecured notes. The hedges met the effectiveness criteria and will be amortized over the term of the individual notes matching the term of the hedges to interest expense. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Earnings Per Share | ' | ||||||||||||||
-10 | EARNINGS PER SHARE | ||||||||||||||
The components of basic and diluted earnings per share for the years ended March 31, are as follows: | |||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | ||||||||||||
Net Income available to common shareholders (A) | $ | 140,255 | 150,750 | 87,411 | |||||||||||
Weighted average outstanding shares of common stock, basic (B) | 49,392,749 | 49,550,391 | 51,165,460 | ||||||||||||
Dilutive effect of options and restricted stock awards | 287,365 | 183,649 | 264,107 | ||||||||||||
Weighted average common stock and equivalents (C) | 49,680,114 | 49,734,040 | 51,429,567 | ||||||||||||
Earnings per share, basic (A/B) | $ | 2.84 | 3.04 | 1.71 | |||||||||||
Earnings per share, diluted (A/C) | $ | 2.82 | 3.03 | 1.7 | |||||||||||
Additional information: | |||||||||||||||
Antidilutive options and restricted stock shares | 34,486 | 82,758 | — | ||||||||||||
SaleLeaseback_Arrangements
Sale/Leaseback Arrangements | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Sale/Leaseback Arrangements | ' | ||||||||||||||
-11 | SALE/LEASBACK ARRANGEMENTS | ||||||||||||||
Fiscal 2014 Sale/Leasebacks | |||||||||||||||
In March of 2014, the company sold four vessels to an unrelated third party, and simultaneously entered into bareboat charter agreements with the purchasers. The sale/leaseback transactions resulted in proceeds to the company of $63.3 million and deferred gains totaling $30.5 million. The aggregate carrying value of the four vessels was $32.8 million at their respective dates of sale. Two of the vessel leases are for seven years and will expire in March 2021, and the other two leases are for ten years and will expire in March 2024. Under the sale/leaseback agreements which expire in March 2021, the company has the right to re-acquire the vessels at approximately 59% of the original sales price at the end of the sixth year, deliver the vessel to the owner at the end of the lease term, purchase the vessels at their then fair market values at the end of the lease term or extend the lease for 24 months at mutually agreeable lease rates. Under the two sale/leaseback agreements which expire in March 2024, the company has the right to re-acquire the vessels at the end of the ninth year for approximately 53% of the original sales price, re-acquire the vessel at the end of the lease term at its then fair market value or deliver the vessel to the owner at the end of the lease term. | |||||||||||||||
During the third quarter of fiscal 2014, the company sold four vessels to unrelated third parties, and simultaneously entered into bareboat charter agreements with the purchasers. The sale/leaseback transactions resulted in proceeds to the company of $141.9 million and deferred gains totaling $36.2 million. The aggregate carrying value of the four vessels was $105.7 million at their respective dates of sale. The leases on three of the vessels will expire in the quarter ending December 2020, and the fourth lease expires in December 2022. Under the sale/leaseback agreements which expire during the quarter ending December 2020, the company has the right to re-acquire the vessels at values ranging from 59% to 62% of the original sales price at the end of the sixth year, deliver the vessel to the owner at the end of the lease term, purchase the vessels at their then fair market values at the end of the lease term or extend the lease for 24 months at mutually agreeable lease rates. Under the sale/leaseback agreement which expires in December 2022, the company has the right to re-acquire the vessel at the end of the sixth year for $43.6 million or at the end of the eighth year for $34.5 million, re-acquire the vessel at the end of the lease term at its then fair market value or deliver the vessel to the owner at the end of the lease term and pay a return fee of $2.9 million. | |||||||||||||||
In September 2013, the company sold two vessels to an unrelated third party, and simultaneously entered into bareboat charter agreements with the purchaser. The sale/leaseback transactions, which expire in September 2020, resulted in proceeds to the company of $65.6 million and a deferred gain of $31.3 million. The aggregate carrying value of the two vessels was $34.3 million at the dates of sale. Under each September 2013 sale/leaseback agreement, the company has the right to either re-acquire the two vessels at approximately 55% of the original sales price at the end of the sixth year, deliver the vessel to the owner at the end of the lease term, purchase the vessels at their then fair market values at the end of the lease term or extend the lease for 24 months at mutually agreeable lease rates. | |||||||||||||||
The company is accounting for the transactions as sale/leaseback transactions with operating lease treatment and expenses lease payments over the respective lease term. The deferred gains are amortized to gain on asset dispositions, net ratably over the respective lease term. Any deferred gain balance remaining upon the repurchase of the vessel would reduce the vessels’ stated cost if the company elected to exercise the purchase options. | |||||||||||||||
Fiscal 2010 Sale/Leaseback | |||||||||||||||
In June and July 2009, the company sold six vessels to unrelated third-party companies, and simultaneously entered into bareboat charter agreements for the vessels with the purchasers. | |||||||||||||||
The sale/leaseback transactions resulted in proceeds to the company of approximately $101.8 million and a deferred gain of $39.6 million. The aggregate carrying value of the six vessels was $62.2 million at the dates of sale. The leases on the five vessels sold in June 2009 will expire June 30, 2014, and the lease on the vessel sold in July 2009 will expire July 30, 2014. The company is accounting for the transactions as sale/leaseback transactions with operating lease treatment and expenses lease payments over the five year charter hire operating lease terms. | |||||||||||||||
Under the sale/leaseback agreements, the company has the right to either re-acquire the six vessels at 75% of the original sales price or cause the owners to sell the vessels to a third-party under an arrangement where the company guarantees approximately 84% of the original lease value to the third party purchaser. The company also has the right to re-acquire the vessels prior to the end of the charter term with penalties of up to 5% assessed if purchased in years one and two of the five year lease. The company will recognize the deferred gain as income if it does not exercise its option to purchase the six vessels at the end of the operating lease term. If the company exercises its option to purchase these vessels, the deferred gain will reduce the vessels’ stated cost after exercising the purchase option. | |||||||||||||||
During the fourth quarter of fiscal 2014, the company elected to repurchase the six vessels from their respective lessors for an aggregate price of $78.8 million. Three of these were sold and leased back in March 2014. The carrying value of these purchased vessels was reduced by the previously recognized deferred gains of $39.6 million. Refer to “Fiscal 2014 Sale/Leasebacks” above. | |||||||||||||||
Fiscal 2006 Sale/Leaseback | |||||||||||||||
In March 2006, the company entered into agreements to sell five of its vessels that were under construction at the time to an unrelated third party, for $76.5 million and simultaneously entered into bareboat charter agreements with the same unrelated third party upon the vessels’ delivery to the market. Construction on these five vessels was completed at various times between March 2006 and March 2008, at which time the company sold the respective vessels and simultaneously entered into bareboat charter agreements. | |||||||||||||||
The company accounted for all five transactions as sale/leaseback transactions with operating lease treatment. Accordingly, the company did not record the assets on its books and the company is expensing periodic lease payments. The operating lease for all five charter hire agreements were for eight year terms. The company has the option to extend the respective bareboat charter agreements three times, each for a period of 12 months. At the end of the basic term (or extended option periods), the company has an option to purchase each of the vessels at its then fair market value or to redeliver the vessel to its owner. | |||||||||||||||
The bareboat charter agreements on the first two vessels, whose original expiration dates were in calendar year 2014, ended in September and October 2012 because the company exercised its option to repurchase these vessels as discussed below. The bareboat charter agreements on the third and fourth vessels expire in 2015 and the company has the option to extend the bareboat charter agreements three times, each for a period of 12 months, which would provide the company the opportunity to extend the operating leases through calendar year 2018. The bareboat charter agreement on the fifth vessel expires in 2016. The company has the option to extend the bareboat charter agreements three times, each for a period of 12 months, which would provide the company the opportunity to extend the operating leases through calendar year 2019. | |||||||||||||||
The company may purchase each of the vessels at their fixed amortized values, as outlined in the bareboat charter agreements, at the end of the fifth year, and again at the end of the seventh year, from the commencement dates of the respective charter agreements. The company may also purchase each of the vessels at a mutually agreed upon price at any time during the lease term. In September 2012, the company elected to repurchase one of its leased vessels from the lessor for $8.8 million. During October 2012, the company repurchased a second leased vessel, for $8.4 million. In March 2014, the company repurchased a third and fourth leased vessel for a total cost of $22.8 million. | |||||||||||||||
Future Minimum Lease Payments | |||||||||||||||
As of March 31, 2014, the future minimum lease payments for the vessels under the operating lease terms are as follows: | |||||||||||||||
Fiscal year ending (In thousands) | Fiscal 2014 | Fiscal 2006 | Total | ||||||||||||
Sale/Leaseback | Sale/Leaseback | ||||||||||||||
2015 | $ 20,879 | 1,645 | 22,524 | ||||||||||||
2016 | 20,879 | 1,279 | 22,158 | ||||||||||||
2017 | 20,879 | — | 20,879 | ||||||||||||
2018 | 23,485 | — | 23,485 | ||||||||||||
2019 | 24,800 | — | 24,800 | ||||||||||||
2020 and Thereafter | 65,263 | — | 65,263 | ||||||||||||
Total future lease payments | $ 176,185 | 2,924 | 179,109 | ||||||||||||
The operating lease expense on these bareboat charter arrangements for the years ended March 31, are as follows: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Vessel operating leases | $ | 21,910 | 16,837 | 17,967 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||
-12 | COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||
Compensation Commitments | |||||||||||||||||||
Compensation continuation agreements exist with all of the company’s officers whereby each receives compensation and benefits in the event that their employment is terminated following certain events relating to a change in control of the company. The maximum amount of cash compensation that could be paid under the agreements, based on present salary levels, is approximately $34.3 million. | |||||||||||||||||||
Vessel Commitments | |||||||||||||||||||
The table below summarizes the company’s various vessel commitments to acquire and construct new vessels, by vessel type, as of March 31, 2014: | |||||||||||||||||||
(In thousands, except vessel count) | Number of | Total Cost | Invested | Remaining | |||||||||||||||
Vessels | Through | Balance | |||||||||||||||||
3/31/14 | 3/31/14 | ||||||||||||||||||
Vessels under construction: | |||||||||||||||||||
Deepwater PSVs | 23 | $ | 708,883 | 196,468 | 512,415 | ||||||||||||||
Towing supply vessels | 6 | 116,288 | 55,163 | 61,125 | |||||||||||||||
Other | 1 | 8,014 | 8,014 | — | |||||||||||||||
Total vessel commitments | 30 | $ | 833,185 | 259,645 | 573,540 | ||||||||||||||
The total cost of the various vessel new-build commitments includes contract costs and other incidental costs. The company has vessels under construction at a number of different shipyards around the world. The deepwater PSVs under construction range between 3,000 and 6,360 deadweight tons (DWT) of cargo capacity while the towing-supply/supply vessels under construction are AHTS vessels that have 7,145 brake horsepower (BHP). The new-build vessels are estimated to deliver starting in June 2014, with delivery of the final new-build vessel expected in June 2016. | |||||||||||||||||||
With its commitment to modernizing its fleet through its vessel construction and acquisition program over the past decade, the company is replacing its older fleet of vessels with fewer, larger and more efficient vessels, while also enhancing the size and capabilities of the company’s fleet. These efforts are expected to continue, | |||||||||||||||||||
with the company anticipating that it will use some portion of its future operating cash flows and existing borrowing capacity as well as possible new borrowings or lease arrangements in order to fund current and future commitments in connection with the fleet renewal and modernization program. The company continues to evaluate its fleet renewal program, whether through new construction or acquisitions, relative to other investment opportunities and uses of cash, including the current share repurchase authorization, and in the context of current conditions in the credit and capital markets. | |||||||||||||||||||
Currently the company is experiencing substantial delay with one fast supply boat under construction in Brazil that was originally scheduled to be delivered in September 2009. On April 5, 2011, pursuant to the vessel construction contract, the company sent the subject shipyard a letter initiating arbitration in order to resolve disputes of such matters as the shipyard’s failure to achieve payment milestones, its failure to follow the construction schedule, and its failure to timely deliver the vessel. The company has suspended construction on the vessel and both parties continue to pursue that arbitration. The company has third party credit support in the form of insurance coverage for 90% of the progress payments made on this vessel, or all but approximately $2.4 million of the carrying value of the accumulated costs through March 31, 2014. The company had committed and invested $8.0 million as of March 31, 2014. | |||||||||||||||||||
In December 2013, the company took delivery of the second of two deepwater PSVs constructed in a U.S. shipyard. In connection with the delivery of those vessels, the company and the shipyard agreed to hold $11.7 million in escrow with a financial institution pending resolution of disputes over whether all or a portion of those funds are due to the shipyard as the shipyard has claimed. Some of the disputes may be resolved by high level management meetings between the parties or through a structured mediation. The balance of the claims will need to be resolved through litigation in New York state court. Although formal dispute resolution efforts are currently at an early stage, initial negotiations have thus far failed to resolve the parties’ disputes, and the company has retained New York counsel to represent the company in the mediation and litigation procedures. The escrowed amounts have been included in the cost of the acquired vessels. | |||||||||||||||||||
The company generally requires shipyards to provide third party credit support in the event that vessels are not completed and delivered timely and in accordance with the terms of the shipbuilding contracts. That third party credit support typically guarantees the return of amounts paid by the company and generally takes the form of refundment guarantees or standby letters of credit issued by major financial institutions located in the country of the shipyard. While the company seeks to minimize its shipyard credit risk by requiring these instruments, the ultimate return of amounts paid by the company in the event of shipyard default is still subject to the creditworthiness of the shipyard and the provider of the credit support, as well as the company’s ability to successfully pursue legal action to compel payment of these instruments. When third party credit support is not available or cost effective, the company endeavors to limit its credit risk by minimizing pre-delivery payments and through other contract terms with the shipyard. | |||||||||||||||||||
Completion of Internal Investigation and Settlements with United States and Nigerian Agencies | |||||||||||||||||||
The company has previously reported that special counsel engaged by the company’s Audit Committee had completed an internal investigation into certain Foreign Corrupt Practices Act (FCPA) matters and reported its findings to the Audit Committee. The substantive areas of the internal investigation have been reported publicly by the company in prior filings. | |||||||||||||||||||
Special counsel has reported to the Department of Justice (DOJ) and the Securities and Exchange Commission the results of the investigation, and the company has entered into separate agreements with these two U.S. agencies to resolve the matters reported by special counsel. The company subsequently also entered into an agreement with the Federal Government of Nigeria (FGN) to resolve similar issues with the FGN. The company has previously reported the principal terms of these three agreements. Certain aspects of the agreement with the DOJ are set forth below. | |||||||||||||||||||
Tidewater Marine International, Inc. (TMII), a wholly-owned subsidiary of the company organized in the Cayman Islands, and the DOJ entered into a Deferred Prosecution Agreement (DPA). Pursuant to the DPA, the DOJ deferred criminal charges against TMII for a period of three years and seven days from the date of judicial approval of the DPA, in return for the satisfaction of a number of conditions. The DPA expired on November 11, 2013, and on November 26, 2013, a U.S. District Judge for the Southern District of Texas entered an Order dismissing (with prejudice) all criminal charges. | |||||||||||||||||||
Merchant Navy Officers Pension Fund | |||||||||||||||||||
After consultation with its advisers, on July 15, 2013, a subsidiary of the company was placed into administration in the United Kingdom. Joint administrators were appointed to administer and distribute the subsidiary’s assets to the subsidiary’s creditors. The vessels owned by the subsidiary had become aged and were no longer economical to operate, which has caused the subsidiary’s main business to decline in recent years. Only one vessel generated revenue as of the date of the administration. As part of the administration, the company agreed to acquire seven vessels from the subsidiary (in exchange for cash) and to waive certain intercompany claims. The purchase price valuation for the vessels, all but one of which were stacked, was based on independent, third party appraisals of the vessels. | |||||||||||||||||||
The company previously reported that a subsidiary of the company is a participating employer in an industry-wide multi-employer retirement fund in the United Kingdom, known as the Merchant Navy Officers Pension Fund (MNOPF). The subsidiary that participates in the MNOPF is the entity that was placed into administration in the U.K. MNOPF is that subsidiary’s largest creditor, and has claimed as an unsecured creditor in the administration. The Company believed that the administration was in the best interests of the subsidiary and its principal stakeholders, including the MNOPF. The MNOPF indicated that it did not object to the insolvency process and that, aside from asserting its claim in the subsidiary’s administration and based on the company’s representations of the financial status and other relevant aspects of the subsidiary, MNOPF will not pursue the subsidiary in connection with any amounts due or which may become due to the Fund. | |||||||||||||||||||
In December 2013, the administration was converted to a liquidation. That conversion allowed for an interim cash liquidation distribution to be made to MNOPF. The conversion is not expected to have any impact on the company. The liquidation is expected to be completed in calendar 2014. The company believes that the liquidation will resolve the subsidiary’s participation in the MNOPF. The company also believes that the ultimate resolution of this matter will not have a material effect on the consolidated financial statements. | |||||||||||||||||||
Sonatide Joint Venture | |||||||||||||||||||
As previously reported, in November 2013, a subsidiary of the company and its joint venture partner in Angola, Sonangol Holdings Lda. (“Sonangol”), executed a new joint venture agreement for their joint venture, Sonatide. The new joint venture agreement will have a two year term once an Angolan entity, which is intended to be one of the Sonatide group of companies, has been incorporated. The Angolan entity is expected to be incorporated in late 2014 after certain Angolan regulatory approvals are obtained. | |||||||||||||||||||
The challenges presented to the company to successfully operate in Angola continue to remain significant. As the company has previously reported, on July 1, 2013, elements of new legislation (the “forex law”) became effective that requires oil companies participating in concessions from Angola that engage in exploration and production activities offshore Angola to pay for goods and services provided by foreign exchange residents in Angolan kwanzas that are initially deposited into an Angolan bank account. The forex law (and interpretations of the forex law by a number of market participants absent official guidance from the National Bank of Angola or the government of Angola) will likely result in substantial customer payments to Sonatide being made in Angolan kwanzas. Such a result could be unfavorable, because the conversion of Angolan kwanzas into U.S. dollars and expatriation of the funds may result in payment delays, currency devaluation risk prior to conversion of kwanzas to dollars, additional costs to convert kwanzas into dollars and potentially additional taxes. | |||||||||||||||||||
In response to the new forex law, Tidewater and Sonangol negotiated an agreement (the “consortium agreement”) that is intended to allow the Sonatide joint venture to enter into contracts with customers that allocate billings for services provided by Sonatide between (i) billings for local services that are provided by a foreign exchange resident (that must be paid in kwanzas), and (ii) billings for services provided offshore (that can be paid in dollars). However, due to some recent uncertainty that has been expressed as to how Angola will interpret and enforce the forex law, Sonatide is not yet utilizing the split payment arrangement contemplated by the consortium agreement (which the company understands is comparable to arrangements utilized, or intended to be utilized, by other service companies operating in Angola). | |||||||||||||||||||
The company understands that the National Bank of Angola will issue a clarifying interpretation of the forex law by the end of calendar 2014. Any clarifying interpretation provided by the National Bank of Angola, and the resulting method and form of payment for goods and services that is utilized by the oil companies operating offshore Angola, should allow Sonatide, the company and other market participants to better assess the risk profile of the Angolan market over the longer term (i.e., this is an industry issue). | |||||||||||||||||||
In the meantime, as discussed in further detail below, the uncertainty surrounding whether the proposed consortium structure will be acceptable has required the company to take measures to maintain adequate liquidity and to continue its business activities in Angola. | |||||||||||||||||||
As of March 31, 2014, the company had approximately $430 million in amounts due from Sonatide, largely reflecting unpaid vessel revenue (billed and unbilled) related to services performed by the company through the Sonatide joint venture. These amounts have accumulated since late calendar 2012 when the initial provisions of the forex law relating to payments for goods and services provided by foreign exchange residents took effect (and payments were required to be paid into local bank accounts). Beginning in June 2013, when the second provisions of the forex law took effect (and the local payments had to be in kwanza), Sonatide generally accrued for but did not deliver invoices to customers for vessel revenue related to Sonatide and the company’s collective Angolan operations in order to minimize the exposure that Sonatide would be paid for a substantial amount of charter hire in kwanzas and into an Angolan bank. In the interim, the company utilized its credit facility and other arrangements to fund the substantial working capital requirements related to its Angola operations. | |||||||||||||||||||
In the fourth quarter of fiscal 2014 Sonatide received customer payments in Angolan kwanza that was equivalent to approximately $67 million. Additionally, in the first quarter of fiscal 2015, Sonatide began sending invoices to those customers who have insisted on paying U.S. dollar denominated invoices in kwanza. Sonatide will then seek to convert those kwanzas into U.S. dollars and repatriate those U.S. dollars abroad in order to pay the amounts that Sonatide owes the company. That conversion and repatriation is subject to those risks and considerations set forth above. | |||||||||||||||||||
In addition, beginning in February 2014, Sonatide has been entering into some customer agreements that contain split dollar/kwanza payments (typically 70% dollars and 30% kwanzas). While the company is confident that these split payment contracts comply with current Angolan law, it is not clear if this type of contracting will be available to Sonatide over the longer term | |||||||||||||||||||
Management intends to look for other ways to continue to profitably participate in the Angola market while reducing the overall level of exposure of the company to the increased risks that the company believes currently characterize the Angolan market, including the likely redeployment of vessels to other markets where demand for the company’s vessels remains strong. During the year ended March 31, 2014, the company redeployed vessels from its Angolan operations to other markets and also transferred vessels into its Angolan operations from other markets resulting in a net increase of one vessel operating in the area. Redeployment of vessels to other markets in the quarter ended March 31, 2014 has been more significant (net 5 vessels transferred) than in prior quarters. | |||||||||||||||||||
The global market for offshore support vessels is currently reasonably well balanced, with offshore vessel supply approximately equal to offshore vessel demand; however, there would likely be negative financial impacts associated with the redeployment of vessels to other markets, including mobilization costs and costs to redeploy Tidewater shore-based employees to other areas, in addition to lost revenues associated with potential downtime between vessel contracts. These financial impacts could, individually or in the aggregate, be material to our results of operations and cash flows for the periods when such costs would be incurred. If there is a need to redeploy vessels which are currently deployed in Angola to other international markets, Tidewater believes that there is sufficient demand for a majority of these vessels at prevailing market day rates. | |||||||||||||||||||
For the year ended March 31, 2014, Tidewater’s Angolan operations generated vessel revenues of approximately $356.8 million, or 25%, of its consolidated vessel revenue, from an average of approximately 90 Tidewater-owned vessels that are marketed through the Sonatide joint venture (5 of which were stacked on average during the year ended March 31, 2014), and, for the year ended March 31, 2013, generated vessel | |||||||||||||||||||
revenues of approximately $271 million, or 22%, of consolidated vessel revenue, from an average of approximately 85 Tidewater-owned vessels (9 of which were stacked on average during the year ended March 31, 2013). | |||||||||||||||||||
In addition to the company’s Angolan operations, which reflect the results of Tidewater-owned vessels marketed through the Sonatide joint venture (owned 49% by Tidewater), ten vessels and other assets are owned by the Sonatide joint venture. As of March 31, 2014 and 2013, the carrying value of Tidewater’s investment in the Sonatide joint venture, which is included in “Investments in, at equity, and advances to unconsolidated companies,” is approximately $62 million and $46 million, respectively. | |||||||||||||||||||
Due from affiliate at March 31, 2014 and 2013 of approximately $430 million and $119 million, respectively, represents cash received by Sonatide from customers and due to the company, costs paid by Tidewater on behalf of Sonatide and, finally, amounts due from customers which are expected to be remitted to the company through Sonatide. | |||||||||||||||||||
Due to affiliate at March 31, 2014 and 2013 of approximately $86 million and $36 million, respectively, represents amounts due to Sonatide for commissions payable (approximately $43 million and $7 million, respectively) and other costs paid by Sonatide on behalf of the company. | |||||||||||||||||||
