Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 47,068,450 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 649,804 | $ 678,438 |
Trade and other receivables, net | 174,335 | 228,113 |
Due from affiliate | 287,592 | 338,595 |
Marine operating supplies | 30,720 | 33,413 |
Other current assets | 22,053 | 44,755 |
Total current assets | 1,164,504 | 1,323,314 |
Investments in, at equity, and advances to unconsolidated companies | 42,516 | 37,502 |
Properties and equipment: | ||
Vessels and related equipment | 4,204,048 | 4,666,749 |
Other properties and equipment | 77,880 | 92,065 |
Properties and equipment, gross | 4,281,928 | 4,758,814 |
Less accumulated depreciation and amortization | 1,272,521 | 1,207,523 |
Net properties and equipment | 3,009,407 | 3,551,291 |
Other assets | 98,772 | 71,686 |
Total assets | 4,315,199 | 4,983,793 |
Current liabilities: | ||
Accounts payable | 50,754 | 49,130 |
Accrued expenses | 67,412 | 91,611 |
Due to affiliate | 132,836 | 187,971 |
Accrued property and liability losses | 3,574 | 3,321 |
Current portion of long-term debt | 2,036,060 | 2,045,516 |
Other current liabilities | 50,274 | 74,825 |
Total current liabilities | 2,340,910 | 2,452,374 |
Deferred income taxes | 56,375 | 34,841 |
Accrued property and liability losses | 11,113 | 9,478 |
Other liabilities and deferred credits | 159,237 | 181,546 |
Commitments and Contingencies (Note 8) | ||
Equity: | ||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,068,450 shares at December 31, 2016 and 47,067,715 shares at March 31, 2016 | 4,707 | 4,707 |
Additional paid-in capital | 171,018 | 166,604 |
Retained earnings | 1,570,027 | 2,135,075 |
Accumulated other comprehensive loss | (6,446) | (6,866) |
Total stockholders’ equity | 1,739,306 | 2,299,520 |
Noncontrolling Interests | 8,258 | 6,034 |
Total equity | 1,747,564 | 2,305,554 |
Total liabilities and equity | $ 4,315,199 | $ 4,983,793 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
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 | 47,068,450 | 47,067,715 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues: | |||||
Vessel revenues | $ 125,120 | $ 212,908 | $ 426,911 | $ 775,352 | |
Other operating revenues | 4,095 | 5,283 | 13,951 | 19,536 | |
Total revenues | 129,215 | 218,191 | 440,862 | 794,888 | |
Costs and expenses: | |||||
Vessel operating costs | 82,358 | 125,094 | 278,326 | 462,987 | |
Costs of other operating revenues | 2,714 | 3,778 | 10,040 | 15,624 | |
General and administrative | 34,151 | 35,598 | 104,152 | 116,837 | |
Vessel operating leases | 8,441 | 8,441 | 25,323 | 25,325 | |
Depreciation and amortization | 41,302 | 45,422 | 129,699 | 137,058 | |
Gain on asset dispositions, net | (6,139) | (5,883) | (18,035) | (19,345) | |
Asset impairments | [1] | 253,422 | 15,141 | 419,870 | 61,771 |
Restructuring charge | [2] | 7,586 | |||
Total costs and expenses | 416,249 | 227,591 | 949,375 | 807,843 | |
Operating loss | (287,034) | (9,400) | (508,513) | (12,955) | |
Other income (expenses): | |||||
Foreign exchange gain (loss) | 2,970 | (469) | (2,302) | (3,758) | |
Equity in net earnings (losses) of unconsolidated companies | 1,557 | (1,710) | 2,869 | (7,070) | |
Interest income and other, net | 1,437 | 609 | 3,605 | 1,754 | |
Interest and other debt costs, net | (18,587) | (13,312) | (54,018) | (39,741) | |
Total other income (expenses) | (12,623) | (14,882) | (49,846) | (48,815) | |
Loss before income taxes | (299,657) | (24,282) | (558,359) | (61,770) | |
Income tax (benefit) expense | (2,884) | (4,679) | 4,680 | 16,996 | |
Net Loss | (296,773) | (19,603) | (563,039) | (78,766) | |
Less: Net income (loss) attributable to noncontrolling interests | 903 | (94) | 2,224 | (370) | |
Net loss attributable to Tidewater Inc. | $ (297,676) | $ (19,509) | $ (565,263) | $ (78,396) | |
Basic loss per common share | [3] | $ (6.32) | $ (0.42) | $ (12.01) | $ (1.67) |
Diluted loss per common share | [4] | $ (6.32) | $ (0.42) | $ (12.01) | $ (1.67) |
Weighted average common shares outstanding | 47,068,079 | 46,943,705 | 47,067,887 | 46,956,041 | |
Adjusted weighted average common shares | 47,068,079 | 46,943,705 | 47,067,887 | 46,956,041 | |
[1] | Refer to Note (15) for additional information regarding asset impairment charges. | ||||
[2] | Refer to Note (14) for additional information regarding the restructuring charge. | ||||
[3] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares of common stock, basic”. | ||||
[4] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. As a result of the net losses incurred, the company has excluded the antidilutive effect of incremental share equivalents related to options, restricted stock awards and restricted stock units from the “Loss per share, diluted” calculation for the quarters and nine month periods ended December 31, 2016 and 2015. |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (296,773) | $ (19,603) | $ (563,039) | $ (78,766) |
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $0 | (73) | 212 | 207 | (467) |
Amortization of loss on derivative contract, net of tax of $0, $0, $0 and $0 | 70 | 180 | 213 | 538 |
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and $0 | 70 | |||
Total comprehensive loss | $ (296,776) | $ (19,211) | $ (562,619) | $ (78,625) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on available-for-sale securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Amortization of loss on derivative contract, tax | 0 | 0 | 0 | 0 |
Change in Other Benefit Plan minimum liability, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating activities: | |||
Net loss | $ (563,039) | $ (78,766) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 129,699 | 137,058 | |
Provision for deferred income taxes | 192 | ||
Gain on asset dispositions, net | (18,035) | (19,345) | |
Asset impairments | [1] | 419,870 | 61,771 |
Equity in earnings (losses) of unconsolidated companies, less dividends | (2,551) | 22,087 | |
Compensation expense - stock-based | 4,166 | 9,960 | |
Changes in assets and liabilities, net: | |||
Trade and other receivables | 53,778 | 38,726 | |
Changes in due to/from affiliate, net | (4,132) | 68,177 | |
Marine operating supplies | 2,693 | 9,786 | |
