Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Jan. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TDW | |
Entity Registrant Name | TIDEWATER INC | |
Entity Central Index Key | 98,222 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,969,590 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 47,980 | $ 78,568 |
Trade and other receivables, net | 261,209 | 303,096 |
Due from affiliate | 336,474 | 420,365 |
Marine operating supplies | 38,719 | 49,005 |
Other current assets | 60,819 | 17,781 |
Total current assets | 745,201 | 868,815 |
Investments in, at equity, and advances to unconsolidated companies | 45,663 | 65,844 |
Properties and equipment: | ||
Vessels and related equipment | 4,681,306 | 4,717,132 |
Other properties and equipment | 120,969 | 119,879 |
Properties and equipment, gross | 4,802,275 | 4,837,011 |
Less accumulated depreciation and amortization | 1,194,974 | 1,090,704 |
Net properties and equipment | 3,607,301 | 3,746,307 |
Other assets | 82,350 | 75,196 |
Total assets | 4,480,515 | 4,756,162 |
Current liabilities: | ||
Accounts payable | 61,019 | 54,011 |
Accrued expenses | 96,604 | 146,255 |
Due to affiliate | 169,943 | 185,657 |
Accrued property and liability losses | 3,443 | 3,669 |
Current portion of long-term debt | 9,810 | 10,181 |
Other current liabilities | 66,253 | 82,461 |
Total current liabilities | 407,072 | 482,234 |
Long-term debt | 1,441,924 | 1,524,295 |
Deferred income taxes | 35,600 | 23,276 |
Accrued property and liability losses | 9,748 | 10,534 |
Other liabilities and deferred credits | $ 210,239 | $ 235,108 |
Commitments and Contingencies (Note 7) | ||
Equity: | ||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 46,969,590 shares at December 31, 2015 and 47,029,359 shares at March 31, 2015 | $ 4,697 | $ 4,703 |
Additional paid-in capital | 168,753 | 159,940 |
Retained earnings | 2,216,862 | 2,330,223 |
Accumulated other comprehensive loss | (20,237) | (20,378) |
Total stockholders’ equity | 2,370,075 | 2,474,488 |
Noncontrolling Interests | 5,857 | 6,227 |
Total equity | 2,375,932 | 2,480,715 |
Total liabilities and equity | $ 4,480,515 | $ 4,756,162 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2015 | Mar. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, issued | 46,969,590 | 47,029,359 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenues: | ||||||
Vessel revenues | $ 212,908 | $ 378,126 | $ 775,352 | $ 1,150,588 | ||
Other operating revenues | 5,283 | 9,428 | 19,536 | 20,167 | ||
Total revenues | 218,191 | 387,554 | 794,888 | 1,170,755 | ||
Costs and expenses: | ||||||
Vessel operating costs | 125,094 | 210,365 | 462,987 | 640,428 | ||
Costs of other operating revenues | 3,778 | 8,395 | 15,624 | 19,616 | ||
General and administrative | 35,598 | 46,642 | 116,837 | 144,464 | ||
Vessel operating leases | 8,441 | 7,165 | 25,325 | 20,247 | ||
Depreciation and amortization | 45,422 | 43,331 | 137,058 | 130,150 | ||
Gain on asset dispositions, net | (5,883) | (4,699) | (19,345) | (13,092) | ||
Asset impairments | [1] | 15,141 | 6,236 | 61,771 | 8,096 | |
Goodwill impairment | 283,699 | 283,699 | [2] | |||
Restructuring charge | [3] | 7,586 | ||||
Total costs and expenses | 227,591 | 601,134 | 807,843 | 1,233,608 | ||
Operating loss | (9,400) | (213,580) | (12,955) | (62,853) | ||
Other income (expenses): | ||||||
Foreign exchange gain (loss) | (469) | 4,334 | (3,758) | 8,453 | ||
Equity in net earnings (losses) of unconsolidated companies | (1,710) | (7,070) | 9,104 | |||
Interest income and other, net | 609 | 434 | 1,754 | 1,555 | ||
Interest and other debt costs, net | (13,312) | (12,239) | (39,741) | (37,927) | ||
Total other income (expenses) | (14,882) | (7,471) | (48,815) | (18,815) | ||
Loss before income taxes | (24,282) | (221,051) | (61,770) | (81,668) | ||
Income tax expense (benefit) | (4,679) | (60,070) | 16,996 | (25,211) | ||
Net Loss | (19,603) | (160,981) | (78,766) | (56,457) | ||
Less: Net losses attributable to noncontrolling interests | (94) | (287) | (370) | (343) | ||
Net loss attributable to Tidewater Inc. | $ (19,509) | $ (160,694) | $ (78,396) | $ (56,114) | ||
Basic loss per common share | [4] | $ (0.42) | $ (3.31) | $ (1.67) | $ (1.14) | |
Diluted loss per common share | [5] | $ (0.42) | $ (3.31) | $ (1.67) | $ (1.14) | |
Weighted average common shares outstanding | 46,943,705 | 48,481,722 | 46,956,041 | 49,213,712 | ||
Adjusted weighted average common shares | 46,943,705 | 48,481,722 | 46,956,041 | 49,213,712 | ||
[1] | Refer to Note (15) for additional information regarding asset impairment charges. | |||||
[2] | The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively | |||||
[3] | Refer to Note (14) for additional information regarding the restructuring charge. | |||||
[4] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||
[5] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (19,603) | $ (160,981) | $ (78,766) | $ (56,457) |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $(29), $0 and $43 | 212 | (54) | (467) | 79 |
Amortization of loss on derivative contract, net of tax of $0, $62, $0 and $188 | 180 | 116 | 538 | 349 |
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $70 | 70 | 131 | ||
Total comprehensive loss | $ (19,211) | $ (160,919) | $ (78,625) | $ (55,898) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized gains(losses) on available-for-sale securities, tax | $ 0 | $ (29) | $ 0 | $ 43 |
Amortization of loss on derivative contract, tax | 0 | 62 | 0 | 188 |
Change in Other Benefit Plan minimum liability, tax | $ 0 | $ 0 | $ 0 | $ 70 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating activities: | |||
Net loss | $ (78,766) | $ (56,457) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 137,058 | 130,150 | |
Provision (benefit) for deferred income taxes | 192 | (77,278) | |
Gain on asset dispositions, net | (19,345) | (13,092) | |
Asset impairments | [1] | 61,771 | 8,096 |
Goodwill impairment | [2] | 283,699 | |
Equity in earnings (losses) of unconsolidated companies, less dividends | 22,087 | (1,550) | |
Compensation expense - stock-based | 9,960 | 16,395 | |
Changes in assets and liabilities, net: | |||
Trade and other receivables | 38,726 | (48,876) | |
Changes in due to/from affiliate, net | 68,177 | 78,881 | |
Marine operating supplies | 9,786 | 1,243 | |
Other current assets | 1,711 | 3,090 | |
Accounts payable | 6,862 | (29,052) | |
Accrued expenses | (51,068) | (6,856) | |
Accrued property and liability losses | (226) | (366) | |
Other current liabilities | (17,239) | (437) | |
Other liabilities and deferred credits | 2,406 | (3,025) | |
Other, net | (699) | (9,006) | |
Net cash provided by operating activities | 191,393 | 275,559 | |
Cash flows from investing activities: | |||
Proceeds from sales of assets | 8,428 | 5,160 | |
Proceeds from sale/leaseback of assets | 110,694 | ||
Additions to properties and equipment | (152,225) | (231,685) | |
Refunds from cancelled vessel construction contracts | 36,190 | ||
Other | (210) | 127 | |
Net cash used in investing activities | (107,817) | (115,704) | |
Cash flows from financing activities: | |||
Principal payment on long-term debt | (109,163) | (27,206) | |
Debt borrowings | 31,338 | 20,000 | |
Proceeds from exercise of stock options | 1,025 | ||
Cash dividends | (35,378) | (36,997) | |
Repurchases of common stock | (99,999) | ||
Other | (961) | 351 | |
Net cash used in financing activities | (114,164) | (142,826) | |
Net change in cash and cash equivalents | (30,588) | 17,029 | |
Cash and cash equivalents at beginning of period | 78,568 | 60,359 | |
Cash and cash equivalents at end of period | 47,980 | 77,388 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 47,608 | 48,046 | |
Income taxes | 38,208 | 57,987 | |
Supplemental disclosure of non-cash investing activities: | |||
Additions to properties and equipment | $ 146 | $ 3,386 | |
[1] | Refer to Note (15) for additional information regarding asset impairment charges. | ||
[2] | The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Non controlling interest |
Balance at Mar. 31, 2014 | $ 2,685,371 | $ 4,973 | $ 142,381 | $ 2,544,255 | $ (12,225) | $ 5,987 |
Total comprehensive loss | (55,898) | (56,114) | 559 | (343) | ||
Cash dividends declared ($.75 per share) | (37,229) | (37,229) | ||||
Amortization of restricted stock units | 12,496 | 1 | 12,495 | |||
Amortization/cancellation of restricted stock | 2,599 | (4) | 2,603 | |||
Balance at Dec. 31, 2014 | 2,508,765 | 4,689 | 158,501 | 2,351,197 | (11,666) | 6,044 |
Exercise of stock options | 1,025 | 3 | 1,022 | |||
Retirement of common stock | (99,999) | (284) | (99,715) | |||
Cash received from noncontrolling interests | 450 | 450 | ||||
Cash paid to noncontrolling interests | (50) | (50) | ||||
Balance at Mar. 31, 2014 | 2,685,371 | 4,973 | 142,381 | 2,544,255 | (12,225) | 5,987 |
Balance at Mar. 31, 2015 | 2,480,715 | 4,703 | 159,940 | 2,330,223 | (20,378) | 6,227 |
Retirement of common stock | (99,999) | |||||
Total comprehensive loss | (78,625) | (78,396) | 141 | (370) | ||
Stock option expense | 609 | 609 | ||||
Cash dividends declared ($.75 per share) | (34,965) | (34,965) | ||||
Amortization of restricted stock units | 7,844 | 1 | 7,843 | |||
Amortization/cancellation of restricted stock | 354 | (7) | 361 | |||
Balance at Dec. 31, 2015 | $ 2,375,932 | $ 4,697 | $ 168,753 | $ 2,216,862 | $ (20,237) | $ 5,857 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends, per share declared | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
INTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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, 2015, filed with the SEC on May 28, 2015. 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, specifically, the separate disclosure on the income statement and related schedules of asset impairments, which historically were included as part of gain on asset dispositions, net. 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, 2015 | |
Equity [Abstract] | |
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 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during the period from March 31, 2015 to December 31, 2015, and as of the end of this period $100 million remained authorized and available to repurchase shares under the May 2014 share repurchase program. In January 2016, the company suspended its common stock repurchase 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) 2015 2014 2015 2014 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, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the 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) 2015 2014 2015 2014 Dividends declared $ 11,811 12,029 34,965 37,229 Dividend per share 0.25 0.25 0.75 0.75 In January 2016, the company suspended the quarterly dividend program. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and nine month periods ended December 31, 2015 and 2014 are as follows: For the quarter ended December 31, 2015 For the nine months ended December 31, 2015 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 9/30/15 in OCI net income OCI 12/31/15 3/31/15 in OCI net income OCI 12/31/15 Available for sale securities (444 ) 235 (24 ) 211 (233 ) 235 (569 ) 101 (468 ) (233 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits (9,059 ) — — — (9,059 ) (9,129 ) 70 — 70 (9,059 ) Interest rate swaps (1,314 ) — 180 180 (1,134 ) (1,673 ) — 539 539 (1,134 ) Total (20,628 ) 235 156 391 (20,237 ) (20,378 ) (499 ) 640 141 (20,237 ) For the quarter ended December 31, 2014 For the nine months ended December 31, 2014 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 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 ) The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2015 and 2014: Quarter Ended Nine Months Ended December 31, December 31 Affected line item in the (In thousands) 2015 2014 2015 2014 consolidated statements of income Realized gains on available for sale securities $ (37 ) 29 155 238 Interest income and other, net Amortization of interest rate swap 277 178 829 537 Interest and other debt costs Total pre-tax amounts 240 207 984 775 Tax effect 84 72 344 271 Total gains for the period, net of tax $ 156 135 640 504 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (3) INCOME TAXES We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. We have used a discrete effective tax rate method to calculate taxes for the three and nine-month periods ended December 31, 2015. We determined that since small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate for the three and nine-month periods ended December 31, 2015. Income tax expense for the three and nine-month periods ended December 31, 2015 reflects tax liabilities in various jurisdictions that are based on revenue (deemed profit regimes) rather than pre-tax profits. The company’s balance sheet at December 31, 2015 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes December 31, (In thousands) 2015 Tax liabilities for uncertain tax positions $ 14,591 Income tax payable 27,581 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, 2015, are as follows: December 31, (In thousands) 2015 Unrecognized tax benefit related to state tax issues $ 11,732 Interest receivable on unrecognized tax benefit related to state tax issues 38 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 2008. 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, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
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 pension plan is currently adequately funded and the company did not contribute to the pension plan during the quarters and nine months ended December 31, 2015 and 2014, and does not expect to contribute to the pension plan during the fourth quarter of fiscal 2016. 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. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not the company’s stock), are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (loss). 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, 2015 and 2014, and does not expect to contribute to the supplemental plan during the fourth quarter of fiscal 2016. 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, 2015 and March 31, 2015: December 31, March 31, (In thousands) 2015 2015 Investments held in Rabbi Trust $ 9,072 9,915 Unrealized gains (losses) in fair value of trust assets 233 235 Obligations under the supplemental plan 27,143 25,510 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 plan which provides limited health care and life insurance benefits. Costs of the plan 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 by the company as benefits are required. Effective November 20, 2015, the company eliminated its post-65 medical coverage for all current and future retirees effective January 1, 2017. The plan amendment resulted in an additional estimated net periodic postretirement benefit of $0.6 million during the quarter and nine-month period ended December 31, 2015. The medical coverage remains unchanged for participants under age 65. Net Periodic Benefit Costs The net periodic benefit cost for the company’s U.S. defined benefit pension plan and 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) 2015 2014 2015 2014 Pension Benefits: Service cost $ 234 206 702 618 Interest cost 935 968 2,805 2,904 Expected return on plan assets (530 ) (685 ) (1,590 ) (2,055 ) Amortization of prior service cost 9 12 27 36 Recognized actuarial loss 567 247 1,701 741 Net periodic benefit cost $ 1,215 748 3,645 2,244 Other Benefits: Service cost $ 41 68 191 204 Interest cost 103 226 524 678 Amortization of prior service cost (899 ) (508 ) (1,920 ) (1,524 ) Recognized actuarial benefit (281 ) (325 ) (770 ) (975 ) Net periodic benefit cost $ (1,036 ) (539 ) (1,975 ) (1,617 ) Other Plans Effective December 1, 2015, the company amended its existing multinational savings plan to a self-directed multinational defined contribution retirement plan (multinational retirement plan). The company subsequently removed approximately |
