Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 23, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TDW | |
Entity Registrant Name | TIDEWATER INC | |
Entity Central Index Key | 98222 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,885,636 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $77,388 | $60,359 | |
Trade and other receivables, net | 301,038 | 252,421 | |
Due from affiliate | 421,904 | 429,450 | |
Marine operating supplies | 55,284 | 57,392 | |
Other current assets | 17,497 | 20,587 | |
Total current assets | 873,111 | 820,209 | |
Investments in, at equity, and advances to unconsolidated companies | 65,478 | 63,928 | |
Properties and equipment: | |||
Vessels and related equipment | 4,630,902 | 4,521,102 | |
Other properties and equipment | 98,516 | 97,714 | |
Properties and equipment, gross | 4,729,418 | 4,618,816 | |
Less accumulated depreciation and amortization | 1,053,997 | 997,208 | |
Net properties and equipment | 3,675,421 | 3,621,608 | |
Goodwill | 283,699 | [1] | |
Other assets | 102,616 | 96,385 | |
Total assets | 4,716,626 | 4,885,829 | |
LIABILITIES AND EQUITY | |||
Accrued property and liability losses | 3,265 | 3,631 | |
Current liabilities: | |||
Accounts payable | 49,487 | 74,515 | |
Accrued expenses | 149,523 | 157,302 | |
Due to affiliate | 157,522 | 86,154 | |
Accrued property and liability losses | 3,265 | 3,631 | |
Current portion of long term debt | 7,006 | 9,512 | |
Other current liabilities | 79,235 | 70,567 | |
Total current liabilities | 446,038 | 401,681 | |
Long-term debt | 1,484,326 | 1,505,358 | |
Deferred income taxes | 42,540 | 108,929 | |
Other liabilities and deferred credits | 226,727 | 179,204 | |
Commitments and Contingencies (Note 7) | |||
Equity: | |||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 46,886,453 shares at December 31, 2014 and 49,730,442 shares at March 31, 2014 | 4,689 | 4,973 | |
Additional paid-in capital | 158,501 | 142,381 | |
Retained earnings | 2,351,197 | 2,544,255 | |
Accumulated other comprehensive loss | -11,666 | -12,225 | |
Total stockholders' equity | 2,502,721 | 2,679,384 | |
Noncontrolling interests | 6,044 | 5,987 | |
Total equity | 2,508,765 | 2,685,371 | |
Total liabilities and equity | 4,716,626 | 4,885,829 | |
Noncurrent Liabilities | |||
LIABILITIES AND EQUITY | |||
Accrued property and liability losses | 8,230 | 5,286 | |
Current liabilities: | |||
Accrued property and liability losses | $8,230 | $5,286 | |
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, issued | 46,886,453 | 49,730,442 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||||
Vessel revenues | $378,126 | $360,713 | $1,150,588 | $1,056,011 | |
Other operating revenues | 9,428 | 4,535 | 20,167 | 11,259 | |
Total revenues | 387,554 | 365,248 | 1,170,755 | 1,067,270 | |
Costs and expenses: | |||||
Vessel operating costs | 210,365 | 197,679 | 640,428 | 589,156 | |
Costs of other operating revenues | 8,395 | 4,097 | 19,616 | 10,157 | |
General and administrative | 46,642 | 45,723 | 144,464 | 142,241 | |
Vessel operating leases | 7,165 | 5,757 | 20,247 | 13,759 | |
Depreciation and amortization | 43,331 | 42,391 | 130,150 | 124,555 | |
Loss (gain) on asset dispositions, net | 1,537 | -7,170 | -4,996 | -9,359 | |
Goodwill impairment | 283,699 | 56,283 | 283,699 | [1] | 56,283 |
Total costs and expenses | 601,134 | 344,760 | 1,233,608 | 926,792 | |
Operating income (loss) | -213,580 | 20,488 | -62,853 | 140,478 | |
Other income (expenses): | |||||
Foreign exchange gain | 4,334 | 1,341 | 8,453 | 4,269 | |
Equity in net earnings of unconsolidated companies | 2,671 | 9,104 | 10,872 | ||
Interest income and other, net | 434 | 137 | 1,555 | 1,415 | |
Loss on early extinguishment of debt | -4,144 | ||||
Interest and other debt costs, net | -12,239 | -12,250 | -37,927 | -31,081 | |
Total other income (expenses) | -7,471 | -8,101 | -18,815 | -18,669 | |
Earnings (loss) before income taxes | -221,051 | 12,387 | -81,668 | 121,809 | |
Income tax (benefit) expense | -60,070 | -196 | -25,211 | 24,971 | |
Net earnings (loss) | -160,981 | 12,583 | -56,457 | 96,838 | |
Less: Net loss attributable to noncontrolling interests | -287 | -343 | |||
Net earnings | ($160,694) | $12,583 | ($56,114) | $96,838 | |
Basic earnings (loss) per common share | ($3.31) | $0.25 | ($1.14) | $1.96 | |
Diluted earnings (loss) per common share | ($3.31) | $0.25 | ($1.14) | $1.95 | |
Weighted average common shares outstanding | 48,481,722 | 49,347,448 | 49,213,712 | 49,302,971 | |
Dilutive effect of stock options and restricted stock | 482,818 | 436,758 | |||
Adjusted weighted average common shares | 48,481,722 | 49,830,266 | 49,213,712 | 49,739,729 | |
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Net earnings (loss) | ($160,981) | $12,583 | ($56,457) | $96,838 |
Other comprehensive income/(loss): | ||||
Unrealized gains/(losses) on available for sale securities, net of tax of $(29), $218, $43 and $185 | -54 | 405 | 79 | 343 |
Amortization of loss on derivative contract, net of tax of $62, $62, $188 and $188 | 116 | 116 | 349 | 349 |
Change in other benefit plan minimum liability, net of tax of $0, $0, $70 and $0 | 131 | |||
Total comprehensive income (loss) | ($160,919) | $13,104 | ($55,898) | $97,530 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Unrealized gains/(losses) on available-for-sale securities, tax | ($29) | $218 | $43 | $185 |
Amortization of loss on derivative contract, Tax | 62 | 62 | 188 | 188 |
Change in other benefit plan minimum liability, tax | $0 | $0 | $70 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net earnings (loss) | ($56,457) | $96,838 | |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 130,150 | 124,555 | |
Benefit for deferred income taxes | -77,278 | -18,300 | |
Gain on asset dispositions, net | -4,996 | -9,359 | |
Goodwill impairment | 283,699 | [1] | 56,283 |
Equity in earnings of unconsolidated companies, less dividends | -1,550 | -12,072 | |
Compensation expense - stock-based | 16,395 | 15,130 | |
Excess tax benefit on stock options exercised | -433 | ||
Changes in assets and liabilities, net: | |||
Trade and other receivables | -48,876 | 18,268 | |
Changes in due to/from affiliate, net | 78,881 | -210,576 | |
Marine operating supplies | 1,243 | 7,396 | |
Other current assets | 3,090 | -6,007 | |
Accounts payable | -29,052 | -9,753 | |
Accrued expenses | -6,856 | 17,042 | |
Accrued property and liability losses | -366 | -288 | |
Other current liabilities | -437 | 4,286 | |
Other liabilities and deferred credits | -3,025 | -1,270 | |
Other, net | -9,006 | -1,911 | |
Net cash provided by operating activities | 275,559 | 69,829 | |
Cash flows from investing activities: | |||
Proceeds from sales of assets | 5,160 | 46,006 | |
Proceeds from sale/leaseback of assets | 110,694 | 207,435 | |
Additions to properties and equipment | -231,685 | -397,458 | |
Payments for acquisition, net of cash acquired | -127,737 | ||
Other | 127 | -2,462 | |
Net cash used in investing activities | -115,704 | -274,216 | |
Cash flows from financing activities: | |||
Debt issuance costs | -4,404 | ||
Principal payment on long-term debt | -27,206 | -1,103,054 | |
Debt borrowings | 20,000 | 1,416,262 | |
Proceeds from exercise of stock options | 1,025 | 6,082 | |
Cash dividends | -36,997 | -37,355 | |
Repurchases of common stock | -99,999 | ||
Excess tax benefit on stock options exercised | 433 | ||
Other | 351 | ||
Net cash (used in) provided by financing activities | -142,826 | 277,964 | |
Net change in cash and cash equivalents | 17,029 | 73,577 | |
Cash and cash equivalents at beginning of period | 60,359 | 40,569 | |
Cash and cash equivalents at end of period | 77,388 | 114,146 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 48,046 | 40,938 | |
Income taxes | 57,987 | 43,245 | |
Supplemental disclosure of non-cash investing activities: | |||
Additions to properties and equipment | $3,386 | $9,568 | |
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. |
Condensed_Consolidated_Stateme4
Condensed 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, 2013 | $2,561,756 | $4,949 | $119,975 | $2,453,973 | ($17,141) | |
Total comprehensive income (loss) | 97,530 | 96,838 | 692 | |||
Exercise of stock options | 6,529 | 17 | 6,512 | |||
Cash dividends declared ($.75 per share) | -37,431 | -37,431 | ||||
Amortization of restricted stock units | 8,677 | 8,677 | ||||
Amortization/cancellation of restricted stock | 2,927 | -4 | 2,931 | |||
Balance at Dec. 31, 2013 | 2,639,988 | 4,962 | 138,095 | 2,513,380 | -16,449 | |
Balance at Mar. 31, 2014 | 2,685,371 | 4,973 | 142,381 | 2,544,255 | -12,225 | 5,987 |
Total comprehensive income (loss) | -55,898 | -56,114 | 559 | -343 | ||
Exercise of stock options | 1,025 | 3 | 1,022 | |||
Cash dividends declared ($.75 per share) | -37,229 | -37,229 | ||||
Retirement of common stock | -99,999 | -284 | -99,715 | |||
Amortization of restricted stock units | 12,496 | 1 | 12,495 | |||
Amortization/cancellation of restricted stock | 2,599 | -4 | 2,603 | |||
Cash received from noncontrolling interests | 450 | 450 | ||||
Cash paid to noncontrolling interests | -50 | -50 | ||||
Balance at Dec. 31, 2014 | $2,508,765 | $4,689 | $158,501 | $2,351,197 | ($11,666) | $6,044 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends, per share declared | $0.25 | $0.25 | $0.75 | $0.75 |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended | |
Dec. 31, 2014 | ||
Interim Financial Statements | -1 | INTERIM FINANCIAL STATEMENTS |
The unaudited condensed consolidated financial statements for the interim periods presented herein have been prepared in conformity with United States generally accepted accounting principles and, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the unaudited condensed consolidated financial statements at the dates and for the periods indicated as required by Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (SEC). Results of operations for interim periods are not necessarily indicative of results of operations for the respective full years. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in the company’s Annual Report on Form 10-K for the year ended March 31, 2014, filed with the SEC on May 21, 2014. | ||
The unaudited condensed consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. The company uses the equity method to account for equity investments over which the company exercises significant influence but does not exercise control and is not the primary beneficiary. Unless otherwise specified, all per share information included in this document is on a diluted earnings per share basis. | ||
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 condensed consolidated statements of earnings, balance sheets or cash flows. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||
-2 | STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchase Program | |||||||||||||||||||||||||||||||||||||||||||
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. At December 31, 2014, $100.0 million remains available to repurchase shares under the May 2014 share repurchase program. | |||||||||||||||||||||||||||||||||||||||||||
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 was July 1, 2013 through June 30, 2014. No shares were repurchased under the May 2013 program. | |||||||||||||||||||||||||||||||||||||||||||
The aggregate dollar outlay for common stock repurchased, along with the number of shares repurchased, and average price paid per share, for the quarters and nine-month periods ended December 31 is as follows: | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Aggregate dollar outlay for common stock repurchased | $ | 99,999 | — | 99,999 | — | ||||||||||||||||||||||||||||||||||||||
Shares of common stock repurchased | 2,841,976 | — | 2,841,976 | — | |||||||||||||||||||||||||||||||||||||||
Average price paid per common share | $ | 35.19 | — | 35.19 | — | ||||||||||||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||||||||||||||||
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 quarters and nine-month periods ended December 31: | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per share) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Dividends declared | $ | 12,029 | 12,396 | 37,229 | 37,431 | ||||||||||||||||||||||||||||||||||||||
Dividend per share | 0.25 | 0.25 | 0.75 | 0.75 | |||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||
The changes in accumulated other comprehensive income by component, net of tax for the quarters and nine month periods ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||||||||||||
For the quarter ended December 31, 2014 | For the nine months ended December 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 | ||||||||||||||||||||||||||||||||||
9/30/14 | in OCI | net income | OCI | 12/31/14 | 3/31/14 | in OCI | net income | OCI | 12/31/14 | ||||||||||||||||||||||||||||||||||
Available for sale securities | 225 | (73 | ) | 19 | (54 | ) | 171 | 92 | (76 | ) | 155 | 79 | 171 | ||||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | 15 | — | — | — | 15 | (116 | ) | 131 | — | 131 | 15 | ||||||||||||||||||||||||||||||||
Interest rate swaps | (2,157 | ) | — | 116 | 116 | (2,041 | ) | (2,390 | ) | — | 349 | 349 | (2,041 | ) | |||||||||||||||||||||||||||||
Total | (11,728 | ) | (73 | ) | 135 | 62 | (11,666 | ) | (12,225 | ) | 55 | 504 | 559 | (11,666 | ) | ||||||||||||||||||||||||||||
For the quarter ended December 31, 2013 | For the nine months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||
9/30/13 | in OCI | net income | OCI | 12/31/13 | 3/31/13 | in OCI | net income | OCI | 12/31/13 | ||||||||||||||||||||||||||||||||||
Available for sale securities | (183 | ) | 354 | 51 | 405 | 222 | (121 | ) | 149 | 194 | 343 | 222 | |||||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | (4,353 | ) | — | — | — | (4,353 | ) | (4,353 | ) | — | — | — | (4,353 | ) | |||||||||||||||||||||||||||||
Interest rate swaps | (2,623 | ) | — | 116 | 116 | (2,507 | ) | (2,856 | ) | — | 349 | 349 | (2,507 | ) | |||||||||||||||||||||||||||||
Total | (16,970 | ) | 354 | 167 | 521 | (16,449 | ) | (17,141 | ) | 149 | 543 | 692 | (16,449 | ) | |||||||||||||||||||||||||||||
The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | Affected line item in the condensed | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | consolidated statements of income | ||||||||||||||||||||||||||||||||||||||
Realized gains on available for sale securities | $ | 29 | 79 | 238 | 298 | Interest income and other, net | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate swap | 178 | 178 | 537 | 537 | Interest and other debt costs | ||||||||||||||||||||||||||||||||||||||
Total pre-tax amounts | 207 | 257 | 775 | 835 | |||||||||||||||||||||||||||||||||||||||
Tax effect | 72 | 90 | 271 | 292 | |||||||||||||||||||||||||||||||||||||||
Total gains for the period, net of tax | $ | 135 | 167 | 504 | 543 | ||||||||||||||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Income Taxes | -3 | INCOME TAXES | ||||||||||||||||||||||||
Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The effective tax rate applicable to pre-tax earnings, for the quarters and the nine-month periods ended December 31, is as follows: | ||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Effective tax rate applicable to pre-tax earnings | 27.20% | -1.60% | 31.00% | 20.50% | ||||||||||||||||||||||
The effective tax rates for the nine months ended December 31, 2014 and 2013 are lower than the U.S. statutory income tax rate of 35% primarily because 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 company’s balance sheet at December 31, 2014 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes: | ||||||||||||||||||||||||||
(In thousands) | December 31, | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Tax liabilities for uncertain tax positions | $ | 15,573 | ||||||||||||||||||||||||
Income tax payable | 38,301 | |||||||||||||||||||||||||
The tax liabilities for uncertain tax positions are attributable to a foreign tax filing position and 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. | ||||||||||||||||||||||||||
Unrecognized tax benefits, which would lower the effective tax rate if realized at December 31, 2014, are as follows: | ||||||||||||||||||||||||||
(In thousands) | December 31, | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Unrecognized tax benefit related to state tax issues | $ | 10,961 | ||||||||||||||||||||||||
Interest receivable on unrecognized tax benefit related to state tax issues | 30 | |||||||||||||||||||||||||