Continuing normal course operations have caused (and will cause) amounts due from and to Sonatide to fluctuate in periods subsequent to the balance sheet date. Subsequent to March 31, 2014 the company has collected approximately $66 million of cash from Sonatide, which represents approximately 62 days of revenue (based on revenues of our Angolan operations for the quarter ended March 31, 2014. | |||||||||||||||||||
Brazilian Customs | |||||||||||||||||||
In April 2011, two Brazilian subsidiaries of Tidewater were notified by the Customs Office in Macae, Brazil that they were jointly and severally being assessed fines of 155.0 million Brazilian reais (approximately $68.4 million as of March 31, 2014). The assessment of these fines is for the alleged failure of these subsidiaries to obtain import licenses with respect to 17 Tidewater vessels that provided Brazilian offshore vessel services to Petrobras, the Brazilian national oil company, over a three-year period ending December 2009. After consultation with its Brazilian tax advisors, Tidewater and its Brazilian subsidiaries believe that vessels that provide services under contract to the Brazilian offshore oil and gas industry are deemed, under applicable law and regulations, to be temporarily imported into Brazil, and thus exempt from the import license requirement. The Macae Customs Office has, without a change in the underlying applicable law or regulations, taken the position that the temporary importation exemption is only available to new, and not used, goods imported into Brazil and therefore it was improper for the company to deem its vessels as being temporarily imported. The fines have been assessed based on this new interpretation of Brazilian customs law taken by the Macae Customs Office. | |||||||||||||||||||
After consultation with its Brazilian tax advisors, the company believes that the assessment is without legal justification and that the Macae Customs Office has misinterpreted applicable Brazilian law on duties and customs. The company is vigorously contesting these fines (which it has neither paid nor accrued) and, based on the advice of its Brazilian counsel, believes that it has a high probability of success with respect to the overturn of the entire amount of the fines, either at the administrative appeal level or, if necessary, in Brazilian courts. In December 2011, an administrative board issued a decision that disallowed 149.0 million Brazilian reais (approximately $65.8 million as of March 31, 2014) of the total fines sought by the Macae Customs Office. In two separate proceedings in 2013, a secondary administrative appeals board considered fines totaling 127.0 million Brazilian reais (approximately $56.0 million as of March 31, 2014) and rendered decisions that disallowed all of those fines. The remaining fines totaling 28.0 million Brazilian reais (approximately $12.4 million as of March 31, 2014) are still subject to a secondary administrative appeals board hearing, but the company believes that both decisions will be helpful in that upcoming hearing. The secondary board decisions disallowing the fines totaling 127.0 million Brazilian reais are, however, still subject to the possibility of further administrative appeal by the authorities that imposed the initial fines. The company believes that the ultimate resolution of this matter will not have a material effect on the consolidated financial statements. | |||||||||||||||||||
Potential for Future Brazilian State Tax Assessment | |||||||||||||||||||
The company is aware that a Brazilian state in which the company has operations has notified two of the company’s competitors that they are liable for unpaid taxes (and penalties and interest thereon) for failure to pay state import taxes with respect to vessels that such competitors operate within the coastal waters of such | |||||||||||||||||||
state pursuant to charter agreements. The import tax being asserted is equal to a percentage (which could be as high as 16% for vessels entering that state’s waters prior to December 31, 2010 and 3% thereafter) of the affected vessels’ declared values. The company understands that the two companies involved are contesting the assessment through administrative proceedings before the taxing authority. | |||||||||||||||||||
The company’s two Brazilian subsidiaries have not been similarly notified by the Brazilian state that they have an import tax liability related to their vessel activities imported through that state. Although the company has been advised by its Brazilian tax counsel that substantial defenses would be available if a similar tax claim were asserted against the company, if an import tax claim were to be asserted, it could be for a substantial amount given that the company has had substantial and continuing operations within the territory of the state (although the amount could fluctuate significantly depending on the administrative determination of the taxing authority as to the rate to apply, the vessels subject to the levy and the time periods covered). In addition, under certain circumstances, the company might be required to post a bond or other adequate security in the amount of the assessment (plus any interest and penalties) if it became necessary to challenge the assessment in a Brazilian court. The statute of limitations for the Brazilian state to levy an assessment of the import tax is five years from the date of a vessel’s entry into Brazil. The company has not yet determined the potential tax assessment, and according to the Brazilian tax counsel, chances of defeating a possible claim/notification from the State authorities in court are probable. To obtain legal certainty and predictability for future charter agreements and because the company has imported several vessels to start new charters in Brazil, the company filed several suits in 2011, 2012 and 2013, against the Brazilian state and has deposited (or, in recent cases, is in the process of depositing) the respective state tax for these newly imported vessels. As of March 31, 2014, no accrual has been recorded for any liability associated with any potential future assessment for previous periods based on management’s assessment, after consultation with Brazilian counsel, that a liability for such taxes was not probable. | |||||||||||||||||||
Nigeria Marketing Agent Litigation | |||||||||||||||||||
On March 1, 2013, Tidewater filed suit in the London Commercial Court against Tidewater’s Nigerian marketing agent for breach of the agent’s obligations under contractual agreements between the parties. The alleged breach involves actions of the Nigerian marketing agent to discourage various affiliates of TOTAL S.A. from paying approximately $19 million (including Naira and U.S. dollar denominated invoices) due to the company for vessel services performed in Nigeria. Shortly after the London Commercial Court filing, TOTAL commenced interpleader proceedings in Nigeria naming the Nigerian agent and the company as respondents and seeking an order which would allow TOTAL to deposit those monies with a Nigerian court for the respondents to resolve. On April 25, 2013, Tidewater filed motions in the Nigerian Federal High Court to stop the interpleader proceedings in Nigeria or alternatively stay them until the resolution of the suit filed in London. The company will continue to actively pursue the collection of those monies. On April 30, 2013, the Nigerian marketing agent filed a separate suit in the Nigerian Federal High Court naming Tidewater and certain TOTAL affiliates as defendants. The suit seeks various declarations and orders, including a claim for the monies that are subject to the above interpleader proceedings, and other relief. The company is seeking dismissal of this suit and otherwise intends to vigorously defend against the claims made. The company has not reserved for this receivable and believes that the ultimate resolution of this matter will not have a material effect on the consolidated financial statements. | |||||||||||||||||||
In October, 2012, Tidewater had notified the Nigerian marketing agent that it was discontinuing its relationship with the Nigerian marketing agent. The company has entered into a new strategic relationship with a different Nigerian counterparty that it believes will better serve the company’s long term interests in Nigeria. This new strategic relationship is currently functioning as the company intended. | |||||||||||||||||||
Venezuelan Operations | |||||||||||||||||||
On February 16, 2010, Tidewater and certain of its subsidiaries (collectively, the “Claimants”) filed with the International Centre for Settlement of Investment Disputes (“ICSID”) a Request for Arbitration against the Bolivarian Republic of Venezuela. As previously reported by Tidewater, in May 2009 Petróleos de Venezuela, S.A. (“PDVSA”), the national oil company of Venezuela, took possession and control of (a) eleven of the Claimants’ vessels that were then supporting PDVSA operations in Lake Maracaibo, (b) the Claimants’ shore-based headquarters adjacent to Lake Maracaibo, (c) the Claimants’ operations in Lake Maracaibo, and (d) certain other related assets. The company also previously reported that in July 2009 Petrosucre, S.A., a subsidiary of PDVSA, took possession and control of the Claimants’ four vessels, operations, and related | |||||||||||||||||||
assets in the Gulf of Paria. It is Tidewater’s position that, through those measures, the Republic of Venezuela directly or indirectly expropriated the Claimants’ investments, including the capital stock of the Claimants’ principal operating subsidiary in Venezuela. | |||||||||||||||||||
The Claimants alleged in the Request for Arbitration that each of the measures taken by the Republic of Venezuela against the Claimants violates the Republic of Venezuela’s obligations under the bilateral investment treaty with Barbados and rules and principles of Venezuelan law and international law. An arbitral tribunal was constituted under the ICSID Convention to resolve the dispute. The tribunal first addressed the Republic of Venezuela’s objections to the tribunal’s jurisdiction over the dispute. After two rounds of briefing by the parties, a hearing on jurisdiction was held in Washington, D.C. on February 29 and March 1, 2012. | |||||||||||||||||||
On February 8, 2013, the tribunal issued its decision on jurisdiction. The tribunal found that it has jurisdiction over the claims under the Venezuela-Barbados bilateral investment treaty, including the claim for compensation for the expropriation of Tidewater’s principal operating subsidiary, but that it does not have jurisdiction based on Venezuela’s investment law. The practical effect of the tribunal’s decision is to exclude from the case the claims for expropriation of the fifteen vessels described above. The proceeding will now move to the merits, including a determination whether the Republic of Venezuela violated the Venezuela-Barbados bilateral investment treaty and a valuation of Tidewater’s principal operating subsidiary in Venezuela. At the time of the expropriation, the principal operating subsidiary had sizeable accounts receivable from PDVSA and Petrosucre, denominated in both U.S. Dollars and Venezuelan Bolivars. The company expects those accounts receivable to form part of the total valuation of Tidewater’s principal operating subsidiary. As a result of the seizures, the lack of further operations in Venezuela, and the continuing uncertainty about the timing and amount of the compensation the company might collect in the future, the company recorded a $44.8 million provision during the quarter ended June 30, 2009, to fully reserve accounts receivable due from PDVSA and Petrosucre. | |||||||||||||||||||
While the tribunal determined that it does not have jurisdiction over the claim for the seizure of the fifteen vessels, Tidewater received during fiscal 2011 insurance proceeds for the insured value of those vessels (less an additional premium payment triggered by those proceeds). Tidewater believes that the claims remaining in the case, over which the tribunal upheld jurisdiction, represent the most substantial portion of the overall value lost as a result of the measures taken by the Republic of Venezuela. Tidewater has discussed the nature of the insurance proceeds received for the fifteen vessels in previous quarterly and annual filings. | |||||||||||||||||||
The tribunal has issued a briefing and hearing schedule to determine the merits of the claims over which the tribunal has jurisdiction. That schedule culminates in a final hearing in mid-2014. | |||||||||||||||||||
Currency Devaluation and Fluctuation Risk | |||||||||||||||||||
Due to the company’s global operations, the company is exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our non-U.S. contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that the company is at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, the company attempts to contract a significant majority of its services in U.S. dollars. In addition, the company attempts to minimize its financial impact of these risks, by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. The company continually monitors the currency exchange risks associated with all contracts not denominated in U.S. dollars. | |||||||||||||||||||
Legal Proceedings | |||||||||||||||||||
Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on the company’s financial position, results of operations, or cash flows. | |||||||||||||||||||
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Fair Value Measurements and Disclosures | ' | ||||||||||||||||||
-13 | FAIR VALUE MEASUREMENTS AND DISCLOSURES | ||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||
Other Financial Instruments | |||||||||||||||||||
The company’s primary financial instruments consist of cash and cash equivalents, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company enters into derivative instruments only to the extent considered necessary to address its risk management objectives and does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. | |||||||||||||||||||
Cash Equivalents. The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. | |||||||||||||||||||
Spot Derivatives. Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. | |||||||||||||||||||
The company had four foreign exchange spot contracts outstanding at March 31, 2014, which had a notional value of $2.3 million. The spot contracts settled by April 2, 2014. The company did not have any spot contracts outstanding at March 31, 2013. | |||||||||||||||||||
Forward Derivatives. Forward derivative financial instruments are generally longer-term in nature but generally do not exceed one year. The accounting for gains or losses on forward contracts is dependent on the nature of the risk being hedged and the effectiveness of the hedge. Forward contracts are valued using counterparty quotations, and we validate the information obtained from the counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. | |||||||||||||||||||
At March 31, 2014, the company did not have any forward contracts outstanding. | |||||||||||||||||||
At March 31, 2013, the company had three British pound forward contracts outstanding, which are generally intended to hedge the company’s foreign exchange exposure relating to its MNOPF liability as disclosed in Note (11) and elsewhere in this document. The forward contracts have expiration dates between June 20, 2013 and December 18, 2013. The combined change in fair value of the forward contracts was approximately $0.1 million, all of which was recorded as a foreign exchange loss during the fiscal year ended March 31, 2013, because the forward contracts did not qualify as hedge instruments. All changes in fair value of the forward contracts were recorded in earnings on a quarterly basis. | |||||||||||||||||||
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2014: | |||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||
active markets | observable | unobservable | |||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||
Money market cash equivalents | $ | 16,559 | 16,559 | — | — | ||||||||||||||
Total fair value of assets | $ | 16,559 | 16,559 | — | — | ||||||||||||||
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2013: | |||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||
active markets | observable | unobservable | |||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||
Money market cash equivalents | $ | 949 | 949 | — | — | ||||||||||||||
Long-term British pound forward derivative contracts | 4,359 | — | 4,359 | — | |||||||||||||||
Total fair value of assets | $ | 5,308 | 949 | 4,359 | — | ||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||
Asset Impairments | |||||||||||||||||||
The company accounts for long-lived assets in accordance with ASC 360-10-35, Impairment or Disposal of Long-Lived Assets. The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. Active, non-stacked vessels are grouped together for impairment testing purposes with vessels of similar operating and marketing characteristics. Active vessel groupings are also subdivided between older vessels and newer vessels. | |||||||||||||||||||
The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company uses the discounted cash flow method to determine the estimated fair value of each asset group and compares such estimated fair value (considered Level 3, as defined by ASC 360) to the carrying value of each asset group in order to determine if impairment exists. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. | |||||||||||||||||||
In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels and vessels withdrawn from service every six months or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. Management estimates each stacked vessel’s fair value by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, which are unobservable inputs. In certain situations we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers. The company records an impairment charge when the carrying value of a vessel withdrawn from service or a stacked vessel exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. | |||||||||||||||||||
The below table summarizes the combined fair value of the assets that incurred impairments along with the amount of impairment during the years ended March 31. The fair values of impaired assets are based on expected net proceeds from asset sales or appraisals performed by third parties. The impairment charges were recorded in gain on asset dispositions, net. | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Amount of impairment incurred | $ | 9,341 | 8,078 | 3,607 | |||||||||||||||
Combined fair value of assets incurring impairment | 11,149 | 14,733 | 8,175 |
Gain_on_Disposition_of_Assets_
Gain on Disposition of Assets, Net | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Gain on Disposition of Assets, Net | ' | ||||||||||||
-14 | GAIN ON DISPOSITION OF ASSETS, NET | ||||||||||||
The company seeks opportunities to dispose its older vessels when market conditions warrant and opportunities arise. As such, vessel dispositions vary from year to year, and gains on sales of assets may also fluctuate significantly from period to period. The majority of the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry. | |||||||||||||
The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows: | |||||||||||||
(In thousands, except number of vessels disposed) | 2014 | 2013 | 2012 | ||||||||||
Gain on vessels disposed | $ | 12,247 | 12,191 | 20,024 | |||||||||
Number of vessels disposed | 48 | 32 | 60 | ||||||||||
Also included in gain on dispositions of assets, net are gains of $4.0 million and $2.3 million related to the sale of the company’s two shipyards in fiscal 2014 and fiscal 2013 respectively and, amortized gains on sale/leaseback transactions of $3.7 million. Please refer to Note (13) above for a discussion on asset impairment. |
Segment_Information_Geographic
Segment Information, Geographical Data and Major Customers | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Segment Information, Geographical Data and Major Customers | ' | ||||||||||||||||||||||||||
-15 | SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | ||||||||||||||||||||||||||
The company follows the disclosure requirements of ASC 280, Segment Reporting. Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. | |||||||||||||||||||||||||||
We manage and measure our business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East/North Africa, and Sub-Saharan Africa/Europe. These segments are reflective of how the company’s chief operating decision maker (CODM) reviews operating results for the purposes of allocating resources and assessing performance. The company’s CODM is its Chief Executive Officer. | |||||||||||||||||||||||||||
The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Vessel revenues : | |||||||||||||||||||||||||||
Americas | $ | 410,731 | 327,059 | 324,529 | |||||||||||||||||||||||
Asia/Pacific | 154,618 | 184,014 | 153,752 | ||||||||||||||||||||||||
Middle East/North Africa | 186,524 | 149,412 | 109,489 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 666,588 | 569,513 | 472,698 | ||||||||||||||||||||||||
1,418,461 | 1,229,998 | 1,060,468 | |||||||||||||||||||||||||
Other operating revenues | 16,642 | 14,167 | 6,539 | ||||||||||||||||||||||||
$ | 1,435,103 | 1,244,165 | 1,067,007 | ||||||||||||||||||||||||
Vessel operating profit: | |||||||||||||||||||||||||||
Americas | $ | 90,936 | 40,318 | 56,003 | |||||||||||||||||||||||
Asia/Pacific | 29,044 | 43,704 | 16,125 | ||||||||||||||||||||||||
Middle East/North Africa | 42,736 | 39,069 | 805 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 136,092 | 129,460 | 97,142 | ||||||||||||||||||||||||
298,808 | 252,551 | 170,075 | |||||||||||||||||||||||||
Other operating profit | (1,930 | ) | (833 | ) | (2,867 | ) | |||||||||||||||||||||
296,878 | 251,718 | 167,208 | |||||||||||||||||||||||||
Corporate general and administrative expenses (A) | (47,703 | ) | (48,704 | ) | (36,665 | ) | |||||||||||||||||||||
Corporate depreciation | (3,073 | ) | (3,391 | ) | (3,714 | ) | |||||||||||||||||||||
Corporate expenses | (50,776 | ) | (52,095 | ) | (40,379 | ) | |||||||||||||||||||||
Gain on asset dispositions, net | 11,722 | 6,609 | 17,657 | ||||||||||||||||||||||||
Goodwill impairment | (56,283 | ) | — | (30,932 | ) | ||||||||||||||||||||||
Operating income | 201,541 | 206,232 | 113,554 | ||||||||||||||||||||||||
Foreign exchange gain | 1,541 | 3,011 | 3,309 | ||||||||||||||||||||||||
Equity in net earnings of unconsolidated companies | 15,801 | 12,189 | 13,041 | ||||||||||||||||||||||||
Interest income and other, net | 2,123 | 3,476 | 3,440 | ||||||||||||||||||||||||
Loss on early extinguishment of debt | (4,144 | ) | — | — | |||||||||||||||||||||||
Interest and other debt costs | (43,814 | ) | (29,745 | ) | (22,308 | ) | |||||||||||||||||||||
Earnings before income taxes | $ | 173,048 | 195,163 | 111,036 | |||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||
Americas | $ | 43,297 | 40,454 | 38,128 | |||||||||||||||||||||||
Asia/Pacific | 17,174 | 19,416 | 20,758 | ||||||||||||||||||||||||
Middle East/North Africa | 24,441 | 18,784 | 17,606 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 79,199 | 65,241 | 58,137 | ||||||||||||||||||||||||
164,111 | 143,895 | 134,629 | |||||||||||||||||||||||||
Other | 296 | 13 | 13 | ||||||||||||||||||||||||
Corporate | 3,073 | 3,391 | 3,714 | ||||||||||||||||||||||||
$ | 167,480 | 147,299 | 138,356 | ||||||||||||||||||||||||
Additions to properties and equipment: | |||||||||||||||||||||||||||
Americas | $ | 99,798 | 52,299 | 7,279 | |||||||||||||||||||||||
Asia/Pacific | 2,586 | 19,858 | 64,431 | ||||||||||||||||||||||||
Middle East/North Africa | 8,042 | 3,833 | 16,828 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe (B) | 488,984 | 197,534 | 84,491 | ||||||||||||||||||||||||
599,410 | 273,524 | 173,029 | |||||||||||||||||||||||||
Other | 31,841 | — | — | ||||||||||||||||||||||||
Corporate (C) | 175,233 | 179,058 | 194,931 | ||||||||||||||||||||||||
$ | 806,484 | 452,582 | 367,960 | ||||||||||||||||||||||||
Total assets (D): | |||||||||||||||||||||||||||
Americas | $ | 1,017,736 | 880,368 | 1,025,386 | |||||||||||||||||||||||
Asia/Pacific | 421,379 | 607,546 | 654,357 | ||||||||||||||||||||||||
Middle East/North Africa | 613,303 | 507,124 | 405,625 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 2,383,507 | 1,706,355 | 1,519,124 | ||||||||||||||||||||||||
4,435,925 | 3,701,393 | 3,604,492 | |||||||||||||||||||||||||
Other | 31,545 | 5,102 | 6,576 | ||||||||||||||||||||||||
4,467,470 | 3,706,495 | 3,611,068 | |||||||||||||||||||||||||
Investments in and advances to unconsolidated companies | 63,928 | 46,047 | 46,077 | ||||||||||||||||||||||||
4,531,398 | 3,752,542 | 3,657,145 | |||||||||||||||||||||||||
Corporate (E) | 354,431 | 415,513 | 404,473 | ||||||||||||||||||||||||
$ | 4,885,829 | 4,168,055 | 4,061,618 | ||||||||||||||||||||||||
(A) | Included in Corporate general and administrative expenses for the year ended March 31, 2014 and 2013 are transaction costs of $3.7 million related to the acquisition of Troms Offshore and a settlement charge of $5.2 million related to the payment of retirement benefits to a former Chief Executive Officer, respectively. | ||||||||||||||||||||||||||
(B) | Included in Sub-Saharan Africa/Europe for the year ended March 31, 2014 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | ||||||||||||||||||||||||||
(C) | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented. | ||||||||||||||||||||||||||
(D) | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. | ||||||||||||||||||||||||||
(E) | Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2014, 2013 and 2012, $228.9 million, $229.3 million and $249.4 million, respectively, of vessel construction costs are included in Corporate. | ||||||||||||||||||||||||||
The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the years ended March 31,: | |||||||||||||||||||||||||||
Revenue by vessel class: | 2014 | % of Vessel | 2013 | % of Vessel | 2012 | % of Vessel | |||||||||||||||||||||
(In thousands): | Revenue | Revenue | Revenue | ||||||||||||||||||||||||
Americas fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 263,750 | 18 | % | 179,032 | 15 | % | 146,950 | 14 | % | |||||||||||||||||
Towing-supply | 115,055 | 8 | % | 120,817 | 10 | % | 143,796 | 14 | % | ||||||||||||||||||
Other | 31,926 | 3 | % | 27,210 | 2 | % | 33,783 | 3 | % | ||||||||||||||||||
Total | $ | 410,731 | 29 | % | 327,059 | 27 | % | 324,529 | 31 | % | |||||||||||||||||
Asia/Pacific fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 88,191 | 6 | % | 96,118 | 8 | % | 75,495 | 7 | % | |||||||||||||||||
Towing-supply | 62,630 | 5 | % | 84,217 | 7 | % | 73,845 | 7 | % | ||||||||||||||||||
Other | 3,797 | <1 | % | 3,679 | <1 | % | 4,412 | <1 | % | ||||||||||||||||||
Total | $ | 154,618 | 11 | % | 184,014 | 15 | % | 153,752 | 14 | % | |||||||||||||||||
Middle East/North Africa fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 66,503 | 5 | % | 55,945 | 5 | % | 46,511 | 4 | % | |||||||||||||||||
Towing-supply | 116,720 | 8 | % | 89,902 | 7 | % | 56,902 | 5 | % | ||||||||||||||||||
Other | 3,301 | <1 | % | 3,565 | <1 | % | 6,076 | 1 | % | ||||||||||||||||||
Total | $ | 186,524 | 13 | % | 149,412 | 12 | % | 109,489 | 10 | % | |||||||||||||||||
Sub-Saharan Africa/Europe fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 364,722 | 26 | % | 273,544 | 22 | % | 199,697 | 19 | % | |||||||||||||||||
Towing-supply | 231,224 | 16 | % | 226,357 | 18 | % | 201,463 | 19 | % | ||||||||||||||||||
Other | 70,642 | 5 | % | 69,612 | 6 | % | 71,538 | 7 | % | ||||||||||||||||||
Total | $ | 666,588 | 47 | % | 569,513 | 46 | % | 472,698 | 45 | % | |||||||||||||||||
Worldwide fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 783,166 | 55 | % | 604,639 | 50 | % | 468,653 | 44 | % | |||||||||||||||||
Towing-supply | 525,629 | 37 | % | 521,293 | 42 | % | 476,006 | 45 | % | ||||||||||||||||||
Other | 109,666 | 8 | % | 104,066 | 8 | % | 115,809 | 11 | % | ||||||||||||||||||
Total | $ | 1,418,461 | 100 | % | 1,229,998 | 100 | % | 1,060,468 | 100 | % | |||||||||||||||||
The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Chevron Corporation (including its worldwide subsidiaries and affiliates) | 18.1 | % | 17.8 | % | 17.4 | % | |||||||||||||||||||||
Petroleo Brasileiro SA | 8.6 | % | 8.6 | % | 14.6 | % |
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Goodwill | ' | ||||||||||||||||||
-16 | GOODWILL | ||||||||||||||||||
The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. | |||||||||||||||||||
The company performed its annual goodwill impairment assessment during the quarter ended December 31, 2013 and determined that the carrying value of its Asia/Pacific unit exceeded its fair value as a result of the general decline in the level of business and, therefore, expected future cash flow for the company in this region. The Asia/Pacific region continues to be challenged with an excess capacity of vessels as a result of the significant number of vessels that have been built in this region over the past 10 years, without a commensurate increase in working rig count within the region. In recent years, the company has both disposed of older vessels that previously worked in the region and transferred vessels out of the region to other regions where market opportunities are currently more robust. In accordance with ASC 350 goodwill is not reallocated based on vessel movements. A goodwill impairment charge of $56.3 million was recorded during the quarter ended December 31, 2013. | |||||||||||||||||||
During the year ended March 31, 2014, $42.2 million of goodwill related to the acquisition of Troms Offshore was allocated to the Sub-Saharan Africa/Europe segment. | |||||||||||||||||||
Goodwill and changes to goodwill by reportable segment for the years ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||||
(In thousands) | 2013 | Goodwill acquired | Impairments | 2014 | |||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | ||||||||||||||
Asia/Pacific | 56,283 | — | 56,283 | — | |||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | 42,160 | — | 169,462 | |||||||||||||||