Other current assets | (6,065) | 1,711 | |
Accounts payable | 1,341 | 6,862 | |
Accrued expenses | (27,954) | (51,068) | |
Accrued property and liability losses | 253 | (226) | |
Other current liabilities | (22,798) | (17,239) | |
Other liabilities and deferred credits | (4,541) | 2,406 | |
Other, net | (3,014) | (699) | |
Net cash provided by (used in) operating activities | (40,329) | 191,393 | |
Cash flows from investing activities: | |||
Proceeds from sales of assets | 12,333 | 8,218 | |
Additions to properties and equipment | (17,144) | (152,225) | |
Refunds from cancelled vessel construction contracts | 25,565 | 36,190 | |
Net cash provided by (used in) investing activities | 20,754 | (107,817) | |
Cash flows from financing activities: | |||
Principal payment on long-term debt | (7,337) | (109,163) | |
Debt borrowings | 31,338 | ||
Cash dividends | (35,378) | ||
Other | (1,722) | (961) | |
Net cash used in financing activities | (9,059) | (114,164) | |
Net change in cash and cash equivalents | (28,634) | (30,588) | |
Cash and cash equivalents at beginning of period | 678,438 | 78,568 | |
Cash and cash equivalents at end of period | 649,804 | 47,980 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 62,469 | 47,608 | |
Income taxes | 24,749 | 38,208 | |
Supplemental disclosure of non-cash investing activities: | |||
Additions to properties and equipment | $ 5,330 | $ 146 | |
[1] | Refer to Note (15) for additional information regarding asset impairment charges. |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Non controlling interest |
Balance at Mar. 31, 2015 | $ 2,480,715,000 | $ 4,703,000 | $ 159,940,000 | $ 2,330,223,000 | $ (20,378,000) | $ 6,227,000 |
Total comprehensive loss | (78,625,000) | (78,396,000) | 141,000 | (370,000) | ||
Stock option activity | 609,000 | 609,000 | ||||
Cash dividends declared | (34,965,000) | (34,965,000) | ||||
Amortization of restricted stock units | 7,844,000 | 1,000 | 7,843,000 | |||
Amortization/cancellation of restricted stock awards/units | 354,000 | (7,000) | 361,000 | |||
Balance at Dec. 31, 2015 | 2,375,932,000 | 4,697,000 | 168,753,000 | 2,216,862,000 | (20,237,000) | 5,857,000 |
Balance at Sep. 30, 2015 | (20,628,000) | |||||
Total comprehensive loss | (19,211,000) | |||||
Cash dividends declared | (11,811,000) | |||||
Balance at Dec. 31, 2015 | 2,375,932,000 | 4,697,000 | 168,753,000 | 2,216,862,000 | (20,237,000) | 5,857,000 |
Balance at Mar. 31, 2016 | 2,305,554,000 | 4,707,000 | 166,604,000 | 2,135,075,000 | (6,866,000) | 6,034,000 |
Total comprehensive loss | (562,619,000) | (565,263,000) | 420,000 | 2,224,000 | ||
Stock option activity | 877,000 | 877,000 | ||||
Cancellation of restricted stock awards | 215,000 | 215,000 | ||||
Cash dividends declared | 0 | |||||
Amortization/cancellation of restricted stock awards/units | 3,537,000 | 3,537,000 | ||||
Balance at Dec. 31, 2016 | 1,747,564,000 | 4,707,000 | 171,018,000 | 1,570,027,000 | (6,446,000) | 8,258,000 |
Balance at Sep. 30, 2016 | (6,443,000) | |||||
Total comprehensive loss | (296,776,000) | |||||
Cash dividends declared | 0 | |||||
Balance at Dec. 31, 2016 | $ 1,747,564,000 | $ 4,707,000 | $ 171,018,000 | $ 1,570,027,000 | $ (6,446,000) | $ 8,258,000 |
CONDENSED CONSOLIDATED STATEME9
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended |
Dec. 31, 2015 | Dec. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends, per share declared | $ 0.25 | $ 0.75 |
INTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS | 9 Months Ended |
Dec. 31, 2016 | |
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, 2016, filed with the SEC on May 26, 2016. All subsequent references to “Notes” refer to Notes to Consolidated Financial Statements located in Item 1 of this Quarterly Report on Form 10-Q, unless otherwise stated. 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, a modification to the company’s reportable segments (refer to Note 12) and the adoption of ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issue Costs |
STATUS OF DISCUSSIONS WITH LEND
STATUS OF DISCUSSIONS WITH LENDERS AND NOTEHOLDERS / AUDIT OPINION | 9 Months Ended |
Dec. 31, 2016 | |
Status Of Discussions With Lenders And Noteholders Audit Opinion [Abstract] | |
STATUS OF DISCUSSIONS WITH LENDERS AND NOTEHOLDERS / AUDIT OPINION | (2) STATUS OF DISCUSSIONS WITH LENDERS AND NOTEHOLDERS Please refer to Note (6) of Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q and Note (5) of Notes to Consolidated Financial Statements included in Item 8 of the company’s Annual Report on Form 10-K for the year ended March 31, 2016 for additional information regarding the company’s outstanding debt. The decrease in oil and gas prices that began in the second half of fiscal 2015 and continued throughout fiscal 2016 has led to materially lower levels of spending for offshore exploration and development by the company’s customers globally. In addition, newly constructed vessels have been delivered over the last several years, exacerbating weak vessel utilization. With reduced demand for offshore support vessels along with a higher number of newer generation vessels, the company has experienced a significant decline in the utilization of its vessels, average day rates received and vessel revenue. The company has implemented a number of significant cost reduction measures to mitigate the effects of significantly lower vessel revenue and, given the currently challenging offshore support vessel market and business outlook, continues its efforts to reduce its operating costs and preserve its liquidity. At June 30, 2016, September 30, 2016 and December 31, 2016, the company did not meet the 3.0x minimum interest coverage ratio covenant (the “minimum interest coverage ratio requirement”) contained in its Revolving Credit and Term Loan Agreement (“Bank Loan Agreement”), the Troms Offshore Debt and the 2013 Senior Note Agreement (the “2013 Note Agreement”). Failure to meet the minimum interest coverage ratio requirement would have resulted in covenant noncompliance; however, as discussed in more detail below, limited waivers were received. Without these limited waivers, the respective lenders and/or the noteholders would