With limited exceptions, the company is no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for years prior to 2007. The company has ongoing examinations by various U.S. federal, 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, results of operations, or cash flows. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Employee Benefit Plans | -4 | EMPLOYEE BENEFIT 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. Effective April 1, 1996, the pension plan was closed to new participation. 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. This change did not affect benefits earned by participants prior to January 1, 2011. The company did not contribute to the defined benefit pension plan during the quarters and nine months ended December 31, 2014 and 2013, and does not expect to contribute to the plan during the remaining quarter of fiscal 2015. | |||||||||||||||||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||||||||||||||
The company also maintains 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. Assets of the Rabbi Trust are invested in a variety of marketable securities (but not Tidewater stock) and 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 the quarters and nine months ended December 31, 2014 and 2013, and does not expect to contribute to the plan during the remaining quarter of fiscal 2015. | |||||||||||||||||||||||||||||||
Investments held in a Rabbi Trust for the benefit of participants 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 December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2014 | |||||||||||||||||||||||||||||
Investments held in Rabbi Trust | $ | 10,023 | 10,285 | ||||||||||||||||||||||||||||
Unrealized gains in fair value of trust assets | 263 | 92 | |||||||||||||||||||||||||||||
Unrealized gains in fair value of trust assets are net of income tax expense of | 92 | 49 | |||||||||||||||||||||||||||||
Obligations under the supplemental plan | 23,229 | 21,918 | |||||||||||||||||||||||||||||
The unrealized gains or losses in the fair value of the trust assets, net of income tax expense, are included in accumulated other comprehensive income. 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. | |||||||||||||||||||||||||||||||
Net Periodic Benefit Costs | |||||||||||||||||||||||||||||||
The net periodic benefit cost for the company’s 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 collectively as “Other Benefits”) is comprised of the following components: | |||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Pension Benefits: | |||||||||||||||||||||||||||||||
Service cost | $ | 206 | 198 | 618 | 594 | ||||||||||||||||||||||||||
Interest cost | 968 | 895 | 2,904 | 2,685 | |||||||||||||||||||||||||||
Expected return on plan assets | (685 | ) | (718 | ) | (2,055 | ) | (2,154 | ) | |||||||||||||||||||||||
Amortization of prior service cost | 12 | 12 | 36 | 36 | |||||||||||||||||||||||||||
Recognized actuarial loss | 247 | 276 | 741 | 828 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 748 | 663 | 2,244 | 1,989 | ||||||||||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||||||||
Service cost | $ | 68 | 101 | 204 | 303 | ||||||||||||||||||||||||||
Interest cost | 226 | 262 | 678 | 786 | |||||||||||||||||||||||||||
Amortization of prior service cost | (508 | ) | (508 | ) | (1,524 | ) | (1,524 | ) | |||||||||||||||||||||||
Recognized actuarial (gain) loss | (325 | ) | (99 | ) | (975 | ) | (297 | ) | |||||||||||||||||||||||
Net periodic benefit cost | $ | (539 | ) | (244 | ) | (1,617 | ) | (732 | ) | ||||||||||||||||||||||
Indebtedness
Indebtedness | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Indebtedness | -5 | INDEBTEDNESS | |||||||||||||||
Senior Notes, Revolving Credit and Term Loan Agreement | |||||||||||||||||
A summary of debt outstanding at December 31, 2014 and March 31, 2014, are as follows: | |||||||||||||||||
December 31, | March 31, | ||||||||||||||||
(In thousands, except weighted average data) | 2014 | 2014 | |||||||||||||||
Credit facility: | |||||||||||||||||
Term loan agreement (A) | $ | 300,000 | 300,000 | ||||||||||||||
Revolving line of credit (A) (B) | — | — | |||||||||||||||
September 2013 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 500,000 | 500,000 | ||||||||||||||
Weighted average remaining life in years | 8.6 | 9.4 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.86 | % | 4.86 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 495,387 | 520,979 | ||||||||||||||
August 2011 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 165,000 | 165,000 | ||||||||||||||
Weighted average remaining life in years | 5.8 | 6.6 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.42 | % | 4.42 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 162,541 | 168,653 | ||||||||||||||
September 2010 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 425,000 | 425,000 | ||||||||||||||
Weighted average remaining life in years | 4.9 | 5.6 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.25 | % | 4.25 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 419,769 | 436,264 | ||||||||||||||
July 2003 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 35,000 | 35,000 | ||||||||||||||
Weighted average remaining life in years | 0.6 | 1.3 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.61 | % | 4.61 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 35,256 | 36,018 | ||||||||||||||
(A) Fair values approximate carrying values because the borrowings bear interest at variable rates. | |||||||||||||||||
(B) $600 million was available under the revolver at December 31, 2014 and March 31, 2014. | |||||||||||||||||
Norwegian Kroner Denominated Debt | |||||||||||||||||
A summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2014 and March 31, 2014, and their U.S. dollar equivalents are as follows: | |||||||||||||||||
December 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2014 | |||||||||||||||
3.81% January 2014 notes: | |||||||||||||||||
NOK denominated | 287,500 | 300,000 | |||||||||||||||
U.S. dollar equivalent | $ | 38,575 | 50,028 | ||||||||||||||
Fair value in U.S. dollar equivalent (Level 2) | 38,581 | 50,044 | |||||||||||||||
5.38% May 2012 notes: | |||||||||||||||||
NOK denominated | 161,880 | 178,920 | |||||||||||||||
U.S. dollar equivalent | $ | 21,720 | 29,867 | ||||||||||||||
Fair value in U.S. dollar equivalent (Level 2) | 21,634 | 29,588 | |||||||||||||||
Variable rate borrowings: | |||||||||||||||||
June 2013 borrowing agreement (C) | |||||||||||||||||
NOK denominated | 25,000 | 25,000 | |||||||||||||||
U.S. dollar equivalent | $ | 3,354 | 4,168 | ||||||||||||||
May 2012 borrowing agreement (C) | |||||||||||||||||
NOK denominated | 20,000 | 35,000 | |||||||||||||||
U.S. dollar equivalent | $ | 2,683 | 5,837 | ||||||||||||||
(C) Fair values approximate carrying values because the borrowings bear interest at variable rates. | |||||||||||||||||
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 26.0 million NOK (or $4.1 million). The bonds, which were due to mature in April 2016, bore interest based on the three month Norwegian Interbank Offered Rate (“NIBOR”) plus 5.40%. | |||||||||||||||||
Debt Costs | |||||||||||||||||
The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. Capitalized interest is included in properties and equipment. Interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31, are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ | 12,239 | 12,250 | 37,927 | 31,081 | ||||||||||||
Interest costs capitalized | 3,638 | 2,643 | 9,920 | 8,241 | |||||||||||||
Total interest and debt costs | $ | 15,877 | 14,893 | 47,847 | 39,322 | ||||||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings per Share | -6 | EARNINGS PER SHARE | |||||||||||||||
The components of basic and diluted earnings per share for the quarters and the nine-month periods ended December 31, are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Income available to common shareholders (A) | $ | (160,694 | ) | 12,583 | (56,114 | ) | 96,838 | ||||||||||
Weighted average outstanding shares of common stock, basic (B) | 48,481,722 | 49,347,448 | 49,213,712 | 49,302,971 | |||||||||||||
Dilutive effect of options and restricted stock awards and units | — | 482,818 | — | 436,758 | |||||||||||||
Weighted average common stock and equivalents (C) | 48,481,722 | 49,830,266 | 49,213,712 | 49,739,729 | |||||||||||||
Earnings per share, basic (A/B) | $ | (3.31 | ) | 0.25 | (1.14 | ) | 1.96 | ||||||||||
Earnings per share, diluted (A/C) | $ | (3.31 | ) | 0.25 | (1.14 | ) | 1.95 | ||||||||||
Additional information: | |||||||||||||||||
Antidilutive incremental options and restricted stock awards and units | 158,575 | — | 231,171 | — |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Commitments and Contingencies | -7 | COMMITMENTS AND CONTINGENCIES | |||||||||||||
Vessel and Other Commitments | |||||||||||||||
The table below summarizes the company’s various vessel commitments to acquire and construct new vessels and ROVs, by vessel type, as of December 31, 2014: | |||||||||||||||
(In thousands, except vessel count) | Number | Total | Invested | Remaining | |||||||||||
of | Cost | Through | Balance | ||||||||||||
Vessels/ROVs | 12/31/14 | 12/31/14 | |||||||||||||
Vessels under construction: | |||||||||||||||
Deepwater PSVs | 21 | $ | 713,903 | 258,460 | 455,443 | ||||||||||
Towing-supply vessels | 6 | 112,284 | 64,542 | 47,742 | |||||||||||
Other | 1 | 8,014 | 8,014 | — | |||||||||||
Total vessel commitments | 28 | 834,201 | 331,016 | 503,185 | |||||||||||
Total ROV commitments | 2 | 13,640 | 12,940 | 700 | |||||||||||
Total commitments | 30 | $ | 847,841 | 343,956 | 503,885 | ||||||||||
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 vessels under construction have 7,145 brake horsepower (BHP). The new-build vessels started delivering in January 2015, with delivery of the final new-build vessel expected in August 2016. The company also has new-build commitments for two ROVs at December 31, 2014 and expects the final assembly and outfitting of these ROVs to be completed within the quarter ending March 31, 2015. | |||||||||||||||
With its commitment to modernizing its fleet through its vessel construction and acquisition program over the past decade, the company has successfully replaced the vast majority of the older vessels in its fleet with fewer, larger and more efficient vessels that have a more extensive range of capabilities. These efforts are expected to continue through the delivery of the 28 vessels currently under construction, 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 finance arrangements in order to fund current and future commitments in connection with the completion of 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. | |||||||||||||||
The company has contracted with a Chinese shipyard for the construction and delivery of several shallow water towing-supply vessels. The shipyard is considerably behind schedule in the construction and delivery of the first two vessels. Progress payments made under the construction contracts are backed by refundment guarantees issued by Bank of China Ltd., Guangdong Branch, which amount to all but approximately $2.5 million of the carrying value of the accumulated costs through December 31, 2014. Several of the remaining vessels are also behind schedule. While the company believes that the shipyard continues to make progress with construction and the shipyard continues to communicate its intention to complete construction of the vessels, the company is evaluating its legal options under the relevant construction contracts. | |||||||||||||||
The company is continuing to experience 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 December 31, 2014. The company had committed and invested $8.0 million as of December 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 the escrowed funds were due to the shipyard as the shipyard has claimed. In October 2014, the parties resolved their pending disputes subject to a confidentiality provision and agreed on the split of the funds held in escrow. The amounts returned from the escrow to the company resulted in a reduction in the cost of the two acquired vessels, one of which was subsequently sold to an unaffiliated financial institution in connection with a sale/lease transaction that closed in the third quarter of fiscal 2014. The portion of the returned funds attributed to the vessel that was sold was recorded as a deferred gain that is being amortized over the 10-year lease term. | |||||||||||||||
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 generally 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 that is acceptable to the company 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. | |||||||||||||||
Merchant Navy Officers Pension Fund | |||||||||||||||
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. The 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, the 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 the MNOPF. The conversion is not expected to have any impact on the company and the liquidation is expected to be completed in calendar 2015. 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 is currently effective and will expire, unless extended, two years after 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 by mid- 2015 after certain Angolan regulatory approvals have been obtained. | |||||||||||||||
The challenges for the company to successfully operate in Angola remain significant. As the company has previously reported, on July 1, 2013, elements of new legislation (the “forex law”) became effective that generally require oil companies that engage in exploration and production activities offshore Angola through governmental concessions 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 also imposes documentation and other requirements on service companies such as Sonatide in order to effect payments that are denominated in currencies other than Angolan kwanzas. The forex law has resulted in, and will likely continue to result in, substantial customer payments being made to Sonatide in Angolan kwanzas. This cumbersome payment process has imposed and could continue to impose a burden on Tidewater’s management of its cash and liquidity, because of the risks that the conversion of Angolan kwanzas into U.S. dollars and the subsequent expatriation of the funds could result in payment delays and currency devaluation prior to conversion of kwanzas to dollars, as well as burden the company with additional operating costs to convert kwanzas into dollars and potentially additional taxes. | |||||||||||||||
In response to the new forex law, Tidewater and Sonangol negotiated and signed an agreement that is set to expire in November 2015 (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 by offshore residents (that can be paid in dollars). Sonatide successfully converted select customer contracts to this split billing arrangement during the quarter ended December 31, 2014 and continues to discuss this type of billing arrangement with other customers. | |||||||||||||||
In November 2014, the National Bank of Angola issued new regulations controlling the sale of foreign currency. These regulations generally require oil companies to sell U.S. dollars to the National Bank of Angola to buy kwanzas that are required to be used to pay for goods and services provided by foreign exchange resident oilfield service companies, which, in turn, are required to then source dollars in order to pay for goods and services provided offshore. The regulations continue to permit tripartite agreements among oil companies, commercial banks and service companies that provide for the sale of U.S. dollars by an oil company to a commercial bank in exchange for kwanzas and the subsequent on-sale of those dollars by the commercial bank to the service company. The implementing regulations do, however, place constraints on those tripartite agreements that did not previously exist, and the period of time that the tripartite agreements will be allowed remains uncertain. If tripartite agreements or similar arrangements are not available to service companies in Angola that have a need for dollars, then such service companies will be required to source dollars exclusively through the National Bank of Angola. Sonatide has had limited success to date negotiating tripartite agreements with customers but continues its discussions with customers and commercial banks regarding these arrangements. | |||||||||||||||