Total carrying amount | $ | 297,822 | 42,160 | 56,283 | 283,699 | ||||||||||||||
(In thousands) | 2012 | Goodwill acquired | Impairments | 2013 | |||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | ||||||||||||||
Asia/Pacific | 56,283 | — | — | 56,283 | |||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | — | — | 127,302 | |||||||||||||||
Total carrying amount (A) | $ | 297,822 | — | — | 297,822 | ||||||||||||||
(A) | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. | ||||||||||||||||||
Goodwill, as a percentage of total assets and stockholders’ equity, at March 31, is as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Goodwill as a percentage of total assets | 6 | % | 7 | % | |||||||||||||||
Goodwill as a percentage of stockholders’ equity | 11 | % | 12 | % |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||||
-17 | QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||
Selected financial information for interim periods for the years ended March 31, is as follows: | |||||||||||||||||||
Quarter | |||||||||||||||||||
(In thousands except per share data) | First | Second | Third | Fourth | |||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Revenues | $ | 334,085 | 367,937 | 365,248 | 367,833 | ||||||||||||||
Operating income(A) | 43,425 | 76,565 | 20,488 | 61,063 | |||||||||||||||
Net earnings | 30,083 | 54,172 | 12,583 | 43,417 | |||||||||||||||
Basic earnings per share | $ | 0.61 | 1.1 | 0.25 | 0.88 | ||||||||||||||
Diluted earnings per share | $ | 0.61 | 1.09 | 0.25 | 0.88 | ||||||||||||||
Fiscal 2013 | |||||||||||||||||||
Revenues | $ | 294,448 | 311,918 | 309,466 | 328,333 | ||||||||||||||
Operating income (A) | 49,487 | 57,197 | 40,974 | 58,574 | |||||||||||||||
Net earnings | 32,856 | 41,356 | 29,947 | 46,591 | |||||||||||||||
Basic earnings per share | $ | 0.65 | 0.84 | 0.61 | 0.95 | ||||||||||||||
Diluted earnings per share | $ | 0.65 | 0.83 | 0.61 | 0.95 | ||||||||||||||
(A) | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Goodwill impairment by quarter for fiscal 2014 and gain on asset dispositions, net, by quarter for fiscal 2014 and 2013, are as follows: | ||||||||||||||||||
(In thousands) | First | Second | Third | Fourth | |||||||||||||||
Fiscal 2014: | |||||||||||||||||||
Goodwill impairment | $ | — | — | (56,283 | ) | — | |||||||||||||
Gain on asset dispositions, net | $ | 2,140 | 49 | 7,170 | 2,363 | ||||||||||||||
Fiscal 2013: | |||||||||||||||||||
Gain on asset dispositions, net | $ | 838 | 1,833 | 99 | 3,839 |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Mar. 31, 2014 | |||
Subsequent Events | ' | ||
-18 | SUBSEQUENT EVENTS | ||
The company committed approximately $134 million for the construction of one 292-foot deepwater PSV and two 268-foot PSVs. The 292-foot deepwater PSV will be built in an international shipyard and has an estimated delivery date of April 2016. The two 268-foot deepwater PSVs will be built in a different international shipyard and have estimated delivery dates of January and April 2015. | |||
Subsequent to March 31, 2014 the company has collected approximately $66 million of cash from Sonatide, which represents approximately 62 days of revenue (based on revenues of our Angolan operations for the quarter ended March 31, 2014). | |||
In May 2014, the company’s Board of Directors authorized the company to spend up to $200.0 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. The effective period for this authorization is July 1, 2014 through June 30, 2015. The company uses its available cash and, when considered advantageous, borrowings under its revolving credit facility or other borrowings, to fund any share repurchases. The company evaluates share repurchase opportunities relative to other investment opportunities and in the context of current conditions in the credit and capital markets. | |||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||
SCHEDULE II | |||||||||||||||||||
TIDEWATER INC. AND SUBSIDIARIES | |||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||
Years Ended March 31, 2014, 2013 and 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Description | Balance at | Additions | Deductions | Balance | |||||||||||||||
Beginning | at Cost | at | |||||||||||||||||
of period | End of | ||||||||||||||||||
Period | |||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Deducted in balance sheet from Trade accounts receivables: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 46,332 | 1,399 | 11,994 | (A) | 35,737 | |||||||||||||
Fiscal 2013 | |||||||||||||||||||
Deducted in balance sheet from Trade accounts receivables: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 49,921 | 900 | 4,489 | (B) | 46,332 | |||||||||||||
Fiscal 2012 | |||||||||||||||||||
Deducted in balance sheet from Trade accounts receivables: | |||||||||||||||||||
Allowance for doubtful accounts | $ | 50,677 | 666 | 1,422 | (C) | 49,921 | |||||||||||||
(A) | Of this amount, $3,151 represents the collections from one customer located in Mexico and $8,843 represents accounts receivable amounts considered uncollectible and removed from accounts receivable with an offsetting reduction to the allowance for doubtful accounts. | ||||||||||||||||||
(B) | Of this amount, $3,852 is related to the revaluation of the allowance for doubtful accounts related to Venezuelan receivables and $637 related to receivables considered uncollectible and removed from accounts receivable by reducing the allowance for doubtful accounts. | ||||||||||||||||||
(C) | Of this amount, $1,000 represents the collections from one customer located in Mexico and $422 represents accounts receivable amounts considered uncollectible and removed from accounts receivable by reducing the allowance for doubtful accounts. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Nature of Operations | ' | ||||||||||||||||||
Nature of Operations | |||||||||||||||||||
The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. | |||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. | |||||||||||||||||||
Use of Estimates in Preparation of Financial Statements | ' | ||||||||||||||||||
Use of Estimates in Preparation of Financial Statements | |||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, valuation of goodwill, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used, as such, actual results may differ from these estimates. | |||||||||||||||||||
Cash Equivalents | ' | ||||||||||||||||||
Cash Equivalents | |||||||||||||||||||
The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. | |||||||||||||||||||
Marine Operating Supplies | ' | ||||||||||||||||||
Marine Operating Supplies | |||||||||||||||||||
Marine operating supplies, which consist primarily of operating parts and supplies for the company’s vessels, are stated at the lower of weighted-average cost or market. | |||||||||||||||||||
Properties and Equipment | ' | ||||||||||||||||||
Properties and Equipment | |||||||||||||||||||
Depreciation and Amortization | |||||||||||||||||||
Properties and equipment are stated at cost. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 5%-10% for marine equipment, using estimated useful lives of 15 - 25 years for marine equipment (from date of construction) and 3 - 30 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of earnings. Used equipment is depreciated in accordance with this above policy; however, no life less than six years is used for marine equipment regardless of the date constructed. | |||||||||||||||||||
Maintenance and Repairs | |||||||||||||||||||
Maintenance and repairs (including major repair costs) are expensed as incurred during the asset’s original estimated useful life (its original depreciable life). Major repair costs incurred after the original estimated depreciable life that also have the effect of extending the useful life (for example, the complete overhaul of main engines, the replacement of mechanical components, or the replacement of steel in the vessel’s hull) of the asset are capitalized and amortized over 30 months. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not only for a specific customer contract are capitalized and amortized over the remaining life of the equipment. The majority of the company’s vessels require certification inspections twice in every five year period, and the company schedules major repairs and maintenance, including time the vessel will be in a dry dock, when it is anticipated that the work can be performed. While the actual length of time between major repairs and maintenance and drydockings can vary, in the case of major repairs incurred after a vessel’s original estimated useful life, we use a 30 month amortization period for depreciating the capitalized costs of these major repairs and maintenance and drydockings. | |||||||||||||||||||
Net Properties and Equipment | |||||||||||||||||||
The following is a summary of net properties and equipment at March 31: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Number | Carrying | Number | Carrying | ||||||||||||||||
Of Vessels | Value | Of Vessels | Value | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Vessels in active service | 257 | $ | 3,281,391 | 256 | $ | 2,882,908 | |||||||||||||
Stacked vessels | 15 | 9,743 | 51 | 30,084 | |||||||||||||||
Vessels withdrawn from service | — | — | 2 | 633 | |||||||||||||||
Marine equipment and other assets under construction | 268,189 | 239,287 | |||||||||||||||||
Other property and equipment (A) | 62,285 | 36,907 | |||||||||||||||||
Totals | 272 | $ | 3,621,608 | 309 | $ | 3,189,819 | |||||||||||||
(A) | Other property and equipment includes six remotely operated vehicles the company took delivery of in fiscal 2014. | ||||||||||||||||||
The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at March 31, 2014 and 2013 have an average age of 32.2 and 31.5 years, respectively. A vast majority of vessels stacked at March 31, 2014 are currently being marketed for sale and are not expected to return to the active fleet, primarily due to their age. | |||||||||||||||||||
Vessels withdrawn from service represent those vessels that are not included in the company’s utilization statistics. There are no vessels withdrawn from service at March 31, 2014. Two vessels withdrawn from service at March 31, 2013 had an average age of 32.5 years. | |||||||||||||||||||
All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Stacked vessels and vessels withdrawn from service are reviewed for impairment semiannually or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. | |||||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that have not | |||||||||||||||||||
been stacked, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. We also subdivide our groupings of assets with similar operating and marketing characteristics between our older vessels and newer vessels. | |||||||||||||||||||
The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company uses the discounted cash flow method to determine the estimated fair value of each asset group and compares such estimated fair value (considered Level 3), as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 Impairment or Disposal of Long-lived Assets, to the carrying value of each asset group in order to determine if impairment exists. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. | |||||||||||||||||||
The primary estimates and assumptions used in reviewing active vessel groups for impairment include utilization rates, average dayrates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, dayrates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. | |||||||||||||||||||
In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels and vessels withdrawn from service every six months or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. Management estimates each stacked vessel’s fair value by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. In certain situations we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers. The company records an impairment charge when the carrying value of a vessel withdrawn from service or a stacked vessel exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. The company has consistently recorded modest gains on the sale of stacked vessels. Refer to Note (13) for a discussion on asset impairments. | |||||||||||||||||||
Goodwill | ' | ||||||||||||||||||
Goodwill | |||||||||||||||||||
Goodwill represents the cost in excess of fair value of the net assets of companies acquired. Goodwill primarily relates to the fiscal 1998 acquisition of O.I.L. Ltd. and the fiscal 2014 acquisition of Troms Offshore. The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. The company has the option of assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. In the event that a qualitative assessment indicates that the fair value of a reporting unit exceeds its carrying value the two step impairment test is not necessary. If, however, the assessment of qualitative factors indicates otherwise, the standard two-step method for evaluating goodwill for impairment as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, Intangibles-Goodwill and Other must be performed. Step one involves comparing the fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit’s carrying amount is greater than the fair value, the second step must be completed to measure the amount of impairment, if any. Step two involves calculating the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit from the fair value of the reporting unit as determined in step one. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss is recognized equal to the difference. | |||||||||||||||||||
During the year ended March 31, 2014, $42.2 million of goodwill related to the acquisition of Troms Offshore was allocated to the Sub-Saharan Africa/Europe segment. The company performed its annual goodwill impairment assessment as of December 31, 2013 and recorded a goodwill impairment charge of $56.3 million related to the Asia/Pacific segment. Refer to Note (16) for a complete discussion of Goodwill. | |||||||||||||||||||
Accrued Property and Liability Losses | ' | ||||||||||||||||||
Accrued Property and Liability Losses | |||||||||||||||||||
The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. | |||||||||||||||||||
The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Accrued property and liability losses | $ | 8,917 | 14,966 | ||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||||
Pension and Other Postretirement Benefits | |||||||||||||||||||
The company follows the provisions of ASC 715, Compensation – Retirement Benefits, and uses a March 31 measurement date for determining net periodic benefit costs, benefit obligations and the fair value of plan assets. Net periodic pension costs and accumulated benefit obligations are determined using a number of assumptions including the discount rates used to measure future obligations and expenses, the rate of compensation increases, retirement ages, mortality rates, expected long-term return on plan assets, health care cost trends, and other assumptions, all of which have a significant impact on the amounts reported. | |||||||||||||||||||
The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. | |||||||||||||||||||
Net periodic benefit costs are based on a market-related valuation of assets equal to the fair value of assets. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (6) for a complete discussion on compensation – retirement benefits. | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are not provided on undistributed earnings of certain non-U.S. subsidiaries and business ventures because the company considers those earnings to be permanently invested abroad. Refer to Note (4) for a complete discussion on income taxes. | |||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (average three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. | |||||||||||||||||||
Operating Costs | ' | ||||||||||||||||||
Operating Costs | |||||||||||||||||||
Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major drydocking repair costs, which occur during the initial economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. | |||||||||||||||||||
Foreign Currency Translation | ' | ||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||
The U.S. dollar is the functional currency for all of the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. | |||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||
Earnings Per Share | |||||||||||||||||||
The company follows ASC 260, Earnings Per Share and reports both basic earnings per share and diluted earnings per share. The calculation of basic earnings per share is computed based on the weighted average number of shares of common stock outstanding. Dilutive earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of the company’s share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. Refer to Note 10, Earnings Per Share. | |||||||||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||
The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. | |||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
The company follows ASC 718, Compensation – Stock Compensation, for the expensing of stock options and other share-based payments. This topic requires that stock-based compensation transactions be accounted for using a fair-value-based method. The company uses the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. Refer to Note (8) for a complete discussion on stock-based compensation. | |||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||
Comprehensive Income | |||||||||||||||||||
The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income. Total comprehensive income represents the net change in stockholders’ equity during a period from sources other than transactions with stockholders and, as such, includes net earnings. For the company, accumulated other comprehensive income is comprised of unrealized gains and losses on available-for-sale securities and derivative financial instruments, currency translation adjustment and any minimum pension liability for the company’s U.S. Defined Benefits Pension Plan and Supplemental Executive Retirement Plan. Refer to Note (9) for a complete discussion on comprehensive income. | |||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||
The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. | |||||||||||||||||||
The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. | |||||||||||||||||||
For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. | |||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for financial assets and liabilities that are measured and reported at fair value on a recurring basis. ASC 820 establishes a hierarchy for inputs used in measuring fair value. Fair value is calculated based on assumptions that market participants would use in pricing assets and liabilities and not on assumptions specific to the entity. The statement requires that each asset and liability carried at fair value be classified into one of the following categories: | |||||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets or liabilities | ||||||||||||||||||
Level 2: | Observable market based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||
Level 3: | Unobservable inputs that are not corroborated by market data | ||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||
Reclassifications | |||||||||||||||||||
The company made certain reclassifications to prior period amounts to conform to the current year presentation. These reclassifications did not have a material effect on the consolidated statement of financial position, results of operations or cash flows. | |||||||||||||||||||
Subsequent Events | ' | ||||||||||||||||||
Subsequent Events | |||||||||||||||||||
The company evaluates subsequent events through the time of our filing on the date we issue financial statements. | |||||||||||||||||||
Accounting Pronouncements | ' | ||||||||||||||||||
Accounting Pronouncements | |||||||||||||||||||
From time to time, new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. | |||||||||||||||||||
In February 2013, the FASB issued ASU 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires entities to present changes in accumulated other comprehensive income by component, including the amounts of changes that are due to reclassifications and the amounts that are due to current period other comprehensive income. Entities are also required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The new guidance was effective for us beginning April 1, 2013 and includes disclosure changes only. |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Summary of Net Properties and Equipment | ' | ||||||||||||||||||
The following is a summary of net properties and equipment at March 31: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Number | Carrying | Number | Carrying | ||||||||||||||||
Of Vessels | Value | Of Vessels | Value | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Vessels in active service | 257 | $ | 3,281,391 | 256 | $ | 2,882,908 | |||||||||||||
Stacked vessels | 15 | 9,743 | 51 | 30,084 | |||||||||||||||
Vessels withdrawn from service | — | — | 2 | 633 | |||||||||||||||
Marine equipment and other assets under construction | 268,189 | 239,287 | |||||||||||||||||
Other property and equipment (A) | 62,285 | 36,907 | |||||||||||||||||
Totals | 272 | $ | 3,621,608 | 309 | $ | 3,189,819 | |||||||||||||
(A) | Other property and equipment includes six remotely operated vehicles the company took delivery of in fiscal 2014. | ||||||||||||||||||
Current and Long-Term Liabilities Related to Accrued Property and Liability Losses | ' | ||||||||||||||||||
The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Accrued property and liability losses | $ | 8,917 | 14,966 |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Allocation of Purchase Price for Acquisition | ' | ||||||
The following table summarizes the allocation of the purchase price for the acquisition of Troms Offshore: | |||||||
(In thousands) | |||||||
Cash | $ | 22,263 | |||||
Trade receivables and other current assets | 9,816 | ||||||
Vessels | 245,605 | ||||||
Goodwill | 42,160 | ||||||
Payable and other liabilities | (13,020 | ) | |||||
Notes payable | (156,824 | ) | |||||
Total purchase price | $ | 150,000 | |||||
Investment_in_Unconsolidated_C1
Investment in Unconsolidated Companies (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Schedule of Investments in at Equity and Advances to Unconsolidated Companies | ' | ||||||||||||||
Investments in, at equity, and advances to unconsolidated joint venture companies at March 31, were as follows: | |||||||||||||||
(In thousands) | Percentage | 2014 | 2013 | ||||||||||||
Ownership | |||||||||||||||
Sonatide Marine, Ltd. (Angola) | 49 | % | $ | 62,126 | 46,047 | ||||||||||
DTDW Holdings, Ltd. (Nigeria) | 40 | % | 1,802 | — | |||||||||||
Investments in, at equity, and advances to unconsolidated companies | $ | 63,928 | 46,047 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Earnings Before Income Taxes Derived from United States and Non-U.S. Operations | ' | ||||||||||||||||||
Earnings before income taxes derived from United States and non-U.S. operations for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Non-U.S. | $ | 217,816 | 246,863 | 148,369 | |||||||||||||||
United States | (44,768 | ) | (51,700 | ) | (37,333 | ) | |||||||||||||
$ | 173,048 | 195,163 | 111,036 | ||||||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||||||||
Income tax expense (benefit) for the years ended March 31, consists of the following: | |||||||||||||||||||
U.S. | |||||||||||||||||||
(In thousands) | Federal | State | International | Total | |||||||||||||||
2014 | |||||||||||||||||||
Current | $ | (602 | ) | 4 | 68,100 | 67,502 | |||||||||||||
Deferred | (34,226 | ) | — | (483 | ) | (34,709 | ) | ||||||||||||
$ | (34,828 | ) | 4 | 67,617 | 32,793 | ||||||||||||||
2013 | |||||||||||||||||||
Current | $ | (7,633 | ) | (313 | ) | 64,092 | 56,146 | ||||||||||||
Deferred | (11,335 | ) | — | (398 | ) | (11,733 | ) | ||||||||||||
$ | (18,968 | ) | (313 | ) | 63,694 | 44,413 | |||||||||||||
2012 | |||||||||||||||||||
Current | $ | (5,009 | ) | (558 | ) | 54,363 | 48,796 | ||||||||||||
Deferred | (24,545 | ) | — | (626 | ) | (25,171 | ) | ||||||||||||
$ | (29,554 | ) | (558 | ) | 53,737 | 23,625 | |||||||||||||
Tax Rate Applicable to Pre-Tax Earnings | ' | ||||||||||||||||||
The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following for the years ended March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Computed “expected” tax expense | $ | 60,567 | 68,307 | 38,863 | |||||||||||||||
Increase (reduction) resulting from: | |||||||||||||||||||
Resolution of uncertain tax positions | — | — | (4,187 | ) | |||||||||||||||
Foreign income taxed at different rates | (18,536 | ) | (23,965 | ) | (13,504 | ) | |||||||||||||
Foreign tax credits not previously recognized | (483 | ) | (398 | ) | (626 | ) | |||||||||||||
Expenses which are not deductible for tax purposes | 3,661 | 498 | 2,889 | ||||||||||||||||
Reversal of basis difference – sale leaseback | (3,369 | ) | — | — | |||||||||||||||
Valuation allowance – foreign tax credits | (5,821 | ) | 5,821 | — | |||||||||||||||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | (1,475 | ) | (6,232 | ) | 326 | ||||||||||||||
Expenses which are not deductible for book purposes | (2,144 | ) | — | — | |||||||||||||||
State taxes | 3 | (203 | ) | (363 | ) | ||||||||||||||
Other, net | 390 | 585 | 227 | ||||||||||||||||
$ | 32,793 | 44,413 | 23,625 | ||||||||||||||||
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings | ' | ||||||||||||||||||
The effective tax rate applicable to pre-tax earnings for the years ended March 31, is as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Effective tax rate applicable to pre-tax earnings | 18.95 | % | 22.76 | % | 21.28 | % | |||||||||||||
Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | ' | ||||||||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||||
Accrued employee benefit plan costs | $ | 21,423 | 18,162 | ||||||||||||||||
Stock based compensation | 7,162 | 6,451 | |||||||||||||||||
Net operating loss and tax credit carryforwards | 2,895 | 45,640 | |||||||||||||||||
Other | 2,896 | 8,673 | |||||||||||||||||
Gross deferred tax assets | 34,376 | 78,926 | |||||||||||||||||
Less valuation allowance | — | 5,821 | |||||||||||||||||
Net deferred tax assets | 34,376 | 73,105 | |||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||
Depreciation and amortization | (108,929 | ) | (189,763 | ) | |||||||||||||||
Gross deferred tax liabilities | (108,929 | ) | (189,763 | ) | |||||||||||||||
Net deferred tax liabilities | $ | (74,553 | ) | (116,658 | ) | ||||||||||||||
Schedule of Deferred Tax Not Recognized | ' | ||||||||||||||||||
The amount of foreign income that U.S. deferred taxes has not been recognized upon, as of March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Foreign income not recognized for U.S. deferred taxes | $ | 2,374,503 | |||||||||||||||||
Schedule of Tax Credit Carry-Forwards | ' | ||||||||||||||||||
The company has the following foreign tax credit carry-forwards that expire in 2022. | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Foreign tax credit carry-forwards | $ | 2,895 | |||||||||||||||||
Schedule of Uncertain Tax Positions and Income Tax Payable | ' | ||||||||||||||||||
The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes at March 31: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||
Tax liabilities for uncertain tax positions | $ | 18,008 | 14,269 | ||||||||||||||||
Income tax payable | 36,472 | 30,906 | |||||||||||||||||
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized | ' | ||||||||||||||||||
Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized, at March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | ||||||||||||||||||
Unrecognized tax benefit related to state tax issues | $ | 11,230 | |||||||||||||||||
Interest receivable on unrecognized tax benefit related to state tax issues | 24 | ||||||||||||||||||
Schedule of Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||||||||
A reconciliation of the beginning and ending amount of all unrecognized tax benefits, including the unrecognized tax benefit related to state tax issues and the liability for uncertain tax positions (but excluding related penalties and interest) for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Balance at April 1, | $ | 14,868 | 15,727 | 15,220 | |||||||||||||||
Additions based on tax positions related to the current year | 4,393 | 2,041 | 2,813 | ||||||||||||||||
Additions based on tax positions related to prior years | 2,217 | — | — | ||||||||||||||||
Reductions for tax positions of prior years | (1,412 | ) | (2,900 | ) | (1,375 | ) | |||||||||||||
Exchange rate fluctuation | — | — | — | ||||||||||||||||
Settlement and lapse of statute of limitations | — | — | (931 | ) | |||||||||||||||
Balance at March 31, | $ | 20,066 | 14,868 | 15,727 | |||||||||||||||
Schedule of Tax Benefit From Stock Benefit Transactions | ' | ||||||||||||||||||
The tax benefit for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Excess tax benefits on stock benefit transactions | $ | 301 | 359 | 738 |
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Summary of Debt Outstanding | ' | ||||||||||||||
The following table summarizes debt outstanding at March 31: | |||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||
4.44% July 2003 senior notes due fiscal 2014 | $ | — | 140,000 | ||||||||||||
4.61% July 2003 senior notes due fiscal 2016 | 35,000 | 35,000 | |||||||||||||
3.28% September 2010 senior notes due fiscal 2016 | 42,500 | 42,500 | |||||||||||||
3.90% September 2010 senior notes due fiscal 2018 | 44,500 | 44,500 | |||||||||||||
3.95% September 2010 senior notes due fiscal 2018 | 25,000 | 25,000 | |||||||||||||
4.12% September 2010 senior notes due fiscal 2019 | 25,000 | 25,000 | |||||||||||||
4.17% September 2010 senior notes due fiscal 2019 | 25,000 | 25,000 | |||||||||||||
4.33% September 2010 senior notes due fiscal 2020 | 50,000 | 50,000 | |||||||||||||