INDEBTEDNESS
INDEBTEDNESS | 9 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (5) INDEBTEDNESS Senior Notes, Revolving Credit and Term Loan Agreement In May 2015, the company amended and extended its existing credit facility. The amended credit agreement matures in June 2019 and provides for a $900 million, five-year credit facility consisting of (i) a $600 million revolving credit facility and (ii) a $300 million term loan facility. At December 31, 2015 the company was in compliance with all covenants set forth in its debt facilities and note indentures, however, given the current trajectory of offshore energy market conditions, which has had a corresponding negative effect on our vessel revenue and other financial metrics, it is possible that in future quarters (and possibly as early as fiscal 2017) that the company may cease being in compliance with interest coverage ratios contained in certain of its debt facilities and senior note indentures. Failure to meet the required interest coverage ratios would be an event of default under certain of our debt facilities. The company is in dialogue with the principal lenders and noteholders to obtain amendments and/or waivers of these covenants in advance of any such default occurring, with the goal of finalizing any amendments and/or waivers prior to any possible covenant breach. Any such amendments and/or waivers would require successful negotiations with our bank group and certain noteholders, and would likely require the company to make certain concessions, such as potentially providing collateral or accepting a reduction in total borrowing capacity under the revolving credit facility. Obtaining the covenant relief that we are seeking will require the company to successfully harmonize the interests of the noteholders and the banks. U.S. Dollar Denominated Debt The following is a summary of debt outstanding at December 31, 2015 and March 31, 2015: December 31, March 31, (In thousands, except weighted average data) 2015 2015 Credit facility: Term loan agreement (A) $ 300,000 300,000 Revolving line of credit (A) (B) — 20,000 September 2013 senior unsecured notes: Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years 7.6 8.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding (Level 2) $ 425,950 516,879 August 2011 senior unsecured notes: Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years 4.8 5.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding (Level 2) $ 147,081 167,910 September 2010 senior unsecured notes (C): Aggregate debt outstanding $ 382,500 425,000 Weighted average remaining life in years 4.3 4.6 Weighted average coupon rate on notes outstanding 4.35 % 4.25 % Fair value of debt outstanding (Level 2) $ 344,634 431,296 July 2003 senior unsecured notes (D): Aggregate debt outstanding $ — 35,000 Weighted average remaining life in years — 0.3 Weighted average coupon rate on notes outstanding — 4.61 % Fair value of debt outstanding (Level 2) $ — 35,197 May 2015 notes (E) (F): Amount outstanding $ 30,033 — Fair value of debt outstanding (Level 2) 30,047 — March 2015 notes (F): Amount outstanding $ 28,259 29,488 Fair value of debt outstanding (Level 2) 28,265 29,501 (A) Fair values approximate carrying values because the borrowings bear interest at variable rates. (B) $600 million and $580 million was available under the revolver at December 31, 2015 and March 31, 2015, respectively. (C) Principal repayments of $42.5 million were paid during the quarter ended December 31, 2015. (D) Remaining $35 million of borrowings fully paid in July 2015. (E) In May 2015, a wholly owned subsidiary of the company entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement which matures in April 2027 and is secured by a guarantee by Tidewater Inc. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a spread based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%). (F) Notes require semi-annual principal payments. Norwegian Kroner Denominated Debt The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2015 and March 31, 2015, and their U.S. dollar equivalents: December 31, March 31, (In thousands) 2015 2015 3.81% January 2014 notes (A): NOK denominated 262,500 275,000 U.S. dollar equivalent $ 29,606 34,234 Fair value in U.S. dollar equivalent (Level 2) 29,612 34,226 5.38% May 2012 notes (A): NOK denominated 144,840 161,880 U.S. dollar equivalent $ 16,336 20,152 Fair value in U.S. dollar equivalent (Level 2) 16,329 19,924 Variable rate borrowings: June 2013 borrowing agreement (B) (C) NOK denominated — 25,000 U.S. dollar equivalent $ — 3,112 May 2012 borrowing agreement (B) (D) NOK denominated — 20,000 U.S. dollar equivalent $ — 2,490 (A) Notes require semi-annual principal payments. (B) Fair values approximate carrying values because the borrowings bear interest at variable rates. (C) Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment. (D) Note was repaid in May 2015 upon maturity. Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31: Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Interest and debt costs incurred, net of interest capitalized $ 13,312 12,239 39,741 37,927 Interest costs capitalized 2,513 3,638 8,280 9,920 Total interest and debt costs $ 15,825 15,877 48,021 47,847 |
LOSS PER SHARE
LOSS PER SHARE | 9 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | (6) LOSS PER SHARE The components of basic and diluted loss 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) 2015 2014 2015 2014 Net loss available to common shareholders $ (19,509 ) (160,694 ) (78,396 ) (56,114 ) Weighted average outstanding shares of common stock, basic 46,943,705 48,481,722 46,956,041 49,213,712 Dilutive effect of options and restricted stock awards and units — — — — Weighted average common stock and equivalents 46,943,705 48,481,722 46,956,041 49,213,712 Loss per share, basic (A) $ (0.42 ) (3.31 ) (1.67 ) (1.14 ) Loss per share, diluted (B) $ (0.42 ) (3.31 ) (1.67 ) (1.14 ) Additional information: Antidilutive incremental options and restricted stock awards and units 455,663 158,575 385,073 231,171 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (B) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
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, by vessel type, as of December 31, 2015: Number Invested Remaining of Total Through Balance (In thousands, except vessel count) Vessels Cost 12/31/15 12/31/15 Vessels under construction (A): Deepwater PSVs 8 $ 335,746 231,256 104,490 Towing-supply vessels 1 16,280 13,580 2,700 Total vessel commitments (B) 9 $ 352,026 244,836 107,190 (A) Six additional option vessels and a fast supply boat are not included in the table above. (B) The company is entitled to receive a refund of prior shipyard payments totaling approximately $43 million (of which $12 million was received in January 2016) which would offset the remaining balance of vessel commitments. See further discussion below. The total cost of the various vessel new-build commitments includes contract costs and other incidental costs. The company has vessels under construction at different shipyards around the world. The deepwater platform supply vessels (PSVs) under construction range between 4,200 and 6,000 deadweight tons (DWT) of cargo capacity and the towing-supply vessel under construction has 7,145 brake horsepower (BHP). Delivery of the new-build vessels began in January 2016, with delivery of the towing supply vessel and two of the deepwater PSVs. The delivery of the final new-build vessel is expected in May 2017. The company has approximately $107 million in unfunded capital commitments associated with the nine vessels under construction (approximately $64 million, net of $43 million of expected refunds from shipyards) at December 31, 2015. 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 with the delivery of the remaining nine vessels currently under construction. The company anticipates that it will use some portion of its future operating cash flows and existing borrowing capacity in order to fund current and any future commitments in connection with the completion of the fleet renewal and modernization program. In June 2015, the company entered into settlement agreements with an international shipyard, which at the time was constructing six 7,145 BHP towing-supply-class vessels and six 261-foot, 4,700 DWT tons of cargo capacity, deepwater PSVs. Under the settlement agreements, contracts for three 7,145 BHP towing-supply-class vessels were terminated, and the shipyard agreed with respect to these three cancelled contracts to (i) return to the company approximately $36 million in aggregate installment payments, (ii) terminate the company’s obligation to make any additional payments, and (iii) apply $3.5 million of accrued interest due to the company on the returned installment amounts to offset future installment obligations on other vessels at this shipyard. Of the total $36 million in returned installments, the shipyard returned $24 million in June 2015 and the remaining $12 million in July 2015. The company recorded an impairment charge of $0.8 million in the first quarter of fiscal 2016 to write off the amounts not recoverable from the shipyard with respect to these three vessels. The company applied the $3.5 million shipyard credit in the December quarter as an offset to other payments made to the shipyard. In September 2015, the company entered into additional settlement agreements with the same shipyard to resolve the remaining nine vessels (three additional 7,145 BHP towing-supply-class vessels and six 261-foot, 4,700 deadweight tons of cargo capacity, deepwater PSVs) under construction. Under the settlement agreements, the company agreed to substantial discounts to the purchase price for each of these four vessels. The company took delivery of one towing-supply-class vessel in September of 2015, and another towing-supply-class vessel in January of 2016, and is expected to take delivery of two deepwater PSVs in fiscal 2017, if those vessels are completed and delivered in accordance with the underlying amended construction contracts, in the June quarter of 2016. Under the September 2015 settlement agreements, the company received separate options, but not obligations to acquire, each of the remaining five vessels, with option expiry dates ranging from November 2015 to October 2016. Under the terms of these options, if the company does not elect to take delivery of any of these vessels, (a) the company is entitled to receive the return of approximately $31 million in aggregate installment payments (representing installment payments made to date on these five vessels) together with interest on these installments of $3.7 million (which will be issued to the company as “shipyard credits” and applied to future installment payments on the two PSVs to be delivered) and (b) the company will be relieved of the obligation to pay the shipyard the approximately $75 million in remaining construction payments. The purchase prices for each of the five vessels that are subject to options are unchanged by the settlement. The company declined to exercise the first of these options, and in January 2016 received $12 million in refunded payments. The company has also taken the $3.7 million “shipyard credit” in the December quarter as an offset against other payments made to the shipyard. The remaining four option vessels are not included in the preceding table of vessel commitments as of December 31, 2015. Each settlement agreement (except for the agreement with respect to the towing-supply vessel delivered in September 2015) was entered into subject to the consent of the Bank of China, the issuer of the refundment guarantees on all nine vessels. The Bank of China has subsequently issued consents for all eight remaining settlement agreements. In April 2015, the company entered into negotiations with an international shipyard constructing two 275-foot, 3,800 deadweight tons of cargo capacity, deepwater PSVs to resolve issues associated with the late delivery of these vessels. In May 2015, the company settled these issues with the shipyard. Under the terms of the settlement, the company can elect to take delivery of one or both completed vessels at any time prior to June 30, 2016. That date is subject to two six month extension periods, each extension requiring the mutual consent of the company and shipyard. If the company does not elect to take delivery of one or both vessels prior to June 30, 2016 (as that date may be extended by mutual agreement), (a) the company is entitled to receive the return of $5.4 million in aggregate installment payments per vessel together with interest on these installments (which aggregates to approximately $12 million, or all but approximately $1 million of the company's carrying value of the accumulated costs per vessel through March 31, 2015) and (b) the company will be relieved of the obligation to pay to the shipyard the $21.7 million of remaining payments per vessel. The shipyard's obligation to return the $5.4 million (plus interest) per vessel if the company elects not to take delivery of one or both vessels is secured by Bank of China refundment guarantees. These two vessels are not included in the preceding table of vessel commitments as of December 31, 2015. The company has experienced 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 June 30, 2015. During the first quarter of fiscal 2016, the company recorded an impairment charge of $2.4 million (representing amounts not covered by insurance) and reclassified the remaining $5.6 million from construction in progress to other non-current assets. This vessel is not included in the preceding table of vessel commitments as of December 31, 2015. 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 pursue successfully 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 MNOPF. 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. The final meeting of creditors is scheduled for mid-February 2016, and the liquidation is expected to be completed in calendar 2016. 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 a new Angolan entity, which is intended to be one of the Sonatide group of companies, has been incorporated. Based on recent communications the Angolan entity is expected to be incorporated in 2016 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, additional 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 substantial customer payments being made to Sonatide in Angolan kwanzas. A cumbersome payment process has burdened Tidewater’s management of its cash and liquidity, because the conversion of Angolan kwanzas into U.S. dollars and the subsequent expatriation of the funds causes payment delays, additional operating costs and, through the company’s 49% ownership of Sonatide, foreign exchange losses. The payment process exposes the company to further risk of currency devaluation prior to Sonatide’s conversion of Angolan kwanza-denominated bank deposits to U.S. dollars and potentially additional taxes. In response to the adoption of the new forex law, Tidewater and Sonangol negotiated and signed an agreement (the “consortium agreement”) that allowed 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 Angolan kwanzas), and (ii) billings for services provided offshore (that can be paid in U.S. dollars). Sonatide successfully converted select customer contracts to this split billing arrangement during the quarters ended March 31, 2015 and June 30, 2015. The consortium agreement expired in November 2015, and the parties have been discussing signing a new consortium agreement for a one year term. If the parties are unable to agree on a new consortium agreement, the parties would need to negotiate the terms of a new agreement that would continue to allow the company to receive U.S. dollar payments for services provided offshore. In addition, it is not clear if this type of contracting will be available to Sonatide over the longer term. If the company is unable to reach agreement on a new split payment arrangement, any contract entered into after the expiration of the consortium agreement may result in the receipt of 100% Angolan kwanzas, which would be subject to the challenges and risks described above. The company believes that the split payment contracts entered into with customers prior to the expiration of the consortium agreement will remain in force until their expirations. In November 2014, the National Bank of Angola issued new regulations controlling the sale of foreign currency. These regulations generally require oil companies to channel any U.S. dollar sales they choose to make through the National Bank of Angola to buy Angolan kwanzas that are required to be used to pay for goods and services provided by foreign exchange resident oilfield service companies. These foreign exchange resident oilfield services companies, in turn, generally have a need to source U.S. 