For the nine months ended December 31, 2014, the company collected (primarily through Sonatide) approximately $271 million from Angolan customers, which approximately equals the revenue generated for the same period. Of the $271 million collected approximately $125 million represented U.S. dollars initially received by Sonatide on behalf of the company or dollars collected from other customers. The balance of $146 million collected resulted from Sonatide’s converting kwanza into dollars and subsequently expatriating the dollars to Tidewater. Additionally, the company received an approximate $10 million dividend payment from the Sonatide joint venture during the nine months ended December 31, 2014. | |||||||||||||||
Though Sonatide experienced a substantially reduced ability to convert kwanzas to dollars during parts of the quarter ended December 31, 2014 (possibly due to holiday season or the newly enhanced role of the National Bank of Angola in the conversion process), the company believes that the process for converting kwanzas has functioned reasonably well for much of calendar 2014, particularly given that the conversion process was still developing. Sonatide continues to press its commercial bank relationships to increase the amount of dollars available to Sonatide. | |||||||||||||||
As of December 31, 2014, the company had approximately $422 million in amounts due from Sonatide, largely reflecting unpaid vessel revenue related to services performed by the company through the Sonatide joint venture. These amounts began to accumulate in 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 July 2013, when the second provision of the forex law took effect (and the local payments had to be made 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 has been using its credit facility and other arrangements to fund the substantial working capital requirements related to its Angola operations. | |||||||||||||||
Beginning 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. As invoices are paid in kwanza, Sonatide is seeking to convert those kwanzas into U.S. dollars and subsequently utilize those U.S. dollars to pay the amounts that Sonatide owes the company. This conversion and expatriation process is subject to those risks and considerations set forth above. In addition, since February 2014, Sonatide has been entering into 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. To the extent the National Bank of Angola issues further clarifying interpretations of the forex law or standard market practices develop in Angola in regards to split payment contracts without objection by the National Bank of Angola, the company expects that Sonatide will more broadly utilize split payment contracts. | |||||||||||||||
For the nine months ended December 31, 2014, Tidewater’s Angolan operations generated vessel revenues of approximately $271 million, or 23%, of its consolidated vessel revenue, from an average of approximately 83 Tidewater-owned vessels that are marketed through the Sonatide joint venture (four of which were stacked on average during the nine months ended December 31, 2014), and, for the nine months ended December 31, 2013, generated vessel revenues of approximately $261 million, or 25%, of consolidated vessel revenue, from an average of approximately 90 Tidewater-owned vessels (five of which were stacked on average during the nine months ended December 31, 2013). | |||||||||||||||
The Sonatide joint venture owns nine vessels (three of which are currently stacked) and certain other assets, in addition to earning commission income from Tidewater-owned vessels marketed through the Sonatide joint venture (owned 49% by Tidewater). In addition, as of December 31, 2014, Sonatide maintained the equivalent of approximately $95 million of Kwanza-denominated deposits in Angolan banks, largely related to customer receipts that had not yet been converted to U.S. dollars, expatriated and then remitted to the company. As of December 31, 2014 and March 31, 2014, 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 $64 million and $62 million, respectively. | |||||||||||||||
Due from affiliate at December 31, 2014 and March 31, 2014 of approximately $422 million and $430 million, respectively, represents cash received by Sonatide from customers and due to the company, amounts due from customers that are expected to be remitted to the company through Sonatide and, finally, reimbursable costs paid by Tidewater on behalf of Sonatide. | |||||||||||||||
Due to affiliate at December 31, 2014 and March 31, 2014 of approximately $158 million and $86 million, respectively, represents amounts due to Sonatide for commissions payable (approximately $58 million and $43 million, respectively) and other costs paid by Sonatide on behalf of the company. | |||||||||||||||
A new presidential decree regulating maritime transportation activities was enacted in Angola earlier this year. Following recent discussions with port state authorities and local counsel, the company is uncertain whether the authorities will interpret the decree to require one hundred percent Angolan ownership of local vessel operators such as Sonatide. This interpretation may result in the need to work with Sonangol to further restructure our Sonatide joint venture and our operations in Angola. The company has been informed by the authorities that the deadline for foreign vessel operators to comply with any rules implementing the decree has been set for June 2015. The company is seeking further clarification of the new decree and is exploring potential alternative structures in order to comply. | |||||||||||||||
Management continues to explore ways to profitably participate in the Angolan market while looking for opportunities to reduce the overall level of exposure to the increased risks that the company believes currently characterize the Angolan market. Included among mitigating measures taken by the company to address these risks is the redeployment of vessels from time to time to other markets where there is adequate demand for the company’s vessels. 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 Angola. Redeployment of vessels to other markets in the period beginning April 1, 2014 through December 31, 2014 has been more pronounced (net 10 vessels transferred out of Angola, including four smaller crewboats that were stacked outside of Angola) than in prior periods. | |||||||||||||||
Although our customers’ near term offshore spending plans and the level of newbuild vessel activity both remain in flux, we continue to believe that the global market for offshore support vessels is reasonably well balanced, with offshore vessel supply approximately equal to offshore vessel demand. If the company were to consider redeployment of a substantial number of vessels from Angola to other markets, however, there would likely be temporary negative financial effects associated with such redeployment, 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 (particularly the larger and more sophisticated vessels) at prevailing market day rates. | |||||||||||||||
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 $58.3 million as of December 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 $56.1 million as of December 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 $47.8 million as of December 31, 2014) and rendered decisions that disallowed all of those fines. The remaining fines totaling 28.0 million Brazilian reais (approximately $10.5 million as of December 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. | |||||||||||||||
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. On or about December 30, 2014, the company received notice that the Nigerian marketing agent had filed an action in the Nigerian Federal High court seeking to prevent the continuation of the proceedings initiated by Tidewater in the London Commercial Court. The company intends to vigorously defend that action. | |||||||||||||||
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. 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. | |||||||||||||||
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 concluded the briefing and hearings to determine the merits of the claims over which the tribunal has jurisdiction. The final hearings on the merits were held in Washington, D.C. on June 9 - 12, 2014. The merits phase will determine whether the Republic of Venezuela violated the Venezuela-Barbados bilateral investment treaty and will value the property expropriated by 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 next step is for the tribunal to issue its written determination on the merits. The time frame for issuance of that written determination by the tribunal is uncertain. | |||||||||||||||
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. For additional information on certain of our ongoing legal proceedings, see Part II, Item 1: Legal Proceedings. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Fair Value Measurements | -8 | 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 | ||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||
The company measures on a recurring basis and records at fair value investments held by participants in a supplemental executive retirement plan. The following table provides the fair value hierarchy for the plan assets measured at fair value as of December 31, 2014: | |||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active markets | observable | unobservable | |||||||||||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 3,941 | 3,941 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 212 | 212 | — | — | |||||||||||||||||||||||
American depository receipts | 1,695 | 1,695 | — | — | |||||||||||||||||||||||
Preferred American depository receipts | 14 | 14 | — | — | |||||||||||||||||||||||
Real estate investment trusts | 63 | 63 | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 1,668 | 1,329 | 339 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,897 | 1,897 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 670 | 16 | 654 | — | |||||||||||||||||||||||
Total | $ | 10,160 | 9,167 | 993 | — | ||||||||||||||||||||||
Other pending transactions | (137 | ) | (137 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,023 | 9,030 | 993 | — | ||||||||||||||||||||||
The following table provides the fair value hierarchy for the plan assets measured at fair value 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) | ||||||||||||||||||||||||||
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 | — | ||||||||||||||||||||||
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 did not have any foreign exchange spot contracts outstanding at December 31, 2014. The company had four foreign exchange spot contracts outstanding at March 31, 2014, which had a notional value of $2.3 million and settled by April 2, 2014. | |||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||
The company did not have any forward contracts outstanding at December 31, 2014 and March 31, 2014. | |||||||||||||||||||||||||||
The following table provides the fair value hierarchy for the company’s other financial instruments measured as of December 31, 2014: | |||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active markets | observable | unobservable | |||||||||||||||||||||||||
(Level1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Money market cash equivalents | $ | 1,016 | 1,016 | — | — | ||||||||||||||||||||||
Total fair value of assets | $ | 1,016 | 1,016 | — | — | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(Level1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Money market cash equivalents | $ | 16,559 | 16,559 | — | — | ||||||||||||||||||||||
Total fair value of assets | $ | 16,559 | 16,559 | — | — | ||||||||||||||||||||||
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 during the quarters and nine-month periods ended December 31, 2014 and 2013, along with the amount of impairment. The impairment charges were recorded in gain on asset dispositions, net. | |||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Amount of impairment incurred | $ | 6,236 | 3,691 | 8,096 | 7,738 | ||||||||||||||||||||||
Combined fair value of assets incurring impairment | 3,914 | 4,308 | 4,634 | 8,774 | |||||||||||||||||||||||
Other_Assets_Accrued_Expenses_
Other Assets, Accrued Expenses, Other Current Liabilities and Other Liabilities and Deferred Credits | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Assets, Accrued Expenses, Other Current Liabilities and Other Liabilities and Deferred Credits | -9 | OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS | |||||||||||||||
A summary of other assets at December 31, 2014 and March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Recoverable insurance losses | $ | 8,163 | 5,219 | ||||||||||||||
Deferred income tax assets | 45,139 | 34,376 | |||||||||||||||
Deferred finance charges | 7,308 | 8,728 | |||||||||||||||
Savings plans and supplemental plan | 23,456 | 23,212 | |||||||||||||||
Noncurrent tax receivable | 8,887 | 9,106 | |||||||||||||||
Other | 9,663 | 15,744 | |||||||||||||||
$ | 102,616 | 96,385 | |||||||||||||||
A summary of accrued expenses at December 31, 2014 and March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Payroll and related payables | $ | 33,309 | 27,248 | ||||||||||||||
Commissions payable | 6,842 | 8,263 | |||||||||||||||
Accrued vessel expenses | 97,463 | 96,468 | |||||||||||||||
Accrued interest expense | 2,936 | 14,816 | |||||||||||||||
Other accrued expenses | 8,973 | 10,507 | |||||||||||||||
$ | 149,523 | 157,302 | |||||||||||||||
A summary of other current liabilities at December 31, 2014 and March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Taxes payable | $ | 55,036 | 56,080 | ||||||||||||||
Deferred gain on vessel sales - current | 23,477 | 13,996 | |||||||||||||||
Other | 722 | 491 | |||||||||||||||
$ | 79,235 | 70,567 | |||||||||||||||
A summary of other liabilities and deferred credits at December 31, 2014 and March 31, 2014 is as follows: | |||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Postretirement benefits liability | $ | 20,992 | 23,185 | ||||||||||||||
Pension liabilities | 34,746 | 35,234 | |||||||||||||||
Deferred gain on vessel sales | 135,044 | 85,316 | |||||||||||||||
Other | 35,945 | 35,469 | |||||||||||||||
$ | 226,727 | 179,204 | |||||||||||||||
Accounting_Pronouncements
Accounting Pronouncements | 9 Months Ended | |
Dec. 31, 2014 | ||
Accounting Pronouncements | -10 | 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 May 2014, the FASB issued Accounting Standard Update (ASU) 2014-09 Revenue from Contracts with Customers. ASU 2014-09 supersedes prior revenue recognition guidance and provides a five step recognition framework that will require entities to recognize the amount of revenue to which it expects to be entitled for the transfer of goods and services. This new revenue recognition guidance is effective for the company in the first quarter of fiscal 2018 and may be implemented retrospectively to all years presented or in the period of adoption through a cumulative adjustment. The company believes that the impact of the implementation of this new guidance on its consolidated financial statements and disclosures will not be significant. | ||
In August 2014, the FASB issued ASU 2014-15 Presentation of Financial Statements - Going Concern(Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 requires management to assess the entity’s ability to continue as a going concern, and to provide related disclosures in certain circumstances. ASU 2014-15 is effective for annual and interim periods beginning after December 15, 2016. The company believes that the impact of the implementation of this new guidance on its consolidated financial statements and disclosures will not be significant. |
Segment_and_Geographic_Distrib
Segment and Geographic Distribution Of Operations | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Segment and Geographic Distribution Of Operations | -11 | SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | |||||||||||||||||||||||||||||||||
The following table provides a comparison of segment revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2014 and 2013. 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 (the remainder of which the company disposed of in the quarter ended June 30, 2013), remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses. | |||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Vessel revenues: | |||||||||||||||||||||||||||||||||||
Americas | $ | 134,554 | 109,848 | 388,550 | 302,021 | ||||||||||||||||||||||||||||||
Asia/Pacific | 35,046 | 36,325 | 121,284 | 116,711 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 55,925 | 51,158 | 160,301 | 137,741 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 152,601 | 163,382 | 480,453 | 499,538 | |||||||||||||||||||||||||||||||