4.51% September 2010 senior notes due fiscal 2021 | 100,000 | 100,000 | |||||||||||||
4.56% September 2010 senior notes due fiscal 2021 | 65,000 | 65,000 | |||||||||||||
4.61% September 2010 senior notes due fiscal 2023 | 48,000 | 48,000 | |||||||||||||
4.06% August 2011 senior notes due fiscal 2019 | 50,000 | 50,000 | |||||||||||||
4.54% August 2011 senior notes due fiscal 2022 | 65,000 | 65,000 | |||||||||||||
4.64% August 2011 senior notes due fiscal 2022 | 50,000 | 50,000 | |||||||||||||
4.26% September 2013 senior notes due fiscal 2021 | 123,000 | — | |||||||||||||
5.01% September 2013 senior notes due fiscal 2024 | 250,000 | — | |||||||||||||
5.16% September 2013 senior notes due fiscal 2026 | 127,000 | — | |||||||||||||
NOK denominated notes due fiscal 2025 | 29,837 | — | |||||||||||||
NOK denominated notes due fiscal 2026 | 50,028 | — | |||||||||||||
NOK denominated borrowing agreement due fiscal 2015 | 5,837 | — | |||||||||||||
NOK denominated borrowing agreement due fiscal 2019 | 4,168 | — | |||||||||||||
Term Loan | 300,000 | 125,000 | |||||||||||||
Revolving line of credit | — | 110,000 | |||||||||||||
$ | 1,514,870 | 1,000,000 | |||||||||||||
Less: Current maturities of long-term debt | 9,512 | — | |||||||||||||
Total | $ | 1,505,358 | 1,000,000 | ||||||||||||
Debt Costs | ' | ||||||||||||||
Interest and debt costs incurred, net of interest capitalized, for the years ended March 31, are as follows: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ | 43,814 | 29,745 | 22,308 | |||||||||||
Interest costs capitalized | 11,497 | 10,602 | 14,743 | ||||||||||||
Total interest and debt costs | $ | 55,311 | 40,347 | 37,051 | |||||||||||
September 2013 Senior Notes | ' | ||||||||||||||
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | ' | ||||||||||||||
September 2013 Senior Notes | |||||||||||||||
On September 30, 2013, the company executed a note purchase agreement for $500 million and issued $300 million of senior unsecured notes to a group of institutional investors. The company issued the remaining $200 million of senior unsecured notes on November 15, 2013. A summary of these outstanding notes at March 31, 2014, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | March 31, | ||||||||||||||
2014 | |||||||||||||||
Aggregate debt outstanding | $ | 500,000 | |||||||||||||
Weighted average remaining life in years | 9.4 | ||||||||||||||
Weighted average coupon rate on notes outstanding | 4.86 | % | |||||||||||||
Fair value of debt outstanding | 520,979 | ||||||||||||||
August 2011 Senior Notes | ' | ||||||||||||||
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | ' | ||||||||||||||
August 2011 Senior Notes | |||||||||||||||
On August 15, 2011, the company issued $165 million of senior unsecured notes to a group of institutional investors. A summary of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 165,000 | 165,000 | ||||||||||||
Weighted average remaining life in years | 6.6 | 7.6 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.42 | % | 4.42 | % | |||||||||||
Fair value of debt outstanding | 168,653 | 179,802 | |||||||||||||
September 2010 Senior Notes | ' | ||||||||||||||
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | ' | ||||||||||||||
September 2010 Senior Notes | |||||||||||||||
In fiscal 2011, the company completed the sale of $425 million of senior unsecured notes. A summary of the aggregate amount of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 425,000 | 425,000 | ||||||||||||
Weighted average remaining life in years | 5.6 | 6.6 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.25 | % | 4.25 | % | |||||||||||
Fair value of debt outstanding | 436,254 | 458,520 | |||||||||||||
July 2003 Senior Notes | ' | ||||||||||||||
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | ' | ||||||||||||||
July 2003 Senior Notes | |||||||||||||||
In July 2003, the company completed the sale of $300 million of senior unsecured notes. A summary of the aggregate amount of these outstanding notes at March 31, is as follows: | |||||||||||||||
(In thousands, except weighted average data) | 2014 | 2013 | |||||||||||||
Aggregate debt outstanding | $ | 35,000 | 175,000 | ||||||||||||
Weighted average remaining life in years | 1.3 | 0.7 | |||||||||||||
Weighted average coupon rate on notes outstanding | 4.61 | % | 4.47 | % | |||||||||||
Fair value of debt outstanding | 36,018 | 178,227 |
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses | ' | ||||||||||||||||||||||||||
The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Investments held in Rabbi Trust | $ | 10,285 | 10,486 | ||||||||||||||||||||||||
Unrealized (loss) gains in carrying value of trust assets | 92 | (121 | ) | ||||||||||||||||||||||||
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of | 49 | (65 | ) | ||||||||||||||||||||||||
Obligations under the supplemental plan | 21,918 | 21,431 | |||||||||||||||||||||||||
Minimum and Maximum Rate of Return Plan Assets | ' | ||||||||||||||||||||||||||
The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: | |||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||
Expected | Expected Rate | ||||||||||||||||||||||||||
Rate of Return | of Return | ||||||||||||||||||||||||||
on Plan Assets | on Plan Assets | ||||||||||||||||||||||||||
Equity securities | 5% | 7% | |||||||||||||||||||||||||
Debt securities | 1% | 3% | |||||||||||||||||||||||||
Cash and cash equivalents | 0% | 1% | |||||||||||||||||||||||||
Schedule of Minimum and Maximum Market Value of Plan Assets | ' | ||||||||||||||||||||||||||
The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: | |||||||||||||||||||||||||||
Minimum | Maximum | ||||||||||||||||||||||||||
Market Value | Market Value | ||||||||||||||||||||||||||
Objective for | Objective for | ||||||||||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||||
Equity securities | 55% | 75% | |||||||||||||||||||||||||
Debt securities | 25% | 45% | |||||||||||||||||||||||||
Percentage of debt securities allowed in below investment grade bonds | 0% | 20% | |||||||||||||||||||||||||
Cash and cash equivalents | 0% | 10% | |||||||||||||||||||||||||
Schedule of Asset Allocations | ' | ||||||||||||||||||||||||||
The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: | |||||||||||||||||||||||||||
Target | Actual as of | Actual as of | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||||
Equity securities | — | — | — | ||||||||||||||||||||||||
Debt securities | 100 | % | 96 | % | 98 | % | |||||||||||||||||||||
Cash and other | — | 4 | % | 2 | % | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
Supplemental plan: | |||||||||||||||||||||||||||
Equity securities | 65 | % | 60 | % | 60 | % | |||||||||||||||||||||
Debt securities | 35 | % | 37 | % | 35 | % | |||||||||||||||||||||
Cash and other | — | 3 | % | 5 | % | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
Fair Value Hierarchy of Plan Assets | ' | ||||||||||||||||||||||||||
The fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2014, are as follows: | |||||||||||||||||||||||||||
(In thousands) | Fair Value | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active | observable | unobservable | |||||||||||||||||||||||||
markets | inputs | inputs | |||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
Pension plan measured at fair value: | |||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government securities | $ | 2,935 | 2,935 | — | — | ||||||||||||||||||||||
Corporate debt securities | 50,113 | — | 50,113 | — | |||||||||||||||||||||||
Foreign debt securities | 1,443 | — | 1,443 | — | |||||||||||||||||||||||
Cash and cash equivalents | 1,511 | — | 1,511 | — | |||||||||||||||||||||||
Total | $ | 56,002 | 2,935 | 53,067 | — | ||||||||||||||||||||||
Accrued income | 894 | 894 | — | — | |||||||||||||||||||||||
Total fair value of plan assets | $ | 56,896 | 3,829 | 53,067 | — | ||||||||||||||||||||||
Supplemental plan measured at fair value: | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 4,141 | 4,141 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 231 | 231 | — | — | |||||||||||||||||||||||
American depository receipts | 1,809 | 1,809 | — | — | |||||||||||||||||||||||
Preferred American depository receipts | 15 | 15 | — | — | |||||||||||||||||||||||
Real estate investment trusts | 38 | 38 | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 1,975 | 1,363 | 612 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,797 | 1,797 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 369 | 57 | 312 | — | |||||||||||||||||||||||
Total | $ | 10,375 | 9,451 | 924 | — | ||||||||||||||||||||||
Other pending transactions | (90 | ) | (90 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,285 | 9,361 | 924 | — | ||||||||||||||||||||||
The following table provides the fair value hierarchy for the pension plan and supplemental plan assets measured at fair value as of March 31, 2013: | |||||||||||||||||||||||||||
(In thousands) | Fair Value | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active | observable | unobservable | |||||||||||||||||||||||||
markets | inputs | inputs | |||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||
Pension plan measured at fair value: | |||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government securities | $ | 3,142 | 3,142 | — | — | ||||||||||||||||||||||
Corporate debt securities | 53,352 | — | 53,352 | — | |||||||||||||||||||||||
Foreign debt securities | 1,416 | — | 1,416 | — | |||||||||||||||||||||||
Cash and cash equivalents | 614 | — | 614 | — | |||||||||||||||||||||||
Total | $ | 58,524 | 3,142 | 55,382 | — | ||||||||||||||||||||||
Accrued income | 907 | 907 | — | — | |||||||||||||||||||||||
Total fair value of plan assets | $ | 59,431 | 4,049 | 55,382 | — | ||||||||||||||||||||||
Supplemental plan measured at fair value: | |||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 4,240 | 4,240 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 285 | 285 | — | — | |||||||||||||||||||||||
American depository receipts | 1,811 | 1,811 | — | ||||||||||||||||||||||||
Preferred American depository receipts | 16 | 16 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 2,007 | 1,240 | 767 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,743 | 1,743 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 533 | 93 | 440 | — | |||||||||||||||||||||||
Total | $ | 10,635 | 9,428 | 1,207 | — | ||||||||||||||||||||||
Other pending transactions | (149 | ) | (149 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,486 | 9,279 | 1,207 | — | ||||||||||||||||||||||
Change in Plan Assets and Obligations | ' | ||||||||||||||||||||||||||
Changes in plan assets and obligations during the years ended March 31, 2014 and 2013 and the funded status of the U.S. defined benefit pension plan and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”) at March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 88,238 | 93,356 | 29,006 | 29,262 | ||||||||||||||||||||||
Service cost | 790 | 983 | 405 | 475 | |||||||||||||||||||||||
Interest cost | 3,581 | 4,098 | 1,048 | 1,235 | |||||||||||||||||||||||
Participant contributions | — | — | 436 | 428 | |||||||||||||||||||||||
ERRP reimbursement | — | — | (26 | ) | 274 | ||||||||||||||||||||||
Plan settlement | — | (13,046 | ) | — | — | ||||||||||||||||||||||
Benefits paid | (4,250 | ) | (3,965 | ) | (962 | ) | (960 | ) | |||||||||||||||||||
Actuarial (gain) loss | (4,292 | ) | 6,812 | (5,793 | ) | (1,708 | ) | ||||||||||||||||||||
Benefit obligation at end of year | 84,067 | 88,238 | 24,114 | 29,006 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 59,431 | 56,917 | — | — | ||||||||||||||||||||||
Actual return | 776 | 5,605 | — | — | |||||||||||||||||||||||
Employer contributions | 939 | 13,920 | 552 | 258 | |||||||||||||||||||||||
Participant contributions | — | — | 436 | 428 | |||||||||||||||||||||||
ERRP reimbursement | — | — | (26 | ) | 274 | ||||||||||||||||||||||
Plan settlement | — | (13,046 | ) | — | — | ||||||||||||||||||||||
Benefits paid | (4,250 | ) | (3,965 | ) | (962 | ) | (960 | ) | |||||||||||||||||||
Fair value of plan assets at end of year | 56,896 | 59,431 | — | — | |||||||||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||||
Fair value of plan assets | $ | 56,896 | 59,431 | — | — | ||||||||||||||||||||||
Benefit obligation | 84,067 | 88,238 | 24,114 | 29,006 | |||||||||||||||||||||||
Unfunded status | $ | (27,171 | ) | (28,807 | ) | (24,114 | ) | (29,006 | ) | ||||||||||||||||||
Net amount recognized in the balance sheet consists of: | |||||||||||||||||||||||||||
Current liabilities | $ | (1,162 | ) | (1,070 | ) | (1,129 | ) | (1,329 | ) | ||||||||||||||||||
Noncurrent liabilities | (26,009 | ) | (27,737 | ) | (22,985 | ) | (27,677 | ) | |||||||||||||||||||
Net amount recognized | $ | (27,171 | ) | (28,807 | ) | (24,114 | ) | (29,006 | ) | ||||||||||||||||||
Schedule of Projected and Accumulated Benefit Obligation | ' | ||||||||||||||||||||||||||
The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 84,067 | 88,238 | ||||||||||||||||||||||||
Accumulated benefit obligation | 81,223 | 85,631 | |||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | ' | ||||||||||||||||||||||||||
The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plan and supplemental plan): | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 84,067 | 88,238 | ||||||||||||||||||||||||
Accumulated benefit obligation | 81,223 | 85,631 | |||||||||||||||||||||||||
Fair value of plan assets | 56,896 | 59,431 | |||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
Net periodic benefit cost for the pension plan and the supplemental plan for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 790 | 983 | 875 | |||||||||||||||||||||||
Interest cost | 3,581 | 4,098 | 4,412 | ||||||||||||||||||||||||
Expected return on plan assets | (2,871 | ) | (2,748 | ) | (2,576 | ) | |||||||||||||||||||||
Amortization of prior service cost | 50 | 50 | 50 | ||||||||||||||||||||||||
Recognized actuarial loss | 1,103 | 1,648 | 1,760 | ||||||||||||||||||||||||
Settlement loss | — | 5,161 | — | ||||||||||||||||||||||||
Net periodic pension cost | $ | 2,653 | 9,192 | 4,521 | |||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan | ' | ||||||||||||||||||||||||||
Net periodic benefit cost for the postretirement health care and life insurance plan for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Service cost | $ | 405 | 475 | 554 | |||||||||||||||||||||||
Interest cost | 1,048 | 1,235 | 1,379 | ||||||||||||||||||||||||
Amortization of prior service cost | (2,032 | ) | (2,032 | ) | (2,032 | ) | |||||||||||||||||||||
Recognized actuarial loss | (396 | ) | — | (4 | ) | ||||||||||||||||||||||
Net periodic postretirement benefit | $ | (975 | ) | (322 | ) | (103 | ) | ||||||||||||||||||||
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in OCI | ' | ||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the fiscal years ended March 31 include the following components: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Net loss (gain) | $ (2,196) | 3,954 | (5,793 | ) | (1,708 | ) | |||||||||||||||||||||
Settlement loss | — | (5,161 | ) | — | — | ||||||||||||||||||||||
Amortization of prior service cost | -50 | (50 | ) | 2,032 | 2,032 | ||||||||||||||||||||||
Amortization of net (loss) gain | -1,103 | (1,648 | ) | 395 | — | ||||||||||||||||||||||
Other | — | — | 197 | (643 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ (3,349) | (2,905 | ) | (3,169 | ) | (319 | ) | ||||||||||||||||||||
Net of 35% tax rate | -2,177 | (1,888 | ) | (2,060 | ) | (207 | ) | ||||||||||||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | ' | ||||||||||||||||||||||||||
Amounts recognized as a component of accumulated other comprehensive (income) loss as of March 31, 2014 are as follows: | |||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Unrecognized actuarial loss | $ 14,148 | (6,986 | ) | ||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | 85 | (6,620 | ) | ||||||||||||||||||||||||
Pre-tax amount included in accumulated other comprehensive loss (income) | $ 14,233 | (13,606 | ) | ||||||||||||||||||||||||
Schedule of Expected Amounts Net Periodic Benefit Costs | ' | ||||||||||||||||||||||||||
The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: | |||||||||||||||||||||||||||
(In thousands) | Pension Benefits | Other Benefits | |||||||||||||||||||||||||
Unrecognized actuarial loss | $ (976) | — | |||||||||||||||||||||||||
Unrecognized prior service cost (benefit) | -50 | 2,032 | |||||||||||||||||||||||||
Schedule of Assumptions | ' | ||||||||||||||||||||||||||
Assumptions used to determine net benefit obligations for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Discount rate | 4.75% | 4.25% | 4.75% | 4.25% | |||||||||||||||||||||||
Rates of annual increase in compensation levels | 3.00% | 3.00% | N/A | N/A | |||||||||||||||||||||||
Assumptions used to determine net periodic benefit costs for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.75% | 4.75% | 5.25% | 4.75% | 4.75% | 5.25% | |||||||||||||||||||||
Expected long-term rate of return on assets | 5.00% | 5.00% | 5.00% | N/A | N/A | N/A | |||||||||||||||||||||
Rates of annual increase in compensation levels | 3.00% | 3.00% | 3.00% | N/A | N/A | N/A | |||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||||
Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at March 31, 2014, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Year ending March 31, | Pension | Other | |||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2015 | $ 5,240 | 1,129 | |||||||||||||||||||||||||
2016 | 5,509 | 1,184 | |||||||||||||||||||||||||
2017 | 5,735 | 1,263 | |||||||||||||||||||||||||
2018 | 5,997 | 1,336 | |||||||||||||||||||||||||
2019 | 6,216 | 1,424 | |||||||||||||||||||||||||
2020 – 2024 | 33,992 | 7,881 | |||||||||||||||||||||||||
Total 10-year estimated future benefit payments | $ 62,689 | 14,217 | |||||||||||||||||||||||||
Assumed Health Care Cost Trends Rates | ' | ||||||||||||||||||||||||||
The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at March 31, 2014 for pre-65 medical and prescription drug coverage and for post-65 medical coverage, including expected future trend rates. | |||||||||||||||||||||||||||
Pre-65 | Post-65 | ||||||||||||||||||||||||||
Year ending March 31, 2014 | |||||||||||||||||||||||||||
Accumulated postretirement benefit obligation | 8.2 | % | 6.9 | % | |||||||||||||||||||||||
Net periodic postretirement benefit obligation | 8.7 | % | 6.9 | % | |||||||||||||||||||||||
Ultimate health care cost trend | 4.5 | % | 4.5 | % | |||||||||||||||||||||||
Ultimate year health care cost trend rate is achieved | 2029 | 2029 | |||||||||||||||||||||||||
Year ending March 31, 2015 | |||||||||||||||||||||||||||
Net periodic postretirement benefit obligation | 8.2 | % | 6.9 | % | |||||||||||||||||||||||
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation | ' | ||||||||||||||||||||||||||
A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of March 31: | |||||||||||||||||||||||||||
(In thousands) | 1% | 1% | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||
Accumulated postretirement benefit obligation | $ | 3,232 | 2,664 | ||||||||||||||||||||||||
Aggregate service and interest cost | 222 | 179 | |||||||||||||||||||||||||
Number of Shares of Tidewater Common Stock Held | ' | ||||||||||||||||||||||||||
The plan held the following number of shares of Tidewater common stock as of March 31: | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Number of shares of Tidewater common stock held by 401(k) plan | 273,662 | 271,237 | |||||||||||||||||||||||||
Plan 401 k | ' | ||||||||||||||||||||||||||
Amounts Charged to Expense Related to Contribution Plans | ' | ||||||||||||||||||||||||||
The amounts charged to expense related to the above defined contribution plans, for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Defined contribution plans expense, net of forfeitures | $ 3,854 | 3,356 | 3,120 | ||||||||||||||||||||||||
Defined contribution plans forfeitures | 82 | 115 | 335 | ||||||||||||||||||||||||
Multinational Pension Savings Plan | ' | ||||||||||||||||||||||||||
Amounts Charged to Expense Related to Contribution Plans | ' | ||||||||||||||||||||||||||
The amounts charged to expense related to the multinational pension savings plan contributions, for the fiscal years ended March 31, are as follows: | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Multinational pension savings plan expense | $ | 465 | 420 | 415 |
Other_Assets_Accrued_Expenses_1
Other Assets, Accrued Expenses, Other Current Liabilities, and Other Liabilities and Deferred Credits (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Schedule Of Other Assets | ' | ||||||||||
A summary of other assets at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Recoverable insurance losses | $ 5,219 | 10,833 | |||||||||
Deferred income tax assets | 34,376 | 73,105 | |||||||||
Deferred finance charges – revolver | 8,728 | 5,133 | |||||||||
Savings plans and supplemental plan | 23,212 | 23,149 | |||||||||
Noncurrent tax receivable | 9,106 | 9,106 | |||||||||
Other | 15,744 | 4,951 | |||||||||
$ 96,385 | 126,277 | ||||||||||
Schedule of Accrued Expenses | ' | ||||||||||
A summary of accrued expenses at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Payroll and related payables | $ 27,248 | 23,453 | |||||||||
Commissions payable | 8,263 | 7,118 | |||||||||
Accrued vessel expenses | 96,468 | 77,851 | |||||||||
Accrued interest expense | 14,816 | 8,096 | |||||||||
Other accrued expenses | 10,507 | 10,494 | |||||||||
$ 157,302 | 127,012 | ||||||||||
Schedule of Other Current Liabilities | ' | ||||||||||
A summary of other current liabilities at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Taxes payable | $ | 56,080 | 38,100 | ||||||||
Deferred gain on vessel sales - current | 13,996 | 1,374 | |||||||||
Other | 491 | 334 | |||||||||
$ | 70,567 | 39,808 | |||||||||
Schedule of Other Liabilities and Deferred Credits | ' | ||||||||||
A summary of other liabilities and deferred credits at March 31, is as follows: | |||||||||||
(In thousands) | 2014 | 2013 | |||||||||
Postretirement benefits liability | $ | 23,185 | 27,681 | ||||||||
Pension liabilities | 35,234 | 37,096 | |||||||||
Deferred gain on vessel sales | 85,316 | 39,568 | |||||||||
Other | 35,469 | 34,729 | |||||||||
$ | 179,204 | 139,074 | |||||||||
StockBased_Compensation_and_In1
Stock-Based Compensation and Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant | ' | ||||||||||||||||||
The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants at March 31, are as follows: | |||||||||||||||||||
March 31, | |||||||||||||||||||
2014 | |||||||||||||||||||
Shares of common stock reserved for issuance under the plans | 1,469,305 | ||||||||||||||||||
Shares of common stock available for future grants | 99,249 | ||||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||||
The following table sets forth a summary of stock option activity of the company for fiscal years 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Number of | ||||||||||||||||||
Exercise Price | Shares | ||||||||||||||||||
Outstanding at March 31, 2011 | 45.36 | 1,875,476 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 38.71 | (146,508 | ) | ||||||||||||||||
Expired or cancelled/forfeited | 56.44 | (3,544 | ) | ||||||||||||||||
Outstanding at March 31, 2012 | 44.93 | 1,725,424 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 29.09 | (141,542 | ) | ||||||||||||||||
Expired or cancelled/forfeited | 52.47 | (27,607 | ) | ||||||||||||||||
Outstanding at March 31, 2013 | 46.24 | 1,556,275 | |||||||||||||||||
Granted (A) | — | — | |||||||||||||||||
Exercised | 36.86 | (186,219 | ) | ||||||||||||||||
Expired or cancelled/forfeited | — | — | |||||||||||||||||
Outstanding at March 31, 2014 | $ 47.51 | 1,370,056 | |||||||||||||||||
(A) | Stock options were not granted during fiscal 2014, 2013 and 2012. | ||||||||||||||||||
Options Outstanding, Exercise-Price Ranges | ' | ||||||||||||||||||
Information regarding the 1,370,056 options outstanding and exercisable at March 31, 2014 can be grouped into three general exercise-price ranges as follows: | |||||||||||||||||||
Exercise Price Range | |||||||||||||||||||
At March 31, 2014 | $33.83 - $37.55 | $45.75 - $48.96 | $55.76 - $65.69 | ||||||||||||||||
Options outstanding and exercisable | 371,961 | 394,514 | 603,581 | ||||||||||||||||
Weighted average exercise price | $34.37 | $45.86 | $56.70 | ||||||||||||||||
Weighted average remaining contractual life | 4.4 years | 6.0 years | 3.0 years | ||||||||||||||||
Additional Information Regarding Stock Options | ' | ||||||||||||||||||
Additional information regarding stock options for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands, except number of stock options and weighted average price) | 2014 | 2013 | 2012 | ||||||||||||||||
Intrinsic value of options exercised | $ | 4,059 | 2,544 | 2,800 | |||||||||||||||
Number of stock options vested | 8,926 | 144,537 | 328,325 | ||||||||||||||||
Fair value of stock options vested | $ | 115 | 2,154 | 4,117 | |||||||||||||||
Number of options exercisable | 1,370,056 | 1,547,349 | 1,561,836 | ||||||||||||||||
Weighted average exercise price of options exercisable | $ | 47.51 | 46.27 | 44.86 | |||||||||||||||
Effect on Basic and Diluted Earnings Per Share, and Stock Option Compensation Expense | ' | ||||||||||||||||||
Stock option compensation expense along with the reduction effect on basic and diluted earnings per share, and stock option compensation expense for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||
Stock option compensation expense | $ | 12 | 2,049 | 3,892 | |||||||||||||||
Basic earnings per share reduced by | 0 | 0.03 | 0.05 | ||||||||||||||||
Diluted earnings per share reduced by | 0 | 0.03 | 0.05 | ||||||||||||||||
Summary of Restricted Stock Award Activity | ' | ||||||||||||||||||
The following table sets forth a summary of restricted stock award activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time Based | Performance | |||||||||||||||||
Grant-Date | Shares | Based Shares | |||||||||||||||||
Fair Value | |||||||||||||||||||
Non-vested balance at March 31, 2011 | 51.13 | 369,599 | 228,624 | ||||||||||||||||
Granted | 54.59 | 7,500 | — | ||||||||||||||||
Vested | 50.11 | (110,681 | ) | (4,983 | ) | ||||||||||||||
Cancelled/forfeited | — | — | — | ||||||||||||||||
Non-vested balance at March 31, 2012 | 51.43 | 266,418 | 223,641 | ||||||||||||||||
Granted | — | — | — | ||||||||||||||||
Vested | 49.53 | (110,802 | ) | — | |||||||||||||||
Cancelled/forfeited | 56.84 | (7,067 | ) | (59,503 | ) | ||||||||||||||
Non-vested balance at March 31, 2013 | 50.95 | 148,549 | 164,138 | ||||||||||||||||
Granted | 55.04 | 28,963 | — | ||||||||||||||||
Vested | 56.71 | (93,739 | ) | (1,749 | ) | ||||||||||||||
Cancelled/forfeited | 35.76 | (4,949 | ) | (56,123 | ) | ||||||||||||||
Non-vested balance at March 31, 2014 | $ 54.75 | 78,824 | 106,266 | ||||||||||||||||
Summary of Phantom Stock Activity | ' | ||||||||||||||||||
The following table sets forth a summary of phantom stock activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time | Performance | |||||||||||||||||
Grant-Date | Based | Based | |||||||||||||||||
Fair Value | Shares | Shares | |||||||||||||||||
Non-vested balance at March 31, 2011 | 46.08 | 138,068 | 28,059 | ||||||||||||||||
Granted | 54.18 | 22,845 | — | ||||||||||||||||
Vested | 41.61 | (51,255 | ) | — | |||||||||||||||
Cancelled/forfeited | 46.16 | (6,347 | ) | — | |||||||||||||||
Non-vested balance at March 31, 2012 | 49.23 | 103,311 | 28,059 | ||||||||||||||||
Granted | 50.76 | 27,100 | — | ||||||||||||||||
Vested | 43.60 | (54,823 | ) | — | |||||||||||||||
Cancelled/forfeited | 54.26 | (6,993 | ) | (28,059 | ) | ||||||||||||||
Non-vested balance at March 31, 2013 | 51.74 | 68,595 | — | ||||||||||||||||
Granted | 48.81 | 31,736 | 1,291 | ||||||||||||||||
Vested | 51.45 | (35,095 | ) | — | |||||||||||||||
Cancelled/forfeited | 50.93 | (4,354 | ) | — | |||||||||||||||
Non-vested balance at March 31, 2014 | $ | 50.94 | 60,882 | 1,291 | |||||||||||||||
Summary of Deferred Stock Unit Activity | ' | ||||||||||||||||||
The following table sets forth a summary of deferred stock unit activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Number | ||||||||||||||||||
Grant-Date | Of | ||||||||||||||||||
Fair Value | Units | ||||||||||||||||||
Balance at March 31, 2011 | 49.80 | 92,365 | |||||||||||||||||
Dividend equivalents reinvested | 50.49 | 1,843 | |||||||||||||||||
Retirement distribution | — | — | |||||||||||||||||
Granted | 54.02 | 20,372 | |||||||||||||||||
Balance at March 31, 2012 | 50.56 | 114,580 | |||||||||||||||||
Dividend equivalents reinvested | 46.73 | 2,472 | |||||||||||||||||
Retirement distribution | — | — | |||||||||||||||||
Granted | 50.48 | 26,955 | |||||||||||||||||
Balance at March 31, 2013 | 50.48 | 144,007 | |||||||||||||||||
Dividend equivalents reinvested | 53.82 | 2,492 | |||||||||||||||||
Retirement distribution | 59.65 | (26,661 | ) | ||||||||||||||||
Granted | 49.47 | 26,550 | |||||||||||||||||
Balance at March 31, 2014 | $ | 48.68 | 146,388 | ||||||||||||||||
Restricted Stock | ' | ||||||||||||||||||
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | ' | ||||||||||||||||||
Restricted stock award compensation expense and grant date fair value for the years ended March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of restricted stock vested | $ | 4,429 | 5,488 | 5,796 | |||||||||||||||
Restricted stock compensation expense | 4,633 | 5,987 | 6,171 | ||||||||||||||||
Restricted Stock Units (RSUs) | ' | ||||||||||||||||||
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | ' | ||||||||||||||||||
Restricted stock unit compensation expense and grant date fair value for the year ended March 31, is as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of restricted stock units vested | $ | 8,684 | 4,307 | — | |||||||||||||||
Restricted stock unit compensation expense | 12,664 | 7,836 | 272 | ||||||||||||||||
Summary Of Restricted Stock Unit Activity | ' | ||||||||||||||||||
The following table sets forth a summary of restricted stock unit activity of the company for fiscal 2014, 2013 and 2012: | |||||||||||||||||||