have had the ability to declare the company to be in default of the Bank Loan Agreement, the Troms Offshore Debt and/or the 2013 Note Agreement, as applicable, and accelerate the indebtedness thereunder, the effect of which would be to likewise cause The company’s bank loans and its notes are linked together by cross-default provisions, such that if either the lenders or the noteholders declare the loans or notes to be in default, the other indebtedness likewise will be in default, and all of the debt at that time may be accelerated if the majority of lenders or noteholders under the respective debt agreements elect to accelerate. If the company is not in compliance with covenants set forth in the agreements evidencing these debt obligations, and such non-compliance is not waived, then the holders of a majority of loans may declare the bank loans to be in default, and the holders of a majority in principal amount of any of the three classes of the company’s notes may declare that class of notes to be in default. In such event, all of our indebtedness would be accelerated, and the company will not have sufficient liquidity to repay those accelerated amounts. The decision as to whether to accelerate the debt upon the company’s non-compliance with the debt covenants lies with the lenders and noteholders. The company continues to be actively engaged with its lenders and noteholders with respect to the potential restructuring of the company’s various debt arrangements. It is the goal of the company that any new debt arrangements would provide the company with both sufficient liquidity and a covenant package that will allow the company to operate its business under current market conditions and until those conditions improve without a material risk of a future default of its debt agreements. However, no assurance can be given that these restructuring negotiations will be successfully concluded. Moreover, under all three of the most likely scenarios - a restructuring of the company’s indebtedness outside of bankruptcy; a negotiated restructuring of the company’s indebtedness under the protection of Chapter 11 of the United States Bankruptcy Code; or a Chapter 11 reorganization in the absence of a negotiated restructuring - it is likely that the shareholders’ ownership interests will, at a minimum, be significantly diluted. In order for the company, its lenders and its noteholders to reach agreement on the terms of restructured debt arrangements, the company expects that it will have to provide collateral to secure some or all of the , reduce the overall level of its indebtedness to its lenders and noteholders, accept a reduction in total borrowing capacity, pay a higher rate of interest, and issue some form of equity or equity linked instruments to the lenders and noteholders that would substantially reduce the ownership interest of the shareholders. The company has previously reported that the report of the company's independent registered public accounting firm that accompanied the company’s audited consolidated financial statements for the fiscal year ended March 31, 2016 (the “audit opinion”) contained an explanatory paragraph regarding the company’s ability to continue as a going concern. The inability of the company to obtain a clean audit opinion was an independent event of default under the Bank Loan Agreement and the Troms Offshore Debt that, in the absence of a waiver, would have allowed the lenders to accelerate the indebtedness thereunder, the effect of which would have been to likewise cause all of the company’s Senior Notes to be in default. As previously reported, the company was able to obtain limited waivers from the necessary lenders which waived the unqualified audit opinion requirement and/or waived the minimum interest coverage ratio requirement until January 27, 2017. The most recent limited waiver, which took effect on January 27, 2017, The company’s unaudited condensed consolidated financial statements as of and for the quarter and nine months ended December 31, 2016 were prepared assuming the company would continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the twelve month period following the issuance date of these consolidated financial statements. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (3) STOCKHOLDERS' EQUITY 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 no dividends for the quarter and nine month period ended December 31, 2016. The Board of Directors declared the following dividends for the quarter and nine month period ended December 2015: Quarter Ended Nine Months Ended December 31, December 31, (In thousands, except dividend per share) 2015 2015 Dividends declared $ 11,811 34,965 Dividend per share 0.25 0.75 In January 2016, the company suspended the quarterly dividend program in order to preserve liquidity. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income (loss) by component, net of tax for the quarters and nine month periods ended December 31, 2016 and 2015 are as follows: For the quarter ended December 31, 2016 For the nine months ended December 31, 2016 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 9/30/16 in OCI net income OCI 12/31/16 3/31/16 in OCI net income OCI 12/31/16 Available for sale securities 72 (188 ) 115 (73 ) (1 ) (208 ) (50 ) 257 207 (1 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits 4,683 — — — 4,683 4,683 — — — 4,683 Interest rate swaps (1,387 ) — 70 70 (1,317 ) (1,530 ) — 213 213 (1,317 ) Total (6,443 ) (188 ) 185 (3 ) (6,446 ) (6,866 ) (50 ) 470 420 (6,446 ) 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 ) 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, 2016 and 2015: Quarter Ended Nine Months Ended December 31, December 31, Affected line item in the (In thousands) 2016 2015 2016 2015 consolidated statements of income Realized gains on available for sale securities $ 115 (37 ) 257 155 Interest income and other, net Amortization of interest rate swap 70 277 213 829 Interest and other debt costs Total pre-tax amounts 185 240 470 984 Tax effect — 84 — 344 Total gains for the period, net of tax $ 185 156 470 640 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (4) INCOME TAXES For all periods prior to March 31, 2015, we 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. Beginning in the quarter ended June 30, 2015, we use a discrete effective tax rate method to calculate taxes for interim periods. 