378,126 | 360,713 | 1,150,588 | 1,056,011 | ||||||||||||||||||||||||||||||||
Other operating revenues | 9,428 | 4,535 | 20,167 | 11,259 | |||||||||||||||||||||||||||||||
$ | 387,554 | 365,248 | 1,170,755 | 1,067,270 | |||||||||||||||||||||||||||||||
Vessel operating profit: | |||||||||||||||||||||||||||||||||||
Americas | $ | 33,784 | 25,579 | 100,770 | 69,555 | ||||||||||||||||||||||||||||||
Asia/Pacific | 2,621 | 5,932 | 9,064 | 21,028 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 12,408 | 10,927 | 31,568 | 34,496 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 34,120 | 38,502 | 113,168 | 103,282 | |||||||||||||||||||||||||||||||
82,933 | 80,940 | 254,570 | 228,361 | ||||||||||||||||||||||||||||||||
Other operating profit (loss) | (1,032 | ) | (233 | ) | (5,548 | ) | (407 | ) | |||||||||||||||||||||||||||
81,901 | 80,707 | 249,022 | 227,954 | ||||||||||||||||||||||||||||||||
Corporate general and administrative expenses | (9,411 | ) | (10,323 | ) | (30,686 | ) | (38,269 | ) | |||||||||||||||||||||||||||
Corporate depreciation | (834 | ) | (783 | ) | (2,486 | ) | (2,283 | ) | |||||||||||||||||||||||||||
Corporate expenses | (10,245 | ) | (11,106 | ) | (33,172 | ) | (40,552 | ) | |||||||||||||||||||||||||||
(Loss) gain on asset dispositions, net | (1,537 | ) | 7,170 | 4,996 | 9,359 | ||||||||||||||||||||||||||||||
Goodwill impairment | (283,699 | ) | (56,283 | ) | (283,699 | ) | (56,283 | ) | |||||||||||||||||||||||||||
Operating income (loss) | $ | (213,580 | ) | 20,488 | (62,853 | ) | 140,478 | ||||||||||||||||||||||||||||
Foreign exchange gain | 4,334 | 1,341 | 8,453 | 4,269 | |||||||||||||||||||||||||||||||
Equity in net earnings of unconsolidated companies | — | 2,671 | 9,104 | 10,872 | |||||||||||||||||||||||||||||||
Interest income and other, net | 434 | 137 | 1,555 | 1,415 | |||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | (4,144 | ) | ||||||||||||||||||||||||||||||
Interest and other debt costs, net | (12,239 | ) | (12,250 | ) | (37,927 | ) | (31,081 | ) | |||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | (221,051 | ) | 12,387 | (81,668 | ) | 121,809 | ||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
Americas | $ | 11,825 | 11,311 | 35,623 | 32,253 | ||||||||||||||||||||||||||||||
Asia/Pacific | 4,731 | 4,231 | 13,538 | 12,878 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 7,016 | 6,405 | 20,383 | 17,742 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 18,067 | 19,661 | 55,494 | 59,397 | |||||||||||||||||||||||||||||||
41,639 | 41,608 | 125,038 | 122,270 | ||||||||||||||||||||||||||||||||
Other | 858 | — | 2,626 | 2 | |||||||||||||||||||||||||||||||
Corporate | 834 | 783 | 2,486 | 2,283 | |||||||||||||||||||||||||||||||
$ | 43,331 | 42,391 | 130,150 | 124,555 | |||||||||||||||||||||||||||||||
Additions to properties and equipment: | |||||||||||||||||||||||||||||||||||
Americas | $ | 32,421 | 45,580 | 64,057 | 57,619 | ||||||||||||||||||||||||||||||
Asia/Pacific | 44,983 | 652 | 68,193 | 1,620 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 424 | 805 | 1,659 | 1,714 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe (A) | 823 | 52,695 | 14,736 | 397,252 | |||||||||||||||||||||||||||||||
78,651 | 99,732 | 148,645 | 458,205 | ||||||||||||||||||||||||||||||||
Other | 10,206 | 22,267 | 18,931 | 31,780 | |||||||||||||||||||||||||||||||
Corporate (B) | 14,198 | 60,562 | 67,678 | 162,646 | |||||||||||||||||||||||||||||||
$ | 103,055 | 182,561 | 235,254 | 652,631 | |||||||||||||||||||||||||||||||
(A) | Included in Sub-Saharan Africa/Europe for the nine months ended December 31, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | ||||||||||||||||||||||||||||||||||
(B) | 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. | ||||||||||||||||||||||||||||||||||
The following table provides a comparison of total assets at December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||
Americas | $ | 1,030,511 | 1,017,736 | ||||||||||||||||||||||||||||||||
Asia/Pacific | 434,398 | 421,379 | |||||||||||||||||||||||||||||||||
Middle East/North Africa | 652,806 | 613,303 | |||||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 2,013,246 | 2,383,507 | |||||||||||||||||||||||||||||||||
4,130,961 | 4,435,925 | ||||||||||||||||||||||||||||||||||
Other | 52,728 | 31,545 | |||||||||||||||||||||||||||||||||
4,183,689 | 4,467,470 | ||||||||||||||||||||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 65,478 | 63,928 | |||||||||||||||||||||||||||||||||
4,249,167 | 4,531,398 | ||||||||||||||||||||||||||||||||||
Corporate (A) | 467,459 | 354,431 | |||||||||||||||||||||||||||||||||
$ | 4,716,626 | 4,885,829 | |||||||||||||||||||||||||||||||||
Note A: Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2014 and March 31, 2014, $327.5 million and $228.9 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 quarters and nine-month periods ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
Revenue by vessel class | December 31, | December 31, | |||||||||||||||||||||||||||||||||
(In thousands) | 2014 | % | 2013 | % | 2014 | % | 2013 | % | |||||||||||||||||||||||||||
Americas fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 94,298 | 25 | % | 72,048 | 20 | % | 267,983 | 23 | % | 188,891 | 18 | % | ||||||||||||||||||||||
Towing-supply | 33,607 | 9 | % | 30,451 | 9 | % | 97,511 | 9 | % | 88,982 | 9 | % | |||||||||||||||||||||||
Other | 6,649 | 2 | % | 7,349 | 2 | % | 23,056 | 2 | % | 24,148 | 2 | % | |||||||||||||||||||||||
Total | $ | 134,554 | 36 | % | 109,848 | 31 | % | 388,550 | 34 | % | 302,021 | 29 | % | ||||||||||||||||||||||
Asia/Pacific fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 20,575 | 5 | % | 20,142 | 6 | % | 72,492 | 6 | % | 64,357 | 6 | % | ||||||||||||||||||||||
Towing-supply | 13,487 | 4 | % | 15,235 | 4 | % | 45,862 | 4 | % | 49,516 | 5 | % | |||||||||||||||||||||||
Other | 984 | <1 | % | 948 | <1 | % | 2,930 | <1 | % | 2,838 | <1 | % | |||||||||||||||||||||||
Total | $ | 35,046 | 9 | % | 36,325 | 10 | % | 121,284 | 10 | % | 116,711 | 11 | % | ||||||||||||||||||||||
Middle East/North Africa fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 25,615 | 7 | % | 18,805 | 5 | % | 64,336 | 6 | % | 50,389 | 5 | % | ||||||||||||||||||||||
Towing-supply | 29,441 | 8 | % | 31,481 | 9 | % | 93,435 | 8 | % | 84,741 | 8 | % | |||||||||||||||||||||||
Other | 869 | <1 | % | 872 | <1 | % | 2,530 | <1 | % | 2,611 | <1 | % | |||||||||||||||||||||||
Total | $ | 55,925 | 15 | % | 51,158 | 14 | % | 160,301 | 14 | % | 137,741 | 13 | % | ||||||||||||||||||||||
Sub-Saharan Africa/Europe fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 81,129 | 21 | % | 84,866 | 23 | % | 262,013 | 23 | % | 278,658 | 26 | % | ||||||||||||||||||||||
Towing-supply | 52,532 | 14 | % | 59,789 | 17 | % | 162,585 | 14 | % | 171,421 | 16 | % | |||||||||||||||||||||||
Other | 18,940 | 5 | % | 18,727 | 5 | % | 55,855 | 5 | % | 49,459 | 5 | % | |||||||||||||||||||||||
Total | $ | 152,601 | 40 | % | 163,382 | 45 | % | 480,453 | 42 | % | 499,538 | 47 | % | ||||||||||||||||||||||
Worldwide fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 221,617 | 58 | % | 195,861 | 54 | % | 666,824 | 58 | % | 582,295 | 55 | % | ||||||||||||||||||||||
Towing-supply | 129,067 | 35 | % | 136,956 | 39 | % | 399,393 | 35 | % | 394,660 | 38 | % | |||||||||||||||||||||||
Other | 27,442 | 7 | % | 27,896 | 7 | % | 84,371 | 7 | % | 79,056 | 7 | % | |||||||||||||||||||||||
Total | $ | 378,126 | 100 | % | 360,713 | 100 | % | 1,150,588 | 100 | % | 1,056,011 | 100 | % | ||||||||||||||||||||||
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill | -12 | 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. | ||||||||||||||||||||||||||
During the quarter ended December, 31, 2014 the company performed its annual goodwill impairment assessment and determined that the rapid and significant decline in crude oil and natural gas prices (which occurred and accelerated throughout the latter part of the company’s third fiscal quarter), and the expected short to intermediate term effect that the downturn might have on levels of exploration and production activity would likely have a negative effect on average day rates and utilization levels of the company’s vessels. Expected future cash flow analyses using the projected average day rates and utilization levels in this new commodity pricing environment were included in the company’s valuation models and indicated that the carrying value of the Americas and Sub-Saharan Africa/Europe reporting units were less than their respective fair values. A goodwill impairment charge of $283.7 million, to write-off the company’s remaining goodwill, was recorded during the quarter ended December 31, 2014. | ||||||||||||||||||||||||||
During the quarter ended December, 31, 2013 the company performed its annual goodwill impairment assessment 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. At the time of the December 2013 goodwill impairment assessment, the Asia/Pacific region continued to be challenged with excess vessel capacity as a result of the significant number of vessels that had been built in this region over the previous 10 years. These additional newbuilds had not been met by a commensurate increase in exploration, development or other activity within the region. In recent years, the company has disposed of older vessels that had 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 first quarter of fiscal 2014, $42.2 million of goodwill related to the acquisition of Troms Offshore was allocated to the Sub-Saharan Africa/Europe segment. | ||||||||||||||||||||||||||
Goodwill by reportable segment at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||
(In thousands) | March 31, | Goodwill acquired | Impairments | December 31, | ||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Americas | $ | 114,237 | — | 114,237 | — | |||||||||||||||||||||
Sub-Saharan Africa/Europe | 169,462 | — | 169,462 | — | ||||||||||||||||||||||
Total carrying amount (A) | $ | 283,699 | — | 283,699 | — | |||||||||||||||||||||
(In thousands) | March 31, | Goodwill acquired | Impairments | December 31, | ||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | |||||||||||||||||||||
Asia/Pacific | 56,283 | — | 56,283 | — | ||||||||||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | 42,160 | — | 169,462 | ||||||||||||||||||||||
Total carrying amount (B) | $ | 297,822 | 42,160 | — | 283,699 | |||||||||||||||||||||
(A) | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||||||||||||||||||||
(B) | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. |
SaleLeaseback_Arrangements
Sale/Leaseback Arrangements | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Sale/Leaseback Arrangements | -13 | SALE/LEASEBACK ARRANGEMENTS | |||||||||||||
During the third quarter of fiscal 2015, the company sold three vessels to unrelated third parties, and simultaneously entered into bareboat charter agreements with the purchasers. The sale/leaseback transactions resulted in total proceeds to the company of $78.2 million and deferred gains of $45.0 million. The carrying value of the vessels was $33.2 million at the dates of sale. Two leases expire in the quarter ending December 2022 and the third lease expires in the quarter ending December 2023. Under the sale/leaseback agreements the company has the right to re-acquire two vessels at approximately 60% of the original sales price at the end of the seventh year and the third vessel at approximately 60% of the original sales price at the end of the eighth year, deliver the vessel to the owners at the end of the lease term, purchase the vessels at their then fair market values at the end of the lease terms or extend the leases for 24 months at mutually agreeable lease rates. | |||||||||||||||
During the second quarter of fiscal 2015, the company sold one vessel to an unrelated third party, and simultaneously entered into bareboat charter agreements with the purchaser. The sale/leaseback transaction resulted in proceeds to the company of $19.4 million and a deferred gain of $11.2 million. The carrying value of the vessel was $8.2 million at the date of sale. The lease will expire in the quarter ending March 2023. Under the sale/leaseback agreement the company has the right to re-acquire the vessel at 47% of the original sales price in the middle of the eighth year, deliver the vessel to the owner at the end of the lease term, purchase the vessel at its then fair market value at the end of the lease term or extend the lease for 24 months at mutually agreeable lease rates. | |||||||||||||||
During the first quarter of fiscal 2015, the company sold one vessel to an unrelated third party, and simultaneously entered into bareboat charter agreements with the purchaser. The sale/leaseback transaction resulted in proceeds to the company of $13.4 million and a deferred gain of $9.4 million. The carrying value of the vessel was $4.0 million at the date of sale. The lease will expire in the quarter ending June 2021. Under the sale/leaseback agreement the company has the right to re-acquire the vessel at 61% 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 vessel at its then fair market value at the end of the lease term or extend the lease for 24 months at mutually agreeable lease rates. | |||||||||||||||
The company is accounting for these transactions as sale/leasebacks with operating lease treatment and will expense lease payments over the lease term. The deferred gains will be amortized to gain on asset dispositions, net ratably over the respective lease term. Any deferred gain balance remaining upon the repurchase of the vessels would reduce the vessels’ stated cost if the company elects to exercise the purchase options. | |||||||||||||||
During the third quarter of fiscal 2015, the company elected to repurchase from its lessor the remaining leased vessel from the sale/leaseback transaction that originated during Fiscal 2006 for $11.2 million. This vessel was then sold and leased back again in December 2014. | |||||||||||||||
As of December 31, 2014, the future minimum lease payments for the vessels under the operating lease terms are as follows: | |||||||||||||||
Fiscal year ending (In thousands) | Fiscal 2015 | Fiscal 2014 | Total | ||||||||||||
Sale/Leasebacks | Sale/Leasebacks | ||||||||||||||
Remaining three months of 2015 | $ | 2,043 | 5,220 | 7,263 | |||||||||||
2016 | 8,174 | 20,879 | 29,053 | ||||||||||||
2017 | 8,174 | 20,879 | 29,053 | ||||||||||||
2018 | 8,293 | 23,485 | 31,778 | ||||||||||||
2019 | 8,744 | 24,800 | 33,544 | ||||||||||||
Thereafter | 37,554 | 65,263 | 102,817 | ||||||||||||
Total future lease payments | $ | 72,982 | 160,526 | 233,508 | |||||||||||
For the quarters and nine months ended December 31, 2014 and 2013, the company expensed approximately $7.2 million and $5.8 million and $20.2 million and $13.8 million, respectively, on all of its bareboat charter arrangements. |
Acquisition
Acquisition | 9 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Acquisition | -14 | 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 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 (A) | 245,605 | ||||||
Goodwill (B) | 42,160 | ||||||
Payable and other liabilities | (13,020 | ) | |||||
Notes payable | (156,824 | ) | |||||
Total purchase price | $ | 150,000 | |||||
(A) | Includes $10.7 million in costs attributed to vessels under construction. | ||||||
(B) | Subsequently written off in December 2014 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Common Stock Repurchased and Average Price Paid Per Share | The aggregate dollar outlay for common stock repurchased, along with the number of shares repurchased, and average price paid per share, for the quarters and nine-month periods ended December 31 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Aggregate dollar outlay for common stock repurchased | $ | 99,999 | — | 99,999 | — | ||||||||||||||||||||||||||||||||||||||
Shares of common stock repurchased | 2,841,976 | — | 2,841,976 | — | |||||||||||||||||||||||||||||||||||||||
Average price paid per common share | $ | 35.19 | — | 35.19 | — | ||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | The Board of Directors declared the following dividends for the quarters and nine-month periods ended December 31: | ||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per share) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Dividends declared | $ | 12,029 | 12,396 | 37,229 | 37,431 | ||||||||||||||||||||||||||||||||||||||
Dividend per share | 0.25 | 0.25 | 0.75 | 0.75 | |||||||||||||||||||||||||||||||||||||||
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 quarters and nine month periods ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||