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 Angolan kwanzas. These same U.S. dollars are then sold onward 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 U.S. dollars, then such service companies will be required to source U.S. dollars exclusively through the National Bank of Angola. Sonatide has had some success to date in negotiating tripartite agreements and it continues to work with customers, commercial banks and the National Bank of Angola in regards to utilizing these arrangements. For the fiscal year ended March 31, 2015, the company collected (primarily through Sonatide) approximately $338 million from its Angola operations, which is slightly less than the approximately $351 million of revenue recognized for the same period. Of the $338 million collected approximately $159 million represented U.S. dollars received by Sonatide on behalf of the company or U.S. dollars directly received by the company from customers. The balance of $179 million that was collected in fiscal 2015 resulted from Sonatide’s converting Angolan kwanzas into U.S. dollars and subsequently expatriating the U.S. dollars to Tidewater. Additionally, the company received an approximate $10 million dividend payment from the Sonatide joint venture during the third quarter of fiscal 2015. For the nine months ended December 31, 2015, the company collected (primarily through Sonatide) approximately $182 million from its Angolan operations, which exceeds by $10 million the approximately $172 million of revenue recognized for the same period. Of the $182 million collected, approximately $93 million were U.S. dollars received by Sonatide on behalf of the company or U.S. dollars directly received by the company from customers. The balance of $89 million collected resulted from Sonatide’s converting Angolan kwanza into U.S. dollars and subsequently expatriating the dollars to Tidewater. Additionally, the company received an approximate $15 million dividend payment from the Sonatide joint venture during the third quarter of fiscal 2016 The company also reduced the due from affiliate and due to affiliate balances by approximately $65 million during the nine months ended December 31, 2015 through netting transactions based on agreement with the joint venture. The company believes that the process for converting Angolan kwanzas continues to function reasonably well, but the tight U.S. dollar liquidity situation continues in Angola. Sonatide continues to press its commercial banks with which it has relationships to increase the amount of U.S. dollars that are made available to Sonatide. As of December 31, 2015, the company had approximately $336 million in amounts due from Sonatide, with approximately half of the balance reflecting invoiced but unpaid vessel revenue related to services performed by the company through the Sonatide joint venture. Remaining amounts due to the company from Sonatide are generally supported by cash (primarily denominated in Angolan kwanzas) held by Sonatide that is pending conversion into U.S. dollars and the subsequent expatriation of such funds. For the nine months ended December 31, 2015, Tidewater’s Angolan operations generated vessel revenues of approximately $172 million, or 22%, of its consolidated vessel revenue, from an average of approximately 66 Tidewater-owned vessels that are marketed through the Sonatide joint venture (eight of which were stacked on average during the nine months ended December 31, 2015), and, for the nine months ended December 31, 2014, generated vessel revenues of approximately $271 million, or 23%, of consolidated vessel revenue, from an average of approximately 83 Tidewater-owned vessels (four of which were stacked on average during the nine months ended December 31, 2014). Sonatide owns eight 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, 2015, Sonatide maintained the equivalent of approximately $95 million of primarily Angolan 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, and approximately $1 million of U.S. dollar-denominated deposits in banks outside of Angola. As of December 31, 2015 and March 31, 2015, 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 $43 million and $67 million, respectively. Due from affiliate at December 31, 2015 and March 31, 2015 of approximately $336 million and $420 million, respectively, represents cash received by Sonatide from customers and due to the company, and amounts due from customers that are expected to be remitted to the company through Sonatide. The collection of the amounts due to Sonatide from customers, and the subsequent conversion and expatriation process are subject to those risks and considerations set forth above. Due to affiliate at December 31, 2015 and March 31, 2015 of approximately $170 million and $186 million, respectively, represents amounts due to Sonatide for commissions payable (approximately $27 million and $66 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 in 2014. Following recent discussions with port state authorities and local counsel, the company remains 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 is seeking further clarification of the new decree. The company is exploring potential alternative structures in order to comply. The Angolan government enacted a new statute, which came into effect on June 30, 2015, for a new levy that could impose an additional 10% surcharge on certain foreign exchange transactions. The specific details of the levy have not yet been disclosed and it is not clear if this new statute will apply to Sonatide’s scope of operations. The additional surcharge has not been imposed on any Sonatide transactions to date. The company has undertaken efforts to mitigate the effects of the levy, in the event the levy does apply to Sonatide’s operations, including successfully negotiating rate adjustments and termination rights with some of its customers. The company will be unlikely to completely mitigate the effects of the levy, resulting in increased costs and lower margins, if the levy is interpreted to apply to Sonatide’s operations. 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, 2015, 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 13 vessels transferred out of Angola. Redeployment of vessels to and from Angola during the nine months ended December 31, 2015 has resulted in a net 18 vessels transferred out of Angola. As the company considers the redeployment of additional vessels from Angola to other markets, 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 Tidewater’s results of operations and cash flows for the periods when such costs would be incurred. The recent decline in crude oil and natural gas prices, the reduction in spending expectations among E&P companies, the number of new-build vessels which are expected to deliver within the next two years and the resulting potential overcapacity in the worldwide offshore support vessel market may exacerbate such negative financial effects, particularly if a large re-deployment were undertaken by the company in the near- to intermediate-term. 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 million Brazilian reais (approximately $39 million as of December 31, 2015). 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 has already obtained success in the majority of cases. This has reduced the initial fines from 155 million reais down to 33 million reais (approximately $8.3 million as of December 31, 2015). The company believes that it has a high probability of success with respect to overturning the remaining fines. The remaining fines are still subject to a secondary administrative appeals board hearing, but the company believes that its previous success will be helpful in that upcoming hearing. 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 In October 2012, Tidewater Inc. notified its Nigerian marketing agent, Phoenix Tide Offshore Nigeria Limited, that it was discontinuing its relationship with the marketing agent and two of its principals (H.H. The Otunba Ayora Dr. Bola Kuforiji-Olubi, OON and Olutokunbo Afolabi Kuforiji). The company entered into a new strategic relationship with a different Nigerian marketing agent 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. On March 1, 2013, Tidewater filed suit in the London Commercial Court against Phoenix Tide Offshore Nigeria Limited, its prior 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 $16 million (including U.S. dollar denominated invoices and Naira denominated invoices which have been adjusted for the devaluation of the Naira relative to the U.S. dollar) due to Tidewater 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. 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. 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. Repairs to U.S. Flagged Vessels Operating Abroad Near the end of fiscal 2015 the company became aware that it may have had compliance deficiencies in documenting and declaring upon re-entry to U.S. waters all repairs done on its U.S. flagged vessels while they were working outside the United States. When a U.S. flagged vessel operates abroad, any repairs made abroad must be declared to U.S. Customs. Duties must be paid for certain of those repairs upon return to U.S. waters. During our examination of our most recent filings with U.S. Customs, we determined that it was necessary to file amended forms with U.S. Customs. We continue to evaluate the return of other U.S. flagged vessels to the United States to determine whether it is necessary to adjust our responses in any of those instances. To the extent that further evaluation requires us to file amended entries, we do not yet know the magnitude of any duties, fines or interest associated with amending the entries for these vessels. We are committed to bolstering our processes, procedures and training to ensure that we correctly identify all repairs made abroad if and when U.S. flagged vessels return to the United States in the future. 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 Arbitral Award for the Taking of the Company’s Venezuelan Operations On March 13, 2015, the three member tribunal constituted under the rules of the World Bank’s International Centre for the Settlement of Investment Disputes (“ICSID”) awarded subsidiaries of the company compensation, including accrued interest and costs, for the Bolivarian Republic of Venezuela’s (“Venezuela”) expropriation of the investments of those subsidiaries in Venezuela. The award, issued in accordance with the provisions of the Venezuela-Barbados Bilateral Investment Treaty (“BIT”), represented $46.4 million for the fair market value of the company’s principal Venezuelan operating subsidiary, plus interest from May 8, 2009 to the date of payment of that amount accruing at an annual rate of 4.5% compounded quarterly ($16.1 million as of Dec |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | (8) FAIR VALUE MEASUREMENTS 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 the supplemental plan. The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of December 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Equity securities: Common stock $ 3,497 3,497 — — Preferred stock — — — — Foreign stock 258 258 — — American depository receipts 1,529 1,529 — — Preferred American depository receipts 15 15 — — Real estate investment trusts 74 74 — — Debt securities: Government debt securities 1,818 1,028 790 — Open ended mutual funds 1,770 1,770 — — Cash and cash equivalents 306 (34 ) 340 — Total $ 9,267 8,137 1,130 — Other pending transactions (195 ) (195 ) — — Total fair value of plan assets $ 9,072 7,942 1,130 — The following table provides the fair value hierarchy for the plan assets measured at fair value as of March 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Equity securities: Common stock $ 3,859 3,859 — — Preferred stock — — — — Foreign stock 201 201 — — American depository receipts 1,685 1,685 — — Preferred American depository receipts 15 15 — — Real estate investment trusts 59 59 — — Debt securities: Government debt securities 1,926 1,377 549 — Open ended mutual funds 1,916 1,916 — — Cash and cash equivalents 377 72 305 — Total $ 10,038 9,184 854 — Other pending transactions (123 ) (123 ) — — Total fair value of plan assets $ 9,915 9,061 854 — Other Financial Instruments The company’s primary financial instruments consist of cash and cash equivalents, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company enters into derivative instruments only to the extent considered necessary to address its risk management objectives and does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. Cash Equivalents . The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. Spot Derivatives . Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. The company had no outstanding spot contracts at December 31, 2015. The company had two foreign exchange spot contracts outstanding at March 31, 2015, which had a notional value of $2.3 million and settled by April 1, 2015. Forward Derivatives . Forward derivative financial instruments are usually longer-term in nature but generally do not exceed one year. The accounting for gains or losses on forward contracts is dependent on the nature of the risk being hedged and the effectiveness of the hedge. Forward contracts are valued using counterparty quotations, and we validate the information obtained from the counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. At December 31, 2015, the company had 14 Norwegian kroner (NOK) forward contracts outstanding, which are generally intended to hedge the company’s foreign exchange exposure relating to its NOK denominated notes payable as disclosed in Note (5). The forward contracts have expiration dates between January 2016 and November 2016. The combined change in fair value of the forward contracts was $1.8 million, all of which was recorded as a foreign exchange loss during the nine months ended December 31, 2015, because the forward contracts did not qualify as hedge instruments. All changes in fair value of the forward contracts were recorded in earnings. The company did not have any forward contracts outstanding at March 31, 2015. The following table provides the fair value hierarchy for the company’s other financial instruments measured as of December 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Money market cash equivalents $ 1,507 1,507 — — Total fair value of assets $ 1,507 1,507 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Money market cash equivalents $ 3,007 3,007 — — Total fair value of assets $ 3,007 3,007 — — For disclosures related to assets and liabilities measured at fair value on a nonrecurring basis refer to Note (15). |
OTHER CURRENT ASSETS, OTHER ASS
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS | 9 Months Ended |
Dec. 31, 2015 | |