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 fiscal three and nine-month periods ended December 31, 2016. Income tax expense for the three and nine month period ended December 31, 2016 is based on tax laws and rates applicable in the jurisdictions in which we operate and earn income. The relationship between our provision for or benefit from income taxes and our income or loss before income taxes can vary significantly from period to period considering among other factors, (a) the overall level of income before income taxes, (b) changes in the blend of income that is taxed based on gross revenues, deemed profits, or other bases utilized under local tax laws rather than income before taxes, (c) vessel movements between taxing jurisdictions and (d) our vessel operating structures. Income tax expense for the three and nine-month periods ended December 31, 2016 primarily 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, 2016 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes December 31, (In thousands) 2016 Tax liabilities for uncertain tax positions $ 11,438 Income tax payable 12,903 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, 2016, are as follows: December 31, (In thousands) 2016 Unrecognized tax benefit related to state tax issues $ 12,367 Interest receivable on unrecognized tax benefit related to state tax issues 46 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 2009. 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, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | (5) 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. The pension plan is frozen and closed to new participants. This change did not affect benefits earned by participants prior to January 1, 2011. The company did not contribute to the pension plan during the quarter ended December 31, 2016, but contributed $3 million to the pension plan during the nine-month period ended December 31, 2016. The company currently does not expect to contribute to the pension plan during the remaining quarter of fiscal 2017. The company did not contribute to the pension plan during the nine-month period ended December 31, 2015. Supplemental Executive Retirement Plan The company also maintains a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. The supplemental plan is 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 contributed approximately $0.1 million to the supplemental plan during the quarter ended December 31, 2016 and approximately $0.2 million to the supplemental plan during the nine-month period ended December 31, 2016, and does not expect to contribute to the supplemental plan during the remaining quarter of fiscal 2017. The company did not contribute to the supplemental plan during the nine-month period ended December 31, 2015. Investments held in the Rabbi trust 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, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Investments held in Rabbi trust $ 8,697 8,811 Unrealized losses in fair value of trust assets (1 ) (208 ) Unrealized losses in fair value of trust assets are net of income tax expense of — (168 ) Obligations under the supplemental plan 26,043 25,072 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. On 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 a $0.3 million and $1.9 million increase in net periodic postretirement benefit, which reduced pension expense, during the quarter and nine-month period ended December 31, 2016, respectively, as compared to the same periods during fiscal 2016. The medical coverage remains unchanged for participants under age 65. Net Periodic Benefit Costs The net periodic benefit cost for the company’s defined benefit pension plans 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) 2016 2015 2016 2015 Pension Benefits: Service cost $ 257 234 763 702 Interest cost 941 935 2,823 2,805 Expected return on plan assets (548 ) (530 ) (1,645 ) (1,590 ) Administrative expenses 2 — 6 — Amortization of prior service cost — 9 — 27 Recognized actuarial loss 446 567 1,338 1,701 Net periodic benefit cost $ 1,098 1,215 3,285 3,645 Other Benefits: Service cost $ 20 41 60 191 Interest cost 50 103 150 524 Amortization of prior service cost (1,086 ) (899 ) (3,258 ) (1,920 ) Recognized actuarial benefit (285 ) (281 ) (855 ) (770 ) Net periodic benefit cost $ (1,301 ) (1,036 ) (3,903 ) (1,975 ) |
INDEBTEDNESS
INDEBTEDNESS | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (6) INDEBTEDNESS The following is a summary of debt outstanding at December 31, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Term loan $ 300,000 300,000 Revolving line of credit 600,000 600,000 September 2013 senior unsecured notes 500,000 500,000 August 2011 senior unsecured notes 165,000 165,000 September 2010 senior unsecured notes: 382,500 382,500 May 2015 4.22% notes 27,421 30,033 March 2015 4.21% notes 25,802 27,030 January 2014 3.81% notes 27,487 30,207 May 2012 5.38% notes 14,791 17,500 $ 2,043,001 2,052,270 Less: Deferred debt issue costs 6,941 6,754 Total debt $ 2,036,060 2,045,516 U.S. Dollar Denominated Debt The following table contains additional detail for U.S. dollar denominated borrowings outstanding at December 31, 2016 and March 31, 2016: December 31, March 31, (In thousands, except weighted average data) 2016 2016 Bank loan agreement: Term loan (A) $ 300,000 300,000 Fair value term loan outstanding (Level 2) 165,000 300,000 Revolving line of credit (A) (B) 600,000 600,000 Fair value revolving line of credit outstanding (Level 2) 330,000 600,000 September 2013 senior unsecured notes: Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years (C) 6.6 7.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding (Level 2) $ 275,000 342,746 August 2011 senior unsecured notes: Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years (C) 3.8 4.