For the quarter ended December 31, 2014 | For the nine months ended December 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 | ||||||||||||||||||||||||||||||||||
9/30/14 | in OCI | net income | OCI | 12/31/14 | 3/31/14 | in OCI | net income | OCI | 12/31/14 | ||||||||||||||||||||||||||||||||||
Available for sale securities | 225 | (73 | ) | 19 | (54 | ) | 171 | 92 | (76 | ) | 155 | 79 | 171 | ||||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | 15 | — | — | — | 15 | (116 | ) | 131 | — | 131 | 15 | ||||||||||||||||||||||||||||||||
Interest rate swaps | (2,157 | ) | — | 116 | 116 | (2,041 | ) | (2,390 | ) | — | 349 | 349 | (2,041 | ) | |||||||||||||||||||||||||||||
Total | (11,728 | ) | (73 | ) | 135 | 62 | (11,666 | ) | (12,225 | ) | 55 | 504 | 559 | (11,666 | ) | ||||||||||||||||||||||||||||
For the quarter ended December 31, 2013 | For the nine months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||
9/30/13 | in OCI | net income | OCI | 12/31/13 | 3/31/13 | in OCI | net income | OCI | 12/31/13 | ||||||||||||||||||||||||||||||||||
Available for sale securities | (183 | ) | 354 | 51 | 405 | 222 | (121 | ) | 149 | 194 | 343 | 222 | |||||||||||||||||||||||||||||||
Currency translation adjustment | (9,811 | ) | — | — | — | (9,811 | ) | (9,811 | ) | — | — | — | (9,811 | ) | |||||||||||||||||||||||||||||
Pension/Post-retirement benefits | (4,353 | ) | — | — | — | (4,353 | ) | (4,353 | ) | — | — | — | (4,353 | ) | |||||||||||||||||||||||||||||
Interest rate swaps | (2,623 | ) | — | 116 | 116 | (2,507 | ) | (2,856 | ) | — | 349 | 349 | (2,507 | ) | |||||||||||||||||||||||||||||
Total | (16,970 | ) | 354 | 167 | 521 | (16,449 | ) | (17,141 | ) | 149 | 543 | 692 | (16,449 | ) | |||||||||||||||||||||||||||||
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 quarters and nine month periods ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | Affected line item in the condensed | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | consolidated statements of income | ||||||||||||||||||||||||||||||||||||||
Realized gains on available for sale securities | $ | 29 | 79 | 238 | 298 | Interest income and other, net | |||||||||||||||||||||||||||||||||||||
Amortization of interest rate swap | 178 | 178 | 537 | 537 | Interest and other debt costs | ||||||||||||||||||||||||||||||||||||||
Total pre-tax amounts | 207 | 257 | 775 | 835 | |||||||||||||||||||||||||||||||||||||||
Tax effect | 72 | 90 | 271 | 292 | |||||||||||||||||||||||||||||||||||||||
Total gains for the period, net of tax | $ | 135 | 167 | 504 | 543 | ||||||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings | The effective tax rate applicable to pre-tax earnings, for the quarters and the nine-month periods ended December 31, is as follows: | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Effective tax rate applicable to pre-tax earnings | 27.20% | -1.60% | 31.00% | 20.50% | ||||||||||||||||||||||
Schedule of Uncertain Tax Positions and Income Tax Payable | The company’s balance sheet at December 31, 2014 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes: | |||||||||||||||||||||||||
(In thousands) | December 31, | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Tax liabilities for uncertain tax positions | $ | 15,573 | ||||||||||||||||||||||||
Income tax payable | 38,301 | |||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized | Unrecognized tax benefits, which would lower the effective tax rate if realized at December 31, 2014, are as follows: | |||||||||||||||||||||||||
(In thousands) | December 31, | |||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||
Unrecognized tax benefit related to state tax issues | $ | 10,961 | ||||||||||||||||||||||||
Interest receivable on unrecognized tax benefit related to state tax issues | 30 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||
Dec. 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 December 31, 2014 and March 31, 2014: | ||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2014 | |||||||||||||||||||||||||||||
Investments held in Rabbi Trust | $ | 10,023 | 10,285 | ||||||||||||||||||||||||||||
Unrealized gains in fair value of trust assets | 263 | 92 | |||||||||||||||||||||||||||||
Unrealized gains in fair value of trust assets are net of income tax expense of | 92 | 49 | |||||||||||||||||||||||||||||
Obligations under the supplemental plan | 23,229 | 21,918 | |||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | The net periodic benefit cost for the company’s 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 collectively as “Other Benefits”) is comprised of the following components: | ||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Pension Benefits: | |||||||||||||||||||||||||||||||
Service cost | $ | 206 | 198 | 618 | 594 | ||||||||||||||||||||||||||
Interest cost | 968 | 895 | 2,904 | 2,685 | |||||||||||||||||||||||||||
Expected return on plan assets | (685 | ) | (718 | ) | (2,055 | ) | (2,154 | ) | |||||||||||||||||||||||
Amortization of prior service cost | 12 | 12 | 36 | 36 | |||||||||||||||||||||||||||
Recognized actuarial loss | 247 | 276 | 741 | 828 | |||||||||||||||||||||||||||
Net periodic benefit cost | $ | 748 | 663 | 2,244 | 1,989 | ||||||||||||||||||||||||||
Other Benefits: | |||||||||||||||||||||||||||||||
Service cost | $ | 68 | 101 | 204 | 303 | ||||||||||||||||||||||||||
Interest cost | 226 | 262 | 678 | 786 | |||||||||||||||||||||||||||
Amortization of prior service cost | (508 | ) | (508 | ) | (1,524 | ) | (1,524 | ) | |||||||||||||||||||||||
Recognized actuarial (gain) loss | (325 | ) | (99 | ) | (975 | ) | (297 | ) | |||||||||||||||||||||||
Net periodic benefit cost | $ | (539 | ) | (244 | ) | (1,617 | ) | (732 | ) | ||||||||||||||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Debt Outstanding | A summary of debt outstanding at December 31, 2014 and March 31, 2014, are as follows: | ||||||||||||||||
December 31, | March 31, | ||||||||||||||||
(In thousands, except weighted average data) | 2014 | 2014 | |||||||||||||||
Credit facility: | |||||||||||||||||
Term loan agreement (A) | $ | 300,000 | 300,000 | ||||||||||||||
Revolving line of credit (A) (B) | — | — | |||||||||||||||
September 2013 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 500,000 | 500,000 | ||||||||||||||
Weighted average remaining life in years | 8.6 | 9.4 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.86 | % | 4.86 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 495,387 | 520,979 | ||||||||||||||
August 2011 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 165,000 | 165,000 | ||||||||||||||
Weighted average remaining life in years | 5.8 | 6.6 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.42 | % | 4.42 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 162,541 | 168,653 | ||||||||||||||
September 2010 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 425,000 | 425,000 | ||||||||||||||
Weighted average remaining life in years | 4.9 | 5.6 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.25 | % | 4.25 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 419,769 | 436,264 | ||||||||||||||
July 2003 senior unsecured notes: | |||||||||||||||||
Aggregate debt outstanding | $ | 35,000 | 35,000 | ||||||||||||||
Weighted average remaining life in years | 0.6 | 1.3 | |||||||||||||||
Weighted average coupon rate on notes outstanding | 4.61 | % | 4.61 | % | |||||||||||||
Fair value of debt outstanding (Level 2) | $ | 35,256 | 36,018 | ||||||||||||||
(A) Fair values approximate carrying values because the borrowings bear interest at variable rates. | |||||||||||||||||
(B) $600 million was available under the revolver at December 31, 2014 and March 31, 2014. | |||||||||||||||||
Debt Costs | Interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31, are as follows: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ | 12,239 | 12,250 | 37,927 | 31,081 | ||||||||||||
Interest costs capitalized | 3,638 | 2,643 | 9,920 | 8,241 | |||||||||||||
Total interest and debt costs | $ | 15,877 | 14,893 | 47,847 | 39,322 | ||||||||||||
Norwegian Kroner (NOK) Denominated Borrowings | |||||||||||||||||
Summary of Debt Outstanding | A summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2014 and March 31, 2014, and their U.S. dollar equivalents are as follows: | ||||||||||||||||
December 31, | March 31, | ||||||||||||||||
(In thousands) | 2014 | 2014 | |||||||||||||||
3.81% January 2014 notes: | |||||||||||||||||
NOK denominated | 287,500 | 300,000 | |||||||||||||||
U.S. dollar equivalent | $ | 38,575 | 50,028 | ||||||||||||||
Fair value in U.S. dollar equivalent (Level 2) | 38,581 | 50,044 | |||||||||||||||
5.38% May 2012 notes: | |||||||||||||||||
NOK denominated | 161,880 | 178,920 | |||||||||||||||
U.S. dollar equivalent | $ | 21,720 | 29,867 | ||||||||||||||
Fair value in U.S. dollar equivalent (Level 2) | 21,634 | 29,588 | |||||||||||||||
Variable rate borrowings: | |||||||||||||||||
June 2013 borrowing agreement (C) | |||||||||||||||||
NOK denominated | 25,000 | 25,000 | |||||||||||||||
U.S. dollar equivalent | $ | 3,354 | 4,168 | ||||||||||||||
May 2012 borrowing agreement (C) | |||||||||||||||||
NOK denominated | 20,000 | 35,000 | |||||||||||||||
U.S. dollar equivalent | $ | 2,683 | 5,837 | ||||||||||||||
(C) Fair values approximate carrying values because the borrowings bear interest at variable rates. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share for the quarters and the nine-month periods ended December 31, are as follows: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Income available to common shareholders (A) | $ | (160,694 | ) | 12,583 | (56,114 | ) | 96,838 | ||||||||||
Weighted average outstanding shares of common stock, basic (B) | 48,481,722 | 49,347,448 | 49,213,712 | 49,302,971 | |||||||||||||
Dilutive effect of options and restricted stock awards and units | — | 482,818 | — | 436,758 | |||||||||||||
Weighted average common stock and equivalents (C) | 48,481,722 | 49,830,266 | 49,213,712 | 49,739,729 | |||||||||||||
Earnings per share, basic (A/B) | $ | (3.31 | ) | 0.25 | (1.14 | ) | 1.96 | ||||||||||
Earnings per share, diluted (A/C) | $ | (3.31 | ) | 0.25 | (1.14 | ) | 1.95 | ||||||||||
Additional information: | |||||||||||||||||
Antidilutive incremental options and restricted stock awards and units | 158,575 | — | 231,171 | — |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Schedule of Vessel Commitments to Acquire and Construct New Vessels and ROVs, by Vessel Type | The table below summarizes the company’s various vessel commitments to acquire and construct new vessels and ROVs, by vessel type, as of December 31, 2014: | ||||||||||||||
(In thousands, except vessel count) | Number | Total | Invested | Remaining | |||||||||||
of | Cost | Through | Balance | ||||||||||||
Vessels/ROVs | 12/31/14 | 12/31/14 | |||||||||||||
Vessels under construction: | |||||||||||||||
Deepwater PSVs | 21 | $ | 713,903 | 258,460 | 455,443 | ||||||||||
Towing-supply vessels | 6 | 112,284 | 64,542 | 47,742 | |||||||||||
Other | 1 | 8,014 | 8,014 | — | |||||||||||
Total vessel commitments | 28 | 834,201 | 331,016 | 503,185 | |||||||||||
Total ROV commitments | 2 | 13,640 | 12,940 | 700 | |||||||||||
Total commitments | 30 | $ | 847,841 | 343,956 | 503,885 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Schedule of Fair Value Assets Measurement | The following table provides the fair value hierarchy for the plan assets measured at fair value as of December 31, 2014: | ||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active markets | observable | unobservable | |||||||||||||||||||||||||
(Level 1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
Common stock | $ | 3,941 | 3,941 | — | — | ||||||||||||||||||||||
Preferred stock | — | — | — | — | |||||||||||||||||||||||
Foreign stock | 212 | 212 | — | — | |||||||||||||||||||||||
American depository receipts | 1,695 | 1,695 | — | — | |||||||||||||||||||||||
Preferred American depository receipts | 14 | 14 | — | — | |||||||||||||||||||||||
Real estate investment trusts | 63 | 63 | — | — | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||
Government debt securities | 1,668 | 1,329 | 339 | — | |||||||||||||||||||||||
Open ended mutual funds | 1,897 | 1,897 | — | — | |||||||||||||||||||||||
Cash and cash equivalents | 670 | 16 | 654 | — | |||||||||||||||||||||||
Total | $ | 10,160 | 9,167 | 993 | — | ||||||||||||||||||||||
Other pending transactions | (137 | ) | (137 | ) | — | — | |||||||||||||||||||||
Total fair value of plan assets | $ | 10,023 | 9,030 | 993 | — | ||||||||||||||||||||||
The following table provides the fair value hierarchy for the plan assets measured at fair value 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) | ||||||||||||||||||||||||||
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 | — | ||||||||||||||||||||||
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 December 31, 2014: | ||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||
active markets | observable | unobservable | |||||||||||||||||||||||||
(Level1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Money market cash equivalents | $ | 1,016 | 1,016 | — | — | ||||||||||||||||||||||
Total fair value of assets | $ | 1,016 | 1,016 | — | — | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(Level1) | inputs | inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||||
Money market cash equivalents | $ | 16,559 | 16,559 | — | — | ||||||||||||||||||||||
Total fair value of assets | $ | 16,559 | 16,559 | — | — | ||||||||||||||||||||||
Summary of Gain on Assets Disposition | The below table summarizes the combined fair value of the assets that incurred impairments during the quarters and nine-month periods ended December 31, 2014 and 2013, along with the amount of impairment. The impairment charges were recorded in gain on asset dispositions, net. | ||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Amount of impairment incurred | $ | 6,236 | 3,691 | 8,096 | 7,738 | ||||||||||||||||||||||
Combined fair value of assets incurring impairment | 3,914 | 4,308 | 4,634 | 8,774 | |||||||||||||||||||||||
Other_Assets_Accrued_Expenses_1
Other Assets, Accrued Expenses, Other Current Liabilities and Other Liabilities and Deferred Credits (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule Of Other Assets | A summary of other assets at December 31, 2014 and March 31, 2014 is as follows: | ||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Recoverable insurance losses | $ | 8,163 | 5,219 | ||||||||||||||
Deferred income tax assets | 45,139 | 34,376 | |||||||||||||||
Deferred finance charges | 7,308 | 8,728 | |||||||||||||||
Savings plans and supplemental plan | 23,456 | 23,212 | |||||||||||||||
Noncurrent tax receivable | 8,887 | 9,106 | |||||||||||||||
Other | 9,663 | 15,744 | |||||||||||||||
$ | 102,616 | 96,385 | |||||||||||||||
Schedule of Accrued Expenses | A summary of accrued expenses at December 31, 2014 and March 31, 2014 is as follows: | ||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Payroll and related payables | $ | 33,309 | 27,248 | ||||||||||||||
Commissions payable | 6,842 | 8,263 | |||||||||||||||
Accrued vessel expenses | 97,463 | 96,468 | |||||||||||||||
Accrued interest expense | 2,936 | 14,816 | |||||||||||||||
Other accrued expenses | 8,973 | 10,507 | |||||||||||||||
$ | 149,523 | 157,302 | |||||||||||||||
Schedule of Other Current Liabilities | A summary of other current liabilities at December 31, 2014 and March 31, 2014 is as follows: | ||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Taxes payable | $ | 55,036 | 56,080 | ||||||||||||||
Deferred gain on vessel sales - current | 23,477 | 13,996 | |||||||||||||||
Other | 722 | 491 | |||||||||||||||
$ | 79,235 | 70,567 | |||||||||||||||
Schedule of Other Liabilities and Deferred Credits | A summary of other liabilities and deferred credits at December 31, 2014 and March 31, 2014 is as follows: | ||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||
2014 | 2014 | ||||||||||||||||
Postretirement benefits liability | $ | 20,992 | 23,185 | ||||||||||||||
Pension liabilities | 34,746 | 35,234 | |||||||||||||||
Deferred gain on vessel sales | 135,044 | 85,316 | |||||||||||||||
Other | 35,945 | 35,469 | |||||||||||||||
$ | 226,727 | 179,204 | |||||||||||||||
Segment_and_Geographic_Distrib1
Segment and Geographic Distribution Of Operations (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Segment Information, Geographical Data and Major Customers | The following table provides a comparison of segment revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2014 and 2013. 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 (the remainder of which the company disposed of in the quarter ended June 30, 2013), remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses. | ||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Vessel revenues: | |||||||||||||||||||||||||||||||||||