Other Current Assets Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS | (9) OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS A summary of other current assets at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Deposits on vessel construction options (A) $ 44,748 — Deposits - general 7,017 7,381 Prepaid expenses 9,054 10,400 $ 60,819 17,781 (A) Refer to Note (7) for additional discussion regarding the vessels under construction with option agreements. A summary of other assets at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Recoverable insurance losses $ 9,682 10,468 Deferred income tax assets 31,136 19,004 Deferred finance charges – revolver 7,125 7,396 Savings plans and supplemental plan 14,984 23,208 Other 19,423 15,120 $ 82,350 75,196 A summary of accrued expenses at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Payroll and related payables $ 22,405 32,041 Commissions payable (A) 7,197 8,282 Accrued vessel expenses 53,414 79,549 Accrued interest expense 4,791 14,514 Other accrued expenses 8,797 11,869 $ 96,604 146,255 (B) Excludes $27.3 million and $46.3 million of commissions due to Sonatide at December 31, 2015 and March 31, 2015, respectively. These amounts are included in amounts due to affiliate. A summary of other current liabilities at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Taxes payable $ 41,480 56,620 Deferred gain on vessel sales - current 24,403 25,057 Other 370 784 $ 66,253 82,461 A summary of other liabilities and deferred credits at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Postretirement benefits liability $ 20,651 23,018 Pension liabilities 42,773 41,279 Deferred gain on vessel sales 118,420 136,238 Other 28,395 34,573 $ 210,239 235,108 |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
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 ASU 2014-09, Revenue from Contracts with Customers. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issue Costs In February 2015, the FASB issued ASU 2015-02, Consolidation – Amendments to the Consolidation Analysis, |
SEGMENT AND GEOGRAPHIC DISTRIBU
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 9 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
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, 2015 and 2014. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Revenues: Vessel revenues: Americas $ 75,963 134,554 279,345 388,550 Asia/Pacific 19,144 35,046 79,254 121,284 Middle East/North Africa 40,184 55,925 132,786 160,301 Sub-Saharan Africa/Europe 77,617 152,601 283,967 480,453 212,908 378,126 775,352 1,150,588 Other operating revenues 5,283 9,428 19,536 20,167 $ 218,191 387,554 794,888 1,170,755 Vessel operating profit (loss): Americas $ 9,289 33,784 41,940 100,770 Asia/Pacific (3,796 ) 2,621 4,122 9,064 Middle East/North Africa 5,849 12,408 21,524 31,568 Sub-Saharan Africa/Europe (2,079 ) 34,120 2,459 113,168 9,263 82,933 70,045 254,570 Other operating loss (626 ) (1,032 ) (3,120 ) (5,548 ) 8,637 81,901 66,925 249,022 Corporate general and administrative expenses (7,150 ) (9,411 ) (25,096 ) (30,686 ) Corporate depreciation (1,629 ) (834 ) (4,772 ) (2,486 ) Corporate expenses (8,779 ) (10,245 ) (29,868 ) (33,172 ) Gain on asset dispositions, net 5,883 4,699 19,345 13,092 Asset impairments (A) (15,141 ) (6,236 ) (61,771 ) (8,096 ) Goodwill impairment — (283,699 ) — (283,699 ) Restructuring charge (B) — — (7,586 ) — Operating loss $ (9,400 ) (213,580 ) (12,955 ) (62,853 ) Foreign exchange gain (loss) (469 ) 4,334 (3,758 ) 8,453 Equity in net earnings (losses) of unconsolidated companies (1,710 ) — (7,070 ) 9,104 Interest income and other, net 609 434 1,754 1,555 Interest and other debt costs, net (13,312 ) (12,239 ) (39,741 ) (37,927 ) Loss before income taxes $ (24,282 ) (221,051 ) (61,770 ) (81,668 ) Depreciation and amortization: Americas $ 12,029 11,825 36,311 35,623 Asia/Pacific 5,803 4,731 16,503 13,538 Middle East/North Africa 6,992 7,016 21,103 20,383 Sub-Saharan Africa/Europe 17,600 18,067 54,084 55,494 42,424 41,639 128,001 125,038 Other 1,369 858 4,285 2,626 Corporate 1,629 834 4,772 2,486 $ 45,422 43,331 137,058 130,150 Additions to properties and equipment: Americas $ 2,064 32,421 44,118 64,057 Asia/Pacific 360 44,983 2,069 68,193 Middle East/North Africa 127 424 776 1,659 Sub-Saharan Africa/Europe 460 823 1,827 14,736 3,011 78,651 48,790 148,645 Other 26 10,206 113 18,931 Corporate (C) 8,872 14,198 103,467 67,678 $ 11,909 103,055 152,370 235,254 (A) Refer to Note (15) for additional information regarding asset impairment charges. (B) Refer to Note (14) for additional information regarding the restructuring charge. (C) Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented . The following table provides a comparison of total assets at December 31, 2015 and March 31, 2015: December 31, March 31, (In thousands) 2015 2015 Total assets: Americas $ 1,132,305 1,016,133 Asia/Pacific 515,380 506,265 Middle East/North Africa 591,657 666,983 Sub-Saharan Africa/Europe 1,871,941 2,064,010 4,111,283 4,253,391 Other 45,789 49,554 4,157,072 4,302,945 Investments in, at equity, and advances to unconsolidated companies 45,663 65,844 4,202,735 4,368,789 Corporate (A) 277,780 387,373 $ 4,480,515 4,756,162 (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, 2015 and March 31, 2015, $150.1 million and $235.2 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, 2015 and 2014: Quarter Ended Nine Months Ended Revenue by vessel class December 31, December 31, (In thousands) 2015 % 2014 % 2015 % 2014 % Americas fleet: Deepwater $ 49,792 23 % 94,298 25 % 191,720 25 % 267,983 23 % Towing-supply 22,254 11 % 33,607 9 % 75,890 10 % 97,511 9 % Other 3,917 2 % 6,649 2 % 11,735 1 % 23,056 2 % Total $ 75,963 36 % 134,554 36 % 279,345 36 % 388,550 34 % Asia/Pacific fleet: Deepwater $ 13,267 6 % 20,575 5 % 56,535 7 % 72,492 6 % Towing-supply 5,877 3 % 13,487 4 % 22,719 3 % 45,862 4 % Other — — 984 <1% — — 2,930 <1% Total $ 19,144 9 % 35,046 9 % 79,254 10 % 121,284 10 % Middle East/North Africa fleet: Deepwater $ 17,690 9 % 25,615 7 % 58,845 8 % 64,336 6 % Towing-supply 21,795 10 % 29,441 8 % 71,898 9 % 93,435 8 % Other 699 <1% 869 <1% 2,043 <1% 2,530 <1% Total $ 40,184 19 % 55,925 15 % 132,786 17 % 160,301 14 % Sub-Saharan Africa/Europe fleet: Deepwater $ 30,361 14 % 81,129 21 % 124,282 16 % 262,013 23 % Towing-supply 35,186 16 % 52,532 14 % 118,490 15 % 162,585 14 % Other 12,070 6 % 18,940 5 % 41,195 6 % 55,855 5 % Total $ 77,617 36 % 152,601 40 % 283,967 37 % 480,453 42 % Worldwide fleet: Deepwater $ 111,110 52 % 221,617 58 % 431,382 56 % 666,824 58 % Towing-supply 85,112 40 % 129,067 35 % 288,997 37 % 399,393 35 % Other 16,686 8 % 27,442 7 % 54,973 7 % 84,371 7 % Total $ 212,908 100 % 378,126 100 % 775,352 100 % 1,150,588 100 % |
GOODWILL
GOODWILL | 9 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL | (12) GOODWILL The company historically performed its annual goodwill impairment test at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicated 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 quarter of fiscal 2015), 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 fair values of the Americas and Sub-Saharan Africa/Europe reporting units were less than their respective carrying 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. Goodwill by reportable segment at December 31, 2015 and 2014 is as follows: March 31, December (In thousands) 2015 Goodwill acquired Impairments 2015 Americas $ — — — — Sub-Saharan Africa/Europe — — — — Total carrying amount (A) $ — — — — March 31, December (In thousands) 2014 Goodwill acquired Impairments 2014 Americas $ 114,237 — 114,237 — Sub-Saharan Africa/Europe 169,462 — 169,462 — Total carrying amount (B) $ 283,699 — 283,699 — (A) The total carrying amount of goodwill at March 31, 2015 and December 31, 2015 is net of accumulated impairment charges of $370.9 million. (B) The total carrying amount of goodwill at March 31, 2014 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. |
SALE_LEASEBACK ARRANGEMENTS
SALE/LEASEBACK ARRANGEMENTS | 9 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
SALE/LEASEBACK ARRANGEMENTS | (13) SALE/LEASEBACK ARRANGEMENTS As of December 31, 2015, the future minimum lease payments for vessels under operating lease terms are as follows: Fiscal 2015 Fiscal 2014 Fiscal year ending (In thousands) Sale/Leaseback Sale/Leaseback Total Remaining three months of 2016 $ 2,371 5,220 7,591 2017 9,485 20,879 30,364 2018 9,604 23,485 33,089 2019 10,234 24,800 35,034 2020 11,497 25,519 37,016 Thereafter 30,866 39,744 70,610 Total future lease payments $ 74,057 139,647 213,704 Included in gain on asset dispositions, net for the quarter and nine months ended December 31, 2015, respectively, are $5.8 million and $17.5 million of deferred gains from sale leaseback transactions. During the quarter and nine months ended December 31, 2014, the company recognized $4.8 million and $17.5 million of deferred gains from sale leaseback transactions which are also included in gain on asset dispositions, net. |
RESTRUCTURING CHARGE
RESTRUCTURING CHARGE | 9 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING CHARGE | (14) RESTRUCTURING CHARGE In the second quarter of fiscal 2016 the company’s management continued to restructure its operations worldwide to reduce operating and general and administrative costs as a result of the continuing decline in oil prices and the resulting softening demand for the company’s vessels, and several contract cancellations (particularly in regards to the company’s Brazil operations). This plan consists of select employee terminations and early retirements that are intended to eliminate redundant or unneeded positions, reduce costs, and better align our workforce with anticipated lower activity levels in the geographic areas in which the company presently operates. In connection with these efforts, the company recognized a $7.6 million restructuring charge during the quarter ended September 30, 2015. Although no payments were made related to this charge as of September 30, 2015, the company paid during the quarter ended December 31, 2015 Measures taken during the second quarter include the transfer and stacking of vessels from the company’s Australian and Brazilian operations. Such vessel stackings resulted in the termination of mariners who were entitled to severance payments under the terms of the enterprise bargaining agreements and in accordance with Australian and Brazilian labor laws. Restructuring charges incurred by segment and cost type for the quarter and nine month periods ended December 31, 2015: Quarter Ended Nine Months Ended (In thousands) December 31, 2015 December 31, 2015 Americas: Crew costs $ — 3,410 Other vessel costs — 203 Asia/Pacific: Crew costs — 3,973 Total restructuring charges $ — 7,586 |
ASSET IMPAIRMENTS
ASSET IMPAIRMENTS | 9 Months Ended |
Dec. 31, 2015 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (15) ASSET IMPAIRMENTS The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. We also subdivide our groupings of assets with similar operating and marketing characteristics between our older vessels and newer vessels. The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. If an asset group fails the undiscounted cash flow test, management derives the fair value of the asset group through making estimates of fair value for each vessel in the group, considering items such as age, vessel class supply and demand, and recent sales of similar vessels among other factors and for more significant vessel carrying values we may obtain third-party appraisals for use by management in determining a vessel’s fair value. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average dayrates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, dayrates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels not expected to return to active service every six months or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For more significant vessel carrying values, we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers for use in our determination of fair value estimates. The company records an impairment charge when the carrying value of a stacked vessel not expected to return to active service 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. Asset impairments recognized for the quarter and nine months ended December 31, 2015 increased $8.9 million and $53.7 million, respectively, from the same periods of fiscal 2015, primarily due to a decline in offshore support vessel values as a result of the decrease in the volume of oil and gas exploration, field development and production spending by our customers. During the third quarter of fiscal 2016 the company recognized impairments to the stacked vessel fleet of $15.2 million. During the first nine months of fiscal 2016 the company recognized impairments to stacked vessels fleet of $55.5 million, a $3 million impairment to active vessels, a $2.4 million impairment related to a vessel under construction that is currently the subject of an arbitration proceeding in Brazil (so as to reduce the carrying value of this vessel to the amount that is covered by third party credit support) and, a $0.8 million impairment related to the cancellation of vessel construction contracts. The below table summarizes the combined fair value of the assets that incurred impairments during the quarters and nine-month periods ended December 31, 2015 and 2014, along with the amount of impairment. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Amount of impairment incurred $ 15,141 6,236 61,771 8,096 Combined fair value of assets incurring impairment 90,010 3,914 244,310 4,634 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 16) SUBSEQUENT EVENTS In January 2016, the exchange rate of the Angolan kwanza versus the U.S. dollar was devalued from a ratio of approximately 135 to 1 to a ratio of approximately 158 to 1, or approximately 17%. Based on Angolan kwanza denominated balance sheet accounts at December 31, 2015, and an Angolan kwanza to U.S. dollar exchange ratio of 158 to 1, Sonatide will recognize a further exchange loss estimated to be approximately $17 million. The company will recognize 49% of the total foreign exchange loss, or approximately $8 million through equity in net earnings (losses) of unconsolidated companies. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
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) 2015 2014 2015 2014 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) 2015 2014 2015 2014 Dividends declared $ 11,811 12,029 34,965 37,229 Dividend per share 0.25 0.25 0.75 0.75 |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and nine month periods ended December 31, 2015 and 2014 are as follows: For the quarter ended December 31, 2015 For the nine months ended December 31, 2015 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 9/30/15 in OCI net income OCI 12/31/15 3/31/15 in OCI net income OCI 12/31/15 Available for sale securities (444 ) 235 (24 ) 211 (233 ) 235 (569 ) 101 (468 ) (233 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits (9,059 ) — — — (9,059 ) (9,129 ) 70 — 70 (9,059 ) Interest rate swaps (1,314 ) — 180 180 (1,134 ) (1,673 ) — 539 539 (1,134 ) Total (20,628 ) 235 156 391 (20,237 ) (20,378 ) (499 ) 640 141 (20,237 ) For the quarter ended December 31, 2014 For the nine months ended December 31, 2014 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 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 ) |
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Income | The following table summarizes the reclassifications from accumulated other comprehensive income (loss) to the condensed consolidated statement of income for the quarters and nine month periods ended December 31, 2015 and 2014: Quarter Ended Nine Months Ended December 31, December 31 Affected line item in the (In thousands) 2015 2014 2015 2014 consolidated statements of income Realized gains on available for sale securities $ (37 ) 29 155 238 Interest income and other, net Amortization of interest rate swap 277 178 829 537 Interest and other debt costs Total pre-tax amounts 240 207 984 775 Tax effect 84 72 344 271 Total gains for the period, net of tax $ 156 135 640 504 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Uncertain Tax Positions and Income Tax Payable | The company’s balance sheet at December 31, 2015 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes December 31, (In thousands) 2015 Tax liabilities for uncertain tax positions $ 14,591 Income tax payable 27,581 |