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding (Level 2) $ 90,750 127,148 September 2010 senior unsecured notes: Aggregate debt outstanding $ 382,500 382,500 Weighted average remaining life in years (C) 3.3 4.1 Weighted average coupon rate on notes outstanding 4.35 % 4.35 % Fair value of debt outstanding (Level 2) $ 210,375 302,832 May 2015 4.22% notes (D): Amount outstanding $ 27,421 30,033 Fair value of debt outstanding (Level 2) 27,409 30,062 March 2015 4.21% notes (D): Amount outstanding $ 25,802 27,030 Fair value of debt outstanding (Level 2) 25,765 27,027 (A) The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016. (B) The revolver was fully utilized at December 31, 2016 and March 31, 2016, respectively. (C) Weighted average remaining life in years is based on stated maturities; however, all of the company’s indebtedness has been reclassified as current since March 31, 2016. (D) Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. As of December 31, 2016 the company was in compliance with the maximum 55% debt to capital ratio set forth in its debt facilities and note indentures; however, the company was out of compliance with the 3.0x minimum interest coverage ratio requirement contained in its Revolving Line of Credit and Term Loan Agreement, 2013 Note Agreement and Troms Offshore Debt. Refer to further discussion of this matter in Note (2) in this Quarterly Report on Form 10-Q. Norwegian Kroner Denominated Debt The following table contains additional detail for Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2016 and March 31, 2016, and their U.S. dollar equivalents: December 31, March 31, (In thousands) 2016 2016 January 2014 3.81% notes (A): NOK denominated 237,500 250,000 U.S. dollar equivalent $ 27,487 30,207 Fair value in U.S. dollar equivalent (Level 2) 27,442 30,199 May 2012 5.38% notes (A): NOK denominated 127,800 144,840 U.S. dollar equivalent $ 14,791 17,500 Fair value in U.S. dollar equivalent (Level 2) 14,767 17,479 (A) Troms Offshore debt requires semi-annual principal payments and has a 12 year 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, 2016 and 2015: Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 2015 Interest and debt costs incurred, net of interest capitalized $ 18,587 13,312 54,018 39,741 Interest costs capitalized 1,118 2,513 3,612 8,280 Total interest and debt costs $ 19,705 15,825 57,630 48,021 During the first quarter of fiscal 2017, the company adopted ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issue Costs |
LOSS PER SHARE
LOSS PER SHARE | 9 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | (7) LOSS PER SHARE The components of basic and diluted loss per share for the quarters and the nine-month periods ended December 31, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended December 31, December 31, (In thousands, except share and per share data) 2016 2015 2016 2015 Net loss available to common shareholders $ (297,676 ) (19,509 ) (565,263 ) (78,396 ) Weighted average outstanding shares of common stock, basic 47,068,079 46,943,705 47,067,887 46,956,041 Dilutive effect of options and restricted stock awards and units — — — — Weighted average common stock and equivalents 47,068,079 46,943,705 47,067,887 46,956,041 Loss per share, basic (A) $ (6.32 ) (0.42 ) (12.01 ) (1.67 ) Loss per share, diluted (B) $ (6.32 ) (0.42 ) (12.01 ) (1.67 ) Additional information: Antidilutive incremental options and restricted stock awards and units 193,238 455,663 338,039 385,073 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares 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, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (8) 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, 2016: Number Invested Remaining of Total Through Balance (In thousands, except vessel count) Vessels Cost 12/31/16 12/31/16 Vessels under construction (A): Deepwater PSVs 3 $ 164,279 117,624 46,655 Total vessel commitments 3 $ 164,279 117,624 46,655 (A) The two remaining option vessels and a fast supply boat are not included in the table above. The company has approximately $46.7 million in unfunded capital commitments associated with the three vessels under construction at December 31, 2016. The total cost of the three new-build vessels includes contract costs and other incidental costs. At December 31, 2016, three deepwater platform supply vessels (PSVs), each with approximately 5,400 deadweight tons (DWT) of cargo capacity, were under construction at different shipyards around the world. The deliveries of the remaining three new-build vessels are expected between February and June 2017. In June and September of 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, (a) the company took delivery of two towing-supply-class vessels and two PSVs at discounted purchase prices, (b) contracts for the four remaining towing-supply-class vessels were terminated and installment payments were returned to the company and (c) the company received options (but not obligations) to acquire the four remaining PSVs. As previously reported, the company owed $5.1 million in installments on two of the PSVs previously delivered by this shipyard as of March 31, 2016. The shipyard agreed to allow the company to offset the $5.1 million in obligations against the $19.1 million refund owed to the company. In October 2016, the company notified the shipyard that it would not be exercising the four remaining options and in November 2016 the shipyard returned to the company the remaining $14 million in installments on these four PSVs. As a result of these settlements, in fiscal 2016, the company (a) received cash returned by the shipyard of $36 million, (b) terminated its obligation to make any additional payments of approximately $50 million, (c) used $3.5 million of accrued interest due to the company on returned installment payments to offset installment obligations on the four vessels ultimately delivered by this shipyard, and (d) recorded an impairment charge of $0.8 million to write off the amounts not recoverable from the shipyard. In fiscal 2017, the company (w) received cash from the shipyard of approximately $26 million, (x) terminated its obligation to make any additional payments of approximately $35 million, (y) used $3.8 million of accrued interest due to the company on returned installment