Weighted-average | Time | Weight-average | Performance | ||||||||||||||||
Grant-Date | Based | Grant Date | Based Units | ||||||||||||||||
Fair Value | Units | Fair Value | |||||||||||||||||
Non-vested balance at March 31, 2011 | $ — | — | — | — | |||||||||||||||
Granted | 54.18 | 248,288 | 72.23 | 84,394 | |||||||||||||||
Vested | — | — | — | — | |||||||||||||||
Cancelled/forfeited | — | — | — | — | |||||||||||||||
Non-vested balance at March 31, 2012 | $54.18 | 248,288 | 72.23 | 84,394 | |||||||||||||||
Granted | 50.16 | 259,158 | 67.11 | 84,323 | |||||||||||||||
Vested | 54.17 | (79,507) | — | — | |||||||||||||||
Cancelled/forfeited | 54.18 | (10,274) | 72.23 | (3,476) | |||||||||||||||
Non-vested balance at March 31, 2013 | $51.69 | 417,665 | 69.62 | 165,241 | |||||||||||||||
Granted | 49.37 | 265,937 | 49.34 | 91,132 | |||||||||||||||
Vested | 52.22 | (175,673) | — | — | |||||||||||||||
Cancelled/forfeited | 52.43 | (12,720) | — | — | |||||||||||||||
Non-vested balance at March 31, 2014 | $ 50.24 | 495,209 | 51.06 | 256,373 | |||||||||||||||
Phantom Stock Plan | ' | ||||||||||||||||||
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | ' | ||||||||||||||||||
Phantom stock compensation expense and grant date fair value for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Grant date fair value of phantom stock vested | $ | 1,806 | 2,390 | 3,041 | |||||||||||||||
Phantom stock compensation expense | 1,706 | 2,507 | 3,180 | ||||||||||||||||
Phantom stock compensation costs capitalized as part of an asset | — | — | — | ||||||||||||||||
Deferred Stock Unit | ' | ||||||||||||||||||
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | ' | ||||||||||||||||||
Deferred stock unit compensation expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Deferred stock units compensation expense | $ | 1,737 | 1,085 | 700 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Number of Authorized and Issued Common Stock and Preferred Stock | ' | ||||||||||||||||||||||||||||||||||||||||||
The number of authorized and issued common stock and preferred stock at March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
Common stock shares authorized | 125,000,000 | 125,000,000 | |||||||||||||||||||||||||||||||||||||||||
Common stock par value | $0.10 | $0.10 | |||||||||||||||||||||||||||||||||||||||||
Common stock shares issued | 49,730,442 | 49,485,832 | |||||||||||||||||||||||||||||||||||||||||
Preferred stock shares authorized | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||
Preferred stock par value | No par | No par | |||||||||||||||||||||||||||||||||||||||||
Preferred stock shares issued | — | — | |||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Repurchased and Average Price Paid Per Share | ' | ||||||||||||||||||||||||||||||||||||||||||
The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Aggregate cost of common stock repurchased | $ | — | 85,034 | 35,015 | |||||||||||||||||||||||||||||||||||||||
Shares of common stock repurchased | — | 1,856,900 | 739,231 | ||||||||||||||||||||||||||||||||||||||||
Average price paid per common share | $ | — | 45.79 | 47.37 | |||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | ' | ||||||||||||||||||||||||||||||||||||||||||
The Board of Directors declared the following dividends for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared | $ | 49,973 | 49,766 | 51,370 | |||||||||||||||||||||||||||||||||||||||
Dividend per share | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, Net of Tax | ' | ||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows: | |||||||||||||||||||||||||||||||||||||||||||
For the year ended March 31, 2013 | For the year ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Balance | Gains/(losses) | Reclasses | Net | Remaining | Balance | Gains/(losses) | Reclasses | Net | Remaining | |||||||||||||||||||||||||||||||||
at | recognized | from OCI to | period | balance | at | recognized | from OCI to | period | balance | ||||||||||||||||||||||||||||||||||
3/31/12 | in OCI | net income | OCI | 3/31/13 | 3/31/13 | in OCI | net income | OCI | 3/31/14 | ||||||||||||||||||||||||||||||||||
Available for sale securities | 251 | (1,049 | ) | 677 | (372 | ) | (121 | ) | (121 | ) | (92 | ) | 305 | 213 | 92 | ||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | (6,448 | ) | 2,095 | — | 2,095 | (4,353 | ) | (4,353 | ) | 4,237 | — | 4,237 | (116 | ) | |||||||||||||||||||||||||||||
Interest rate swap | (3,322 | ) | — | 466 | 466 | (2,856 | ) | (2,856 | ) | — | 466 | 466 | (2,390 | ) | |||||||||||||||||||||||||||||
Total | (19,330 | ) | 1,046 | 1,143 | 2,189 | (17,141 | ) | (17,141 | ) | 4,145 | 771 | 4,916 | (12,225 | ) | |||||||||||||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Loss to Condensed Consolidated Statement of Income | ' | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31, | |||||||||||||||||||||||||||||||||||||||||||
Year Ended | Affected line item in the condensed | ||||||||||||||||||||||||||||||||||||||||||
March 31, | consolidated statements of income | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||
Realized gains on available for sale securities | $ | 469 | 1,042 | Interest income and other, net | |||||||||||||||||||||||||||||||||||||||
Amortization of interest rate swap | 717 | 717 | Interest and other debt costs | ||||||||||||||||||||||||||||||||||||||||
Total pre-tax amounts | 1,186 | 1,759 | |||||||||||||||||||||||||||||||||||||||||
Tax effect | 415 | 616 | |||||||||||||||||||||||||||||||||||||||||
Total gains for the period, net of tax | $ | 771 | 1,143 | ||||||||||||||||||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Components of Basic and Diluted Earnings Per Share | ' | ||||||||||||||
The components of basic and diluted earnings per share for the years ended March 31, are as follows: | |||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2012 | ||||||||||||
Net Income available to common shareholders (A) | $ | 140,255 | 150,750 | 87,411 | |||||||||||
Weighted average outstanding shares of common stock, basic (B) | 49,392,749 | 49,550,391 | 51,165,460 | ||||||||||||
Dilutive effect of options and restricted stock awards | 287,365 | 183,649 | 264,107 | ||||||||||||
Weighted average common stock and equivalents (C) | 49,680,114 | 49,734,040 | 51,429,567 | ||||||||||||
Earnings per share, basic (A/B) | $ | 2.84 | 3.04 | 1.71 | |||||||||||
Earnings per share, diluted (A/C) | $ | 2.82 | 3.03 | 1.7 | |||||||||||
Additional information: | |||||||||||||||
Antidilutive options and restricted stock shares | 34,486 | 82,758 | — | ||||||||||||
SaleLeaseback_Arrangements_Tab
Sale/Leaseback Arrangements (Tables) | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||||||||||||
As of March 31, 2014, the future minimum lease payments for the vessels under the operating lease terms are as follows: | |||||||||||||||
Fiscal year ending (In thousands) | Fiscal 2014 | Fiscal 2006 | Total | ||||||||||||
Sale/Leaseback | Sale/Leaseback | ||||||||||||||
2015 | $ 20,879 | 1,645 | 22,524 | ||||||||||||
2016 | 20,879 | 1,279 | 22,158 | ||||||||||||
2017 | 20,879 | — | 20,879 | ||||||||||||
2018 | 23,485 | — | 23,485 | ||||||||||||
2019 | 24,800 | — | 24,800 | ||||||||||||
2020 and Thereafter | 65,263 | — | 65,263 | ||||||||||||
Total future lease payments | $ 176,185 | 2,924 | 179,109 | ||||||||||||
Schedule of Operating Lease Expense | ' | ||||||||||||||
The operating lease expense on these bareboat charter arrangements for the years ended March 31, are as follows: | |||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||
Vessel operating leases | $ | 21,910 | 16,837 | 17,967 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Schedule of Vessel Commitments to Acquire and Construct New Vessels, by Vessel Type | ' | ||||||||||||||||||
The table below summarizes the company’s various vessel commitments to acquire and construct new vessels, by vessel type, as of March 31, 2014: | |||||||||||||||||||
(In thousands, except vessel count) | Number of | Total Cost | Invested | Remaining | |||||||||||||||
Vessels | Through | Balance | |||||||||||||||||
3/31/14 | 3/31/14 | ||||||||||||||||||
Vessels under construction: | |||||||||||||||||||
Deepwater PSVs | 23 | $ | 708,883 | 196,468 | 512,415 | ||||||||||||||
Towing supply vessels | 6 | 116,288 | 55,163 | 61,125 | |||||||||||||||
Other | 1 | 8,014 | 8,014 | — | |||||||||||||||
Total vessel commitments | 30 | $ | 833,185 | 259,645 | 573,540 | ||||||||||||||
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Schedule of Fair Value Other Financial Instruments Measured | ' | ||||||||||||||||||
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2014: | |||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||
active markets | observable | unobservable | |||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||
Money market cash equivalents | $ | 16,559 | 16,559 | — | — | ||||||||||||||
Total fair value of assets | $ | 16,559 | 16,559 | — | — | ||||||||||||||
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2013: | |||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||
active markets | observable | unobservable | |||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||
Money market cash equivalents | $ | 949 | 949 | — | — | ||||||||||||||
Long-term British pound forward derivative contracts | 4,359 | — | 4,359 | — | |||||||||||||||
Total fair value of assets | $ | 5,308 | 949 | 4,359 | — | ||||||||||||||
Summary of Gain on Assets Disposition | ' | ||||||||||||||||||
The below table summarizes the combined fair value of the assets that incurred impairments along with the amount of impairment during the years ended March 31. The fair values of impaired assets are based on expected net proceeds from asset sales or appraisals performed by third parties. The impairment charges were recorded in gain on asset dispositions, net. | |||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||
Amount of impairment incurred | $ | 9,341 | 8,078 | 3,607 | |||||||||||||||
Combined fair value of assets incurring impairment | 11,149 | 14,733 | 8,175 |
Gain_on_Disposition_of_Assets_1
Gain on Disposition of Assets, Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Schedule of Gain on Disposition of Assets | ' | ||||||||||||
The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows: | |||||||||||||
(In thousands, except number of vessels disposed) | 2014 | 2013 | 2012 | ||||||||||
Gain on vessels disposed | $ | 12,247 | 12,191 | 20,024 | |||||||||
Number of vessels disposed | 48 | 32 | 60 |
Segment_Information_Geographic1
Segment Information, Geographical Data and Major Customers (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Segment Information, Geographical Data and Major Customers | ' | ||||||||||||||||||||||||||
The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. | |||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Vessel revenues : | |||||||||||||||||||||||||||
Americas | $ | 410,731 | 327,059 | 324,529 | |||||||||||||||||||||||
Asia/Pacific | 154,618 | 184,014 | 153,752 | ||||||||||||||||||||||||
Middle East/North Africa | 186,524 | 149,412 | 109,489 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 666,588 | 569,513 | 472,698 | ||||||||||||||||||||||||
1,418,461 | 1,229,998 | 1,060,468 | |||||||||||||||||||||||||
Other operating revenues | 16,642 | 14,167 | 6,539 | ||||||||||||||||||||||||
$ | 1,435,103 | 1,244,165 | 1,067,007 | ||||||||||||||||||||||||
Vessel operating profit: | |||||||||||||||||||||||||||
Americas | $ | 90,936 | 40,318 | 56,003 | |||||||||||||||||||||||
Asia/Pacific | 29,044 | 43,704 | 16,125 | ||||||||||||||||||||||||
Middle East/North Africa | 42,736 | 39,069 | 805 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 136,092 | 129,460 | 97,142 | ||||||||||||||||||||||||
298,808 | 252,551 | 170,075 | |||||||||||||||||||||||||
Other operating profit | (1,930 | ) | (833 | ) | (2,867 | ) | |||||||||||||||||||||
296,878 | 251,718 | 167,208 | |||||||||||||||||||||||||
Corporate general and administrative expenses (A) | (47,703 | ) | (48,704 | ) | (36,665 | ) | |||||||||||||||||||||
Corporate depreciation | (3,073 | ) | (3,391 | ) | (3,714 | ) | |||||||||||||||||||||
Corporate expenses | (50,776 | ) | (52,095 | ) | (40,379 | ) | |||||||||||||||||||||
Gain on asset dispositions, net | 11,722 | 6,609 | 17,657 | ||||||||||||||||||||||||
Goodwill impairment | (56,283 | ) | — | (30,932 | ) | ||||||||||||||||||||||
Operating income | 201,541 | 206,232 | 113,554 | ||||||||||||||||||||||||
Foreign exchange gain | 1,541 | 3,011 | 3,309 | ||||||||||||||||||||||||
Equity in net earnings of unconsolidated companies | 15,801 | 12,189 | 13,041 | ||||||||||||||||||||||||
Interest income and other, net | 2,123 | 3,476 | 3,440 | ||||||||||||||||||||||||
Loss on early extinguishment of debt | (4,144 | ) | — | — | |||||||||||||||||||||||
Interest and other debt costs | (43,814 | ) | (29,745 | ) | (22,308 | ) | |||||||||||||||||||||
Earnings before income taxes | $ | 173,048 | 195,163 | 111,036 | |||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||
Americas | $ | 43,297 | 40,454 | 38,128 | |||||||||||||||||||||||
Asia/Pacific | 17,174 | 19,416 | 20,758 | ||||||||||||||||||||||||
Middle East/North Africa | 24,441 | 18,784 | 17,606 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 79,199 | 65,241 | 58,137 | ||||||||||||||||||||||||
164,111 | 143,895 | 134,629 | |||||||||||||||||||||||||
Other | 296 | 13 | 13 | ||||||||||||||||||||||||
Corporate | 3,073 | 3,391 | 3,714 | ||||||||||||||||||||||||
$ | 167,480 | 147,299 | 138,356 | ||||||||||||||||||||||||
Additions to properties and equipment: | |||||||||||||||||||||||||||
Americas | $ | 99,798 | 52,299 | 7,279 | |||||||||||||||||||||||
Asia/Pacific | 2,586 | 19,858 | 64,431 | ||||||||||||||||||||||||
Middle East/North Africa | 8,042 | 3,833 | 16,828 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe (B) | 488,984 | 197,534 | 84,491 | ||||||||||||||||||||||||
599,410 | 273,524 | 173,029 | |||||||||||||||||||||||||
Other | 31,841 | — | — | ||||||||||||||||||||||||
Corporate (C) | 175,233 | 179,058 | 194,931 | ||||||||||||||||||||||||
$ | 806,484 | 452,582 | 367,960 | ||||||||||||||||||||||||
Total assets (D): | |||||||||||||||||||||||||||
Americas | $ | 1,017,736 | 880,368 | 1,025,386 | |||||||||||||||||||||||
Asia/Pacific | 421,379 | 607,546 | 654,357 | ||||||||||||||||||||||||
Middle East/North Africa | 613,303 | 507,124 | 405,625 | ||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 2,383,507 | 1,706,355 | 1,519,124 | ||||||||||||||||||||||||
4,435,925 | 3,701,393 | 3,604,492 | |||||||||||||||||||||||||
Other | 31,545 | 5,102 | 6,576 | ||||||||||||||||||||||||
4,467,470 | 3,706,495 | 3,611,068 | |||||||||||||||||||||||||
Investments in and advances to unconsolidated companies | 63,928 | 46,047 | 46,077 | ||||||||||||||||||||||||
4,531,398 | 3,752,542 | 3,657,145 | |||||||||||||||||||||||||
Corporate (E) | 354,431 | 415,513 | 404,473 | ||||||||||||||||||||||||
$ | 4,885,829 | 4,168,055 | 4,061,618 | ||||||||||||||||||||||||
(A) | Included in Corporate general and administrative expenses for the year ended March 31, 2014 and 2013 are transaction costs of $3.7 million related to the acquisition of Troms Offshore and a settlement charge of $5.2 million related to the payment of retirement benefits to a former Chief Executive Officer, respectively. | ||||||||||||||||||||||||||
(B) | Included in Sub-Saharan Africa/Europe for the year ended March 31, 2014 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | ||||||||||||||||||||||||||
(C) | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented. | ||||||||||||||||||||||||||
(D) | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. | ||||||||||||||||||||||||||
(E) | Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2014, 2013 and 2012, $228.9 million, $229.3 million and $249.4 million, respectively, of vessel construction costs are included in Corporate. | ||||||||||||||||||||||||||
Schedule of Segment Reporting Information, Revenue by Vessel Class | ' | ||||||||||||||||||||||||||
The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the years ended March 31,: | |||||||||||||||||||||||||||
Revenue by vessel class: | 2014 | % of Vessel | 2013 | % of Vessel | 2012 | % of Vessel | |||||||||||||||||||||
(In thousands): | Revenue | Revenue | Revenue | ||||||||||||||||||||||||
Americas fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 263,750 | 18 | % | 179,032 | 15 | % | 146,950 | 14 | % | |||||||||||||||||
Towing-supply | 115,055 | 8 | % | 120,817 | 10 | % | 143,796 | 14 | % | ||||||||||||||||||
Other | 31,926 | 3 | % | 27,210 | 2 | % | 33,783 | 3 | % | ||||||||||||||||||
Total | $ | 410,731 | 29 | % | 327,059 | 27 | % | 324,529 | 31 | % | |||||||||||||||||
Asia/Pacific fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 88,191 | 6 | % | 96,118 | 8 | % | 75,495 | 7 | % | |||||||||||||||||
Towing-supply | 62,630 | 5 | % | 84,217 | 7 | % | 73,845 | 7 | % | ||||||||||||||||||
Other | 3,797 | <1 | % | 3,679 | <1 | % | 4,412 | <1 | % | ||||||||||||||||||
Total | $ | 154,618 | 11 | % | 184,014 | 15 | % | 153,752 | 14 | % | |||||||||||||||||
Middle East/North Africa fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 66,503 | 5 | % | 55,945 | 5 | % | 46,511 | 4 | % | |||||||||||||||||
Towing-supply | 116,720 | 8 | % | 89,902 | 7 | % | 56,902 | 5 | % | ||||||||||||||||||
Other | 3,301 | <1 | % | 3,565 | <1 | % | 6,076 | 1 | % | ||||||||||||||||||
Total | $ | 186,524 | 13 | % | 149,412 | 12 | % | 109,489 | 10 | % | |||||||||||||||||
Sub-Saharan Africa/Europe fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 364,722 | 26 | % | 273,544 | 22 | % | 199,697 | 19 | % | |||||||||||||||||
Towing-supply | 231,224 | 16 | % | 226,357 | 18 | % | 201,463 | 19 | % | ||||||||||||||||||
Other | 70,642 | 5 | % | 69,612 | 6 | % | 71,538 | 7 | % | ||||||||||||||||||
Total | $ | 666,588 | 47 | % | 569,513 | 46 | % | 472,698 | 45 | % | |||||||||||||||||
Worldwide fleet: | |||||||||||||||||||||||||||
Deepwater | $ | 783,166 | 55 | % | 604,639 | 50 | % | 468,653 | 44 | % | |||||||||||||||||
Towing-supply | 525,629 | 37 | % | 521,293 | 42 | % | 476,006 | 45 | % | ||||||||||||||||||
Other | 109,666 | 8 | % | 104,066 | 8 | % | 115,809 | 11 | % | ||||||||||||||||||
Total | $ | 1,418,461 | 100 | % | 1,229,998 | 100 | % | 1,060,468 | 100 | % | |||||||||||||||||
Customers Accounted for 10% or more of Total Revenues | ' | ||||||||||||||||||||||||||
The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Chevron Corporation (including its worldwide subsidiaries and affiliates) | 18.1 | % | 17.8 | % | 17.4 | % | |||||||||||||||||||||
Petroleo Brasileiro SA | 8.6 | % | 8.6 | % | 14.6 | % |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Schedule of Goodwill by Reportable Segment | ' | ||||||||||||||||||
Goodwill and changes to goodwill by reportable segment for the years ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||||
(In thousands) | 2013 | Goodwill acquired | Impairments | 2014 | |||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | ||||||||||||||
Asia/Pacific | 56,283 | — | 56,283 | — | |||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | 42,160 | — | 169,462 | |||||||||||||||
Total carrying amount | $ | 297,822 | 42,160 | 56,283 | 283,699 | ||||||||||||||
(In thousands) | 2012 | Goodwill acquired | Impairments | 2013 | |||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | ||||||||||||||
Asia/Pacific | 56,283 | — | — | 56,283 | |||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | — | — | 127,302 | |||||||||||||||
Total carrying amount (A) | $ | 297,822 | — | — | 297,822 | ||||||||||||||
(A) | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. | ||||||||||||||||||
Goodwill | ' | ||||||||||||||||||
Schedule of Goodwill as Percentage of Assets and Stockholders' Equity | ' | ||||||||||||||||||
Goodwill, as a percentage of total assets and stockholders’ equity, at March 31, is as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Goodwill as a percentage of total assets | 6 | % | 7 | % | |||||||||||||||
Goodwill as a percentage of stockholders’ equity | 11 | % | 12 | % |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||
Selected financial information for interim periods for the years ended March 31, is as follows: | |||||||||||||||||||
Quarter | |||||||||||||||||||
(In thousands except per share data) | First | Second | Third | Fourth | |||||||||||||||
Fiscal 2014 | |||||||||||||||||||
Revenues | $ | 334,085 | 367,937 | 365,248 | 367,833 | ||||||||||||||
Operating income(A) | 43,425 | 76,565 | 20,488 | 61,063 | |||||||||||||||
Net earnings | 30,083 | 54,172 | 12,583 | 43,417 | |||||||||||||||
Basic earnings per share | $ | 0.61 | 1.1 | 0.25 | 0.88 | ||||||||||||||
Diluted earnings per share | $ | 0.61 | 1.09 | 0.25 | 0.88 | ||||||||||||||
Fiscal 2013 | |||||||||||||||||||
Revenues | $ | 294,448 | 311,918 | 309,466 | 328,333 | ||||||||||||||
Operating income (A) | 49,487 | 57,197 | 40,974 | 58,574 | |||||||||||||||
Net earnings | 32,856 | 41,356 | 29,947 | 46,591 | |||||||||||||||
Basic earnings per share | $ | 0.65 | 0.84 | 0.61 | 0.95 | ||||||||||||||
Diluted earnings per share | $ | 0.65 | 0.83 | 0.61 | 0.95 | ||||||||||||||
(A) | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Goodwill impairment by quarter for fiscal 2014 and gain on asset dispositions, net, by quarter for fiscal 2014 and 2013, are as follows: | ||||||||||||||||||
(In thousands) | First | Second | Third | Fourth | |||||||||||||||
Fiscal 2014: | |||||||||||||||||||
Goodwill impairment | $ | — | — | (56,283 | ) | — | |||||||||||||
Gain on asset dispositions, net | $ | 2,140 | 49 | 7,170 | 2,363 | ||||||||||||||
Fiscal 2013: | |||||||||||||||||||
Gain on asset dispositions, net | $ | 838 | 1,833 | 99 | 3,839 |
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 04, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | ||
M | Vessel | Troms Offshore Supply AS | Troms Offshore Supply AS | Maximum | Marine Equipment | Marine Equipment | Marine Equipment | Marine Equipment | Marine Equipment | Other Property Plant and Equipment | Other Property Plant and Equipment | Stacked Vessels | Stacked Vessels | Vessels Withdrawn | Vessels Withdrawn | |||||
Vessel | Minimum | Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | Y | Y | Y | Vessel | |||||||||
From Date of Construction | Regardless of Date Constructed | From Date of Construction | Vessel | Vessel | Vessel | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Highly liquid investments, maturities | ' | ' | ' | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of salvage values | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ||
Estimated useful lives, years | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '6 years | ' | '25 years | '3 years | '30 years | ' | ' | ' | ' | ||
Extended useful life, months | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Inspection interval | ' | 'The majority of the company's vessels require certification inspections twice in every five year period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Property plant and equipment average age | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.2 | 31.5 | 32.5 | ' | ||
Number Of Vessels | ' | 272 | ' | 309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 51 | 2 | 0 | ||
Goodwill | ' | $283,699 | $297,822 | [1] | $297,822 | [1] | $42,200 | $42,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | $56,283 | $56,283 | $30,932 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. |
Summary_of_Net_Properties_and_
Summary of Net Properties and Equipment (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | Vessel | Vessel | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Number Of Vessels | 272 | 309 | ||
Carrying Value | $3,621,608 | $3,189,819 | ||
Vessels in Active Service | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Number Of Vessels | 257 | 256 | ||
Carrying Value | 3,281,391 | 2,882,908 | ||
Stacked Vessels | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Number Of Vessels | 15 | 51 | ||
Carrying Value | 9,743 | 30,084 | ||
Vessels Withdrawn | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Number Of Vessels | 0 | 2 | ||
Carrying Value | ' | 633 | ||
Marine Equipment and Other Assets Under Construction | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Carrying Value | 268,189 | 239,287 | ||
Other Property Plant and Equipment | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Carrying Value | $62,285 | [1] | $36,907 | [1] |
[1] | Other property and equipment includes six remotely operated vehicles the company took delivery of in fiscal 2014. |
Summary_of_Net_Properties_and_1
Summary of Net Properties and Equipment (Parenthetical) (Detail) (Other Property Plant and Equipment) | Mar. 31, 2014 |
Vehicle | |
Other Property Plant and Equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Number of remotely operated vehicles | 6 |
Schedule_of_Accrued_Property_a
Schedule of Accrued Property and Liability Losses (Detail) (Accrued property and liability losses, USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued property and liability losses | ' | ' |
Schedule of Accrued Liabilities [Line Items] | ' | ' |
Accrued property and liability losses | $8,917 | $14,966 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 04, 2013 | Mar. 31, 2014 | ||
Troms Offshore Supply AS | Troms Offshore Supply AS | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ||
Business acquisition, description of acquired entity | ' | ' | ' | 'Troms Offshore owned four deepwater PSVs, and had two additional deepwater PSVs under construction, one of which was delivered shortly after the acquisition and the other delivered in January 2014. | ' | ||
Business acquisition, cash paid | ' | ' | ' | $150,000,000 | ' | ||
Business acquisition, debt assumed | ' | ' | ' | 261,300,000 | ' | ||
Business acquisition, Goodwill | $283,699,000 | $297,822,000 | [1] | $297,822,000 | [1] | $42,160,000 | $42,200,000 |
[1] | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. |
Allocation_of_Purchase_Price_f
Allocation of Purchase Price for Acquisition (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Jun. 04, 2013 | ||
In Thousands, unless otherwise specified | Troms Offshore Supply AS | Troms Offshore Supply AS | |||||
Business Combination Allocation of Purchase Price [Line Items] | ' | ' | ' | ' | ' | ||
Cash | ' | ' | ' | ' | $22,263 | ||
Trade receivables and other current assets | ' | ' | ' | ' | 9,816 | ||
Vessels | ' | ' | ' | ' | 245,605 | ||
Goodwill | 283,699 | 297,822 | [1] | 297,822 | [1] | 42,200 | 42,160 |
Payable and other liabilities | ' | ' | ' | ' | -13,020 | ||
Notes payable | ' | ' | ' | ' | -156,824 | ||
Total purchase price | ' | ' | ' | ' | $150,000 | ||
[1] | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. |
Investment_in_Unconsolidated_C2
Investment in Unconsolidated Companies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 |
DTDW Holdings, Ltd. | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage in unconsolidated affiliates | 40.00% | 40.00% |
Advances to unconsolidated companies | $1.90 | ' |
Amount of vessel sold | 23.3 | ' |
Gain realized from vessel sold | 7.9 | ' |
Deferred gain recognized from vessel sold | $5.20 | ' |
Maximum | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage in unconsolidated affiliates | ' | 50.00% |
Investment_in_Unconsolidated_C3
Investment in Unconsolidated Companies (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Sonatide Marine, Ltd. | Sonatide Marine, Ltd. | DTDW Holdings, Ltd. | DTDW Holdings, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Ownership percentage in unconsolidated affiliates | ' | ' | 49.00% | ' | 40.00% | 40.00% |
Investments in, at equity, and advances to unconsolidated companies | $63,928 | $46,047 | $62,126 | $46,047 | $1,802 | ' |
Schedule_of_Earning_Before_Inc
Schedule of Earning Before Income Taxes Derived from United States and Non-U.S Operation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Earnings before income taxes, Non-U.S | $217,816 | $246,863 | $148,369 |
Earnings before income taxes, United States | -44,768 | -51,700 | -37,333 |
Earnings before income taxes | $173,048 | $195,163 | $111,036 |
Schedule_of_Income_Tax_Expense
Schedule of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' |
Current, Federal, Income tax expense (benefit) | ($602) | ($7,633) | ($5,009) |
Deferred, Federal, Income tax expense (benefit) | -34,226 | -11,335 | -24,545 |
Federal, Income tax expense (benefit) | -34,828 | -18,968 | -29,554 |
Current, State, Income tax expense (benefit) | 4 | -313 | -558 |
Deferred, State, Income tax expense (benefit) | ' | ' | ' |
State, Income tax expense (benefit) | 4 | -313 | -558 |
Current, International, Income tax expense (benefit) | 68,100 | 64,092 | 54,363 |
Deferred, International, Income tax expense (benefit) | -483 | -398 | -626 |
International, Income tax expense (benefit) | 67,617 | 63,694 | 53,737 |
Current, Total, Income tax expense (benefit) | 67,502 | 56,146 | 48,796 |
Deferred, Total, Income tax expense (benefit) | -34,709 | -11,733 | -25,171 |
Income tax expense (benefit), Total | $32,793 | $44,413 | $23,625 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Income Tax [Line Items] | ' |
Federal statutory tax rate | 35.00% |
Foreign tax credit carry-forwards expiry period | '2022 |
Income tax penalties and interest | $9.20 |
Maximum | ' |
Income Tax [Line Items] | ' |
Income tax payable decrease as a result of reasonably possible tax payment, maximum | $4 |
Schedule_of_Tax_Rate_Applicabl
Schedule of Tax Rate Applicable to Pre-Tax Earning, U.S. Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reconciliation of Statutory Federal Tax Rate [Line Items] | ' | ' | ' |
Computed "expected" tax expense | $60,567 | $68,307 | $38,863 |
Resolution of uncertain tax positions | ' | ' | -4,187 |
Foreign income taxed at different rates | -18,536 | -23,965 | -13,504 |
Foreign tax credits not previously recognized | -483 | -398 | -626 |
Expenses which are not deductible for tax purposes | 3,661 | 498 | 2,889 |
Reversal of basis difference - sale leaseback | -3,369 | ' | ' |
Valuation allowance - foreign tax credits | -5,821 | 5,821 | ' |
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | -1,475 | -6,232 | 326 |