Americas | $ | 134,554 | 109,848 | 388,550 | 302,021 | ||||||||||||||||||||||||||||||
Asia/Pacific | 35,046 | 36,325 | 121,284 | 116,711 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 55,925 | 51,158 | 160,301 | 137,741 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 152,601 | 163,382 | 480,453 | 499,538 | |||||||||||||||||||||||||||||||
378,126 | 360,713 | 1,150,588 | 1,056,011 | ||||||||||||||||||||||||||||||||
Other operating revenues | 9,428 | 4,535 | 20,167 | 11,259 | |||||||||||||||||||||||||||||||
$ | 387,554 | 365,248 | 1,170,755 | 1,067,270 | |||||||||||||||||||||||||||||||
Vessel operating profit: | |||||||||||||||||||||||||||||||||||
Americas | $ | 33,784 | 25,579 | 100,770 | 69,555 | ||||||||||||||||||||||||||||||
Asia/Pacific | 2,621 | 5,932 | 9,064 | 21,028 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 12,408 | 10,927 | 31,568 | 34,496 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 34,120 | 38,502 | 113,168 | 103,282 | |||||||||||||||||||||||||||||||
82,933 | 80,940 | 254,570 | 228,361 | ||||||||||||||||||||||||||||||||
Other operating profit (loss) | (1,032 | ) | (233 | ) | (5,548 | ) | (407 | ) | |||||||||||||||||||||||||||
81,901 | 80,707 | 249,022 | 227,954 | ||||||||||||||||||||||||||||||||
Corporate general and administrative expenses | (9,411 | ) | (10,323 | ) | (30,686 | ) | (38,269 | ) | |||||||||||||||||||||||||||
Corporate depreciation | (834 | ) | (783 | ) | (2,486 | ) | (2,283 | ) | |||||||||||||||||||||||||||
Corporate expenses | (10,245 | ) | (11,106 | ) | (33,172 | ) | (40,552 | ) | |||||||||||||||||||||||||||
(Loss) gain on asset dispositions, net | (1,537 | ) | 7,170 | 4,996 | 9,359 | ||||||||||||||||||||||||||||||
Goodwill impairment | (283,699 | ) | (56,283 | ) | (283,699 | ) | (56,283 | ) | |||||||||||||||||||||||||||
Operating income (loss) | $ | (213,580 | ) | 20,488 | (62,853 | ) | 140,478 | ||||||||||||||||||||||||||||
Foreign exchange gain | 4,334 | 1,341 | 8,453 | 4,269 | |||||||||||||||||||||||||||||||
Equity in net earnings of unconsolidated companies | — | 2,671 | 9,104 | 10,872 | |||||||||||||||||||||||||||||||
Interest income and other, net | 434 | 137 | 1,555 | 1,415 | |||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | (4,144 | ) | ||||||||||||||||||||||||||||||
Interest and other debt costs, net | (12,239 | ) | (12,250 | ) | (37,927 | ) | (31,081 | ) | |||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | (221,051 | ) | 12,387 | (81,668 | ) | 121,809 | ||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||
Americas | $ | 11,825 | 11,311 | 35,623 | 32,253 | ||||||||||||||||||||||||||||||
Asia/Pacific | 4,731 | 4,231 | 13,538 | 12,878 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 7,016 | 6,405 | 20,383 | 17,742 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 18,067 | 19,661 | 55,494 | 59,397 | |||||||||||||||||||||||||||||||
41,639 | 41,608 | 125,038 | 122,270 | ||||||||||||||||||||||||||||||||
Other | 858 | — | 2,626 | 2 | |||||||||||||||||||||||||||||||
Corporate | 834 | 783 | 2,486 | 2,283 | |||||||||||||||||||||||||||||||
$ | 43,331 | 42,391 | 130,150 | 124,555 | |||||||||||||||||||||||||||||||
Additions to properties and equipment: | |||||||||||||||||||||||||||||||||||
Americas | $ | 32,421 | 45,580 | 64,057 | 57,619 | ||||||||||||||||||||||||||||||
Asia/Pacific | 44,983 | 652 | 68,193 | 1,620 | |||||||||||||||||||||||||||||||
Middle East/North Africa | 424 | 805 | 1,659 | 1,714 | |||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe (A) | 823 | 52,695 | 14,736 | 397,252 | |||||||||||||||||||||||||||||||
78,651 | 99,732 | 148,645 | 458,205 | ||||||||||||||||||||||||||||||||
Other | 10,206 | 22,267 | 18,931 | 31,780 | |||||||||||||||||||||||||||||||
Corporate (B) | 14,198 | 60,562 | 67,678 | 162,646 | |||||||||||||||||||||||||||||||
$ | 103,055 | 182,561 | 235,254 | 652,631 | |||||||||||||||||||||||||||||||
(A) | Included in Sub-Saharan Africa/Europe for the nine months ended December 31, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | ||||||||||||||||||||||||||||||||||
(B) | 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. | ||||||||||||||||||||||||||||||||||
Comparison of Total Assets | The following table provides a comparison of total assets at December 31, 2014 and March 31, 2014: | ||||||||||||||||||||||||||||||||||
(In thousands) | December 31, | March 31, | |||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||||||||
Americas | $ | 1,030,511 | 1,017,736 | ||||||||||||||||||||||||||||||||
Asia/Pacific | 434,398 | 421,379 | |||||||||||||||||||||||||||||||||
Middle East/North Africa | 652,806 | 613,303 | |||||||||||||||||||||||||||||||||
Sub-Saharan Africa/Europe | 2,013,246 | 2,383,507 | |||||||||||||||||||||||||||||||||
4,130,961 | 4,435,925 | ||||||||||||||||||||||||||||||||||
Other | 52,728 | 31,545 | |||||||||||||||||||||||||||||||||
4,183,689 | 4,467,470 | ||||||||||||||||||||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 65,478 | 63,928 | |||||||||||||||||||||||||||||||||
4,249,167 | 4,531,398 | ||||||||||||||||||||||||||||||||||
Corporate (A) | 467,459 | 354,431 | |||||||||||||||||||||||||||||||||
$ | 4,716,626 | 4,885,829 | |||||||||||||||||||||||||||||||||
Note A: Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel’s construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2014 and March 31, 2014, $327.5 million and $228.9 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 quarters and nine-month periods ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
Revenue by vessel class | December 31, | December 31, | |||||||||||||||||||||||||||||||||
(In thousands) | 2014 | % | 2013 | % | 2014 | % | 2013 | % | |||||||||||||||||||||||||||
Americas fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 94,298 | 25 | % | 72,048 | 20 | % | 267,983 | 23 | % | 188,891 | 18 | % | ||||||||||||||||||||||
Towing-supply | 33,607 | 9 | % | 30,451 | 9 | % | 97,511 | 9 | % | 88,982 | 9 | % | |||||||||||||||||||||||
Other | 6,649 | 2 | % | 7,349 | 2 | % | 23,056 | 2 | % | 24,148 | 2 | % | |||||||||||||||||||||||
Total | $ | 134,554 | 36 | % | 109,848 | 31 | % | 388,550 | 34 | % | 302,021 | 29 | % | ||||||||||||||||||||||
Asia/Pacific fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 20,575 | 5 | % | 20,142 | 6 | % | 72,492 | 6 | % | 64,357 | 6 | % | ||||||||||||||||||||||
Towing-supply | 13,487 | 4 | % | 15,235 | 4 | % | 45,862 | 4 | % | 49,516 | 5 | % | |||||||||||||||||||||||
Other | 984 | <1 | % | 948 | <1 | % | 2,930 | <1 | % | 2,838 | <1 | % | |||||||||||||||||||||||
Total | $ | 35,046 | 9 | % | 36,325 | 10 | % | 121,284 | 10 | % | 116,711 | 11 | % | ||||||||||||||||||||||
Middle East/North Africa fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 25,615 | 7 | % | 18,805 | 5 | % | 64,336 | 6 | % | 50,389 | 5 | % | ||||||||||||||||||||||
Towing-supply | 29,441 | 8 | % | 31,481 | 9 | % | 93,435 | 8 | % | 84,741 | 8 | % | |||||||||||||||||||||||
Other | 869 | <1 | % | 872 | <1 | % | 2,530 | <1 | % | 2,611 | <1 | % | |||||||||||||||||||||||
Total | $ | 55,925 | 15 | % | 51,158 | 14 | % | 160,301 | 14 | % | 137,741 | 13 | % | ||||||||||||||||||||||
Sub-Saharan Africa/Europe fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 81,129 | 21 | % | 84,866 | 23 | % | 262,013 | 23 | % | 278,658 | 26 | % | ||||||||||||||||||||||
Towing-supply | 52,532 | 14 | % | 59,789 | 17 | % | 162,585 | 14 | % | 171,421 | 16 | % | |||||||||||||||||||||||
Other | 18,940 | 5 | % | 18,727 | 5 | % | 55,855 | 5 | % | 49,459 | 5 | % | |||||||||||||||||||||||
Total | $ | 152,601 | 40 | % | 163,382 | 45 | % | 480,453 | 42 | % | 499,538 | 47 | % | ||||||||||||||||||||||
Worldwide fleet: | |||||||||||||||||||||||||||||||||||
Deepwater | $ | 221,617 | 58 | % | 195,861 | 54 | % | 666,824 | 58 | % | 582,295 | 55 | % | ||||||||||||||||||||||
Towing-supply | 129,067 | 35 | % | 136,956 | 39 | % | 399,393 | 35 | % | 394,660 | 38 | % | |||||||||||||||||||||||
Other | 27,442 | 7 | % | 27,896 | 7 | % | 84,371 | 7 | % | 79,056 | 7 | % | |||||||||||||||||||||||
Total | $ | 378,126 | 100 | % | 360,713 | 100 | % | 1,150,588 | 100 | % | 1,056,011 | 100 | % | ||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Schedule of Goodwill by Reportable Segment | Goodwill by reportable segment at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||
(In thousands) | March 31, | Goodwill acquired | Impairments | December 31, | ||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Americas | $ | 114,237 | — | 114,237 | — | |||||||||||||||||||||
Sub-Saharan Africa/Europe | 169,462 | — | 169,462 | — | ||||||||||||||||||||||
Total carrying amount (A) | $ | 283,699 | — | 283,699 | — | |||||||||||||||||||||
(In thousands) | March 31, | Goodwill acquired | Impairments | December 31, | ||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||
Americas | $ | 114,237 | — | — | 114,237 | |||||||||||||||||||||
Asia/Pacific | 56,283 | — | 56,283 | — | ||||||||||||||||||||||
Sub-Saharan Africa/Europe | 127,302 | 42,160 | — | 169,462 | ||||||||||||||||||||||
Total carrying amount (B) | $ | 297,822 | 42,160 | — | 283,699 | |||||||||||||||||||||
(A) | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||||||||||||||||||||
(B) | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. |
SaleLeaseback_Arrangements_Tab
Sale/Leaseback Arrangements (Tables) | 9 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Schedule of Future Minimum Lease Payments | As of December 31, 2014, the future minimum lease payments for the vessels under the operating lease terms are as follows: | ||||||||||||||
Fiscal year ending (In thousands) | Fiscal 2015 | Fiscal 2014 | Total | ||||||||||||
Sale/Leasebacks | Sale/Leasebacks | ||||||||||||||
Remaining three months of 2015 | $ | 2,043 | 5,220 | 7,263 | |||||||||||
2016 | 8,174 | 20,879 | 29,053 | ||||||||||||
2017 | 8,174 | 20,879 | 29,053 | ||||||||||||
2018 | 8,293 | 23,485 | 31,778 | ||||||||||||
2019 | 8,744 | 24,800 | 33,544 | ||||||||||||
Thereafter | 37,554 | 65,263 | 102,817 | ||||||||||||
Total future lease payments | $ | 72,982 | 160,526 | 233,508 | |||||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||
Dec. 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 (A) | 245,605 | ||||||
Goodwill (B) | 42,160 | ||||||
Payable and other liabilities | (13,020 | ) | |||||
Notes payable | (156,824 | ) | |||||
Total purchase price | $ | 150,000 | |||||
(A) | Includes $10.7 million in costs attributed to vessels under construction. | ||||||
(B) | Subsequently written off in December 2014 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | 31-May-14 | 31-May-13 |
May 2014 Authorized Amount | |||
Stockholders Equity Note [Line Items] | |||
Amount authorized to repurchase shares | $200 | ||
Amount remaining to repurchase shares | 100 | ||
May 2013 Authorized Amount | |||
Stockholders Equity Note [Line Items] | |||
Amount authorized to repurchase shares | $200 | ||
Number of shares repurchased | 0 |
Schedule_of_Common_Stock_Repur
Schedule of Common Stock Repurchased and Average Price Paid Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Stockholders' Equity [Abstract] | ||
Aggregate dollar outlay for common stock repurchased | $99,999 | $99,999 |
Shares of common stock repurchased | 2,841,976 | 2,841,976 |
Average price paid per common share | $35.19 | $35.19 |
Schedule_of_Dividends_Declared
Schedule of Dividends Declared (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity [Abstract] | ||||
Dividends declared | $12,029 | $12,396 | $37,229 | $37,431 |
Dividend per share | $0.25 | $0.25 | $0.75 | $0.75 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income, beginning balance | ($11,728) | ($16,970) | ($12,225) | ($17,141) | ||||
Gains/(losses) recognized in OCI | -73 | 354 | 55 | 149 | ||||
Reclasses from OCI to net income | 135 | 167 | 504 | 543 | ||||
Net period OCI | 62 | 521 | 559 | 692 | ||||
Accumulated other comprehensive income, ending balance | -11,666 | -16,449 | -11,666 | -16,449 | ||||
Available for Sale Securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income, beginning balance | 225 | -183 | 92 | -121 | ||||
Gains/(losses) recognized in OCI | -73 | 354 | -76 | 149 | ||||
Reclasses from OCI to net income | 19 | 51 | 155 | 194 | ||||
Net period OCI | -54 | 405 | 79 | 343 | ||||
Accumulated other comprehensive income, ending balance | 171 | 222 | 171 | 222 | ||||
Currency Translation Adjustments | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income, beginning balance | -9,811 | -9,811 | -9,811 | -9,811 | ||||
Accumulated other comprehensive income, ending balance | -9,811 | -9,811 | -9,811 | -9,811 | -9,811 | -9,811 | -9,811 | -9,811 |
Pension/Post-retirement Benefits | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income, beginning balance | -116 | 15 | -4,353 | -4,353 | ||||
Gains/(losses) recognized in OCI | 131 | |||||||
Net period OCI | 131 | |||||||
Accumulated other comprehensive income, ending balance | 15 | -4,353 | 15 | -4,353 | 15 | -4,353 | -4,353 | |
Interest Rate Swaps | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated other comprehensive income, beginning balance | -2,157 | -2,623 | -2,390 | -2,856 | ||||
Reclasses from OCI to net income | 116 | 116 | 349 | 349 | ||||
Net period OCI | 116 | 116 | 349 | 349 | ||||
Accumulated other comprehensive income, ending balance | ($2,041) | ($2,507) | ($2,041) | ($2,507) |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss to Condensed Consolidated Statement of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $434 | $137 | $1,555 | $1,415 |
Interest and other debt costs | -12,239 | -12,250 | -37,927 | -31,081 |
Earnings (loss) before income taxes | -221,051 | 12,387 | -81,668 | 121,809 |
Tax effect | -60,070 | -196 | -25,211 | 24,971 |
Net earnings | -160,694 | 12,583 | -56,114 | 96,838 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings (loss) before income taxes | 207 | 257 | 775 | 835 |
Tax effect | 72 | 90 | 271 | 292 |
Net earnings | 135 | 167 | 504 | 543 |
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 | 29 | 79 | 238 | 298 |
Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest and other debt costs | $178 | $178 | $537 | $537 |
Schedule_of_Effective_Tax_Rate
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings (Detail) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Effective Tax Rate Reconciliation [Line Items] | ||||
Effective tax rate applicable to pre-tax earnings | 27.20% | -1.60% | 31.00% | 20.50% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | ||
Federal statutory tax rate | 35.00% | 35.00% |
Schedule_of_Uncertain_Tax_Posi
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Income Tax [Line Items] | |
Tax liabilities for uncertain tax positions | $15,573 |
Income tax payable | $38,301 |
Schedule_of_Unrecognized_Tax_B
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized (Detail) (State and Local Jurisdiction, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
State and Local Jurisdiction | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefit related to state tax issues | $10,961 |
Interest receivable on unrecognized tax benefit related to state tax issues | $30 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (Supplemental Executive Retirement Plan, USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Executive Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, employer contributions | $0 | $0 |
Schedule_of_Carrying_Value_of_
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments held in Rabbi Trust | $10,023 | $10,285 |
Unrealized gains in fair value of trust assets | 263 | 92 |
Unrealized gains in fair value of trust assets are net of income tax expense of | 92 | 49 |
Obligations under the supplemental plan | $23,229 | $21,918 |
Schedule_of_Net_Periodic_Benef
Schedule of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plan and Supplemental Plan | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $206 | $198 | $618 | $594 |
Interest cost | 968 | 895 | 2,904 | 2,685 |
Expected return on plan assets | -685 | -718 | -2,055 | -2,154 |
Amortization of prior service cost | 12 | 12 | 36 | 36 |
Recognized actuarial (gain) loss | 247 | 276 | 741 | 828 |
Net periodic benefit cost | 748 | 663 | 2,244 | 1,989 |
Other Benefits | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | 68 | 101 | 204 | 303 |
Interest cost | 226 | 262 | 678 | 786 |
Amortization of prior service cost | -508 | -508 | -1,524 | -1,524 |
Recognized actuarial (gain) loss | -325 | -99 | -975 | -297 |
Net periodic benefit cost | ($539) | ($244) | ($1,617) | ($732) |