payments to offset installment obligations on the four vessels ultimately delivered by this shipyard, and (z) recognized a gain of $0.8 million during the quarter ended December 31, 2016 related to the final refunds received from the shipyard. The company anticipates that there will be no further payments, credits or charges under the settlement agreements. In May 2015, the company entered into a settlement agreement with another 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. Under the terms of the settlement, the company could elect to take delivery of one or both completed vessels at any time prior to June 30, 2016. If the company did 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 was 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 $11.9 million) and (b) the company would be relieved of the obligation to pay to the shipyard the $21.7 million of remaining payments per vessel. The company recorded an impairment charge of $1.9 million in the fourth quarter of fiscal 2016 to write off the amount not recovered from the shipyard. In June 2016, the shipyard returned to the company approximately $11.5 million (or $11.7 million owed less foreign taxes on interest totaling approximately $0.2 million). The company and shipyard agreed to permit the shipyard to continue to hold the remaining $0.25 million of installments and extend the option period for both vessels until December 31, 2016. In December 2016, the shipyard returned to the company $0.2 million and the shipyard was permitted to hold the remaining $0.05 million of installments and extend the option period for both vessels until June 30, 2017. These two vessels are not included in the preceding table of vessel commitments as of December 31, 2016. 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 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, 2016. The company generally requires shipyards to provide third party credit support in the event that vessels are not completed and delivered timely and in accordance with the terms of the shipbuilding contracts. That third party credit support typically guarantees the return of amounts paid by the company and generally takes the form of refundment guarantees or standby letters of credit issued by major financial institutions generally located in the country of the shipyard. While the company seeks to minimize its shipyard credit risk by requiring these instruments, the ultimate return of amounts paid by the company in the event of shipyard default is still subject to the creditworthiness of the shipyard and the provider of the credit support, as well as the company’s ability to successfully pursue legal action to compel payment of these instruments. When third party credit support that is acceptable to the company is not available or cost effective, the company endeavors to limit its credit risk by minimizing pre-delivery payments and through other contract terms with the shipyard. Sonatide Joint Venture The company has previously disclosed the significant financial and operational challenges that it confronts with respect to its substantial operations in Angola, as well as steps that the company has taken to address or mitigate those risks. Most of the company’s attention has been focused in three areas: reducing the net receivable balance due the company from Sonatide, its Angolan joint venture with Sonangol, for vessel services; reducing the foreign currency risk created by virtue of provisions of Angolan law that require that payment for a significant portion of the services provided by Sonatide be paid in Angolan kwanza; and optimizing opportunities, consistent with Angolan law, for services provided by the company be paid for directly in U.S. dollars. These challenges, and the company’s efforts to respond, continue. Amounts due from Sonatide (Due from affiliate in the consolidated balance sheets) at December 31, 2016 and March 31, 2016 of approximately $288 million and $339 million, respectively, represent cash received by Sonatide from customers and due to the company, amounts due from customers that are expected to be remitted to the company through Sonatide and costs incurred by the company on behalf of Sonatide. Approximately $112 million of the balance at December 31, 2016 represents 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, in part, supported by (i) approximately $86 million of cash (primarily denominated in Angolan kwanzas) held by Sonatide that is pending conversion into U.S. dollars and the subsequent expatriation of such funds and (ii) approximately $133 million of amounts due from the company to Sonatide. For the nine months ended December 31, 2016, the company collected (primarily through Sonatide) approximately $80 million from its Angolan operations. Of the $80 million collected, approximately $73 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 $7 million collected reflects Sonatide’s conversion of Angolan kwanza into U.S. dollars and the subsequent expatriation of the dollars and payment to the company. The company also reduced the net due from affiliate and due to affiliate balances by approximately $69 million during the nine months ended December 31, 2016 through netting transactions based on an agreement with the joint venture. The company believes that the process for converting Angolan kwanzas continues to function, but the tight U.S. dollar liquidity situation continues in Angola. Sonatide continues to press the commercial banks with which it has relationships to increase the amount of U.S. dollars that are made available to Sonatide. For the nine months ended December 31, 2016, the company’s Angolan operations generated vessel revenues of approximately $101 million, or 24%, of its consolidated vessel revenue, from an average of approximately 59 company-owned vessels that are marketed through the Sonatide joint venture (19 of which were stacked on average during the nine months ended December 31, 2016), and, for the nine months ended December 31, 2015, generated vessel revenues of approximately $172 million, or 22%, of consolidated vessel revenue, from an average of approximately 66 company-owned vessels (eight of which were