Expenses which are not deductible for book purposes | -2,144 | ' | ' |
State taxes | 3 | -203 | -363 |
Other, net | 390 | 585 | 227 |
Income tax expense (benefit), Total | $32,793 | $44,413 | $23,625 |
Schedule_of_Effective_Tax_Rate
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Effective tax rate applicable to pre-tax earnings | 18.95% | 22.76% | 21.28% |
Schedule_of_Deferred_Tax_Asset
Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Effective Tax Rate Reconciliation [Line Items] | ' | ' |
Accrued employee benefit plan costs | $21,423 | $18,162 |
Stock based compensation | 7,162 | 6,451 |
Net operating loss and tax credit carryforwards | 2,895 | 45,640 |
Other | 2,896 | 8,673 |
Gross deferred tax assets | 34,376 | 78,926 |
Less valuation allowance | ' | 5,821 |
Net deferred tax assets | 34,376 | 73,105 |
Depreciation and amortization | -108,929 | -189,763 |
Gross deferred tax liabilities | -108,929 | -189,763 |
Net deferred tax liabilities | ($74,553) | ($116,658) |
Schedule_of_Deferred_Tax_Not_R
Schedule of Deferred Tax Not Recognized (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Deferred Tax Assets Liabilities [Line Items] | ' |
Foreign income not recognized for U.S. deferred taxes | $2,374,503 |
Schedule_of_Tax_Credit_CarryFo
Schedule of Tax Credit Carry-Forwards (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Tax Credit Carryforward [Line Items] | ' |
Foreign tax credit carry-forwards | $2,895 |
Schedule_of_Uncertain_Tax_Posi
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax [Line Items] | ' | ' |
Tax liabilities for uncertain tax positions | $18,008 | $14,269 |
Income tax payable | $36,472 | $30,906 |
Schedule_of_Unrecognized_Tax_B
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized (Detail) (State and Local Jurisdiction, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
State and Local Jurisdiction | ' |
Income Tax Contingency [Line Items] | ' |
Unrecognized tax benefit related to state tax issues | $11,230 |
Interest receivable on unrecognized tax benefit related to state tax issues | $24 |
Schedule_of_Reconciliation_of_
Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Balance at April 1, | $14,868 | $15,727 | $15,220 |
Additions based on tax positions related to the current year | 4,393 | 2,041 | 2,813 |
Additions based on tax positions related to prior years | 2,217 | ' | ' |
Reductions for tax positions of prior years | -1,412 | -2,900 | -1,375 |
Exchange rate fluctuation | ' | ' | ' |
Settlement and lapse of statute of limitations | ' | ' | -931 |
Balance at March 31, | $20,066 | $14,868 | $15,727 |
Schedule_of_Tax_Benefit_from_S
Schedule of Tax Benefit from Stock Benefit Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
Excess tax benefits on stock benefit transactions | $301 | $359 | $738 |
Indebtedness_Revolving_Credit_
Indebtedness - Revolving Credit and Term Loan Agreement - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Debt [Line Items] | ' | ' |
Revolving line of credit | ' | $110,000,000 |
Term loan | 300,000,000 | 125,000,000 |
Minimum | ' | ' |
Debt [Line Items] | ' | ' |
Interest coverage ratio | 300.00% | ' |
Commitment fees on the unused portion of credit facility | 0.15% | ' |
Maximum | ' | ' |
Debt [Line Items] | ' | ' |
Consolidated debt to consolidated total capitalization, ratio | 55.00% | ' |
Commitment fees on the unused portion of credit facility | 0.30% | ' |
Current Credit Facility | ' | ' |
Debt [Line Items] | ' | ' |
Credit facility expiration date | '2018-06 | ' |
Revolving credit facility | 900,000,000 | ' |
Credit facility term | '5 years | ' |
Revolving line of credit | 600,000,000 | ' |
Term loan | 300,000,000 | ' |
Revolving credit facility, remaining borrowing capacity | 600,000,000 | ' |
Prime or Federal Funds | Minimum | ' | ' |
Debt [Line Items] | ' | ' |
Revolving credit rate | 0.25% | ' |
Prime or Federal Funds | Maximum | ' | ' |
Debt [Line Items] | ' | ' |
Revolving credit rate | 1.00% | ' |
Eurodollar Rates | Minimum | ' | ' |
Debt [Line Items] | ' | ' |
Revolving credit rate | 1.25% | ' |
Eurodollar Rates | Maximum | ' | ' |
Debt [Line Items] | ' | ' |
Revolving credit rate | 2.00% | ' |
Term Loan Facility | ' | ' |
Debt [Line Items] | ' | ' |
Outstanding borrowing | 300,000,000 | ' |
Term loan facility, current borrowing capacity | ' | 125,000,000 |
Revolving Credit Agreement | ' | ' |
Debt [Line Items] | ' | ' |
Outstanding borrowing | ' | $110,000,000 |
Indebtedness_Senior_Debt_Notes
Indebtedness - Senior Debt Notes - Additional Information (Detail) | 12 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2014 | 31-May-12 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-12 | Jun. 30, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-12 | Jun. 30, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | 31-May-12 | Jun. 30, 2013 | Nov. 15, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 15, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Jul. 31, 2003 | Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | September 2013 Senior Unsecured Notes | September 2013 Senior Unsecured Notes | September 2013 Senior Unsecured Notes | September 2013 Senior Unsecured Notes | September 2013 Senior Unsecured Notes | August 2011 Senior Unsecured Notes | August 2011 Senior Unsecured Notes | August 2011 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | July 2003 Senior Unsecured Notes | July 2003 Senior Unsecured Notes | July 2003 Senior Unsecured Notes | |
USD ($) | NOK | USD ($) | NOK | Public bonds | Public bonds | Notes Due May 2024 | Notes Due May 2024 | Notes Due May 2024 | Notes Due May 2024 | Notes Due May 2015 | Senior Notes Due 2019 | Notes Due January 2026 | Notes Due January 2026 | Notes Due January 2026 | Floating rate debt | Floating rate debt | Fixed rate debt | Fixed rate debt | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | Troms Offshore Supply AS | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | Minimum | Maximum | |||||
USD ($) | NOK | NOK | USD ($) | NOK | NOK | NOK | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | Notes Due May 2015 | Senior Notes Due 2019 | Notes Due January 2026 | Notes Due May 2015 | Senior Notes Due 2019 | ||||||||||||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior note issuable amount under purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of debt outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 300,000,000 | 500,000,000 | ' | ' | 165,000,000 | ' | ' | ' | ' | 425,000,000 | ' | ' | 300,000,000 | ' | ' |
Debt instrument maturity, in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '12 years | ' | '8 years | '10 years | ' | ' | ' | '5 years | '12 years | ' | '7 years | '12 years |
Consolidated debt to consolidated total capitalization, ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' | 55.00% | ' | ' | ' | ' | 55.00% | ' | ' | 55.00% |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After-tax loss relating to interest rate hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,900,000 | ' | ' | ' | ' | ' | ' |
Pre-tax loss relating to interest rate hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 4,400,000 | ' | ' | ' | ' | ' | ' |
Debt instruments face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,400,000 | ' | ' | 35,000,000 | 25,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity, month and year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2024-05 | ' | ' | '2015-05 | '2019-06 | '2026-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Semi-annual principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument bearing floating interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capitalization rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.38% | ' | ' | ' | ' | ' | 3.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument outstanding amount | 1,514,870,000 | 1,000,000,000 | ' | ' | 10,000,000 | 60,000,000 | ' | ' | ' | ' | 29,800,000 | 178,900,000 | ' | ' | ' | 50,000,000 | 300,000,000 | 10,000,000 | 60,000,000 | 79,900,000 | 478,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument bearing interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 3.88% | 6.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,600,000 | 477,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguished amount | ' | ' | 32,500,000 | 188,900,000 | ' | ' | 82,100,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of bond at average price as a percentage of par value | ' | ' | ' | ' | ' | ' | 105.00% | 105.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of bond | ($4,144,000) | ' | ' | ' | ' | ' | $4,100,000 | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Aggregate_Amount_o
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Y | Y | |
September 2013 Senior Unsecured Notes | ' | ' |
Debt [Line Items] | ' | ' |
Aggregate debt outstanding | $500,000 | ' |
Weighted average remaining life in years | 9.4 | ' |
Weighted average coupon rate on notes outstanding | 4.86% | ' |
Fair value of debt outstanding | 520,979 | ' |
August 2011 Senior Unsecured Notes | ' | ' |
Debt [Line Items] | ' | ' |
Aggregate debt outstanding | 165,000 | 165,000 |
Weighted average remaining life in years | 6.6 | 7.6 |
Weighted average coupon rate on notes outstanding | 4.42% | 4.42% |
Fair value of debt outstanding | 168,653 | 179,802 |
September 2010 Senior Unsecured Notes | ' | ' |
Debt [Line Items] | ' | ' |
Aggregate debt outstanding | 425,000 | 425,000 |
Weighted average remaining life in years | 5.6 | 6.6 |
Weighted average coupon rate on notes outstanding | 4.25% | 4.25% |
Fair value of debt outstanding | 436,254 | 458,520 |
July 2003 Senior Unsecured Notes | ' | ' |
Debt [Line Items] | ' | ' |
Aggregate debt outstanding | 35,000 | 175,000 |
Weighted average remaining life in years | 1.3 | 0.7 |
Weighted average coupon rate on notes outstanding | 4.61% | 4.47% |
Fair value of debt outstanding | $36,018 | $178,227 |
Summary_of_LongTerm_Debt_Outst
Summary of Long-Term Debt Outstanding (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Debt [Line Items] | ' | ' |
Term loan | $300,000 | $125,000 |
Revolving line of credit | ' | 110,000 |
Long-Term Debt Outstanding | 1,514,870 | 1,000,000 |
Less: Current maturities of long-term debt | 9,512 | ' |
Total | 1,505,358 | 1,000,000 |
4.44% July 2003 Senior Notes Due Fiscal 2014 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | ' | 140,000 |
4.61% July 2003 Senior Notes Due Fiscal 2016 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 35,000 | 35,000 |
3.28% September 2010 Senior Notes Due Fiscal 2016 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 42,500 | 42,500 |
3.90% September 2010 Senior Notes Due Fiscal 2018 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 44,500 | 44,500 |
3.95% September 2010 Senior Notes Due Fiscal 2018 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 25,000 | 25,000 |
4.12% September 2010 Senior Notes Due Fiscal 2019 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 25,000 | 25,000 |
4.17% September 2010 Senior Notes Due Fiscal 2019 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 25,000 | 25,000 |
4.33% September 2010 Senior Notes Due Fiscal 2020 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 50,000 | 50,000 |
4.51% September 2010 Senior Notes Due Fiscal 2021 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 100,000 | 100,000 |
4.56% September 2010 Senior Notes Due Fiscal 2021 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 65,000 | 65,000 |
4.61% September 2010 Senior Notes Due Fiscal 2023 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 48,000 | 48,000 |
4.06% August 2011 Senior Notes Due Fiscal 2019 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 50,000 | 50,000 |
4.54% August 2011 Senior Notes Due Fiscal 2022 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 65,000 | 65,000 |
4.64% August 2011 Senior Notes Due Fiscal 2022 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 50,000 | 50,000 |
4.26% September 2013 senior notes due fiscal 2021 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 123,000 | ' |
5.01% September 2013 senior notes due fiscal 2024 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 250,000 | ' |
5.16% September 2013 senior notes due fiscal 2026 | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 127,000 | ' |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Five | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 29,837 | ' |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Six | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 50,028 | ' |
Norwegian Kroner Denominated Borrowing Agreement Due Fiscal Two Thousand Fifteen | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | 5,837 | ' |
Norwegian Kroner Denominated Borrowing Agreement Due Fiscal Two Thousand Nineteen | ' | ' |
Debt [Line Items] | ' | ' |
Long-Term Debt Outstanding | $4,168 | ' |
Summary_of_LongTerm_Debt_Outst1
Summary of Long-Term Debt Outstanding (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
4.44% July 2003 Senior Notes Due Fiscal 2014 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.44% |
Debt Instrument Maturity Period | 'Fiscal 2014 |
4.61% July 2003 Senior Notes Due Fiscal 2016 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.61% |
Debt Instrument Maturity Period | 'Fiscal 2016 |
3.28% September 2010 Senior Notes Due Fiscal 2016 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 3.28% |
Debt Instrument Maturity Period | 'Fiscal 2016 |
3.90% September 2010 Senior Notes Due Fiscal 2018 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 3.90% |
Debt Instrument Maturity Period | 'Fiscal 2018 |
3.95% September 2010 Senior Notes Due Fiscal 2018 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 3.95% |
Debt Instrument Maturity Period | 'Fiscal 2018 |
4.12% September 2010 Senior Notes Due Fiscal 2019 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.12% |
Debt Instrument Maturity Period | 'Fiscal 2019 |
4.17% September 2010 Senior Notes Due Fiscal 2019 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.17% |
Debt Instrument Maturity Period | 'Fiscal 2019 |
4.33% September 2010 Senior Notes Due Fiscal 2020 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.33% |
Debt Instrument Maturity Period | 'Fiscal 2020 |
4.51% September 2010 Senior Notes Due Fiscal 2021 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.51% |
Debt Instrument Maturity Period | 'Fiscal 2021 |
4.56% September 2010 Senior Notes Due Fiscal 2021 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.56% |
Debt Instrument Maturity Period | 'Fiscal 2021 |
4.61% September 2010 Senior Notes Due Fiscal 2023 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.61% |
Debt Instrument Maturity Period | 'Fiscal 2023 |
4.06% August 2011 Senior Notes Due Fiscal 2019 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.06% |
Debt Instrument Maturity Period | 'Fiscal 2019 |
4.54% August 2011 Senior Notes Due Fiscal 2022 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.54% |
Debt Instrument Maturity Period | 'Fiscal 2022 |
4.64% August 2011 Senior Notes Due Fiscal 2022 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.64% |
Debt Instrument Maturity Period | 'Fiscal 2022 |
4.26% September 2013 senior notes due fiscal 2021 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 4.26% |
Debt Instrument Maturity Period | 'Fiscal 2021 |
5.01% September 2013 senior notes due fiscal 2024 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 5.01% |
Debt Instrument Maturity Period | 'Fiscal 2024 |
5.16% September 2013 senior notes due fiscal 2026 | ' |
Debt [Line Items] | ' |
Debt instrument interest rate | 5.16% |
Debt Instrument Maturity Period | 'Fiscal 2026 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Five | ' |
Debt [Line Items] | ' |
Debt Instrument Maturity Period | 'Fiscal 2025 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Six | ' |
Debt [Line Items] | ' |
Debt Instrument Maturity Period | 'Fiscal 2026 |
Norwegian Kroner Denominated Borrowing Agreement Due Fiscal Two Thousand Fifteen | ' |
Debt [Line Items] | ' |
Debt Instrument Maturity Period | 'Fiscal 2015 |
Norwegian Kroner Denominated Borrowing Agreement Due Fiscal Two Thousand Nineteen | ' |
Debt [Line Items] | ' |
Debt Instrument Maturity Period | 'Fiscal 2019 |
Debt_Costs_Detail
Debt Costs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Debt [Line Items] | ' | ' | ' |
Interest and debt costs incurred, net of interest capitalized | $43,814 | $29,745 | $22,308 |
Interest costs capitalized | 11,497 | 10,602 | 14,743 |
Total interest and debt costs | $55,311 | $40,347 | $37,051 |
Employee_Retirement_Plans_Addi
Employee Retirement Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||
Dec. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | |
Person | Person | Retirement Contributions | Retirement Contributions | Retirement Contributions | Defined Contribution Pension Plan 401k | Non-Qualified Supplemental Savings Plan Executives | Non-Qualified Supplemental Savings Plan Executives | Non-Qualified Supplemental Savings Plan Executives | Multinational Pension Savings Plan | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Supplemental Executive Retirement Plan | Supplemental Executive Retirement Plan | Chief Executive Officer | |
Y | Minimum | Maximum | Y | Minimum | Maximum | Y | |||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employers participated in defined benefit plan | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employers still remains in defined benefit plan | ' | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, employer contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' |
Distribution in settlement of plan obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 |
Settlement loss recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 |
Percentage of defined benefit plan, actuarial discount rate assumption | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, significant concentrations of risk | ' | 'The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2014, the company did not have any individual asset investments that comprised 10% or more of each plan's overall assets. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, assets, debt securities, maximum single issuer | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, assets, debt securities, maximum value single issuer | ' | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, assets, equity securities, difference plan assets and liabilities | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, assets, equity securities, maximum single investment | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, assets, equity securities, maximum foreign and us stock | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, diversification, equity limit, single industry | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, diversification, equity limit, single corporation | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, concentration risk, diversification, debt limit, single issuer | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, company contribution percentage | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, company contribution percentage additional percentage | ' | ' | ' | 1.00% | 8.00% | ' | ' | 1.00% | 8.00% | ' | ' | ' | ' | ' | ' |
Defined contribution plan, company contribution, vesting period, years | ' | ' | 5 | ' | ' | 5 | ' | ' | ' | 6 | ' | ' | ' | ' | ' |
Percentage of defined plan, minimum employee contribution | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' |
Percentage of defined plan, maximum employee contribution | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' |
Defined contribution plan, company contribution percentage match, common stock | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, company contribution percentage match, common stock | ' | ' | ' | ' | ' | 8.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, deferred compensation percentage | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation arrangement with individual, deferred bonus percentage | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Defined contribution plan, restoration benefit | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of defined plan, company contribution match, cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Percentage of defined plan, company contribution match, employee deferred compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' |
Schedule_of_Carrying_Value_of_
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Investments held in Rabbi Trust | $10,285 | $10,486 |
Unrealized (loss) gains in carrying value of trust assets | 92 | -121 |
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of | 49 | -65 |
Obligations under the supplemental plan | $21,918 | $21,431 |
Summary_of_Minimum_And_Maximum
Summary of Minimum And Maximum Rate Of Return Of Plan Assets (Detail) (Supplemental Executive Retirement Plan) | 12 Months Ended |
Mar. 31, 2014 | |
Minimum | Equity Securities | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 5.00% |
Minimum | Debt Securities | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 1.00% |
Minimum | Cash and Cash Equivalents | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 0.00% |
Maximum | Equity Securities | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 7.00% |
Maximum | Debt Securities | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 3.00% |
Maximum | Cash and Cash Equivalents | ' |
Schedule of Pension and Other Postretirment Benefits Expected Benefit Payments [Line Items] | ' |
Expected Rate of Return on Plan Assets | 1.00% |
Schedule_of_Minimum_and_Maximu
Schedule of Minimum and Maximum Market Value of Plan Assets (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Equity Securities | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' |
Minimum market value objective for plan assets | 55.00% |
Maximum market value objective for plan assets | 75.00% |
Debt Securities | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' |
Minimum market value objective for plan assets | 25.00% |
Maximum market value objective for plan assets | 45.00% |
Investment Grade Bonds | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' |
Minimum market value objective for plan assets | 0.00% |
Maximum market value objective for plan assets | 20.00% |
Cash and Cash Equivalents | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' |
Minimum market value objective for plan assets | 0.00% |
Maximum market value objective for plan assets | 10.00% |
Schedule_of_Asset_Allocation_D
Schedule of Asset Allocation (Detail) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 100.00% | ' |
Actual asset allocations | 100.00% | 100.00% |
Pension Plans, Defined Benefit | Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 100.00% | ' |
Actual asset allocations | 96.00% | 98.00% |
Pension Plans, Defined Benefit | Cash And Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocations | 4.00% | 2.00% |
Supplemental Executive Retirement Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 100.00% | ' |
Actual asset allocations | 100.00% | 100.00% |
Supplemental Executive Retirement Plan | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 65.00% | ' |
Actual asset allocations | 60.00% | 60.00% |
Supplemental Executive Retirement Plan | Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target asset allocation | 35.00% | ' |
Actual asset allocations | 37.00% | 35.00% |
Supplemental Executive Retirement Plan | Cash And Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Actual asset allocations | 3.00% | 5.00% |
Schedule_of_Fair_Value_Assets_
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | ($56,896) | ($59,431) |
Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 56,002 | 58,524 |
Accrued income | 894 | 907 |
Total fair value of plan assets | 56,896 | 59,431 |
Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 10,375 | 10,635 |
Other pending transactions | -90 | -149 |
Total fair value of plan assets | 10,285 | 10,486 |
US Government Agencies Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 2,935 | 3,142 |
US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,975 | 2,007 |
Corporate Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 50,113 | 53,352 |
Foreign Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,443 | 1,416 |
Cash and Cash Equivalents | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,511 | 614 |
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 369 | 533 |
Common Stock | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 4,141 | 4,240 |
Foreign Stock | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 231 | 285 |
American Depository Receipts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,809 | 1,811 |
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 15 | 16 |
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 38 | ' |
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,797 | 1,743 |
Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 2,935 | 3,142 |
Accrued income | 894 | 907 |
Total fair value of plan assets | 3,829 | 4,049 |
Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 9,451 | 9,428 |
Other pending transactions | -90 | -149 |
Total fair value of plan assets | 9,361 | 9,279 |
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 2,935 | 3,142 |
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,363 | 1,240 |
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 57 | 93 |
Quoted Prices In Active Markets (Level 1) | Common Stock | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 4,141 | 4,240 |
Quoted Prices In Active Markets (Level 1) | Foreign Stock | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 231 | 285 |
Quoted Prices In Active Markets (Level 1) | American Depository Receipts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,809 | 1,811 |
Quoted Prices In Active Markets (Level 1) | Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 15 | 16 |
Quoted Prices In Active Markets (Level 1) | Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 38 | ' |
Quoted Prices In Active Markets (Level 1) | Open Ended Mutual Funds | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,797 | 1,743 |
Significant Observable Inputs (Level 2) | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 53,067 | 55,382 |
Total fair value of plan assets | 53,067 | 55,382 |
Significant Observable Inputs (Level 2) | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 924 | 1,207 |
Total fair value of plan assets | 924 | 1,207 |
Significant Observable Inputs (Level 2) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 612 | 767 |
Significant Observable Inputs (Level 2) | Corporate Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 50,113 | 53,352 |
Significant Observable Inputs (Level 2) | Foreign Debt Securities | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,443 | 1,416 |
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | 1,511 | 614 |
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Fair value of plan assets | $312 | $440 |
Change_in_Plan_Assets_and_Obli
Change in Plan Assets and Obligations (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | Other Pension Plans, Defined Benefit | |||
Change in Benefit Obligations | Change in Benefit Obligations | Change in Plan Assets | Change in Plan Assets | Reconciliation of Funded Status | Reconciliation of Funded Status | Change in Benefit Obligations | Change in Benefit Obligations | Change in Plan Assets | Change in Plan Assets | Reconciliation of Funded Status | Reconciliation of Funded Status | ||||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | $84,067,000 | $88,238,000 | ' | ' | ' | $88,238,000 | $93,356,000 | ' | ' | $84,067,000 | $88,238,000 | ' | ' | $29,006,000 | $29,262,000 | ' | ' | $24,114,000 | $29,006,000 |
Fair value of plan assets at beginning of year | 56,896,000 | 59,431,000 | ' | ' | -56,002,000 | ' | ' | 59,431,000 | 56,917,000 | 56,896,000 | 59,431,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | 56,896,000 | 59,431,000 | -58,524,000 | ' | -56,002,000 | ' | ' | 56,896,000 | 59,431,000 | 56,896,000 | 59,431,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | 790,000 | 983,000 | ' | ' | ' | ' | ' | ' | 405,000 | 475,000 | ' | ' | ' | ' |
Actual return | ' | ' | ' | ' | ' | ' | ' | 776,000 | 5,605,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation | 84,067,000 | 88,238,000 | ' | ' | ' | 84,067,000 | 88,238,000 | ' | ' | 84,067,000 | 88,238,000 | ' | ' | 24,114,000 | 29,006,000 | ' | ' | 24,114,000 | 29,006,000 |
Interest cost | ' | ' | ' | ' | ' | 3,581,000 | 4,098,000 | ' | ' | ' | ' | ' | ' | 1,048,000 | 1,235,000 | ' | ' | ' | ' |
Employer contributions | ' | ' | 0 | 0 | ' | ' | ' | 939,000 | 13,920,000 | ' | ' | ' | ' | ' | ' | 552,000 | 258,000 | ' | ' |
Unfunded status | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,171,000 | -28,807,000 | ' | ' | ' | ' | ' | ' | -24,114,000 | -29,006,000 |
Participant contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436,000 | 428,000 | 436,000 | 428,000 | ' | ' |
ERRP reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,000 | 274,000 | -26,000 | 274,000 | ' | ' |
Plan settlement | ' | ' | ' | ' | ' | ' | -13,046,000 | ' | -13,046,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | ' | ' | -4,250,000 | -3,965,000 | -4,250,000 | -3,965,000 | ' | ' | ' | ' | -962,000 | -960,000 | -962,000 | -960,000 | ' | ' |
Actuarial (gain) loss | ' | ' | ' | ' | ' | -4,292,000 | 6,812,000 | ' | ' | ' | ' | ' | ' | -5,793,000 | -1,708,000 | ' | ' | ' | ' |
Fair value of plan assets at end of year | 56,896,000 | 59,431,000 | -58,524,000 | ' | -56,002,000 | ' | ' | 56,896,000 | 59,431,000 | 56,896,000 | 59,431,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at end of year | 84,067,000 | 88,238,000 | ' | ' | ' | 84,067,000 | 88,238,000 | ' | ' | 84,067,000 | 88,238,000 | ' | ' | 24,114,000 | 29,006,000 | ' | ' | 24,114,000 | 29,006,000 |
Current liabilities | ' | ' | -1,070,000 | ' | -1,162,000 | ' | ' | ' | ' | ' | ' | -1,129,000 | -1,329,000 | ' | ' | ' | ' | ' | ' |