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, 2015, are as follows: December 31, (In thousands) 2015 Unrecognized tax benefit related to state tax issues $ 11,732 Interest receivable on unrecognized tax benefit related to state tax issues 38 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
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, 2015 and March 31, 2015: December 31, March 31, (In thousands) 2015 2015 Investments held in Rabbi Trust $ 9,072 9,915 Unrealized gains (losses) in fair value of trust assets 233 235 Obligations under the supplemental plan 27,143 25,510 |
Schedule of Net Periodic Benefit Cost | The net periodic benefit cost for the company’s U.S. defined benefit pension plan and 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) 2015 2014 2015 2014 Pension Benefits: Service cost $ 234 206 702 618 Interest cost 935 968 2,805 2,904 Expected return on plan assets (530 ) (685 ) (1,590 ) (2,055 ) Amortization of prior service cost 9 12 27 36 Recognized actuarial loss 567 247 1,701 741 Net periodic benefit cost $ 1,215 748 3,645 2,244 Other Benefits: Service cost $ 41 68 191 204 Interest cost 103 226 524 678 Amortization of prior service cost (899 ) (508 ) (1,920 ) (1,524 ) Recognized actuarial benefit (281 ) (325 ) (770 ) (975 ) Net periodic benefit cost $ (1,036 ) (539 ) (1,975 ) (1,617 ) |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Summary of Debt Outstanding | The following is a summary of debt outstanding at December 31, 2015 and March 31, 2015: December 31, March 31, (In thousands, except weighted average data) 2015 2015 Credit facility: Term loan agreement (A) $ 300,000 300,000 Revolving line of credit (A) (B) — 20,000 September 2013 senior unsecured notes: Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years 7.6 8.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding (Level 2) $ 425,950 516,879 August 2011 senior unsecured notes: Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years 4.8 5.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding (Level 2) $ 147,081 167,910 September 2010 senior unsecured notes (C): Aggregate debt outstanding $ 382,500 425,000 Weighted average remaining life in years 4.3 4.6 Weighted average coupon rate on notes outstanding 4.35 % 4.25 % Fair value of debt outstanding (Level 2) $ 344,634 431,296 July 2003 senior unsecured notes (D): Aggregate debt outstanding $ — 35,000 Weighted average remaining life in years — 0.3 Weighted average coupon rate on notes outstanding — 4.61 % Fair value of debt outstanding (Level 2) $ — 35,197 May 2015 notes (E) (F): Amount outstanding $ 30,033 — Fair value of debt outstanding (Level 2) 30,047 — March 2015 notes (F): Amount outstanding $ 28,259 29,488 Fair value of debt outstanding (Level 2) 28,265 29,501 (A) Fair values approximate carrying values because the borrowings bear interest at variable rates. (B) $600 million and $580 million was available under the revolver at December 31, 2015 and March 31, 2015, respectively. (C) Principal repayments of $42.5 million were paid during the quarter ended December 31, 2015. (D) Remaining $35 million of borrowings fully paid in July 2015. (E) In May 2015, a wholly owned subsidiary of the company entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement which matures in April 2027 and is secured by a guarantee by Tidewater Inc. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a spread based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%). (F) Notes require semi-annual principal payments. |
Debt Costs | The following is a summary of the Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2015 and March 31, 2015, and their U.S. dollar equivalents: December 31, March 31, (In thousands) 2015 2015 3.81% January 2014 notes (A): NOK denominated 262,500 275,000 U.S. dollar equivalent $ 29,606 34,234 Fair value in U.S. dollar equivalent (Level 2) 29,612 34,226 5.38% May 2012 notes (A): NOK denominated 144,840 161,880 U.S. dollar equivalent $ 16,336 20,152 Fair value in U.S. dollar equivalent (Level 2) 16,329 19,924 Variable rate borrowings: June 2013 borrowing agreement (B) (C) NOK denominated — 25,000 U.S. dollar equivalent $ — 3,112 May 2012 borrowing agreement (B) (D) NOK denominated — 20,000 U.S. dollar equivalent $ — 2,490 (A) Notes require semi-annual principal payments. (B) Fair values approximate carrying values because the borrowings bear interest at variable rates. (C) Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment. (D) Note was repaid in May 2015 upon maturity. |
Norwegian Kroner (NOK) denominated borrowing | |
Summary of Debt Outstanding | The following is a summary of interest and debt costs incurred, net of interest capitalized, for the quarters and nine-month periods ended December 31 Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Interest and debt costs incurred, net of interest capitalized $ 13,312 12,239 39,741 37,927 Interest costs capitalized 2,513 3,638 8,280 9,920 Total interest and debt costs $ 15,825 15,877 48,021 47,847 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Loss Per Share | The components of basic and diluted loss 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) 2015 2014 2015 2014 Net loss available to common shareholders $ (19,509 ) (160,694 ) (78,396 ) (56,114 ) Weighted average outstanding shares of common stock, basic 46,943,705 48,481,722 46,956,041 49,213,712 Dilutive effect of options and restricted stock awards and units — — — — Weighted average common stock and equivalents 46,943,705 48,481,722 46,956,041 49,213,712 Loss per share, basic (A) $ (0.42 ) (3.31 ) (1.67 ) (1.14 ) Loss per share, diluted (B) $ (0.42 ) (3.31 ) (1.67 ) (1.14 ) Additional information: Antidilutive incremental options and restricted stock awards and units 455,663 158,575 385,073 231,171 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (B) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
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, by vessel type, as of December 31, 2015: Number Invested Remaining of Total Through Balance (In thousands, except vessel count) Vessels Cost 12/31/15 12/31/15 Vessels under construction (A): Deepwater PSVs 8 $ 335,746 231,256 104,490 Towing-supply vessels 1 16,280 13,580 2,700 Total vessel commitments (B) 9 $ 352,026 244,836 107,190 (A) Six additional option vessels and a fast supply boat are not included in the table above. (B) The company is entitled to receive a refund of prior shipyard payments totaling approximately $43 million (of which $12 million was received in January 2016) which would offset the remaining balance of vessel commitments. See further discussion below. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets Measurement | The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of December 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Equity securities: Common stock $ 3,497 3,497 — — Preferred stock — — — — Foreign stock 258 258 — — American depository receipts 1,529 1,529 — — Preferred American depository receipts 15 15 — — Real estate investment trusts 74 74 — — Debt securities: Government debt securities 1,818 1,028 790 — Open ended mutual funds 1,770 1,770 — — Cash and cash equivalents 306 (34 ) 340 — Total $ 9,267 8,137 1,130 — Other pending transactions (195 ) (195 ) — — Total fair value of plan assets $ 9,072 7,942 1,130 — The following table provides the fair value hierarchy for the plan assets measured at fair value as of March 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Equity securities: Common stock $ 3,859 3,859 — — Preferred stock — — — — Foreign stock 201 201 — — American depository receipts 1,685 1,685 — — Preferred American depository receipts 15 15 — — Real estate investment trusts 59 59 — — Debt securities: Government debt securities 1,926 1,377 549 — Open ended mutual funds 1,916 1,916 — — Cash and cash equivalents 377 72 305 — Total $ 10,038 9,184 854 — Other pending transactions (123 ) (123 ) — — Total fair value of plan assets $ 9,915 9,061 854 — |
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, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Money market cash equivalents $ 1,507 1,507 — — Total fair value of assets $ 1,507 1,507 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2015: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Money market cash equivalents $ 3,007 3,007 — — Total fair value of assets $ 3,007 3,007 — — |
OTHER CURRENT ASSETS, OTHER A33
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Other Current Assets Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
Schedule of Other Current Assets | A summary of other current assets at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Deposits on vessel construction options (A) $ 44,748 — Deposits - general 7,017 7,381 Prepaid expenses 9,054 10,400 $ 60,819 17,781 (A) Refer to Note (7) for additional discussion regarding the vessels under construction with option agreements. |
Schedule Of Other Assets | A summary of other assets at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Recoverable insurance losses $ 9,682 10,468 Deferred income tax assets 31,136 19,004 Deferred finance charges – revolver 7,125 7,396 Savings plans and supplemental plan 14,984 23,208 Other 19,423 15,120 $ 82,350 75,196 |
Schedule of Accrued Expenses | A summary of accrued expenses at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Payroll and related payables $ 22,405 32,041 Commissions payable (A) 7,197 8,282 Accrued vessel expenses 53,414 79,549 Accrued interest expense 4,791 14,514 Other accrued expenses 8,797 11,869 $ 96,604 146,255 (B) Excludes $27.3 million and $46.3 million of commissions due to Sonatide at December 31, 2015 and March 31, 2015, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Other Current Liabilities | A summary of other current liabilities at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Taxes payable $ 41,480 56,620 Deferred gain on vessel sales - current 24,403 25,057 Other 370 784 $ 66,253 82,461 |
Schedule of Other Liabilities and Deferred Credits | A summary of other liabilities and deferred credits at December 31, 2015 and March 31, 2015 is as follows: December 31, March 31, (In thousands) 2015 2015 Postretirement benefits liability $ 20,651 23,018 Pension liabilities 42,773 41,279 Deferred gain on vessel sales 118,420 136,238 Other 28,395 34,573 $ 210,239 235,108 |
SEGMENT AND GEOGRAPHIC DISTRI34
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
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, 2015 and 2014. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the remotely operated vehicles (ROVs), brokered vessels and other miscellaneous marine-related businesses. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Revenues: Vessel revenues: Americas $ 75,963 134,554 279,345 388,550 Asia/Pacific 19,144 35,046 79,254 121,284 Middle East/North Africa 40,184 55,925 132,786 160,301 Sub-Saharan Africa/Europe 77,617 152,601 283,967 480,453 212,908 378,126 775,352 1,150,588 Other operating revenues 5,283 9,428 19,536 20,167 $ 218,191 387,554 794,888 1,170,755 Vessel operating profit (loss): Americas $ 9,289 33,784 41,940 100,770 Asia/Pacific (3,796 ) 2,621 4,122 9,064 Middle East/North Africa 5,849 12,408 21,524 31,568 Sub-Saharan Africa/Europe (2,079 ) 34,120 2,459 113,168 9,263 82,933 70,045 254,570 Other operating loss (626 ) (1,032 ) (3,120 ) (5,548 ) 8,637 81,901 66,925 249,022 Corporate general and administrative expenses (7,150 ) (9,411 ) (25,096 ) (30,686 ) Corporate depreciation (1,629 ) (834 ) (4,772 ) (2,486 ) Corporate expenses (8,779 ) (10,245 ) (29,868 ) (33,172 ) Gain on asset dispositions, net 5,883 4,699 19,345 13,092 Asset impairments (A) (15,141 ) (6,236 ) (61,771 ) (8,096 ) Goodwill impairment — (283,699 ) — (283,699 ) Restructuring charge (B) — — (7,586 ) — Operating loss $ (9,400 ) (213,580 ) (12,955 ) (62,853 ) Foreign exchange gain (loss) (469 ) 4,334 (3,758 ) 8,453 Equity in net earnings (losses) of unconsolidated companies (1,710 ) — (7,070 ) 9,104 Interest income and other, net 609 434 1,754 1,555 Interest and other debt costs, net (13,312 ) (12,239 ) (39,741 ) (37,927 ) Loss before income taxes $ (24,282 ) (221,051 ) (61,770 ) (81,668 ) Depreciation and amortization: Americas $ 12,029 11,825 36,311 35,623 Asia/Pacific 5,803 4,731 16,503 13,538 Middle East/North Africa 6,992 7,016 21,103 20,383 Sub-Saharan Africa/Europe 17,600 18,067 54,084 55,494 42,424 41,639 128,001 125,038 Other 1,369 858 4,285 2,626 Corporate 1,629 834 4,772 2,486 $ 45,422 43,331 137,058 130,150 Additions to properties and equipment: Americas $ 2,064 32,421 44,118 64,057 Asia/Pacific 360 44,983 2,069 68,193 Middle East/North Africa 127 424 776 1,659 Sub-Saharan Africa/Europe 460 823 1,827 14,736 3,011 78,651 48,790 148,645 Other 26 10,206 113 18,931 Corporate (C) 8,872 14,198 103,467 67,678 $ 11,909 103,055 152,370 235,254 (A) Refer to Note (15) for additional information regarding asset impairment charges. (B) Refer to Note (14) for additional information regarding the restructuring charge. (C) Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented . |
Comparison of Total Assets | The following table provides a comparison of total assets at December 31, 2015 and March 31, 2015: December 31, March 31, (In thousands) 2015 2015 Total assets: Americas $ 1,132,305 1,016,133 Asia/Pacific 515,380 506,265 Middle East/North Africa 591,657 666,983 Sub-Saharan Africa/Europe 1,871,941 2,064,010 4,111,283 4,253,391 Other 45,789 49,554 4,157,072 4,302,945 Investments in, at equity, and advances to unconsolidated companies 45,663 65,844 4,202,735 4,368,789 Corporate (A) 277,780 387,373 $ 4,480,515 4,756,162 (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, 2015 and March 31, 2015, $150.1 million and $235.2 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, 2015 and 2014: Quarter Ended Nine Months Ended Revenue by vessel class December 31, December 31, (In thousands) 2015 % 2014 % 2015 % 2014 % Americas fleet: Deepwater $ 49,792 23 % 94,298 25 % 191,720 25 % 267,983 23 % Towing-supply 22,254 11 % 33,607 9 % 75,890 10 % 97,511 9 % Other 3,917 2 % 6,649 2 % 11,735 1 % 23,056 2 % Total $ 75,963 36 % 134,554 36 % 279,345 36 % 388,550 34 % Asia/Pacific fleet: Deepwater $ 13,267 6 % 20,575 5 % 56,535 7 % 72,492 6 % Towing-supply 5,877 3 % 13,487 4 % 22,719 3 % 45,862 4 % Other — — 984 <1% — — 2,930 <1% Total $ 19,144 9 % 35,046 9 % 79,254 10 % 121,284 10 % Middle East/North Africa fleet: Deepwater $ 17,690 9 % 25,615 7 % 58,845 8 % 64,336 6 % Towing-supply 21,795 10 % 29,441 8 % 71,898 9 % 93,435 8 % Other 699 <1% 869 <1% 2,043 <1% 2,530 <1% Total $ 40,184 19 % 55,925 15 % 132,786 17 % 160,301 14 % Sub-Saharan Africa/Europe fleet: Deepwater $ 30,361 14 % 81,129 21 % 124,282 16 % 262,013 23 % Towing-supply 35,186 16 % 52,532 14 % 118,490 15 % 162,585 14 % Other 12,070 6 % 18,940 5 % 41,195 6 % 55,855 5 % Total $ 77,617 36 % 152,601 40 % 283,967 37 % 480,453 42 % Worldwide fleet: Deepwater $ 111,110 52 % 221,617 58 % 431,382 56 % 666,824 58 % Towing-supply 85,112 40 % 129,067 35 % 288,997 37 % 399,393 35 % Other 16,686 8 % 27,442 7 % 54,973 7 % 84,371 7 % Total $ 212,908 100 % 378,126 100 % 775,352 100 % 1,150,588 100 % |
GOODWILL (Tables)
GOODWILL (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Reportable Segment | Goodwill by reportable segment at December 31, 2015 and 2014 is as follows: March 31, December (In thousands) 2015 Goodwill acquired Impairments 2015 Americas $ — — — — Sub-Saharan Africa/Europe — — — — Total carrying amount (A) $ — — — — March 31, December (In thousands) 2014 Goodwill acquired Impairments 2014 Americas $ 114,237 — 114,237 — Sub-Saharan Africa/Europe 169,462 — 169,462 — Total carrying amount (B) $ 283,699 — 283,699 — (A) The total carrying amount of goodwill at March 31, 2015 and December 31, 2015 is net of accumulated impairment charges of $370.9 million. (B) The total carrying amount of goodwill at March 31, 2014 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. |