stacked on average during the nine months ended December 31, 2015). Sonatide owns seven vessels (three of which are currently stacked) and certain other assets, in addition to earning commission income from company-owned vessels marketed through the Sonatide joint venture (owned 49% by the company). As of December 31, 2016 and March 31, 2016, the carrying value of the company’s investment in the Sonatide joint venture, which is included in “Investments in, at equity, and advances to unconsolidated companies,” was approximately $43 million and $37 million, respectively. The Angolan government enacted a new statute, which came into effect on July 1, 2016, for a new special contribution on certain banking transactions that imposed a 0.1% tax on the value of all debit transactions from customer’s accounts. The new tax was imposed on Sonatide’s banking transactions. The decree that imposed the 0.1% tax was revoked effective January 1, 2017, and is no longer imposed on Sonatide’s banking transactions. 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. Redeployment of vessels to and from Angola during the nine months ended December 31 Brazilian Customs In April 2011, two Brazilian subsidiaries of the company were notified by the Customs Office in Macae, Brazil that they were jointly and severally being assessed fines of 155 million Brazilian reais (approximately $47.5 million as of December 31, 2016). The assessment of these fines is for the alleged failure of these subsidiaries to obtain import licenses with respect to 17 company vessels that provided Brazilian offshore vessel services to Petrobras, the Brazilian national oil company, over a three-year period ended December 2009. After consultation with its Brazilian tax advisors, the company 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). Based on the advice of its Brazilian counsel, the company believes that it has a high probability of success with respect to overturning the entire amount of the fines, either at the administrative appeal level or, if necessary, in Brazilian courts. In May 2016, a final administrative appeal allowed fines totaling 3 million Brazilian reais (approximately $1 million as of December 31, 2016). The company intends to appeal this 3 million Brazilian reais administrative award to the appropriate Brazilian court. If the Macae Customs Office were to prevail in the Brazil court action, the company would also be liable to pay substantial interest in the 3 million reais award. In addition, the company will likely have to deposit up to $3 million reais with the court in connection with the appeal. Fines totaling 30 million Brazilian reais (approximately $9.2 million as of December 31, 2016) are still subject to additional administrative appeals board hearings, but the company believes that previous administrative appeals board decisions will be helpful in those upcoming hearings for the vast majority of amounts still claimed by the Macae Customs Office. The remaining fines totaling 122 million (approximately $37.4 million as of December 31, 2016) of the original 155 million Brazilian reais of fines are now formally decided in favor of the company and are no longer at issue. The company believes that the ultimate resolution of this matter will not have a material effect on the company’s financial position, results of operations or cash flows. Repairs to U.S. Flagged Vessels Operating Abroad During fiscal 2015 the company became aware that it may have had compliance deficiencies in documenting and declaring upon re-entry to the U.S. certain foreign purchases for or repairs to U.S. flagged vessels while they were working outside of the U.S. When a U.S. flagged vessel operates abroad, certain foreign purchases for or repairs made to the U.S. flagged vessel while it is outside of the U.S. are subject to declaration with U.S. Customs and Border Protection (CBP) upon re-entry to the U.S. and are subject to 50% vessel repair duty. During our examination of our most recent filings with CBP, we determined that it was necessary to file amended forms with CBP to supplement previous filings. We have amended several vessel repair entries with CBP and have paid additional vessel repair duties and interest associated with these amended forms. We continue to review and evaluate the return of other U.S. flagged vessels to the U.S. 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 for additional vessels, we do not yet know the final magnitude of duties, civil penalties, fines and interest associated with amending the entries for these vessels. It is also possible that CBP may seek to impose civil penalties, fines or interest in connection with amended forms already submitted. Currency Devaluation and Fluctuation Risk Due to the company’s international operations, the company is exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that the company is at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, the company attempts to contract a significant majority of its services in U.S. dollars. In addition, the company attempts to minimize the financial impact of these risks by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. The company continually monitors the currency exchange risks associated with all contracts not denominated in U.S. dollars. Legal Proceedings Arbitral Award for the Taking of the Company’s Venezuelan Operations On December 27, 2016, the annulment committee formed under the rules of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) issued a decision on the Bolivarian Republic of Venezuela’s (“Venezuela”) application to annul the award rendered by an ICSID tribunal on March 13, 2015. As previously reported, the award granted two subsidiaries of the Company (the “Claimants”) compensation for Venezuela’s expropriation of their investments in that country. The nature of the investments expropriated and the progress of the ICSID proceeding were previously reported by the company in prior filings. The annulment committee’s decision reduced the total compensation awarded to the Claimants to $36.4 million. 