Noncurrent liabilities | ' | ' | -27,737,000 | ' | -26,009,000 | ' | ' | ' | ' | ' | ' | -22,985,000 | -27,677,000 | ' | ' | ' | ' | ' | ' |
Net amount recognized | ' | ' | ($28,807,000) | ' | ($27,171,000) | ' | ' | ' | ' | ' | ' | ($24,114,000) | ($29,006,000) | ' | ' | ' | ' | ' | ' |
Schedule_of_Projected_and_Accu
Schedule of Projected and Accumulated Benefit Obligation (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Defined Benefit Plan Change in Benefit Obligation [Line Items] | ' | ' |
Projected benefit obligation | $84,067 | $88,238 |
Accumulated benefit obligation | $81,223 | $85,631 |
Schedule_of_Accumulated_Benefi
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Pension Plans with Accumulated and Projected Benefit Obligations in Excess of Plan Assets [Line Items] | ' | ' |
Projected benefit obligation | $84,067 | $88,238 |
Accumulated benefit obligation | 81,223 | 85,631 |
Fair value of plan assets | $56,896 | $59,431 |
Schedule_of_Net_Periodic_Benef
Schedule of Net Periodic Benefit Cost (Detail) (Pension Plan and Supplemental Plan, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Pension Plan and Supplemental Plan | ' | ' | ' |
Net Period Benefit Cost Assumptions [Line Items] | ' | ' | ' |
Service cost | $790 | $983 | $875 |
Interest cost | 3,581 | 4,098 | 4,412 |
Expected return on plan assets | -2,871 | -2,748 | -2,576 |
Amortization of prior service cost | 50 | 50 | 50 |
Recognized actuarial loss | 1,103 | 1,648 | 1,760 |
Settlement loss | ' | 5,161 | ' |
Net periodic (benefit) cost | $2,653 | $9,192 | $4,521 |
Schedule_of_Net_Periodic_Benef1
Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan (Detail) (Other Benefits, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Other Benefits | ' | ' | ' |
Net Period Benefit Cost Assumptions [Line Items] | ' | ' | ' |
Service cost | $405 | $475 | $554 |
Interest cost | 1,048 | 1,235 | 1,379 |
Amortization of prior service cost | -2,032 | -2,032 | -2,032 |
Recognized actuarial loss | -396 | ' | -4 |
Net periodic (benefit) cost | ($975) | ($322) | ($103) |
Schedule_of_Other_Changes_in_P
Schedule of Other Changes in Plan Assets and Benefit Obligation Recognized (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets And Amounts Recognized In Balance Sheet And In Other Comprehensive Income Loss [Line Items] | ' | ' |
Net loss (gain) | ($2,196) | $3,954 |
Settlement loss | ' | -5,161 |
Amortization of prior service cost | -50 | -50 |
Amortization of net (loss) gain | -1,103 | -1,648 |
Total recognized in other comprehensive income (loss) | -3,349 | -2,905 |
Net of 35% tax rate | -2,177 | -1,888 |
Other Pension Plans, Defined Benefit | ' | ' |
Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets And Amounts Recognized In Balance Sheet And In Other Comprehensive Income Loss [Line Items] | ' | ' |
Net loss (gain) | -5,793 | -1,708 |
Amortization of prior service cost | 2,032 | 2,032 |
Amortization of net (loss) gain | 395 | ' |
Other | 197 | -643 |
Total recognized in other comprehensive income (loss) | -3,169 | -319 |
Net of 35% tax rate | ($2,060) | ($207) |
Schedule_of_Amounts_Recognized
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized actuarial loss | $14,148 |
Unrecognized prior service cost (benefit) | 85 |
Pre-tax amount included in accumulated other comprehensive loss (income) | 14,233 |
Other Pension Plans, Defined Benefit | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized actuarial loss | -6,986 |
Unrecognized prior service cost (benefit) | -6,620 |
Pre-tax amount included in accumulated other comprehensive loss (income) | ($13,606) |
Schedule_of_Expected_Amounts_o
Schedule of Expected Amounts of Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (benefit) | ($1,103) | ($1,648) |
Pension Plans, Defined Benefit | Next Fiscal Year | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized actuarial loss | -976 | ' |
Unrecognized prior service cost (benefit) | -50 | ' |
Other Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (benefit) | 395 | ' |
Other Pension Plans, Defined Benefit | Next Fiscal Year | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Unrecognized prior service cost (benefit) | $2,032 | ' |
Schedule_of_Assumptions_Net_Be
Schedule of Assumptions, Net Benefit Obligation (Detail) | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.75% | 4.25% |
Rates of annual increase in compensation levels | 3.00% | 3.00% |
Other Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 4.75% | 4.25% |
Schedule_of_Assumptions_Net_Pe
Schedule of Assumptions , Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.75% | 4.75% | 5.25% |
Expected long-term rate of return on assets | 5.00% | 5.00% | 5.00% |
Rates of annual increase in compensation levels | 3.00% | 3.00% | 3.00% |
Other Pension Plans, Defined Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.75% | 4.75% | 5.25% |
Schedule_of_Expected_Benefit_P
Schedule of Expected Benefit Payments (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans, Defined Benefit | ' |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
2015 | $5,240 |
2016 | 5,509 |
2017 | 5,735 |
2018 | 5,997 |
2019 | 6,216 |
2020 - 2024 | 33,992 |
Total 10-year estimated future benefit payments | 62,689 |
Other Pension Plans, Defined Benefit | ' |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
2015 | 1,129 |
2016 | 1,184 |
2017 | 1,263 |
2018 | 1,336 |
2019 | 1,424 |
2020 - 2024 | 7,881 |
Total 10-year estimated future benefit payments | $14,217 |
Assumed_Health_Care_Cost_Trend
Assumed Health Care Cost Trends Rates (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Pre Sixty Five Coverage | ' |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
Accumulated postretirement benefit obligation | 8.20% |
Net periodic postretirement benefit obligation | 8.70% |
Ultimate health care cost trend | 4.50% |
Ultimate year health care cost trend rate is achieved | '2029 |
Net periodic postretirement benefit obligation for March 31, 2015 | 8.20% |
Post Sixty Five Coverage | ' |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
Accumulated postretirement benefit obligation | 6.90% |
Net periodic postretirement benefit obligation | 6.90% |
Ultimate health care cost trend | 4.50% |
Ultimate year health care cost trend rate is achieved | '2029 |
Net periodic postretirement benefit obligation for March 31, 2015 | 6.90% |
OnePercentage_Rate_Change_in_A
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Schedule of Pension Expected Future Benefit Payments [Line Items] | ' |
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | $3,232 |
Defined benefit plan, effect of one percentage point increase on aggregate service and interest cost | 222 |
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | 2,664 |
Defined benefit plan, effect of one percentage point decrease on aggregate service and interest cost | $179 |
Number_of_Shares_of_Tidewater_
Number of Shares of Tidewater Common Stock Held by Plan (Detail) (Defined Contribution Pension Plan 401k) | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Contribution Pension Plan 401k | ' | ' |
Defined Contribution Plan [Line Items] | ' | ' |
Number of shares of Tidewater common stock held by 401(k) plan | 273,662 | 271,237 |
Amounts_Charged_to_Expense_Rel
Amounts Charged to Expense Related to Defined Contribution Plans (Detail) (Defined Contribution Pension Plan 401k, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Contribution Pension Plan 401k | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plans expense, net of forfeitures | $3,854 | $3,356 | $3,120 |
Defined contribution plans forfeitures | $82 | $115 | $335 |
Amounts_Charged_to_Expense_Rel1
Amounts Charged to Expense Related to Continue Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multinational pension savings plan expense | $465 | $420 | $415 |
Schedule_of_Other_Assets_Detai
Schedule of Other Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ' | ' |
Recoverable insurance losses | $5,219 | $10,833 |
Deferred income tax assets | 34,376 | 73,105 |
Deferred finance charges - revolver | 8,728 | 5,133 |
Savings plans and supplemental plan | 23,212 | 23,149 |
Noncurrent tax receivable | 9,106 | 9,106 |
Other | 15,744 | 4,951 |
Total other assets | $96,385 | $126,277 |
Schedule_of_Accrued_Expenses_D
Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ' | ' |
Payroll and related payables | $27,248 | $23,453 |
Commissions payable | 8,263 | 7,118 |
Accrued vessel expenses | 96,468 | 77,851 |
Accrued interest expense | 14,816 | 8,096 |
Other accrued expenses | 10,507 | 10,494 |
Accrued expenses | $157,302 | $127,012 |
Schedule_of_Other_Current_Liab
Schedule of Other Current Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ' | ' |
Taxes payable | $56,080 | $38,100 |
Deferred gain on vessel sales - current | 13,996 | 1,374 |
Other | 491 | 334 |
Other current liabilities | $70,567 | $39,808 |
Schedule_of_Other_Liabilities_
Schedule of Other Liabilities and Deferred Credits (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ' | ' |
Postretirement benefits liability | $23,185 | $27,681 |
Pension liabilities | 35,234 | 37,096 |
Deferred gain on vessel sales | 85,316 | 39,568 |
Other | 35,469 | 34,729 |
Other liabilities and deferred credits | $179,204 | $139,074 |
Schedule_of_Common_Stock_Share
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant (Detail) | Mar. 31, 2014 |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' |
Shares of common stock reserved for issuance under the plans | 1,469,305 |
Shares of common stock available for future grants | 99,249 |
StockBased_Compensation_and_In2
Stock-Based Compensation and Incentive Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2011 | |
D | Installment | |||
D | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options outstanding | 1,370,056 | 1,725,424 | 1,556,275 | 1,875,476 |
Intrinsic value of options outstanding | $6,400,000 | ' | ' | ' |
Intrinsic value of options exercisable | 6,400,000 | ' | ' | ' |
Fair value of non-vested shares | $48.68 | $50.56 | $50.48 | $49.80 |
Director stock payment period, units | 15 | 15 | ' | ' |
Optional payment installments, annual | ' | 5 | ' | ' |
Director | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Value of stock units granted | 115,000 | 100,000 | ' | ' |
Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Option expiration period | '3 months | ' | ' | ' |
Optional payment installments, annual | 2 | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Option expiration period | '10 years | ' | ' | ' |
Optional payment installments, annual | 10 | ' | ' | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
General vesting period, years | '3 years | ' | ' | ' |
Post retirement period to exercise vested options | '2 years | ' | ' | ' |
Total unrecognized stock compensation costs | 0 | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized stock compensation costs | 4,800,000 | ' | ' | ' |
Time-based stock vesting period, years | 4 | ' | ' | ' |
Total unrecognized stock compensation costs, net of tax | 3,800,000 | ' | ' | ' |
Fair value of non-vested shares | $54.75 | $51.43 | $50.95 | $51.13 |
Restricted Stock | Time Based Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation outstanding number | 49,861 | ' | ' | ' |
Restricted Stock | Performance Based Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation outstanding number | 37,861 | ' | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized stock compensation costs | 34,200,000 | ' | ' | ' |
Total unrecognized stock compensation costs, net of tax | 21,700,000 | ' | ' | ' |
Restricted Stock Units (RSUs) | Time Based Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation outstanding number | 228,207 | ' | ' | ' |
Restricted Stock Units (RSUs) | Performance Based Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation outstanding number | 0 | ' | ' | ' |
Phantom Stock Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized stock compensation costs | 3,100,000 | ' | ' | ' |
Total unrecognized stock compensation costs, net of tax | $2,800,000 | ' | ' | ' |
Fair value of non-vested shares | $50.94 | $49.23 | $51.74 | $46.08 |
Phantom Stock Plan | Time Based Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation outstanding number | 30,689 | ' | ' | ' |
Phantom Stock Plan | Non-Vested Shares | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Fair value of non-vested shares | $48.62 | ' | ' | ' |
Phantom Stock Plan | Minimum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
General vesting period, years | '3 years | ' | ' | ' |
Phantom Stock Plan | Maximum | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
General vesting period, years | '4 years | ' | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Stock-Based Compensation And Incentive Plans [Abstract] | ' | ' | ' | ||
Weighted-average Exercise Price Beginning Balance Outstanding | $46.24 | $44.93 | $45.36 | ||
Weighted-average Exercise Price-Granted | ' | ' | [1] | ' | [1] |
Weighted-average Exercise Price-Exercised | $36.86 | $29.09 | $38.71 | ||
Weighted-average Exercise Price-Expired or cancelled/forfeited | ' | $52.47 | $56.44 | ||
Weighted-average Exercise Price, Ending Balance Outstanding | $47.51 | $46.24 | $44.93 | ||
Number of Shares Outstanding | ' | ' | ' | ||
Number of Shares Beginning Balance Outstanding | 1,556,275 | 1,725,424 | 1,875,476 | ||
Number of Shares-Granted | ' | ' | [1] | ' | [1] |
Number of Shares-Exercised | -186,219 | -141,542 | -146,508 | ||
Number of Shares-Expired or cancelled/forfeited | ' | -27,607 | -3,544 | ||
Number of Shares Ending Balance Outstanding | 1,370,056 | 1,556,275 | 1,725,424 | ||
[1] | Stock options were not granted during fiscal 2014, 2013 and 2012. |
Options_Outstanding_ExercisePr
Options Outstanding, Exercise-Price Ranges (Detail) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Exercise Price Range - $26.80 - $33.83 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price range minimum | $33.83 |
Exercise price range maximum | $37.55 |
Options outstanding and exercisable | 371,961 |
Weighted average exercise price | $34.37 |
Weighted average remaining contractual life | '4 years 4 months 24 days |
Exercise Price Range - $37.55 - $48.96 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price range minimum | $45.75 |
Exercise price range maximum | $48.96 |
Options outstanding and exercisable | 394,514 |
Weighted average exercise price | $45.86 |
Weighted average remaining contractual life | '6 years |
Exercise Price Range - $55.76 - $65.69 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise price range minimum | $55.76 |
Exercise price range maximum | $65.69 |
Options outstanding and exercisable | 603,581 |
Weighted average exercise price | $56.70 |
Weighted average remaining contractual life | '3 years |
Additional_Information_Regardi
Additional Information Regarding Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Intrinsic value of options exercised | $4,059 | $2,544 | $2,800 |
Number of stock options vested | 8,926 | 144,537 | 328,325 |
Fair value of stock options vested | $115 | $2,154 | $4,117 |
Number of options exercisable | 1,370,056 | 1,547,349 | 1,561,836 |
Weighted average exercise price of options exercisable | $47.51 | $46.27 | $44.86 |
Schedule_of_Stock_Option_Compe
Schedule of Stock Option Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Line Items] | ' | ' | ' |
Stock option compensation expense | $12 | $2,049 | $3,892 |
Basic earnings per share reduced by | $0 | $0.03 | $0.05 |
Diluted earnings per share reduced by | $0 | $0.03 | $0.05 |
Summary_of_Restricted_Stock_Aw
Summary of Restricted Stock Award Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $50.48 | $50.56 | $49.80 |
Weighted-average Grant-Date Fair Value-Granted | $49.47 | $50.48 | $54.02 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $48.68 | $50.48 | $50.56 |
Number of Shares Beginning Balance Outstanding | 144,007 | 114,580 | 92,365 |
Number of Shares-Granted | 26,550 | 26,955 | 20,372 |
Number of Shares Ending Balance Outstanding | 146,388 | 144,007 | 114,580 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $50.95 | $51.43 | $51.13 |
Weighted-average Grant-Date Fair Value-Granted | $55.04 | ' | $54.59 |
Weighted-average Grant-Date Fair Value-Vested | $56.71 | $49.53 | $50.11 |
Weighted-average Grant-Date Fair Value-Cancelled/forfeited | $35.76 | $56.84 | ' |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $54.75 | $50.95 | $51.43 |
Time Based Shares | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares Beginning Balance Outstanding | 148,549 | 266,418 | 369,599 |
Number of Shares-Granted | 28,963 | ' | 7,500 |
Number of Shares-Vested | -93,739 | -110,802 | -110,681 |
Number of Shares-Cancelled/forfeited | -4,949 | -7,067 | ' |
Number of Shares Ending Balance Outstanding | 78,824 | 148,549 | 266,418 |
Performance Based Shares | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares Beginning Balance Outstanding | 164,138 | 223,641 | 228,624 |
Number of Shares-Vested | -1,749 | ' | -4,983 |
Number of Shares-Cancelled/forfeited | -56,123 | -59,503 | ' |
Number of Shares Ending Balance Outstanding | 106,266 | 164,138 | 223,641 |
Schedule_of_Restricted_Stock_A
Schedule of Restricted Stock Award Compensation Expense and Grant Date Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock compensation expense | $12 | $2,049 | $3,892 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value of restricted stock vested | 4,429 | 5,488 | 5,796 |
Restricted stock compensation expense | $4,633 | $5,987 | $6,171 |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $50.48 | $50.56 | $49.80 |
Weighted-average Grant-Date Fair Value, Granted | $49.47 | $50.48 | $54.02 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $48.68 | $50.48 | $50.56 |
Number of Shares Beginning Balance Outstanding | 144,007 | 114,580 | 92,365 |
Number of Shares, Granted | 26,550 | 26,955 | 20,372 |
Number of Shares Ending Balance Outstanding | 146,388 | 144,007 | 114,580 |
Restricted Stock Units (RSUs) | Time Based Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $51.69 | $54.18 | ' |
Weighted-average Grant-Date Fair Value, Granted | $49.37 | $50.16 | $54.18 |
Weighted-average Grant-Date Fair Value, Vested | $52.22 | $54.17 | ' |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | $52.43 | $54.18 | ' |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $50.24 | $51.69 | $54.18 |
Number of Shares Beginning Balance Outstanding | 417,665 | 248,288 | ' |
Number of Shares, Granted | 265,937 | 259,158 | 248,288 |
Number of Shares, Vested | -175,673 | -79,507 | ' |
Number of Shares, Cancelled/forfeited | -12,720 | -10,274 | ' |
Number of Shares Ending Balance Outstanding | 495,209 | 417,665 | 248,288 |
Restricted Stock Units (RSUs) | Performance Based Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $69.62 | $72.23 | ' |
Weighted-average Grant-Date Fair Value, Granted | $49.34 | $67.11 | $72.23 |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | ' | $72.23 | ' |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $51.06 | $69.62 | $72.23 |
Number of Shares Beginning Balance Outstanding | 165,241 | 84,394 | ' |
Number of Shares, Granted | 91,132 | 84,323 | 84,394 |
Number of Shares, Cancelled/forfeited | ' | -3,476 | ' |
Number of Shares Ending Balance Outstanding | 256,373 | 165,241 | 84,394 |
Schedule_of_Restricted_Stock_U
Schedule of Restricted Stock Unit Compensation Expense And Grant Date Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted stock unit compensation expense | $12 | $2,049 | $3,892 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value of restricted stock units vested | 8,684 | 4,307 | ' |
Restricted stock unit compensation expense | $12,664 | $7,836 | $272 |
Summary_of_Phantom_Stock_Activ
Summary of Phantom Stock Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $50.48 | $50.56 | $49.80 |
Weighted-average Grant-Date Fair Value-Granted | $49.47 | $50.48 | $54.02 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $48.68 | $50.48 | $50.56 |
Number of Shares Beginning Balance Outstanding | 144,007 | 114,580 | 92,365 |
Number of Shares-Granted | 26,550 | 26,955 | 20,372 |
Number of Shares Ending Balance Outstanding | 146,388 | 144,007 | 114,580 |
Phantom Stock Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $51.74 | $49.23 | $46.08 |
Weighted-average Grant-Date Fair Value-Granted | $48.81 | $50.76 | $54.18 |
Weighted-average Grant-Date Fair Value-Vested | $51.45 | $43.60 | $41.61 |
Weighted-average Grant-Date Fair Value-Cancelled/forfeited | $50.93 | $54.26 | $46.16 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $50.94 | $51.74 | $49.23 |
Time Based Restricted Stock Awards | Phantom Stock Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares Beginning Balance Outstanding | 68,595 | 103,311 | 138,068 |
Number of Shares-Granted | 31,736 | 27,100 | 22,845 |
Number of Shares-Vested | -35,095 | -54,823 | -51,255 |
Number of Shares-Cancelled/forfeited | -4,354 | -6,993 | -6,347 |
Number of Shares Ending Balance Outstanding | 60,882 | 68,595 | 103,311 |
Performance Based Shares | Phantom Stock Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares Beginning Balance Outstanding | ' | 28,059 | 28,059 |
Number of Shares-Granted | 1,291 | ' | ' |
Number of Shares-Vested | ' | ' | ' |
Number of Shares-Cancelled/forfeited | ' | -28,059 | ' |
Number of Shares Ending Balance Outstanding | 1,291 | ' | 28,059 |
Schedule_of_Phantom_Stock_Comp
Schedule of Phantom Stock Compensation Expense And Grant Date Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $12 | $2,049 | $3,892 |
Phantom Stock Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value of phantom stock vested | 1,806 | 2,390 | 3,041 |
Compensation expense | 1,706 | 2,507 | 3,180 |
Phantom stock compensation costs capitalized as part of an asset | ' | ' | ' |
Summary_of_Deferred_Stock_Unit
Summary of Deferred Stock Unit Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' |
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $50.48 | $50.56 | $49.80 |
Weighted-average Grant-Date Fair Value-Dividend equivalents reinvested | $53.82 | $46.73 | $50.49 |
Weighted-average Grant-Date Fair Value-Retirement distribution | $59.65 | ' | ' |
Weighted-average Grant-Date Fair Value-Granted | $49.47 | $50.48 | $54.02 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $48.68 | $50.48 | $50.56 |
Number of Shares Beginning Balance Outstanding | 144,007 | 114,580 | 92,365 |
Number of Shares-Dividend equivalents reinvested | 2,492 | 2,472 | 1,843 |
Number of Shares-Retirement distribution | -26,661 | ' | ' |
Number of Shares-Granted | 26,550 | 26,955 | 20,372 |
Number of Shares Ending Balance Outstanding | 146,388 | 144,007 | 114,580 |
Schedule_of_Deferred_Stock_Uni
Schedule of Deferred Stock Unit Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $12 | $2,049 | $3,892 |
Deferred Stock Unit | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $1,737 | $1,085 | $700 |
Schedule_of_Authorized_And_Iss
Schedule of Authorized And Issued Common Stock And Preferred Stock (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders' Equity [Abstract] | ' | ' |
Common stock shares authorized | 125,000,000 | 125,000,000 |
Common stock par value | $0.10 | $0.10 |
Common stock shares issued | 49,730,442 | 49,485,832 |
Preferred stock shares authorized | 3,000,000 | 3,000,000 |
Preferred stock par value | ' | ' |
Preferred stock shares issued | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2012 | 31-May-11 | 21-May-14 | 31-May-13 | Mar. 31, 2014 | Jun. 30, 2013 | 31-May-12 |
September 2010 Senior Unsecured Notes | September 2010 Senior Unsecured Notes | May 2011 Authorized Amount | May 2011 Authorized Amount | May 2014 Authorized Amount | May 2013 Authorized Amount | May 2013 Authorized Amount | May 2012 Authorized Amount | May 2012 Authorized Amount | |
Subsequent Event | |||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount authorized to repurchase shares | ' | ' | ' | $200 | $200 | $200 | ' | ' | $200 |
Remaining amount of authorized for repurchase | ' | ' | ' | ' | ' | ' | 200 | ' | ' |
Stock repurchase program utilized amount | ' | ' | 100 | ' | ' | ' | ' | 20 | ' |
Accumulated other comprehensive loss related to hedges, after-tax loss relating to interest rate hedges | 2.4 | 2.9 | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss related to hedges, pre-tax loss relating to interest rate hedges | $3.70 | $4.40 | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Common_Stock_Repur
Schedule of Common Stock Repurchased and Average Price Paid Per Share (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 |
Stockholders' Equity [Abstract] | ' | ' |
Aggregate cost of common stock repurchased | $85,034 | $35,015 |
Shares of common stock repurchased | 1,856,900 | 739,231 |
Average price paid per common share | $45.79 | $47.37 |
Schedule_of_Dividends_Declared
Schedule of Dividends Declared (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends declared | $49,973 | $49,766 | $51,370 |
Dividend per share | $1 | $1 | $1 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component, Net of Tax (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income, beginning balance | ($17,141) | ($19,330) |
Gains/(Losses) recognized in OCI | 4,145 | 1,046 |
Reclasses from OCI to net income | 771 | 1,143 |
Net period OCI | 4,916 | 2,189 |
Accumulated other comprehensive income, ending balance | -12,225 | -17,141 |
Available for Sale Securities | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income, beginning balance | -121 | 251 |
Gains/(Losses) recognized in OCI | -92 | -1,049 |
Reclasses from OCI to net income | 305 | 677 |
Net period OCI | 213 | -372 |
Accumulated other comprehensive income, ending balance | 92 | -121 |
Currency Translation Adjustment | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income, beginning balance | -9,811 | -9,811 |
Gains/(Losses) recognized in OCI | ' | ' |
Reclasses from OCI to net income | ' | ' |
Net period OCI | ' | ' |
Accumulated other comprehensive income, ending balance | -9,811 | -9,811 |
Pension/Post-retirement Benefits | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income, beginning balance | -4,353 | -6,448 |
Gains/(Losses) recognized in OCI | 4,237 | 2,095 |
Reclasses from OCI to net income | ' | ' |
Net period OCI | 4,237 | 2,095 |
Accumulated other comprehensive income, ending balance | -116 | -4,353 |
Interest Rate Swap | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income, beginning balance | -2,856 | -3,322 |
Gains/(Losses) recognized in OCI | ' | ' |
Reclasses from OCI to net income | 466 | 466 |
Net period OCI | 466 | 466 |
Accumulated other comprehensive income, ending balance | ($2,390) | ($2,856) |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss to Condensed Consolidated Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income and other, net | ' | ' | ' | ' | ' | ' | ' | ' | $2,123 | $3,476 | $3,440 |
Interest and other debt costs | ' | ' | ' | ' | ' | ' | ' | ' | -43,814 | -29,745 | -22,308 |
Total pre-tax amounts | ' | ' | ' | ' | ' | ' | ' | ' | 173,048 | 195,163 | 111,036 |
Tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 32,793 | 44,413 | 23,625 |
Net earnings | 43,417 | 12,583 | 54,172 | 30,083 | 46,591 | 29,947 | 41,356 | 32,856 | 140,255 | 150,750 | 87,411 |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total pre-tax amounts | ' | ' | ' | ' | ' | ' | ' | ' | 1,186 | 1,759 | ' |
Tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 415 | 616 | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 771 | 1,143 | ' |
Reclassification out of Accumulated Other Comprehensive Income | Available for Sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income and other, net | ' | ' | ' | ' | ' | ' | ' | ' | 469 | 1,042 | ' |
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other debt costs | ' | ' | ' | ' | ' | ' | ' | ' | $717 | $717 | ' |
Components_of_Basic_and_Dilute
Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income available to common shareholders (A) | $43,417 | $12,583 | $54,172 | $30,083 | $46,591 | $29,947 | $41,356 | $32,856 | $140,255 | $150,750 | $87,411 |
Weighted average outstanding shares of common stock, basic (B) | ' | ' | ' | ' | ' | ' | ' | ' | 49,392,749 | 49,550,391 | 51,165,460 |
Dilutive effect of options and restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | 287,365 | 183,649 | 264,107 |
Weighted average common stock and equivalents (C) | ' | ' | ' | ' | ' | ' | ' | ' | 49,680,114 | 49,734,040 | 51,429,567 |
Earnings per share, basic (A/B) | $0.88 | $0.25 | $1.10 | $0.61 | $0.95 | $0.61 | $0.84 | $0.65 | $2.84 | $3.04 | $1.71 |
Earnings per share, diluted (A/C) | $0.88 | $0.25 | $1.09 | $0.61 | $0.95 | $0.61 | $0.83 | $0.65 | $2.82 | $3.03 | $1.70 |
Antidilutive options and restricted stock shares | ' | ' | ' | ' | ' | ' | ' | ' | 34,486 | 82,758 | ' |
Sale_Leaseback_Arrangements_Ad
Sale/ Leaseback Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||||||
Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2009 | Jun. 30, 2009 | Mar. 31, 2006 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2010 | Mar. 31, 2006 | Sep. 30, 2013 | Mar. 31, 2010 | Mar. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2006 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2006 | Mar. 31, 2014 | Mar. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Oct. 31, 2012 | |
Vessel | M | Entity | Vessel | Vessel | Vessel | Times | Sixth Year | Five Vessels Sold in June 2009 | Vessels Sold in July 2009 | First Two Vessels | First Two Vessels | First Two Vessels | Third and Fourth PSV | Third and Fourth PSV | Third and Fourth PSV | Fifth Vessel | First Three Vessels | First Three Vessels | First Three Vessels | Fourth Vessel | Fourth Vessel | Fourth Vessel | Fourth Vessel | First PSV | Second PSV | |||
Vessel | Vessel | Entity | Leases | M | M | Sixth Year | M | Ninth Year | Times | M | Minimum | Maximum | Sixth Year | Eighth Year | Final Year | |||||||||||||