SALE_LEASEBACK ARRANGEMENTS (Ta
SALE/LEASEBACK ARRANGEMENTS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | As of December 31, 2015, the future minimum lease payments for vessels under operating lease terms are as follows: Fiscal 2015 Fiscal 2014 Fiscal year ending (In thousands) Sale/Leaseback Sale/Leaseback Total Remaining three months of 2016 $ 2,371 5,220 7,591 2017 9,485 20,879 30,364 2018 9,604 23,485 33,089 2019 10,234 24,800 35,034 2020 11,497 25,519 37,016 Thereafter 30,866 39,744 70,610 Total future lease payments $ 74,057 139,647 213,704 |
RESTRUCTURING CHARGE (Tables)
RESTRUCTURING CHARGE (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges Incurred by Segment and Cost Type | Restructuring charges incurred by segment and cost type for the quarter and nine month periods ended December 31, 2015: Quarter Ended Nine Months Ended (In thousands) December 31, 2015 December 31, 2015 Americas: Crew costs $ — 3,410 Other vessel costs — 203 Asia/Pacific: Crew costs — 3,973 Total restructuring charges $ — 7,586 |
ASSET IMPAIRMENTS (Tables)
ASSET IMPAIRMENTS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Asset Impairment Charges [Abstract] | |
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, 2015 and 2014, along with the amount of impairment. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2015 2014 2015 2014 Amount of impairment incurred $ 15,141 6,236 61,771 8,096 Combined fair value of assets incurring impairment 90,010 3,914 244,310 4,634 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | May. 31, 2014 | |
Stockholders Equity Note [Line Items] | |||||
Amount remaining authorized to repurchase shares | $ 100,000,000 | ||||
Number of Shares Repurchased | 2,841,976 | 0 | 2,841,976 | ||
Shares repurchased, value | $ 99,999,000 | $ 99,999,000 | $ 99,999,000 | ||
Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Amount authorized to repurchase shares | $ 200,000,000 |
Schedule of Common Stock Repurc
Schedule of Common Stock Repurchased and Average Price Paid Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Stockholders Equity [Abstract] | ||||
Aggregate dollar outlay for common stock repurchased | $ 99,999 | $ 99,999 | $ 99,999 | |
Number of Shares Repurchased | 2,841,976 | 0 | 2,841,976 | |
Average price paid per common share | $ 35.19 | $ 35.19 |
Schedule of Dividends Declared
Schedule of Dividends Declared (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity [Abstract] | ||||
Dividends declared | $ 11,811 | $ 12,029 | $ 34,965 | $ 37,229 |
Dividend per share | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income, beginning balance | $ (20,628) | $ (11,728) | $ (20,378) | $ (12,225) |
Gains/(losses) recognized in OCI | 235 | (73) | (499) | 55 |
Reclasses from OCI to net income | 156 | 135 | 640 | 504 |
Net period OCI | 391 | 62 | 141 | 559 |
Accumulated other comprehensive income, ending balance | (20,237) | (11,666) | (20,237) | (11,666) |
Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income, beginning balance | (444) | 225 | 235 | 92 |
Gains/(losses) recognized in OCI | 235 | (73) | (569) | (76) |
Reclasses from OCI to net income | (24) | 19 | 101 | 155 |
Net period OCI | 211 | (54) | (468) | 79 |
Accumulated other comprehensive income, ending balance | (233) | 171 | (233) | 171 |
Currency Translation Adjustment | ||||
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) |
Pension/Post-retirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income, beginning balance | (9,059) | 15 | (9,129) | (116) |
Gains/(losses) recognized in OCI | 70 | 131 | ||
Net period OCI | 70 | 131 | ||
Accumulated other comprehensive income, ending balance | (9,059) | 15 | (9,059) | 15 |
Interest Rate Swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive income, beginning balance | (1,314) | (2,157) | (1,673) | (2,390) |
Reclasses from OCI to net income | 180 | 116 | 539 | 349 |
Net period OCI | 180 | 116 | 539 | 349 |
Accumulated other comprehensive income, ending balance | $ (1,134) | $ (2,041) | $ (1,134) | $ (2,041) |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $ 609 | $ 434 | $ 1,754 | $ 1,555 |
Interest and other debt costs | 13,312 | 12,239 | 39,741 | 37,927 |
Loss before income taxes | (24,282) | (221,051) | (61,770) | (81,668) |
Tax effect | (4,679) | (60,070) | 16,996 | (25,211) |
Net loss attributable to Tidewater Inc. | (19,509) | (160,694) | (78,396) | (56,114) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss before income taxes | 240 | 207 | 984 | 775 |
Tax effect | 84 | 72 | 344 | 271 |
Net loss attributable to Tidewater Inc. | 156 | 135 | 640 | 504 |
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 | (37) | 29 | 155 | 238 |
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 | $ 277 | $ 178 | $ 829 | $ 537 |
Schedule of Uncertain Tax Posit
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Income Tax Disclosure [Abstract] | |
Tax liabilities for uncertain tax positions | $ 14,591 |
Income tax payable | $ 27,581 |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized (Detail) - State and Local Jurisdiction $ in Thousands | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefit related to state tax issues | $ 11,732 |
Interest receivable on unrecognized tax benefit related to state tax issues | $ 38 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Defined Benefit Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, employer contributions | $ 0 | $ 0 | $ 0 | $ 0 | |
U.S. Defined Benefit Pension Plan | Scenario Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected contribution to the plan during the fourth quarter of fiscal 2016 | $ 0 | ||||
Supplemental Executive Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, employer contributions | 0 | $ 0 | 0 | $ 0 | |
Supplemental Executive Retirement Plan | Scenario Forecast | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected contribution to the plan during the fourth quarter of fiscal 2016 | $ 0 | ||||
Postretirement Benefit Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Additional estimated net periodic benefit | $ 600,000 | 600,000 | |||
Multinational Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reduction in defined plan assets and liabilities | $ 6,400,000 | ||||
Percentage of defined plan, minimum employee contribution | 1.00% | ||||
Percentage of defined plan, maximum employee contribution | 50.00% | ||||
Percentage of defined plan, company contribution match, cash | 50.00% | ||||
Percentage of defined plan, company contribution match, employee deferred compensation | 6.00% | ||||
Defined contribution plan, company contribution, vesting period, years | 5 years |
Schedule of Carrying Value of T
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Compensation And Retirement Disclosure [Abstract] | ||
Investments held in Rabbi Trust | $ 9,072 | $ 9,915 |
Unrealized gains (losses) in fair value of trust assets | 233 | 235 |
Obligations under the supplemental plan | $ 27,143 | $ 25,510 |
Schedule of Net Periodic Benefi
Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan and Supplemental Plan | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 234 | $ 206 | $ 702 | $ 618 |
Interest cost | 935 | 968 | 2,805 | 2,904 |
Expected return on plan assets | (530) | (685) | (1,590) | (2,055) |
Amortization of prior service cost | 9 | 12 | 27 | 36 |
Recognized actuarial (benefit) loss | 567 | 247 | 1,701 | 741 |
Net periodic benefit cost | 1,215 | 748 | 3,645 | 2,244 |
Other Benefits | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | 41 | 68 | 191 | 204 |
Interest cost | 103 | 226 | 524 | 678 |
Amortization of prior service cost | (899) | (508) | (1,920) | (1,524) |
Recognized actuarial (benefit) loss | (281) | (325) | (770) | (975) |
Net periodic benefit cost | $ (1,036) | $ (539) | $ (1,975) | $ (1,617) |
Indebtedness - Senior Notes, Re
Indebtedness - Senior Notes, Revolving Credit and Term Loan Agreement - Additional Information (Detail) - Current Credit Facility | 1 Months Ended |
May. 31, 2015USD ($) | |
Debt [Line Items] | |
Credit facility expiration date | 2019-06 |
Revolving credit facility | $ 900,000,000 |
Credit facility term | 5 years |
Revolving line of credit | $ 600,000,000 |
Term loan | $ 300,000,000 |
Summary of Debt Outstanding (De
Summary of Debt Outstanding (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | ||
Term Loan Facility | |||
Debt [Line Items] | |||
Term loan agreement | [1] | $ 300,000 | $ 300,000 |
Revolving Credit Agreement | |||
Debt [Line Items] | |||
Revolving line of credit | [1],[2] | 20,000 | |
September 2013 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | $ 500,000 | $ 500,000 | |
Weighted average remaining life in years | 7 years 7 months 6 days | 8 years 4 months 24 days | |
Weighted average coupon rate on notes outstanding | 4.86% | 4.86% | |
Fair value of debt outstanding (Level 2) | $ 425,950 | $ 516,879 | |
August 2011 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | $ 165,000 | $ 165,000 | |
Weighted average remaining life in years | 4 years 9 months 18 days | 5 years 7 months 6 days | |
Weighted average coupon rate on notes outstanding | 4.42% | 4.42% | |
Fair value of debt outstanding (Level 2) | $ 147,081 | $ 167,910 | |
September 2010 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | [3] | $ 382,500 | $ 425,000 |
Weighted average remaining life in years | [3] | 4 years 3 months 18 days | 4 years 7 months 6 days |
Weighted average coupon rate on notes outstanding | [3] | 4.35% | 4.25% |
Fair value of debt outstanding (Level 2) | [3] | $ 344,634 | $ 431,296 |
July 2003 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | [4] | $ 35,000 | |
Weighted average remaining life in years | [4] | 0 years | 3 months 18 days |
Weighted average coupon rate on notes outstanding | [4] | 4.61% | |
Fair value of debt outstanding (Level 2) | [4] | $ 35,197 | |
May 2015 United States Dollar Denominated Borrowing Agreement | |||
Debt [Line Items] | |||
Fair value of debt outstanding (Level 2) | [5],[6] | $ 30,047 | |
Amount outstanding | [5],[6] | 30,033 | |
March 2015 United States Dollar Denominated Borrowing Agreement | |||
Debt [Line Items] | |||
Fair value of debt outstanding (Level 2) | [6] | 28,265 | 29,501 |
Amount outstanding | [6] | $ 28,259 | $ 29,488 |
[1] | Fair values approximate carrying values because the borrowings bear interest at variable rates. | ||
[2] | $600 million and $580 million was available under the revolver at December 31, 2015 and March 31, 2015, respectively. | ||
[3] | Principal repayments of $42.5 million were paid during the quarter ended December 31, 2015. | ||
[4] | Remaining $35 million of borrowings fully paid in July 2015. | ||
[5] | In May 2015, a wholly owned subsidiary of the company entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement which matures in April 2027 and is secured by a guarantee by Tidewater Inc. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a spread based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.30% for a total rate of 4.22%). | ||
[6] | Notes require semi-annual principal payments. |
Summary of Debt Outstanding (Pa
Summary of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | |||
Jul. 31, 2015 | May. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Senior Notes due in April 2027 | Subsidiary of the company | ||||
Debt [Line Items] | ||||
Debt instruments face amount | $ 31.3 | |||
Debt instrument maturity, month and year | 2027-04 | |||
Semi-annual principal payments | $ 1.3 | |||
Debt instrument bearing floating interest rate | 2.92% | |||
Indebtedness rate | 1.30% | |||
Total capitalization rate | 4.22% | |||
Revolving Credit Agreement | ||||
Debt [Line Items] | ||||
Revolving credit facility, remaining borrowing capacity | $ 600 | $ 580 | ||
September 2010 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Principal repayments due during the twelve months ending December 31, 2016 | $ 42.5 | |||
July 2003 Senior Unsecured Notes | ||||
Debt [Line Items] | ||||
Repayments of debt | $ 35 |
Summary of Norwegian Kroner (NO
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) NOK in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2015NOK | Mar. 31, 2015USD ($) | Mar. 31, 2015NOK | |
3.81% January 2014 notes | |||||
Debt [Line Items] | |||||
Long-term debt outstanding | [1] | $ 29,606 | NOK 262,500 | $ 34,234 | NOK 275,000 |
Fair value in U.S. dollar equivalent (Level 2) | [1] | 29,612 | 34,226 | ||
5.38% May 2012 notes | |||||
Debt [Line Items] | |||||
Long-term debt outstanding | [1] | 16,336 | NOK 144,840 | 20,152 | 161,880 |
Fair value in U.S. dollar equivalent (Level 2) | [1] | $ 16,329 | 19,924 | ||
Variable rate borrowings, June 2013 borrowing agreement | |||||
Debt [Line Items] | |||||
Long-term debt outstanding | [2],[3] | 3,112 | 25,000 | ||
Variable rate borrowings, May 2012 borrowing agreement | |||||
Debt [Line Items] | |||||
Long-term debt outstanding | [2],[4] | $ 2,490 | NOK 20,000 | ||
[1] | Notes require semi-annual principal payments. | ||||
[2] | Fair values approximate carrying values because the borrowings bear interest at variable rates. | ||||
[3] | Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment | ||||
[4] | Note was repaid in May 2015 upon maturity. |
Summary of Norwegian Kroner (53
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2015 | ||
3.81% January 2014 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 3.81% | 3.81% |
Debt Instrument Maturity Period | [1] | January 2,014 | |
5.38% May 2012 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 5.38% | 5.38% |
Debt Instrument Maturity Period | [1] | May 2,012 | |
Variable rate borrowings, June 2013 borrowing agreement | |||
Debt [Line Items] | |||
Debt Instrument Maturity Period | [2],[3] | June 2,013 | |
Debt instrument interest rate | [2],[3] | Variable rate | |
Gain (loss) on early extinguishment | $ 0.1 | ||
Variable rate borrowings, May 2012 borrowing agreement | |||
Debt [Line Items] | |||
Debt Instrument Maturity Period | [2],[4] | May 2,012 | |
Debt instrument interest rate | [2],[4] | Variable rate | |
[1] | Notes require semi-annual principal payments. | ||
[2] | Fair values approximate carrying values because the borrowings bear interest at variable rates. | ||
[3] | Remaining note balance was repaid in September 2015. The company recognized a $0.1 million gain on early extinguishment | ||
[4] | Note was repaid in May 2015 upon maturity. |
Debt Costs (Detail)
Debt Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||||
Interest and debt costs incurred, net of interest capitalized | $ 13,312 | $ 12,239 | $ 39,741 | $ 37,927 |
Interest costs capitalized | 2,513 | 3,638 | 8,280 | 9,920 |
Total interest and debt costs | $ 15,825 | $ 15,877 | $ 48,021 | $ 47,847 |
Components of Basic and Diluted
Components of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings Per Share [Abstract] | |||||
Net loss available to common shareholders | $ (19,509) | $ (160,694) | $ (78,396) | $ (56,114) | |
Weighted average outstanding shares of common stock, basic | 46,943,705 | 48,481,722 | 46,956,041 | 49,213,712 | |
Weighted average common stock and equivalents | 46,943,705 | 48,481,722 | 46,956,041 | 49,213,712 | |
Loss per share, basic | [1] | $ (0.42) | $ (3.31) | $ (1.67) | $ (1.14) |
Loss per share, diluted | [2] | $ (0.42) | $ (3.31) | $ (1.67) | $ (1.14) |
Antidilutive incremental options and restricted stock awards and units | 455,663 | 158,575 | 385,073 | 231,171 | |
[1] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | ||||
[2] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
Schedule of Vessel Commitments