Summary_of_Debt_Outstanding_De
Summary of Debt Outstanding (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | ||
Term Loan Facility | ||||
Debt [Line Items] | ||||
Term loan agreement | $300,000 | [1] | $300,000 | [1] |
Revolving Credit Agreement | ||||
Debt [Line Items] | ||||
Revolving line of credit | 0 | [1],[2] | 0 | [1],[2] |
September 2013 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Aggregate debt outstanding | 500,000 | 500,000 | ||
Weighted average remaining life in years | 8 years 7 months 6 days | 9 years 4 months 24 days | ||
Weighted average coupon rate on notes outstanding | 4.86% | 4.86% | ||
Fair value of debt outstanding (Level 2) | 495,387 | 520,979 | ||
August 2011 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Aggregate debt outstanding | 165,000 | 165,000 | ||
Weighted average remaining life in years | 5 years 9 months 18 days | 6 years 7 months 6 days | ||
Weighted average coupon rate on notes outstanding | 4.42% | 4.42% | ||
Fair value of debt outstanding (Level 2) | 162,541 | 168,653 | ||
September 2010 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Aggregate debt outstanding | 425,000 | 425,000 | ||
Weighted average remaining life in years | 4 years 10 months 24 days | 5 years 7 months 6 days | ||
Weighted average coupon rate on notes outstanding | 4.25% | 4.25% | ||
Fair value of debt outstanding (Level 2) | 419,769 | 436,264 | ||
July 2003 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Aggregate debt outstanding | 35,000 | 35,000 | ||
Weighted average remaining life in years | 7 months 6 days | 1 year 3 months 18 days | ||
Weighted average coupon rate on notes outstanding | 4.61% | 4.61% | ||
Fair value of debt outstanding (Level 2) | $35,256 | $36,018 | ||
[1] | Fair values approximate carrying values because the borrowings bear interest at variable rates. | |||
[2] | $600 million was available under the revolver at December 31, 2014 and March 31, 2014. |
Summary_of_Debt_Outstanding_Pa
Summary of Debt Outstanding (Parenthetical) (Detail) (Revolving Credit Agreement, USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Revolving Credit Agreement | ||
Debt [Line Items] | ||
Revolving credit facility, remaining borrowing capacity | $600 | $600 |
Summary_of_Norwegian_Kroner_NO
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||
In Thousands, unless otherwise specified | 3.81% January 2014 notes | 3.81% January 2014 notes | 3.81% January 2014 notes | 3.81% January 2014 notes | 5.38% May 2012 notes | 5.38% May 2012 notes | 5.38% May 2012 notes | 5.38% May 2012 notes | Variable rate borrowings, June 2013 borrowing agreement | Variable rate borrowings, June 2013 borrowing agreement | Variable rate borrowings, June 2013 borrowing agreement | Variable rate borrowings, June 2013 borrowing agreement | Variable rate borrowings, May 2012 borrowing agreement | Variable rate borrowings, May 2012 borrowing agreement | Variable rate borrowings, May 2012 borrowing agreement | Variable rate borrowings, May 2012 borrowing agreement | ||||||||
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | |||||||||
Debt [Line Items] | ||||||||||||||||||||||||
Long-term debt outstanding | $38,575 | 287,500 | $50,028 | 300,000 | $21,720 | 161,880 | $29,867 | 178,920 | $3,354 | [1] | 25,000 | [1] | $4,168 | [1] | 25,000 | [1] | $2,683 | [1] | 20,000 | [1] | $5,837 | [1] | 35,000 | [1] |
Fair value in U.S. dollar equivalent (Level 2) | $38,581 | $50,044 | $21,634 | $29,588 | ||||||||||||||||||||
[1] | Fair values approximate carrying values because the borrowings bear interest at variable rates. |
Summary_of_Norwegian_Kroner_NO1
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) | 9 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | ||
3.81% January 2014 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | 3.81% | 3.81% | |
Debt Instrument Maturity Period | Jan-14 | ||
5.38% May 2012 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | 5.38% | 5.38% | |
Debt Instrument Maturity Period | May-12 | ||
Variable rate borrowings, June 2013 borrowing agreement | |||
Debt [Line Items] | |||
Debt instrument interest rate | Variable rate | [1] | |
Debt Instrument Maturity Period | Jun-13 | [1] | |
Variable rate borrowings, May 2012 borrowing agreement | |||
Debt [Line Items] | |||
Debt instrument interest rate | Variable rate | [1] | |
Debt Instrument Maturity Period | May-12 | [1] | |
[1] | Fair values approximate carrying values because the borrowings bear interest at variable rates. |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) | 9 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | Troms Offshore Supply AS | Troms Offshore Supply AS | Minimum | |
Public bonds | Public bonds | Troms Offshore Supply AS | ||
USD ($) | NOK | Public bonds | ||
Debt [Line Items] | ||||
Debt extinguished amount | $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 | |
Interest rate | 5.40% | |||
Debt instrument maturity, month and year | 2016-04 | 2016-04 |
Debt_Costs_Detail
Debt Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt [Line Items] | ||||
Interest and debt costs incurred, net of interest capitalized | $12,239 | $12,250 | $37,927 | $31,081 |
Interest costs capitalized | 3,638 | 2,643 | 9,920 | 8,241 |
Total interest and debt costs | $15,877 | $14,893 | $47,847 | $39,322 |
Components_of_Basic_and_Dilute
Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Net Income available to common shareholders (A) | ($160,694) | $12,583 | ($56,114) | $96,838 |
Weighted average outstanding shares of common stock, basic (B) | 48,481,722 | 49,347,448 | 49,213,712 | 49,302,971 |
Dilutive effect of options and restricted stock awards and units | 482,818 | 436,758 | ||
Weighted average common stock and equivalents (C) | 48,481,722 | 49,830,266 | 49,213,712 | 49,739,729 |
Earnings per share, basic (A/B) | ($3.31) | $0.25 | ($1.14) | $1.96 |
Earnings per share, diluted (A/C) | ($3.31) | $0.25 | ($1.14) | $1.95 |
Antidilutive incremental options and restricted stock awards and units | 158,575 | 231,171 |
Schedule_of_Vessel_Commitments
Schedule of Vessel Commitments (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Vessel | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of Vessels, commitments | 30 |
Total cost, commitments | $847,841 |
Invested, commitments | 343,956 |
Remaining Balance, commitments | 503,885 |
Deepwater PSVs | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of vessels under construction | 21 |
Total cost, under construction | 713,903 |
Invested, under construction | 258,460 |
Remaining Balance, under construction | 455,443 |
Towing Supply Vessels | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of vessels under construction | 6 |
Total cost, under construction | 112,284 |
Invested, under construction | 64,542 |
Remaining Balance, under construction | 47,742 |
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 |
Vessel Commitments | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of Vessels, commitments | 28 |
Total cost, commitments | 834,201 |
Invested, commitments | 331,016 |
Remaining Balance, commitments | 503,185 |
Remotely Operated Vehicles Commitments | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of Vessels, commitments | 2 |
Total cost, commitments | 13,640 |
Invested, commitments | 12,940 |
Remaining Balance, commitments | $700 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Vessel | T | |
Significant Purchase and Supply Commitment [Line Items] | ||
Number of Vessels, commitments | 30 | |
Vessel Commitments | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of Vessels, commitments | 28 | |
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 | |
Significant commitment, new construction final delivery date | Aug-16 | |
Number of vessels took for delivery | 2 | |
Amount held as escrow | $11.70 | |
Number of vessels | 2 | |
Number of vessels, sold | 1 | |
Deferred gain amortization period | 10 years | |
Towing Supply Vessels | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Significant commitment, new construction brake horsepower | 7,145 | |
Remotely Operated Vehicles Commitments | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of vessels took for delivery | 2 | |
Shallow Water Towing Supply Vessels | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Insurance coverage by the third party credit support for the carrying value of the accumulated costs | 2.5 | |
Fast, Crew/Supply Boat | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Insurance coverage by the third party credit support for the carrying value of the accumulated costs | 2.4 | |
Number of vessels under construction | 1 | |
Insurance coverage for the progress payments made on the vessel by the third party credit support | 90.00% | |
Committed and invested amount | 8 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Merchant Navy Officers Pension Fund) - Additional Information (Detail) (Merchant Navy Officers Pension Fund) | 0 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 $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Vessel revenues | $378,126,000 | $360,713,000 | $1,150,588,000 | $1,056,011,000 | |||
Investments in, at equity, and advances to unconsolidated companies | 65,478,000 | 65,478,000 | 63,928,000 | ||||
Commissions payable | 6,842,000 | 6,842,000 | 8,263,000 | ||||
Sonatide joint venture | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Definitive joint venture agreement term | 2 years | ||||||
Proceeds from related party | 271,000,000 | ||||||
Proceeds from dividends received | 10,000,000 | ||||||
Due from related parties | 422,000,000 | 422,000,000 | |||||
Number of vessels operating | 9 | 9 | |||||
Number of vessels stacked | 3 | 3 | |||||
Ownership Interest In Joint Venture | 49.00% | 49.00% | |||||
Investments in, at equity, and advances to unconsolidated companies | 64,000,000 | 64,000,000 | 62,000,000 | ||||
Deposits in Angolan banks, largely related to customer receipts | 95,000,000 | 95,000,000 | |||||
Sonatide joint venture | Dollars held by Sonatide that did not need to be converted to U.S dollars prior to payment to Tidewater | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Proceeds from related party | 125,000,000 | ||||||
Sonatide joint venture | Sonatide's converting kwanzas into dollars and subsequent payment to Tidewater | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Proceeds from related party | 146,000,000 | ||||||
Sonatide joint venture | United States of America, Dollars | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Customer agreements that contain split currency | 70.00% | ||||||
Sonatide joint venture | Angola, Kwanza | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Customer agreements that contain split currency | 30.00% | ||||||
Sonatide joint venture | ANGOLA | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Vessel revenues | 271,000,000 | 261,000,000 | |||||
Percentage of Angolan operation revenue | 23.00% | 25.00% | |||||
Number of vessels operating | 83 | 90 | 83 | 90 | |||
Number of vessels stacked | 4 | 5 | 4 | 5 | |||
Ownership percentage requirement of local vessel operators | 100.00% | ||||||
Number of vessels transferred out of Angola | 10 | ||||||
Number of vessels stacked transferred | 4 | 4 | |||||
Sonatide joint venture | Increase | ANGOLA | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of vessels operating | 1 | ||||||
Sonatide joint venture | Trade and other receivables | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Due from related parties | 422,000,000 | 422,000,000 | 430,000,000 | ||||
Sonatide joint venture | Accrued expenses | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Due to related parties | 158,000,000 | 158,000,000 | 86,000,000 | ||||
Commissions payable | $58,000,000 | $58,000,000 | $43,000,000 |
Commitments_and_Contingencies_4
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
BRL | USD ($) | USD ($) | BRL | Revised | Revised | |
Vessel | USD ($) | BRL | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Fines assessed | 155 | $58.30 | $47.80 | 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 | 56.1 | 149 | ||||
Remaining amount of fines contested | 10.5 | 28 | ||||
Decision disallowing the fines totaling | 127 |
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_5
Commitments and Contingencies (Venezuelan Operations) - Additional Information (Detail) | 1 Months Ended | |
31-May-09 | Jul. 31, 2009 | |
Vessel | Vessel | |
Venezuelan National Oil Company | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of vessels seized | 11 | |
Petrosucre S | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of vessels seized | 4 |
Schedule_of_Fair_Value_Assets_
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total fair value of plan assets | $10,023 | $10,285 |
Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 10,160 | 10,375 |
Other pending transactions | -137 | -90 |
Total fair value of plan assets | 10,023 | 10,285 |
Common stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 3,941 | 4,141 |
Foreign Stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 212 | 231 |
American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,695 | 1,809 |
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 14 | 15 |
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 63 | 38 |
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 | 1,668 | 1,975 |
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,897 | 1,797 |
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 670 | 369 |
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 | 9,167 | 9,451 |
Other pending transactions | -137 | -90 |
Total fair value of plan assets | 9,030 | 9,361 |
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 | 3,941 | 4,141 |
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 | 212 | 231 |
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 | 1,695 | 1,809 |
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 | 14 | 15 |
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 | 63 | 38 |
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 | 1,329 | 1,363 |
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 | 1,897 | 1,797 |
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 | 16 | 57 |
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 | 993 | 924 |
Total fair value of plan assets | 993 | 924 |
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 | 339 | 612 |
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 | $654 | $312 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Contract | Contract | |
Derivatives, Fair Value [Line Items] | ||
Cash equivalents maturity period, days | 90 days | |
Number of contracts outstanding | 0 | 4 |
Notional value of foreign exchange contract | $2.30 |
Schedule_of_Fair_Value_Other_F
Schedule of Fair Value Other Financial Instruments Measured (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $1,016 | $16,559 |
Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,016 | 16,559 |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,016 | 16,559 |
Quoted Prices In Active Markets (Level 1) | Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $1,016 | $16,559 |
Summary_of_Gain_on_Assets_Disp
Summary of Gain on Assets Disposition (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements [Line Items] | ||||
Amount of impairment incurred | $6,236 | $3,691 | $8,096 | $7,738 |
Combined fair value of assets incurring impairment | $3,914 | $4,308 | $4,634 | $8,774 |
Schedule_of_Other_Assets_Detai
Schedule of Other Assets (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ||
Recoverable insurance losses | $8,163 | $5,219 |
Deferred income tax assets | 45,139 | 34,376 |
Deferred finance charges - revolver | 7,308 | 8,728 |
Savings plans and supplemental plan | 23,456 | 23,212 |
Noncurrent tax receivable | 8,887 | 9,106 |
Other | 9,663 | 15,744 |
Total other assets | $102,616 | $96,385 |
Schedule_of_Accrued_Expenses_D
Schedule of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ||
Payroll and related payables | $33,309 | $27,248 |
Commissions payable | 6,842 | 8,263 |
Accrued vessel expenses | 97,463 | 96,468 |
Accrued interest expense | 2,936 | 14,816 |
Other accrued expenses | 8,973 | 10,507 |
Accrued expenses | $149,523 | $157,302 |
Schedule_of_Other_Current_Liab
Schedule of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ||
Taxes payable | $55,036 | $56,080 |
Deferred gain on vessel sales-current | 23,477 | 13,996 |
Other | 722 | 491 |
Other current liabilities | $79,235 | $70,567 |
Schedule_of_Other_Liabilities_
Schedule of Other Liabilities and Deferred Credits (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets, Accrued Expenses, Other Current Liabilities, And Other Liabilities And Deferred Credits [Abstract] | ||