Leases | Times | M | ||||||||||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels sold | 4 | 2 | 6 | 6 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale | $63,300,000 | $65,600,000 | ' | ' | $76,500,000 | $141,900,000 | $270,575,000 | $101,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred gain | 30,500,000 | 31,300,000 | ' | ' | ' | 36,200,000 | 30,500,000 | 39,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value | 32,800,000 | 34,300,000 | ' | ' | ' | 105,700,000 | 32,800,000 | 62,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | ' | '2020-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2021-03 | ' | ' | '2024-03 | ' | ' | ' | ' | ' | ' | '2022-12 | ' | ' | ' | ' | ' |
Reacquisition percentage of original sales price | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | 55.00% | ' | ' | ' | ' | 59.00% | ' | ' | 53.00% | ' | ' | 59.00% | 62.00% | ' | ' | ' | ' | ' | ' |
Length of extension period, months | ' | 24 | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | 24 | ' | ' | ' | 12 | ' | 12 | 24 | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' | 'during the quarter ending December 2020 | ' | ' | ' | ' | ' | ' | ' | ' |
Reacquisition original sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,600,000 | 34,500,000 | 2,900,000 | ' | ' |
Number of unrelated third-party companies | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charter hire operating lease terms | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-14 | 30-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranteed percentage of lease value | ' | ' | ' | ' | ' | ' | ' | 84.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalties if reacquire in years of one and two of five year lease | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of leased vessels | ' | ' | ' | ' | ' | ' | $78,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $22,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,800,000 | $8,400,000 |
Number of vessels to be sold that are under construction | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Lease | ' | ' | ' | ' | 5 | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of extension period, years | ' | ' | ' | ' | '8 years | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times can extend agreement | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | ' | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Through calendar year 2018 | ' | 'Through calendar year 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Sale Leaseback Transaction [Line Items] | ' |
2015 | $22,524 |
2016 | 22,158 |
2017 | 20,879 |
2018 | 23,485 |
2019 | 24,800 |
2020 and Thereafter | 65,263 |
Total future lease payments | 179,109 |
Fiscal 2014 sale/Leaseback | ' |
Sale Leaseback Transaction [Line Items] | ' |
2015 | 20,879 |
2016 | 20,879 |
2017 | 20,879 |
2018 | 23,485 |
2019 | 24,800 |
2020 and Thereafter | 65,263 |
Total future lease payments | 176,185 |
Fiscal 2006 sale/Leaseback | ' |
Sale Leaseback Transaction [Line Items] | ' |
2015 | 1,645 |
2016 | 1,279 |
Total future lease payments | $2,924 |
Operating_Lease_Expense_on_Bar
Operating Lease Expense on Bareboat Charter Arrangements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Vessel operating leases | $21,910 | $16,837 | $17,967 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 |
Vessel | Vessel | |
T | ||
Significant Purchase and Supply Commitment [Line Items] | ' | ' |
Cash compensation on termination of employment, maximum | ' | 34.3 |
Significant commitment, new construction final delivery date | ' | 'June 2016 |
Towing Supply Vessels | ' | ' |
Significant Purchase and Supply Commitment [Line Items] | ' | ' |
Significant commitment, new construction brake horsepower | ' | 7,145 |
Number of vessels under construction | ' | 6 |
Deepwater PSVs | ' | ' |
Significant Purchase and Supply Commitment [Line Items] | ' | ' |
Significant commitment, new construction deadweight tons capacity range, low | ' | 3,000 |
Significant commitment, new construction deadweight tons capacity range, high | ' | 6,360 |
Number of vessels under construction | ' | 23 |
Number of vessels took for delivery | 2 | ' |
Amount held as escrow | 11.7 | ' |
Fast, Crew/Supply Boat | ' | ' |
Significant Purchase and Supply Commitment [Line Items] | ' | ' |
Number of vessels under construction | ' | 1 |
Insurance coverage for the progress payments made on the vessel by the third party credit support | ' | 90.00% |
Insurance coverage by the third party credit support for the carrying value of the accumulated costs | ' | 2.4 |
Committed and invested amount | ' | 8 |
Schedule_of_Vessel_Commitments
Schedule of Vessel Commitments (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Vessel | |
Significant Purchase and Supply Commitment [Line Items] | ' |
Number of Vessels, commitments | 30 |
Total cost, commitments | $833,185 |
Invested, commitments | 259,645 |
Remaining Balance, commitments | 573,540 |
Deepwater PSVs | ' |
Significant Purchase and Supply Commitment [Line Items] | ' |
Number of vessels under construction | 23 |
Total cost, under construction | 708,883 |
Invested, under construction | 196,468 |
Remaining Balance, under construction | 512,415 |
Towing Supply Vessels | ' |
Significant Purchase and Supply Commitment [Line Items] | ' |
Number of vessels under construction | 6 |
Total cost, under construction | 116,288 |
Invested, under construction | 55,163 |
Remaining Balance, under construction | 61,125 |
Other | ' |
Significant Purchase and Supply Commitment [Line Items] | ' |
Number of vessels under construction | 1 |
Total cost, under construction | 8,014 |
Invested, under construction | $8,014 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Merchant Navy Officers Pension Fund) - Additional Information (Detail) (Merchant Navy Officers Pension Fund) | 1 Months Ended |
Jul. 15, 2013 | |
Vessel | |
Merchant Navy Officers Pension Fund | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Number of Vessels to be purchased | 7 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Sonatide Joint Venture) - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Nov. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Vessel | Vessel | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | Sonatide joint venture | ||
Vessel | United States of America, Dollars | Angola, Kwanza | ANGOLA | ANGOLA | Increase | Subsequent Event | Trade and other receivables | Trade and other receivables | Accrued expenses | Accrued expenses | ||||||
Vessel | Vessel | ANGOLA | ||||||||||||||
Vessel | ||||||||||||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Definitive joint venture agreement term | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | ' | ' | ' | $430,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from customers | ' | ' | ' | ' | 67,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer agreements that contain split currency | ' | ' | ' | ' | ' | ' | 70.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels operating | 272 | 309 | ' | ' | 10 | ' | ' | ' | 90 | 85 | 1 | ' | ' | ' | ' | ' |
Vessel revenues | 1,418,461,000 | 1,229,998,000 | 1,060,468,000 | ' | ' | ' | ' | ' | 356,800,000 | 271,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of Angolan operation revenue | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 22.00% | ' | ' | ' | ' | ' | ' |
Number of vessels stacked | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 9 | ' | ' | ' | ' | ' | ' |
Ownership Interest In Joint Venture | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in, at equity, and advances to unconsolidated companies | 63,928,000 | 46,047,000 | 46,077,000 | ' | 62,000,000 | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,000,000 | 119,000,000 | ' | ' |
Due to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | 36,000,000 |
Commissions payable | 8,263,000 | 7,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,000,000 | 7,000,000 |
Proceeds from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66,000,000 | ' | ' | ' | ' |
Equivalent revenue days for the cash collected from affliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '62 days | ' | ' | ' | ' |
Commitments_and_Contingencies_4
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
BRL | USD ($) | BRL | Revised | Revised | |
Vessel | USD ($) | BRL | |||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' |
Fines assessed | 155 | $68.40 | ' | $56 | 127 |
Number of Tidewater vessels that the subsidiaries failed to obtain import licenses from | 17 | ' | ' | ' | ' |
Disallowed amount of total fines by the administrative appeals board | ' | 65.8 | 149 | ' | ' |
Remaining amount of fines contested | ' | 12.4 | 28 | ' | ' |
Decision disallowing the fines totaling | ' | ' | 127 | ' | ' |
Commitments_and_Contingencies_5
Commitments and Contingencies (Potential for Future Brazilian State Tax Assessment) - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Y | |
Commitments and Contingencies Disclosure [Line Items] | ' |
Number of competitors notified | 2 |
Statute of limitations, years | 5 |
Maximum, Prior To December 31, 2010 | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Import tax, percentage | 16.00% |
Maximum, After December 31, 2010 | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Import tax, percentage | 3.00% |
Commitment_and_Contingencies_N
Commitment and Contingencies (Nigeria Marketing Agent Litigation) - Additional Information (Detail) (Federal Government of Nigeria, USD $) | Mar. 01, 2013 |
In Millions, unless otherwise specified | |
Federal Government of Nigeria | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Due to affiliates | $19 |
Commitments_and_Contingencies_6
Commitments and Contingencies (Venezuelan Operations) - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2009 | 31-May-09 | Jul. 31, 2009 |
Venezuelan National Oil Company | Petrosucre S | ||
Vessel | Vessel | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Number of vessels seized | ' | 11 | 4 |
Provision for uncollectible accounts | $44.80 | ' | ' |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
D | Forward Contracts | British Pound Forward Contracts | |
Contract | Contract | Contract | |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Cash equivalents maturity period, days | 90 | ' | ' |
Number of contracts outstanding | 4 | 0 | 3 |
Notional value of foreign exchange contract | $2.30 | ' | ' |
Expiration dates | ' | ' | 'December 18, 2013 |
Change in fair value | ' | ' | $0.10 |
Schedule_of_Fair_Value_Other_F
Schedule of Fair Value Other Financial Instruments Measured (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market cash equivalents | $16,559 | $949 |
Long-term British pound forward derivative contracts | ' | 4,359 |
Total fair value of assets | 16,559 | 5,308 |
Quoted Prices In Active Markets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market cash equivalents | 16,559 | 949 |
Total fair value of assets | 16,559 | 949 |
Significant Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term British pound forward derivative contracts | ' | 4,359 |
Total fair value of assets | ' | $4,359 |
Summary_of_Gain_on_Assets_Disp
Summary of Gain on Assets Disposition (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Fair Value Measurements [Line Items] | ' | ' | ' |
Amount of impairment incurred | $9,341 | $8,078 | $3,607 |
Combined fair value of assets incurring impairment | $11,149 | $14,733 | $8,175 |
Schedule_of_Gain_on_Dispositio
Schedule of Gain on Disposition of Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Vessel | Vessel | Vessel | |||||||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on asset dispositions, net | $2,363 | $7,170 | $49 | $2,140 | $3,839 | $99 | $1,833 | $838 | $11,722 | $6,609 | $17,657 |
Number of vessels disposed | ' | ' | ' | ' | ' | ' | ' | ' | 48 | 32 | 60 |
Vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on asset dispositions, net | ' | ' | ' | ' | ' | ' | ' | ' | $12,247 | $12,191 | $20,024 |
Gain_on_Disposition_of_Assets_2
Gain on Disposition of Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ' | ' |
Gain related to sale of asset | $4 | $2.30 |
Amortized gains on sale/leaseback transactions | $3.70 | ' |
Segment_Information_Geographic2
Segment Information, Geographical Data and Major Customers - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 4 |
Revenues | ' |
Segment Reporting Information [Line Items] | ' |
Customers must account for certain percentage of revenue to be considered a major customer | 10.00% |
Segment_Information_Geographic3
Segment Information, Geographical Data and Major Customers (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | $1,418,461 | $1,229,998 | $1,060,468 | |||||||||||
Other operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,642 | 14,167 | 6,539 | |||||||||||
Revenues | 367,833 | 365,248 | 367,937 | 334,085 | 328,333 | 309,466 | 311,918 | 294,448 | 1,435,103 | 1,244,165 | 1,067,007 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 296,878 | 251,718 | 167,208 | |||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -187,976 | -175,609 | -156,570 | |||||||||||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | -50,776 | -52,095 | -40,379 | |||||||||||
Gain on asset dispositions, net | 2,363 | 7,170 | 49 | 2,140 | 3,839 | 99 | 1,833 | 838 | 11,722 | 6,609 | 17,657 | |||||||||||
Goodwill impairment | ' | -56,283 | ' | ' | ' | ' | ' | ' | -56,283 | ' | -30,932 | |||||||||||
Operating income | 61,063 | [1] | 20,488 | [1] | 76,565 | [1] | 43,425 | [1] | 58,574 | [1] | 40,974 | [1] | 57,197 | [1] | 49,487 | [1] | 201,541 | 206,232 | 113,554 | |||
Foreign exchange gain | ' | ' | ' | ' | ' | ' | ' | ' | 1,541 | 3,011 | 3,309 | |||||||||||
Equity in net earnings of unconsolidated companies | ' | ' | ' | ' | ' | ' | ' | ' | 15,801 | 12,189 | 13,041 | |||||||||||
Interest income and other, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,123 | 3,476 | 3,440 | |||||||||||
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -4,144 | ' | ' | |||||||||||
Interest and other debt costs | ' | ' | ' | ' | ' | ' | ' | ' | -43,814 | -29,745 | -22,308 | |||||||||||
Earnings before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 173,048 | 195,163 | 111,036 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 167,480 | 147,299 | 138,356 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 594,695 | 440,572 | 357,110 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 806,484 | 452,582 | 367,960 | |||||||||||
Assets | 4,885,829 | ' | ' | ' | 4,168,055 | ' | ' | ' | 4,885,829 | 4,168,055 | 4,061,618 | |||||||||||
Investments in and advances to unconsolidated companies | 63,928 | ' | ' | ' | 46,047 | ' | ' | ' | 63,928 | 46,047 | 46,077 | |||||||||||
Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Goodwill impairment | ' | -56,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,418,461 | 1,229,998 | 1,060,468 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 298,808 | 252,551 | 170,075 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 164,111 | 143,895 | 134,629 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 599,410 | 273,524 | 173,029 | |||||||||||
Assets | 4,435,925 | [2] | ' | ' | ' | 3,701,393 | [2] | ' | ' | ' | 4,435,925 | [2] | 3,701,393 | [2] | 3,604,492 | [2] | ||||||
Operating Segments | Sub-Saharan Africa/Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | 666,588 | 569,513 | 472,698 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 136,092 | 129,460 | 97,142 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 79,199 | 65,241 | 58,137 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 488,984 | [3] | 197,534 | [3] | 84,491 | [3] | ||||||||
Assets | 2,383,507 | [2] | ' | ' | ' | 1,706,355 | [2] | ' | ' | ' | 2,383,507 | [2] | 1,706,355 | [2] | 1,519,124 | [2] | ||||||
Operating Segments | Americas | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | 410,731 | 327,059 | 324,529 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 90,936 | 40,318 | 56,003 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 43,297 | 40,454 | 38,128 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 99,798 | 52,299 | 7,279 | |||||||||||
Assets | 1,017,736 | [2] | ' | ' | ' | 880,368 | [2] | ' | ' | ' | 1,017,736 | [2] | 880,368 | [2] | 1,025,386 | [2] | ||||||
Operating Segments | Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | 154,618 | 184,014 | 153,752 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 29,044 | 43,704 | 16,125 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 17,174 | 19,416 | 20,758 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 2,586 | 19,858 | 64,431 | |||||||||||
Assets | 421,379 | [2] | ' | ' | ' | 607,546 | [2] | ' | ' | ' | 421,379 | [2] | 607,546 | [2] | 654,357 | [2] | ||||||
Operating Segments | Middle East/North Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Vessel revenues | ' | ' | ' | ' | ' | ' | ' | ' | 186,524 | 149,412 | 109,489 | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 42,736 | 39,069 | 805 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,441 | 18,784 | 17,606 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 8,042 | 3,833 | 16,828 | |||||||||||
Assets | 613,303 | [2] | ' | ' | ' | 507,124 | [2] | ' | ' | ' | 613,303 | [2] | 507,124 | [2] | 405,625 | [2] | ||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | -1,930 | -833 | -2,867 | |||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 296 | 13 | 13 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 31,841 | ' | ' | |||||||||||
Assets | 31,545 | ' | ' | ' | 5,102 | ' | ' | ' | 31,545 | 5,102 | 6,576 | |||||||||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -47,703 | [4] | -48,704 | [4] | -36,665 | [4] | ||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3,073 | 3,391 | 3,714 | |||||||||||
Additions to properties and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 175,233 | [5] | 179,058 | [5] | 194,931 | [5] | ||||||||
Assets | 354,431 | [6] | ' | ' | ' | 415,513 | [6] | ' | ' | ' | 354,431 | [6] | 415,513 | [6] | 404,473 | [6] | ||||||
Assets Before Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets | 4,467,470 | ' | ' | ' | 3,706,495 | ' | ' | ' | 4,467,470 | 3,706,495 | 3,611,068 | |||||||||||
Assets Before Corporate Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Assets | $4,531,398 | ' | ' | ' | $3,752,542 | ' | ' | ' | $4,531,398 | $3,752,542 | $3,657,145 | |||||||||||
[1] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, general and administrative expenses and gain on asset dispositions, net, of the company's operations. Goodwill impairment by quarter for fiscal 2014 and gain on asset dispositions, net, by quarter for fiscal 2014 and 2013, are as follows: | |||||||||||||||||||||
[2] | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company's international marine operations in any one country are not material. | |||||||||||||||||||||
[3] | Included in Sub-Saharan Africa/Europe for the year ended March 31, 2014 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | |||||||||||||||||||||
[4] | Included in Corporate general and administrative expenses for the year ended March 31, 2014 and 2013 are transaction costs of $3.7 million related to the acquisition of Troms Offshore and a settlement charge of $5.2 million related to the payment of retirement benefits to a former Chief Executive Officer, respectively. | |||||||||||||||||||||
[5] | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented. | |||||||||||||||||||||
[6] | Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels' delivery. At March 31, 2014, 2013 and 2012, $228.9 million, $229.3 million and $249.4 million, respectively, of vessel construction costs are included in Corporate. |
Segment_Information_Geographic4
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
General and administrative expenses | $187,976,000 | $175,609,000 | $156,570,000 |
Additions to properties and equipment | 594,695,000 | 440,572,000 | 357,110,000 |
Corporate Vessels | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Construction costs | 228,900,000 | 229,300,000 | 249,400,000 |
Chief Executive Officer | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Settlement charge | ' | 5,200,000 | ' |
Corporate | Troms Offshore Supply AS | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
General and administrative expenses | 3,700,000 | ' | ' |
Sub-Saharan Africa/Europe | Troms Offshore Supply AS | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Additions to properties and equipment | $245,600,000 | ' | ' |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | $1,418,461 | $1,229,998 | $1,060,468 |
Americas Fleet Deepwater | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 263,750 | 179,032 | 146,950 |
Percentage of revenue | 18.00% | 15.00% | 14.00% |
Americas Fleet Towing-Supply | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 115,055 | 120,817 | 143,796 |
Percentage of revenue | 8.00% | 10.00% | 14.00% |
Americas Fleet Other | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 31,926 | 27,210 | 33,783 |
Percentage of revenue | 3.00% | 2.00% | 3.00% |
Americas Fleet | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 410,731 | 327,059 | 324,529 |
Percentage of revenue | 29.00% | 27.00% | 31.00% |
Asia and Pacific Fleet Deepwater | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 88,191 | 96,118 | 75,495 |
Percentage of revenue | 6.00% | 8.00% | 7.00% |
Asia/Pacific Fleet Towing-Supply | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 62,630 | 84,217 | 73,845 |
Percentage of revenue | 5.00% | 7.00% | 7.00% |
Asia and Pacific Fleet Other | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 3,797 | 3,679 | 4,412 |
Asia and Pacific Fleet Other | Maximum | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Percentage of revenue | 1.00% | 1.00% | 1.00% |
Asia/Pacific Fleet | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 154,618 | 184,014 | 153,752 |
Percentage of revenue | 11.00% | 15.00% | 14.00% |
Middle East/North Africa Fleet Deepwater | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 66,503 | 55,945 | 46,511 |
Percentage of revenue | 5.00% | 5.00% | 4.00% |
Middle East/North Africa Fleet Towing-Supply | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 116,720 | 89,902 | 56,902 |
Percentage of revenue | 8.00% | 7.00% | 5.00% |
Middle East and North Africa Fleet Other | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 3,301 | 3,565 | 6,076 |
Percentage of revenue | ' | ' | 1.00% |
Middle East and North Africa Fleet Other | Maximum | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Percentage of revenue | 1.00% | 1.00% | ' |
Middle East/North Africa | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 186,524 | 149,412 | 109,489 |
Percentage of revenue | 13.00% | 12.00% | 10.00% |
Sub-Saharan Africa/Europe Fleet Deepwater | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 364,722 | 273,544 | 199,697 |
Percentage of revenue | 26.00% | 22.00% | 19.00% |
Sub-Saharan Africa/Europe Fleet Towing-Supply | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 231,224 | 226,357 | 201,463 |
Percentage of revenue | 16.00% | 18.00% | 19.00% |
Sub Saharan Africa And Europe Fleet Other | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 70,642 | 69,612 | 71,538 |
Percentage of revenue | 5.00% | 6.00% | 7.00% |
Sub-Saharan Africa/Europe Fleet | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 666,588 | 569,513 | 472,698 |
Percentage of revenue | 47.00% | 46.00% | 45.00% |
Worldwide Fleet Deepwater | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 783,166 | 604,639 | 468,653 |
Percentage of revenue | 55.00% | 50.00% | 44.00% |
Worldwide Fleet Towing-Supply | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 525,629 | 521,293 | 476,006 |
Percentage of revenue | 37.00% | 42.00% | 45.00% |
Worldwide Fleet Other | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | 109,666 | 104,066 | 115,809 |
Percentage of revenue | 8.00% | 8.00% | 11.00% |
Worldwide Fleet | ' | ' | ' |
Segment and Geographic Distribution of Operations [Line Items] | ' | ' | ' |
Vessel revenues | $1,418,461 | $1,229,998 | $1,060,468 |
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Disclosure_of_Accounted_Total_
Disclosure of Accounted Total Revenues Percentage (Detail) (Revenues) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Percentage of Revenues Generated from Overseas Customers [Line Items] | ' | ' | ' |
Total revenue percentage | 10.00% | ' | ' |
Chevron Corporation | ' | ' | ' |
Percentage of Revenues Generated from Overseas Customers [Line Items] | ' | ' | ' |
Total revenue percentage | 18.10% | 17.80% | 17.40% |
Petroleo Brasileiro Sa | ' | ' | ' |
Percentage of Revenues Generated from Overseas Customers [Line Items] | ' | ' | ' |
Total revenue percentage | 8.60% | 8.60% | 14.60% |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill impairment charge | $56,283 | $56,283 | $30,932 |
Goodwill | ' | 42,160 | ' |
Asia/Pacific | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill impairment test period | '10 years | ' | ' |
Goodwill impairment charge | 56,300 | ' | ' |
Sub-Saharan Africa/Europe | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill | ' | $42,160 | ' |
Schedule_of_Goodwill_and_Chang
Schedule of Goodwill and Changes to Goodwill by Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2012 | ||
Americas | Americas | Americas | Asia/Pacific | Asia/Pacific | Sub-Saharan Africa/Europe | Sub-Saharan Africa/Europe | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Goodwill, Beginning Balance | ' | $297,822 | [1] | ' | $114,237 | $114,237 | $114,237 | $56,283 | $56,283 | $127,302 | $127,302 | |
Goodwill acquired | ' | 42,160 | ' | ' | ' | ' | ' | ' | 42,160 | ' | ||
Impairments | 56,283 | 56,283 | 30,932 | ' | ' | ' | 56,283 | ' | ' | ' | ||
Goodwill, Ending Balance | ' | $283,699 | $297,822 | [1] | $114,237 | $114,237 | $114,237 | ' | $56,283 | $169,462 | $127,302 | |
[1] | The total carrying amount of goodwill at March 31, 2012 is net of accumulated impairment charges $30.9 million related to the Middle East/North Africa segment. |
Schedule_of_Goodwill_and_Chang1
Schedule of Goodwill and Changes to Goodwill by Reportable Segment (Parenthetical) (Detail) (USD $) | Mar. 31, 2012 |
In Millions, unless otherwise specified | |
Goodwill [Line Items] | ' |
Accumulated impairment charges | $30.90 |
Summary_of_Goodwill_as_a_Perce
Summary of Goodwill as a Percentage of Total Assets and Stockholders' Equity (Detail) | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill as a percentage of total assets | 6.00% | 7.00% |
Goodwill as a percentage of stockholders' equity | 11.00% | 12.00% |
Selected_Financial_Information
Selected Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||||||||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | $367,833 | $365,248 | $367,937 | $334,085 | $328,333 | $309,466 | $311,918 | $294,448 | $1,435,103 | $1,244,165 | $1,067,007 | ||||||||
Operating income | 61,063 | [1] | 20,488 | [1] | 76,565 | [1] | 43,425 | [1] | 58,574 | [1] | 40,974 | [1] | 57,197 | [1] | 49,487 | [1] | 201,541 | 206,232 | 113,554 |
Net earnings | $43,417 | $12,583 | $54,172 | $30,083 | $46,591 | $29,947 | $41,356 | $32,856 | $140,255 | $150,750 | $87,411 | ||||||||
Basic earnings per share | $0.88 | $0.25 | $1.10 | $0.61 | $0.95 | $0.61 | $0.84 | $0.65 | $2.84 | $3.04 | $1.71 | ||||||||
Diluted earnings per share | $0.88 | $0.25 | $1.09 | $0.61 | $0.95 | $0.61 | $0.83 | $0.65 | $2.82 | $3.03 | $1.70 | ||||||||
[1] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, general and administrative expenses and gain on asset dispositions, net, of the company's operations. Goodwill impairment by quarter for fiscal 2014 and gain on asset dispositions, net, by quarter for fiscal 2014 and 2013, are as follows: |
Selected_Financial_Information1
Selected Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | ' | ($56,283) | ' | ' | ' | ' | ' | ' | ($56,283) | ' | ($30,932) |
Gain on asset dispositions, net | $2,363 | $7,170 | $49 | $2,140 | $3,839 | $99 | $1,833 | $838 | $11,722 | $6,609 | $17,657 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | 21-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Deepwater PSVs | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||
Vessel | May 2014 Authorized Amount | Sonatide joint venture | Deepwater PSVs | PSV | PSV | PSV | |||
Vessel | Vessel | Minimum | Maximum | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant commitment, new construction amount committed | ' | ' | $134 | ' | ' | ' | ' | ' | ' |
Number of vessels under construction | ' | 23 | ' | ' | ' | 1 | 2 | ' | ' |
Significant commitment, new construction final delivery date | 'June 2016 | ' | ' | ' | ' | 'April 2016 | ' | 'January 2015 | 'April 2015 |
Proceeds from related party | ' | ' | ' | ' | 66 | ' | ' | ' | ' |
Equivalent revenue days for the cash collected from affliate | ' | ' | ' | ' | '62 days | ' | ' | ' | ' |
Amount authorized to repurchase shares | ' | ' | ' | $200 | ' | ' | ' | ' | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation Allowance [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $46,332 | $49,921 | $50,677 | |||
Additions at Cost | 1,399 | 900 | 666 | |||
Deductions | 11,994 | [1] | 4,489 | [2] | 1,422 | [3] |
Balance at End of Period | $35,737 | $46,332 | $49,921 | |||
[1] | Of this amount, $3,151 represents the collections from one customer located in Mexico and $8,843 represents accounts receivable amounts considered uncollectible and removed from accounts receivable with an offsetting reduction to the allowance for doubtful accounts. | |||||
[2] | Of this amount, $3,852 is related to the revaluation of the allowance for doubtful accounts related to Venezuelan receivables and $637 related to receivables considered uncollectible and removed from accounts receivable by reducing the allowance for doubtful accounts. | |||||
[3] | Of this amount, $1,000 represents the collections from one customer located in Mexico and $422 represents accounts receivable amounts considered uncollectible and removed from accounts receivable by reducing the allowance for doubtful accounts. |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2012 |
Venezuela Customer | Mexico Customer | Mexico Customer | |
Valuation Allowance [Line Items] | ' | ' | ' |
Collections from accounts receivable | ' | $3,151 | $1,000 |
Revaluation of allowance for doubtful accounts | 3,852 | ' | ' |
Amount uncollectible and removed from account receivable | $637 | $8,843 | $422 |