Schedule of Vessel Commitments (Detail) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
May. 31, 2015USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Mar. 31, 2015USD ($) | |||
Significant Purchase and Supply Commitment [Line Items] | |||||
Number of Vessels, commitments | Vessel | 9 | ||||
Vessel Commitments | |||||
Significant Purchase and Supply Commitment [Line Items] | |||||
Number of Vessels, commitments | Vessel | [1],[2] | 9 | |||
Total cost, commitments | [1],[2] | $ 352,026 | |||
Invested, commitments | [1],[2] | 244,836 | |||
Remaining Balance, commitments | [1],[2] | $ 107,190 | |||
Deepwater PSVs | |||||
Significant Purchase and Supply Commitment [Line Items] | |||||
Number of vessels under construction | Vessel | 2 | 8 | [1] | ||
Total cost, under construction | [1] | $ 335,746 | |||
Invested, under construction | $ 5,400 | 231,256 | [1] | $ 1,000 | |
Remaining Balance, under construction | [1] | $ 104,490 | |||
Towing Supply Vessels | |||||
Significant Purchase and Supply Commitment [Line Items] | |||||
Number of vessels under construction | Vessel | [1] | 1 | |||
Total cost, under construction | [1] | $ 16,280 | |||
Invested, under construction | [1] | 13,580 | |||
Remaining Balance, under construction | [1] | $ 2,700 | |||
[1] | Six additional option vessels and a fast supply boat are not included in the table above. | ||||
[2] | The company is entitled to receive a refund of prior shipyard payments totaling approximately $43 million (of which $12 million was received in January 2016) which would offset the remaining balance of vessel commitments. See further discussion below. |
Schedule of Vessel Commitment57
Schedule of Vessel Commitments (Parenthetical) (Detail) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($)Vessel | Sep. 30, 2015USD ($) | |
Significant Purchase and Supply Commitment [Line Items] | |||
Refunds from cancelled vessel construction contracts | $ 43,000 | $ 31,000 | |
Refunds from cancelled vessel construction contracts | $ 36,190 | ||
Option Agreement | |||
Significant Purchase and Supply Commitment [Line Items] | |||
Number of vessels under construction | Vessel | 6 | ||
Subsequent Event | |||
Significant Purchase and Supply Commitment [Line Items] | |||
Refunds from cancelled vessel construction contracts | $ 12,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jan. 31, 2016USD ($) | Jul. 31, 2015USD ($) | Jun. 30, 2015Vessel | May. 31, 2015USD ($)Vessel | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)VesselhpT | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Number of Vessels, commitments | Vessel | 9 | |||||||||
Refunds from cancelled vessel construction contracts | $ 36,190 | |||||||||
Accrued interest owing on the returned installments | $ 3,700 | |||||||||
Refunds from cancelled vessel construction contracts | $ 43,000 | 31,000 | ||||||||
Relieved obligation | $ 75,000 | |||||||||
Fast, Crew/Supply Boat | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Number of vessels under construction | Vessel | 1 | |||||||||
Impairment charge on amounts not recoverable | $ 2,400 | |||||||||
Insurance coverage for the progress payments made on the vessel by the third party credit support | 90.00% | |||||||||
Insurance coverage by the third party credit support for the carrying value of the accumulated costs | $ 2,400 | |||||||||
Fast, Crew/Supply Boat | Reclassification of Construction in Progress to Other Non-Current Assets | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Committed and invested amount, remaining | $ 5,600 | |||||||||
Subsequent Event | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Refunds from cancelled vessel construction contracts | $ 12,000 | |||||||||
Deepwater PSVs | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Significant commitment, new construction deadweight tons capacity range, low | T | 4,200 | |||||||||
Significant commitment, new construction deadweight tons capacity range, high | T | 6,000 | |||||||||
Significant commitment, new construction final delivery date | May 2,017 | |||||||||
Number of vessels under construction | Vessel | 2 | 8 | [1] | |||||||
Aggregate installment payment | $ 5,400 | $ 231,256 | [1] | $ 1,000 | ||||||
Significant commitment, new construction delivery date | Jun. 30, 2016 | |||||||||
Obligation to be relieved | $ 21,700 | |||||||||
Aggregate installment payment payment with interest | $ 12,000 | |||||||||
Towing Supply Vessels | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Significant commitment, new construction brake horsepower | hp | 7,145 | |||||||||
Number of vessels under construction | Vessel | [1] | 1 | ||||||||
Aggregate installment payment | [1] | $ 13,580 | ||||||||
Vessel Commitments | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Unfunded capital commitment | [1],[2] | $ 107,190 | ||||||||
Number of Vessels, commitments | Vessel | [1],[2] | 9 | ||||||||
Unfunded capital commitment, net of expected refunds | $ 64,000 | |||||||||
Expected refunds from shipyards | 43,000 | |||||||||
Vessels Under Construction | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Number of vessels under construction | Vessel | 6 | |||||||||
Refunds from cancelled vessel construction contracts | $ 12,000 | $ 24,000 | 36,000 | |||||||
Accrued interest owing on the returned installments | 3,500 | |||||||||
Impairment charge on amounts not recoverable | $ 800 | |||||||||
Vessels Under Construction | Shipyard Credit | ||||||||||
Significant Purchase and Supply Commitment [Line Items] | ||||||||||
Offset against other payment | $ 3,500 | |||||||||
[1] | Six additional option vessels and a fast supply boat are not included in the table above. | |||||||||
[2] | The company is entitled to receive a refund of prior shipyard payments totaling approximately $43 million (of which $12 million was received in January 2016) which would offset the remaining balance of vessel commitments. See further discussion below. |
Commitments and Contingencies59
Commitments and Contingencies (Merchant Navy Officers Pension Fund) - Additional Information (Detail) | Jul. 15, 2013Vessel |
Merchant Navy Officers Pension Fund | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of Vessels to be purchased | 7 |
Commitments and Contingencies60
Commitments and Contingencies (Sonatide Joint Venture) - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Nov. 30, 2013 | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($)Vessel | Mar. 31, 2015USD ($)Vessel | ||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Vessel revenues | $ 212,908 | $ 378,126 | $ 775,352 | $ 1,150,588 | |||
Other operating revenues | 5,283 | 9,428 | 19,536 | 20,167 | |||
Due from affiliate | 336,474 | 336,474 | $ 420,365 | ||||
Investments in, at equity, and advances to unconsolidated companies | 45,663 | 45,663 | 65,844 | ||||
Due to affiliate | 169,943 | 169,943 | 185,657 | ||||
Commissions payable | [1] | $ 7,197 | $ 7,197 | 8,282 | |||
Sonatide joint venture | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Definitive joint venture agreement term | 2 years | 1 year | |||||
Ownership Interest In Joint Venture | 49.00% | 49.00% | |||||
Foreign receipt, exposure to risk, description | If the company is unable to reach agreement on a new split payment arrangement, any contract entered into after the expiration of the consortium agreement may result in the receipt of 100% Angolan kwanzas, which would be subject to the challenges and risks described above. The company believes that the split payment contracts entered into with customers prior to the expiration of the consortium agreement will remain in force until their expirations. | ||||||
Agreement expiration date | 2015-11 | ||||||
Proceeds from dividends received | $ 15,000 | $ 10,000 | |||||
Other operating revenues | $ 10,000 | ||||||
Due from affiliate and due to affiliate | 65,000 | ||||||
Due from affiliate | $ 336,000 | $ 336,000 | 420,000 | ||||
Number of vessels operating | Vessel | 8 | 8 | |||||
Number of vessels stacked | Vessel | 3 | 3 | |||||
Investments in, at equity, and advances to unconsolidated companies | $ 43,000 | $ 43,000 | 67,000 | ||||
Due to affiliate | 170,000 | 170,000 | 186,000 | ||||
Commissions payable | 27,000 | $ 27,000 | 66,000 | ||||
Sonatide joint venture | Minimum | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Additional percentage of surcharges on foreign exchange transactions | 10.00% | ||||||
Sonatide joint venture | Maximum | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Expected time period to deliver the new build vessels | 2 years | ||||||
Sonatide joint venture | Angolan kwanza-denominated | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Bank deposits maintained | 95,000 | $ 95,000 | |||||
Sonatide joint venture | U.S Dollar Denominated | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Bank deposits maintained | $ 1,000 | 1,000 | |||||
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 | 93,000 | 159,000 | |||||
Sonatide joint venture | Sonatide's converting kwanzas into dollars and subsequent payment to Tidewater | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Proceeds from related party | $ 89,000 | 179,000 | |||||
Sonatide joint venture | ANGOLA | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Ownership percentage requirement of local vessel operators | 100.00% | ||||||
Proceeds from related party | $ 182,000 | 338,000 | |||||
Vessel revenues | $ 172,000 | $ 271,000 | $ 351,000 | ||||
Percentage of Angolan operation revenue | 22.00% | 23.00% | |||||
Number of vessels operating | Vessel | 66 | 83 | 66 | 83 | |||
Number of vessels stacked | Vessel | 8 | 4 | 8 | 4 | |||
Number of vessels transferred out of Angola | Vessel | 13 | ||||||
Number of vessels stacked transferred | Vessel | 18 | 18 | |||||
[1] | Excludes $27.3 million and $46.3 million of commissions due to Sonatide at December 31, 2015 and March 31, 2015, respectively. These amounts are included in amounts due to affiliate. |
Commitments and Contingencies61
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) BRL in Millions, $ in Millions | 1 Months Ended | ||
Apr. 30, 2011BRLVessel | Dec. 31, 2015USD ($) | Dec. 31, 2015BRL | |
Commitments And Contingencies Disclosure [Abstract] | |||
Fines assessed | BRL 155 | $ 39 | |
Number of Tidewater vessels that the subsidiaries failed to obtain import licenses from | 17 | ||
Fines assessed | $ 8.3 | BRL 33 |
Commitment and Contingencies (N
Commitment and Contingencies (Nigeria Marketing Agent Litigation) - Additional Information (Detail) $ in Millions | Mar. 01, 2013USD ($) |
Federal Government of Nigeria | |
Commitments and Contingencies Disclosure [Line Items] | |
Due to affiliates | $ 16 |
Commitment and Contingencies (A
Commitment and Contingencies (Aribitral Award for the Taking of the Company's Venezuelan Operations) - Additional Information (Detail) - Compensatory Purposes - VENEZUELA - USD ($) $ in Millions | Mar. 13, 2015 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Line Items] | ||
Compensation awarded to the subsidiaries | $ 65 | |
Compensation awarded to the subsidiaries, annual compound interest rate | 4.50% | |
Principal Investments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Compensation awarded to the subsidiaries | $ 46.4 | |
Net Interest Settlements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Compensation awarded to the subsidiaries | $ 16.1 | |
Legal And Other Settlements | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Compensation awarded to the subsidiaries | $ 2.5 |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of plan assets | $ 9,072 | $ 9,915 |
Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 9,267 | 10,038 |
Other pending transactions | (195) | (123) |
Total fair value of plan assets | 9,072 | 9,915 |
Supplemental Executive Retirement Plan | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 8,137 | 9,184 |
Other pending transactions | (195) | (123) |
Total fair value of plan assets | 7,942 | 9,061 |
Supplemental Executive Retirement Plan | Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,130 | 854 |
Total fair value of plan assets | 1,130 | 854 |
Supplemental Executive Retirement Plan | Common stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 3,497 | 3,859 |
Supplemental Executive Retirement Plan | Common stock | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 3,497 | 3,859 |
Supplemental Executive Retirement Plan | Foreign Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 258 | 201 |
Supplemental Executive Retirement Plan | Foreign Stock | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 258 | 201 |
Supplemental Executive Retirement Plan | American Depository Receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,529 | 1,685 |
Supplemental Executive Retirement Plan | American Depository Receipts | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,529 | 1,685 |
Supplemental Executive Retirement Plan | Preferred American Depository Receipts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15 | 15 |
Supplemental Executive Retirement Plan | Preferred American Depository Receipts | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15 | 15 |
Supplemental Executive Retirement Plan | Real Estate Investment Trusts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 74 | 59 |
Supplemental Executive Retirement Plan | Real Estate Investment Trusts | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 74 | 59 |
Supplemental Executive Retirement Plan | Government Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,818 | 1,926 |
Supplemental Executive Retirement Plan | Government Debt Securities | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,028 | 1,377 |
Supplemental Executive Retirement Plan | Government Debt Securities | Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 790 | 549 |
Supplemental Executive Retirement Plan | Open Ended Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,770 | 1,916 |
Supplemental Executive Retirement Plan | Open Ended Mutual Funds | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,770 | 1,916 |
Supplemental Executive Retirement Plan | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 306 | 377 |
Supplemental Executive Retirement Plan | Cash and Cash Equivalents | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | (34) | 72 |
Supplemental Executive Retirement Plan | Cash and Cash Equivalents | Significant Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 340 | $ 305 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended | |
Dec. 31, 2015USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Derivatives, Fair Value [Line Items] | ||
Cash equivalents maturity period, days | 90 days | |
Number of contracts outstanding | Contract | 0 | 2 |
Notional value of foreign exchange contract | $ 2,300,000 | |
Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on Derivatives | $ 1,800,000 | |
Derivative assets | 0 | |
Derivative liabilities | $ 0 |
Schedule of Fair Value Other Fi
Schedule of Fair Value Other Financial Instruments Measured (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 1,507 | $ 3,007 |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,507 | 3,007 |
Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1,507 | 3,007 |
Money Market Cash Equivalents | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 1,507 | $ 3,007 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | |||
Deposits on vessel construction options | [1] | $ 44,748 | |
Deposits - general | 7,017 | $ 7,381 | |
Prepaid expenses | 9,054 | 10,400 | |
Total other current assets | $ 60,819 | $ 17,781 | |
[1] | Refer to Note (7) for additional discussion regarding the vessels under construction with option agreements. |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | ||
Recoverable insurance losses | $ 9,682 | $ 10,468 |
Deferred income tax assets | 31,136 | 19,004 |
Deferred finance charges – revolver | 7,125 | 7,396 |
Savings plans and supplemental plan | 14,984 | 23,208 |
Other | 19,423 | 15,120 |