Postretirement benefits liability | $20,992 | $23,185 |
Pension liabilities | 34,746 | 35,234 |
Deferred gain on vessel sales | 135,044 | 85,316 |
Other | 35,945 | 35,469 |
Other liabilities and deferred credits | $226,727 | $179,204 |
Segment_Information_Geographic
Segment Information, Geographical Data and Major Customers (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | $378,126 | $360,713 | $1,150,588 | $1,056,011 | ||||
Other operating revenues | 9,428 | 4,535 | 20,167 | 11,259 | ||||
Operating profit | 81,901 | 80,707 | 249,022 | 227,954 | ||||
Total revenues | 387,554 | 365,248 | 1,170,755 | 1,067,270 | ||||
Depreciation and amortization | 43,331 | 42,391 | 130,150 | 124,555 | ||||
General and administrative expenses | -46,642 | -45,723 | -144,464 | -142,241 | ||||
Additions to properties and equipment | 103,055 | 182,561 | 235,254 | 652,631 | ||||
Corporate expenses | -10,245 | -11,106 | -33,172 | -40,552 | ||||
(Loss) gain on asset dispositions, net | -1,537 | 7,170 | 4,996 | 9,359 | ||||
Goodwill impairment | -283,699 | -56,283 | -283,699 | [1] | -56,283 | |||
Operating income (loss) | -213,580 | 20,488 | -62,853 | 140,478 | ||||
Foreign exchange gain | 4,334 | 1,341 | 8,453 | 4,269 | ||||
Equity in net earnings of unconsolidated companies | 2,671 | 9,104 | 10,872 | |||||
Interest income and other, net | 434 | 137 | 1,555 | 1,415 | ||||
Loss on early extinguishment of debt | -4,144 | |||||||
Interest and other debt costs, net | -12,239 | -12,250 | -37,927 | -31,081 | ||||
Earnings (loss) before income taxes | -221,051 | 12,387 | -81,668 | 121,809 | ||||
Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | -114,237 | |||||||
Asia/Pacific | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | -283,700 | -56,300 | -56,283 | |||||
Sub-Saharan Africa/Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | -169,462 | |||||||
Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating profit | 82,933 | 80,940 | 254,570 | 228,361 | ||||
Depreciation and amortization | 41,639 | 41,608 | 125,038 | 122,270 | ||||
Additions to properties and equipment | 78,651 | 99,732 | 148,645 | 458,205 | ||||
Operating Segments | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 134,554 | 109,848 | 388,550 | 302,021 | ||||
Operating profit | 33,784 | 25,579 | 100,770 | 69,555 | ||||
Depreciation and amortization | 11,825 | 11,311 | 35,623 | 32,253 | ||||
Additions to properties and equipment | 32,421 | 45,580 | 64,057 | 57,619 | ||||
Operating Segments | Asia/Pacific | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 35,046 | 36,325 | 121,284 | 116,711 | ||||
Operating profit | 2,621 | 5,932 | 9,064 | 21,028 | ||||
Depreciation and amortization | 4,731 | 4,231 | 13,538 | 12,878 | ||||
Additions to properties and equipment | 44,983 | 652 | 68,193 | 1,620 | ||||
Operating Segments | Middle East/North Africa | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 55,925 | 51,158 | 160,301 | 137,741 | ||||
Operating profit | 12,408 | 10,927 | 31,568 | 34,496 | ||||
Depreciation and amortization | 7,016 | 6,405 | 20,383 | 17,742 | ||||
Additions to properties and equipment | 424 | 805 | 1,659 | 1,714 | ||||
Operating Segments | Sub-Saharan Africa/Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 152,601 | 163,382 | 480,453 | 499,538 | ||||
Operating profit | 34,120 | 38,502 | 113,168 | 103,282 | ||||
Depreciation and amortization | 18,067 | 19,661 | 55,494 | 59,397 | ||||
Additions to properties and equipment | 823 | [2] | 52,695 | [2] | 14,736 | [2] | 397,252 | [2] |
Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating profit | -1,032 | -233 | -5,548 | -407 | ||||
Depreciation and amortization | 858 | 2,626 | 2 | |||||
Additions to properties and equipment | 10,206 | 22,267 | 18,931 | 31,780 | ||||
Corporate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | 834 | 783 | 2,486 | 2,283 | ||||
General and administrative expenses | -9,411 | -10,323 | -30,686 | -38,269 | ||||
Additions to properties and equipment | $14,198 | [3] | $60,562 | [3] | $67,678 | [3] | $162,646 | [3] |
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||
[2] | Included in Sub-Saharan Africa/Europe for the six months ended September 30, 2013 is $245.6 million related to vessels acquired through the acquisition of Troms Offshore. | |||||||
[3] | 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. |
Segment_Information_Geographic1
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||
Additions to properties and equipment | $231,685 | $397,458 |
Sub-Saharan Africa/Europe | Troms Offshore Supply AS | ||
Segment Reporting Information [Line Items] | ||
Additions to properties and equipment | $245,600 |
Comparison_of_Total_Assets_Det
Comparison of Total Assets (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | $4,716,626 | $4,885,829 | ||
Investments in, at equity, and advances to unconsolidated companies | 65,478 | 63,928 | ||
Operating Segments | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 4,130,961 | 4,435,925 | ||
Operating Segments | Americas | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 1,030,511 | 1,017,736 | ||
Operating Segments | Asia/Pacific | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 434,398 | 421,379 | ||
Operating Segments | Middle East/North Africa | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 652,806 | 613,303 | ||
Operating Segments | Sub-Saharan Africa/Europe | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 2,013,246 | 2,383,507 | ||
Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 52,728 | 31,545 | ||
Assets Before Equity Method Investments | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 4,183,689 | 4,467,470 | ||
Assets Before Corporate Assets | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | 4,249,167 | 4,531,398 | ||
Corporate | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Assets | $467,459 | [1] | $354,431 | [1] |
[1] | Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. A vessel's construction costs are reported in Corporate until the earlier of the date the vessels is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2014 and March 31, 2014, $327.5 million and $228.9 million, respectively, of vessel construction costs are included in Corporate. |
Comparison_of_Total_Assets_Par
Comparison of Total Assets (Parenthetical) (Detail) (Corporate Vessels, USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Corporate Vessels | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Construction costs | $327.50 | $228.90 |
Schedule_of_Segment_Reporting_
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $378,126 | $360,713 | $1,150,588 | $1,056,011 |
Americas Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 94,298 | 72,048 | 267,983 | 188,891 |
Percentage of revenue | 25.00% | 20.00% | 23.00% | 18.00% |
Americas Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 33,607 | 30,451 | 97,511 | 88,982 |
Percentage of revenue | 9.00% | 9.00% | 9.00% | 9.00% |
Americas Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 6,649 | 7,349 | 23,056 | 24,148 |
Percentage of revenue | 2.00% | 2.00% | 2.00% | 2.00% |
Americas Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 134,554 | 109,848 | 388,550 | 302,021 |
Percentage of revenue | 36.00% | 31.00% | 34.00% | 29.00% |
Asia and Pacific Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 20,575 | 20,142 | 72,492 | 64,357 |
Percentage of revenue | 5.00% | 6.00% | 6.00% | 6.00% |
Asia/Pacific Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 13,487 | 15,235 | 45,862 | 49,516 |
Percentage of revenue | 4.00% | 4.00% | 4.00% | 5.00% |
Asia and Pacific Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 984 | 948 | 2,930 | 2,838 |
Asia and Pacific Fleet Other | Maximum | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Percentage of revenue | 1.00% | 1.00% | 1.00% | 1.00% |
Asia/Pacific Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 35,046 | 36,325 | 121,284 | 116,711 |
Percentage of revenue | 9.00% | 10.00% | 10.00% | 11.00% |
Middle East/North Africa Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 25,615 | 18,805 | 64,336 | 50,389 |
Percentage of revenue | 7.00% | 5.00% | 6.00% | 5.00% |
Middle East/North Africa Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 29,441 | 31,481 | 93,435 | 84,741 |
Percentage of revenue | 8.00% | 9.00% | 8.00% | 8.00% |
Middle East and North Africa Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 869 | 872 | 2,530 | 2,611 |
Middle East and North Africa Fleet Other | Maximum | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Percentage of revenue | 1.00% | 1.00% | 1.00% | 1.00% |
Middle East/North Africa fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 55,925 | 51,158 | 160,301 | 137,741 |
Percentage of revenue | 15.00% | 14.00% | 14.00% | 13.00% |
Sub-Saharan Africa/Europe Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 81,129 | 84,866 | 262,013 | 278,658 |
Percentage of revenue | 21.00% | 23.00% | 23.00% | 26.00% |
Sub-Saharan Africa/Europe Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 52,532 | 59,789 | 162,585 | 171,421 |
Percentage of revenue | 14.00% | 17.00% | 14.00% | 16.00% |
Sub Saharan Africa And Europe Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 18,940 | 18,727 | 55,855 | 49,459 |
Percentage of revenue | 5.00% | 5.00% | 5.00% | 5.00% |
Sub-Saharan Africa/Europe Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 152,601 | 163,382 | 480,453 | 499,538 |
Percentage of revenue | 40.00% | 45.00% | 42.00% | 47.00% |
Worldwide Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 221,617 | 195,861 | 666,824 | 582,295 |
Percentage of revenue | 58.00% | 54.00% | 58.00% | 55.00% |
Worldwide Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 129,067 | 136,956 | 399,393 | 394,660 |
Percentage of revenue | 35.00% | 39.00% | 35.00% | 38.00% |
Worldwide Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | 27,442 | 27,896 | 84,371 | 79,056 |
Percentage of revenue | 7.00% | 7.00% | 7.00% | 7.00% |
Worldwide Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $378,126 | $360,713 | $1,150,588 | $1,056,011 |
Percentage of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
Goodwill [Line Items] | |||||||
Goodwill impairment charge | $283,699 | $56,283 | $283,699 | [1] | $56,283 | ||
Goodwill | 42,160 | [2] | |||||
Sub-Saharan Africa/Europe | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charge | 169,462 | ||||||
Goodwill | 42,160 | 42,200 | |||||
Asia/Pacific | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charge | $283,700 | $56,300 | $56,283 | ||||
Goodwill impairment test period | 10 years | ||||||
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | ||||||
[2] | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. |
Schedule_of_Goodwill_by_Report
Schedule of Goodwill by Reportable Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | ||||
Goodwill [Line Items] | ||||||||||
Goodwill, Beginning Balance | $283,699 | [1] | $297,822 | [2] | $297,822 | [2] | ||||
Goodwill acquired | 42,160 | [2] | ||||||||
Impairments | 283,699 | 56,283 | 283,699 | [1] | 56,283 | |||||
Goodwill, Ending Balance | 283,699 | [2] | 283,699 | [2] | ||||||
Asia/Pacific | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, Beginning Balance | 56,283 | 56,283 | ||||||||
Impairments | 283,700 | 56,300 | 56,283 | |||||||
Americas | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, Beginning Balance | 114,237 | 114,237 | ||||||||
Impairments | 114,237 | |||||||||
Goodwill, Ending Balance | 114,237 | 114,237 | 114,237 | |||||||
Sub-Saharan Africa/Europe | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, Beginning Balance | 169,462 | 127,302 | 127,302 | |||||||
Goodwill acquired | 42,160 | 42,200 | ||||||||
Impairments | 169,462 | |||||||||
Goodwill, Ending Balance | $169,462 | $169,462 | ||||||||
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||||
[2] | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. |
Schedule_of_Goodwill_by_Report1
Schedule of Goodwill by Reportable Segment (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | $370.90 | |
Middle East/North Africa | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | 30.9 | |
Asia/Pacific | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | $56.30 |
Sale_Leaseback_Arrangements_Ad
Sale/ Leaseback Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Vessel | Vessel | Vessel | ||||
Sale Leaseback Transaction [Line Items] | ||||||
Number of vessels sold | 3 | 1 | 1 | |||
Proceeds from sale | $78,200,000 | $19,400,000 | $13,400,000 | $110,694,000 | $207,435,000 | |
Deferred gain | 45,000,000 | 11,200,000 | 9,400,000 | 45,000,000 | ||
Carrying value | 33,200,000 | 8,200,000 | 4,000,000 | 33,200,000 | ||
Reacquisition percentage of original sales price | 47.00% | 61.00% | ||||
Length of extension period, months | 24 months | 24 months | 24 months | |||
Bareboat charter arrangements expenses incurred | 7,200,000 | 5,800,000 | 20,200,000 | 13,800,000 | ||
Agreement during the second quarter of fiscal 2015 | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Lease expiration date | Quarter ending March 2023 | |||||
Agreement during the first quarter of fiscal 2015 | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Lease expiration date | Quarter ending June 2021 | |||||
Agreement during the third quarter of fiscal 2015 | First two Leases | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Number of leases expired | 2 | |||||
Lease expiration date | Quarter ending December 2022 | |||||
Agreement during the third quarter of fiscal 2015 | Third Lease | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Number of leases expired | 1 | |||||
Lease expiration date | Quarter ending December 2023 | |||||
First Two Vessels | Seventh Year | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Reacquisition percentage of original sales price | 60.00% | |||||
Third Vessel | Eighth Year | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Reacquisition percentage of original sales price | 60.00% | |||||
Fiscal 2006 sale/Leaseback | ||||||
Sale Leaseback Transaction [Line Items] | ||||||
Repurchase of leased vessels | $11,200,000 |
Schedule_of_Future_Minimum_Lea
Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months | $7,263 |
2016 | 29,053 |
2017 | 29,053 |
2018 | 31,778 |
2019 | 33,544 |
Thereafter | 102,817 |
Total future lease payments | 233,508 |
Fiscal 2015 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months | 2,043 |
2016 | 8,174 |
2017 | 8,174 |
2018 | 8,293 |
2019 | 8,744 |
Thereafter | 37,554 |
Total future lease payments | 72,982 |
Fiscal 2014 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months | 5,220 |
2016 | 20,879 |
2017 | 20,879 |
2018 | 23,485 |
2019 | 24,800 |
Thereafter | 65,263 |
Total future lease payments | $160,526 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | |||||||
Jun. 04, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, Goodwill | $283,699,000 | [1] | $283,699,000 | [2] | $297,822,000 | [2] | ||
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 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 | $42,160,000 | [3] | ||||||
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||
[2] | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. | |||||||
[3] | Subsequently written off in December 2014 |
Allocation_of_Purchase_Price_f
Allocation of Purchase Price for Acquisition (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Jun. 04, 2013 | ||||
In Thousands, unless otherwise specified | ||||||||
Business Combination Allocation of Purchase Price [Line Items] | ||||||||
Goodwill | $283,699 | [1] | $283,699 | [2] | $297,822 | [2] | ||
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 | [3] | ||||||
Goodwill | 42,160 | [4] | ||||||
Payable and other liabilities | -13,020 | |||||||
Notes payable | -156,824 | |||||||
Total purchase price | $150,000 | |||||||
[1] | The total carrying amount of goodwill at December 31, 2014 is net of accumulated impairment charges of $370.9 million. | |||||||
[2] | The total carrying amount of goodwill at December 31, 2013 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively. | |||||||
[3] | Includes $10.7 million in costs attributed to vessels under construction. | |||||||
[4] | Subsequently written off in December 2014 |
Allocation_of_Purchase_Price_f1
Allocation of Purchase Price for Acquisition (Parenthetical) (Detail) (Vessels, Troms Offshore Supply AS, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 04, 2013 |
Vessels | Troms Offshore Supply AS | |
Business Combination Allocation of Purchase Price [Line Items] | |
Costs attributed to vessels under construction | $10.70 |