Total other assets | $ 82,350 | $ 75,196 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | |||
Payroll and related payables | $ 22,405 | $ 32,041 | |
Commissions payable | [1] | 7,197 | 8,282 |
Accrued vessel expenses | 53,414 | 79,549 | |
Accrued interest expense | 4,791 | 14,514 | |
Other accrued expenses | 8,797 | 11,869 | |
Accrued expenses | $ 96,604 | $ 146,255 | |
[1] | Excludes $27.3 million and $46.3 million of commissions due to Sonatide at December 31, 2015 and March 31, 2015, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Accrued Expenses (P
Schedule of Accrued Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |
Schedule of Accrued Liabilities [Line Items] | |||
Commissions due | [1] | $ 7,197 | $ 8,282 |
Sonatide joint venture | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions due | 27,000 | 66,000 | |
Commissioner | Sonatide joint venture | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions due | $ 27,300 | $ 46,300 | |
[1] | Excludes $27.3 million and $46.3 million of commissions due to Sonatide at December 31, 2015 and March 31, 2015, respectively. These amounts are included in amounts due to affiliate. |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | ||
Taxes payable | $ 41,480 | $ 56,620 |
Deferred gain on vessel sales - current | 24,403 | 25,057 |
Other | 370 | 784 |
Other current liabilities | $ 66,253 | $ 82,461 |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | ||
Postretirement benefits liability | $ 20,651 | $ 23,018 |
Pension liabilities | 42,773 | 41,279 |
Deferred gain on vessel sales | 118,420 | 136,238 |
Other | 28,395 | 34,573 |
Other liabilities and deferred credits | $ 210,239 | $ 235,108 |
Segment Information, Geographic
Segment Information, Geographical Data and Major Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | $ 212,908 | $ 378,126 | $ 775,352 | $ 1,150,588 | ||||
Other operating revenues | 5,283 | 9,428 | 19,536 | 20,167 | ||||
Total revenues | 218,191 | 387,554 | 794,888 | 1,170,755 | ||||
Operating profit (loss) | 8,637 | 81,901 | 66,925 | 249,022 | ||||
General and administrative expenses | (35,598) | (46,642) | (116,837) | (144,464) | ||||
Depreciation and amortization | 45,422 | 43,331 | 137,058 | 130,150 | ||||
Corporate expenses | (8,779) | (10,245) | (29,868) | (33,172) | ||||
Gain on asset dispositions, net | 5,883 | 4,699 | 19,345 | 13,092 | ||||
Asset impairments | [1] | (15,141) | (6,236) | (61,771) | (8,096) | |||
Goodwill impairment | (283,699) | (283,699) | [2] | |||||
Restructuring charge | $ (7,586) | (7,586) | [3] | |||||
Operating loss | (9,400) | (213,580) | (12,955) | (62,853) | ||||
Foreign exchange gain (loss) | (469) | 4,334 | (3,758) | 8,453 | ||||
Equity in net earnings (losses) of unconsolidated companies | (1,710) | (7,070) | 9,104 | |||||
Interest income and other, net | 609 | 434 | 1,754 | 1,555 | ||||
Interest and other debt costs, net | (13,312) | (12,239) | (39,741) | (37,927) | ||||
Loss before income taxes | (24,282) | (221,051) | (61,770) | (81,668) | ||||
Additions to properties and equipment | 11,909 | 103,055 | 152,370 | 235,254 | ||||
Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | (114,237) | |||||||
Sub-Saharan Africa/Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Goodwill impairment | (169,462) | |||||||
All Other Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating profit (loss) | (626) | (1,032) | (3,120) | (5,548) | ||||
Depreciation and amortization | 1,369 | 858 | 4,285 | 2,626 | ||||
Additions to properties and equipment | 26 | 10,206 | 113 | 18,931 | ||||
Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating profit (loss) | 9,263 | 82,933 | 70,045 | 254,570 | ||||
Depreciation and amortization | 42,424 | 41,639 | 128,001 | 125,038 | ||||
Additions to properties and equipment | 3,011 | 78,651 | 48,790 | 148,645 | ||||
Operating Segments | Americas | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 75,963 | 134,554 | 279,345 | 388,550 | ||||
Operating profit (loss) | 9,289 | 33,784 | 41,940 | 100,770 | ||||
Depreciation and amortization | 12,029 | 11,825 | 36,311 | 35,623 | ||||
Additions to properties and equipment | 2,064 | 32,421 | 44,118 | 64,057 | ||||
Operating Segments | Asia/Pacific | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 19,144 | 35,046 | 79,254 | 121,284 | ||||
Operating profit (loss) | (3,796) | 2,621 | 4,122 | 9,064 | ||||
Depreciation and amortization | 5,803 | 4,731 | 16,503 | 13,538 | ||||
Additions to properties and equipment | 360 | 44,983 | 2,069 | 68,193 | ||||
Operating Segments | Middle East/North Africa | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 40,184 | 55,925 | 132,786 | 160,301 | ||||
Operating profit (loss) | 5,849 | 12,408 | 21,524 | 31,568 | ||||
Depreciation and amortization | 6,992 | 7,016 | 21,103 | 20,383 | ||||
Additions to properties and equipment | 127 | 424 | 776 | 1,659 | ||||
Operating Segments | Sub-Saharan Africa/Europe | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Vessel revenues | 77,617 | 152,601 | 283,967 | 480,453 | ||||
Operating profit (loss) | (2,079) | 34,120 | 2,459 | 113,168 | ||||
Depreciation and amortization | 17,600 | 18,067 | 54,084 | 55,494 | ||||
Additions to properties and equipment | 460 | 823 | 1,827 | 14,736 | ||||
Corporate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
General and administrative expenses | (7,150) | (9,411) | (25,096) | (30,686) | ||||
Depreciation and amortization | 1,629 | 834 | 4,772 | 2,486 | ||||
Additions to properties and equipment | [4] | $ 8,872 | $ 14,198 | $ 103,467 | $ 67,678 | |||
[1] | Refer to Note (15) for additional information regarding asset impairment charges. | |||||||
[2] | The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively | |||||||
[3] | Refer to Note (14) for additional information regarding the restructuring charge. | |||||||
[4] | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented. |
Comparison of Total Assets (Det
Comparison of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | |
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | $ 4,480,515 | $ 4,756,162 | |
Investments in, at equity, and advances to unconsolidated companies | 45,663 | 65,844 | |
All Other Segments | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 45,789 | 49,554 | |
Assets Before Equity Method Investments | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 4,157,072 | 4,302,945 | |
Assets Before Corporate Assets | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 4,202,735 | 4,368,789 | |
Operating Segments | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 4,111,283 | 4,253,391 | |
Operating Segments | Americas | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 1,132,305 | 1,016,133 | |
Operating Segments | Asia/Pacific | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 515,380 | 506,265 | |
Operating Segments | Middle East/North Africa | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 591,657 | 666,983 | |
Operating Segments | Sub-Saharan Africa/Europe | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 1,871,941 | 2,064,010 | |
Corporate | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | [1] | $ 277,780 | $ 387,373 |
[1] | (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, 2015 and March 31, 2015, $150.1 million and $235.2 million, respectively, of vessel construction costs are included in Corporate. |
Comparison of Total Assets (Par
Comparison of Total Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Corporate Vessels | ||
Segment and Geographic Distribution of Operations [Line Items] | ||
Construction costs | $ 150.1 | $ 235.2 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 212,908 | $ 378,126 | $ 775,352 | $ 1,150,588 |
Americas Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 49,792 | $ 94,298 | $ 191,720 | $ 267,983 |
Percentage of revenue | 23.00% | 25.00% | 25.00% | 23.00% |
Americas Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 22,254 | $ 33,607 | $ 75,890 | $ 97,511 |
Percentage of revenue | 11.00% | 9.00% | 10.00% | 9.00% |
Americas Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 3,917 | $ 6,649 | $ 11,735 | $ 23,056 |
Percentage of revenue | 2.00% | 2.00% | 1.00% | 2.00% |
Americas Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 75,963 | $ 134,554 | $ 279,345 | $ 388,550 |
Percentage of revenue | 36.00% | 36.00% | 36.00% | 34.00% |
Asia and Pacific Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 13,267 | $ 20,575 | $ 56,535 | $ 72,492 |
Percentage of revenue | 6.00% | 5.00% | 7.00% | 6.00% |
Asia/Pacific Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 5,877 | $ 13,487 | $ 22,719 | $ 45,862 |
Percentage of revenue | 3.00% | 4.00% | 3.00% | 4.00% |
Asia and Pacific Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 984 | $ 2,930 | ||
Asia and Pacific Fleet Other | Maximum | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Percentage of revenue | 1.00% | 1.00% | ||
Asia/Pacific Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 19,144 | $ 35,046 | $ 79,254 | $ 121,284 |
Percentage of revenue | 9.00% | 9.00% | 10.00% | 10.00% |
Middle East/North Africa Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 17,690 | $ 25,615 | $ 58,845 | $ 64,336 |
Percentage of revenue | 9.00% | 7.00% | 8.00% | 6.00% |
Middle East/North Africa Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 21,795 | $ 29,441 | $ 71,898 | $ 93,435 |
Percentage of revenue | 10.00% | 8.00% | 9.00% | 8.00% |
Middle East and North Africa Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 699 | $ 869 | $ 2,043 | $ 2,530 |
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 | $ 40,184 | $ 55,925 | $ 132,786 | $ 160,301 |
Percentage of revenue | 19.00% | 15.00% | 17.00% | 14.00% |
Sub-Saharan Africa/Europe Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 30,361 | $ 81,129 | $ 124,282 | $ 262,013 |
Percentage of revenue | 14.00% | 21.00% | 16.00% | 23.00% |
Sub-Saharan Africa/Europe Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 35,186 | $ 52,532 | $ 118,490 | $ 162,585 |
Percentage of revenue | 16.00% | 14.00% | 15.00% | 14.00% |
Sub Saharan Africa And Europe Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 12,070 | $ 18,940 | $ 41,195 | $ 55,855 |
Percentage of revenue | 6.00% | 5.00% | 6.00% | 5.00% |
Sub-Saharan Africa/Europe Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 77,617 | $ 152,601 | $ 283,967 | $ 480,453 |
Percentage of revenue | 36.00% | 40.00% | 37.00% | 42.00% |
Worldwide Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 111,110 | $ 221,617 | $ 431,382 | $ 666,824 |
Percentage of revenue | 52.00% | 58.00% | 56.00% | 58.00% |
Worldwide Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 85,112 | $ 129,067 | $ 288,997 | $ 399,393 |
Percentage of revenue | 40.00% | 35.00% | 37.00% | 35.00% |
Worldwide Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 16,686 | $ 27,442 | $ 54,973 | $ 84,371 |
Percentage of revenue | 8.00% | 7.00% | 7.00% | 7.00% |
Worldwide Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 212,908 | $ 378,126 | $ 775,352 | $ 1,150,588 |
Percentage of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill impairment charge | $ 283,699 | $ 283,699 | [1] |
[1] | The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively |
Schedule of Goodwill and Change
Schedule of Goodwill and Changes to Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | |||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | [1] | $ 283,699 | ||
Impairments | $ 283,699 | 283,699 | [1] | |
Americas | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | 114,237 | |||
Impairments | 114,237 | |||
Sub-Saharan Africa/Europe | ||||
Goodwill [Line Items] | ||||
Goodwill, Beginning Balance | 169,462 | |||
Impairments | $ 169,462 | |||
[1] | The total carrying amount of goodwill at March 31, 2014 is net of accumulated impairment charges $30.9 million and $56.3 million related to the Middle East/North Africa and Asia/Pacific segments, respectively |
Schedule of Goodwill and Chan79
Schedule of Goodwill and Changes to Goodwill by Reportable Segment (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill [Line Items] | |||
Accumulated impairment charges | $ 370.9 | $ 370.9 | |
Middle East/North Africa | |||
Goodwill [Line Items] | |||
Accumulated impairment charges | $ 30.9 | ||
Asia/Pacific | |||
Goodwill [Line Items] | |||
Accumulated impairment charges | $ 56.3 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2016 | $ 7,591 |
2,017 | 30,364 |
2,018 | 33,089 |
2,019 | 35,034 |
2,020 | 37,016 |
Thereafter | 70,610 |
Total future lease payments | 213,704 |
Fiscal 2015 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2016 | 2,371 |
2,017 | 9,485 |
2,018 | 9,604 |
2,019 | 10,234 |
2,020 | 11,497 |
Thereafter | 30,866 |
Total future lease payments | 74,057 |
Fiscal 2014 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2016 | 5,220 |
2,017 | 20,879 |
2,018 | 23,485 |
2,019 | 24,800 |
2,020 | 25,519 |
Thereafter | 39,744 |
Total future lease payments | $ 139,647 |
Sale Leaseback Arrangements - A
Sale Leaseback Arrangements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | ||||
Deferred gains on sale/leaseback transactions | $ 5.8 | $ 4.8 | $ 17.5 | $ 17.5 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | [1] |
Restructuring And Related Activities [Abstract] | |||||
Restructuring charge | $ 7,586,000 | $ 7,586,000 | |||
Payments related to restructuring charges | $ 0 | $ 5,800,000 | |||
[1] | Refer to Note (14) for additional information regarding the restructuring charge. |
Restructuring Charges Incurred
Restructuring Charges Incurred by Segment and Cost Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 7,586 | $ 7,586 | [1] |
Americas | Crew Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,410 | ||
Americas | Other Vessel Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 203 | ||
Asia/Pacific | Crew Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,973 | ||
[1] | Refer to Note (14) for additional information regarding the restructuring charge. |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | |||||
Increase in asset impairment charges | $ 8,900 | $ 53,700 | |||
Asset impairment charges | [1] | 15,141 | $ 6,236 | 61,771 | $ 8,096 |
Stacked Vessels and Other Assets | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset impairment charges | $ 15,200 | 55,500 | |||
Active Vessels | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset impairment charges | 3,000 | ||||
Vessels Under Construction | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset impairment charges | 2,400 | ||||
Cancellation of Vessel Construction Contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset impairment charges | $ 800 | ||||
[1] | Refer to Note (15) for additional information regarding asset impairment charges. |
Summary of Gain on Assets Dispo
Summary of Gain on Assets Disposition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | |||||
Amount of impairment incurred | [1] | $ 15,141 | $ 6,236 | $ 61,771 | $ 8,096 |
Combined fair value of assets incurring impairment | $ 90,010 | $ 3,914 | $ 244,310 | $ 4,634 | |
[1] | Refer to Note (15) for additional information regarding asset impairment charges. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2016USD ($)AOA / $ | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||
Equity in net earnings (losses) of unconsolidated companies | $ (1,710) | $ (7,070) | $ 9,104 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Percentage Loss on devaluation of exchange rates | 17.00% | |||
Percentage of Foreign Currency Income Loss | 49.00% | |||
Equity in net earnings (losses) of unconsolidated companies | $ 8,000 | |||
Subsequent Event | Sonatide joint venture | ||||
Subsequent Event [Line Items] | ||||
Foreign currency transaction exchange loss | $ 17,000 | |||
Subsequent Event | Minimum | ||||
Subsequent Event [Line Items] | ||||
Devaluation of exchange rate | AOA / $ | 135 | |||
Subsequent Event | Maximum | ||||
Subsequent Event [Line Items] | ||||
Devaluation of exchange rate | AOA / $ | 158 |