4.5% compounded quarterly ($14.8 million as of December 31, 2016). $2.5 million $53.7 million as of December 31, 2016. The company is committed to taking appropriate steps to enforce and collect the award, which is enforceable in any of the 150 member states that are party to the ICSID Convention. As an initial step, the company was successful in having the award recognized and entered in March 2015 as a final judgment by the United States District Court for the Southern District of New York. In addition, the company was successful in having the award recognized and entered in November 2016 as a final judgment of the High Court of Justice of England and Wales. Even with the recognition of the award in the United States and United Kingdom courts, the company recognizes that collection of the award may present significant practical challenges. The company is accounting for this matter as a gain contingency, and will record any such gain in future periods if and when the contingency is resolved, in accordance with ASC 450 Contingencies Nigeria Marketing Agent Litigation In October 2012, the company notified its Nigerian marketing agent, Phoenix Tide Offshore Nigeria Limited (“Phoenix Tide”), 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 subsequently 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 strategic relationship is currently functioning as the company intended. The company is currently engaged in a number of legal disputes with Phoenix Tide and its two principals both in Nigeria and in the United Kingdom. The substance of these disputes have been disclosed in prior filings. In the United Kingdom, the company has been successful in obtaining favorable court orders against Phoenix Tide on a variety of issues, including the fact that Phoenix Tide wrongly interfered in stopping the approximate$12 million payment from TOTAL S.A. to the company. In April 2016, a United Kingdom court ruled that Phoenix Tide’s two principals were personally responsible for interfering with the company’s business relationship with TOTAL S.A. In June 2016, a United Kingdom court assessed damages and legal costs against Phoenix Tide’s two principals for their tortious interference. Subsequent to the close of quarter ending December 31, 2016, on January 26, 2017, the company, Phoenix Tide and its surviving principal, Olutokunbo Afolabi Kuforiji, filed a signed settlement agreement with the Nigerian Appeals Court that is intended to resolve all legal disputes and provides for payment by various affiliates of TOTAL to the company of approximately $12 million (inclusive of U.S. dollar and Naira denominations). The Nigerian Appeals Court has approved the settlement agreement and the TOTAL affiliates have consented to the payment terms provided therein. The company has not reserved for this $12 million receivable and believes that the ultimate resolution of this matter will not have a material effect on the company’s financial position, results of operations or cash flows. Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on the company's financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | (9) FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis The company’s supplemental plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value (NAV) per share expedient. The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of December 31, 2016: Significant Significant Quoted prices in observable unobservable Measured at active markets inputs inputs Net Asset (In thousands) Total (Level 1) (Level 2) (Level 3) Value Equity securities: $ 5,164 5,164 — — — Debt securities: 3,207 860 725 — 1,622 Cash and cash equivalents 367 55 257 — 55 Total $ 8,738 6,079 982 — 1,677 Other pending transactions (40 ) (40 ) — — — Total fair value of plan assets $ 8,698 6,039 982 — 1,677 The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of March 31, 2016: Significant Significant Quoted prices in observable unobservable Measured at active markets inputs inputs Net Asset (In thousands) Total (Level 1) (Level 2) (Level 3) Value Equity securities: $ 4,834 4,834 — — — Debt securities: 3,374 972 739 — 1,663 Cash and cash equivalents 343 13 282 — 48 Total $ 8,551 5,819 1,021 — 1,711 Other pending transactions 260 291 (49 ) — 18 Total fair value of plan assets $ 8,811 6,110 972 — 1,729 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, 2016. The company had two foreign exchange spot contracts outstanding at March 31, 2016, which had a notional value of $1.4 million and settled April 1, 2016. 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 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, 2016, the company had no remaining forward contracts outstanding. The combined change in fair value of the Norwegian kroner (NOK) forward contracts settled during the nine months ended December 31, 2016 was $0.7 million, all of which was recorded as a foreign exchange loss because the forward contracts did not qualify as hedge instruments. All changes in the fair value of the settled forward contracts were recorded in earnings. At March 31, 2016, the company had 13 Norwegian kroner (NOK) forward contracts outstanding which had expiration dates between July 1, 2016 and November 10, 2016. The combined change in fair value of the outstanding forward contracts during the fiscal year ended March 31, 2016 was $0.1 million, all of which was recorded as a foreign exchange loss because the forward contracts did not qualify as hedge instruments. All changes in the fair value of the forward contracts were recorded in earnings. The following table provides the fair value hierarchy for the company’s other financial instruments measured as of December 31, 2016: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 612,768 612,768 — — Total fair value of assets $ 612,768 612,768 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2016: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 643,770 643,770 — — Total fair value of assets $ 643,770 643,770 — — 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, 2016 | |
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 | (10) 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, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Deposits on vessel construction options (A) $ 50 30,285 Deposits - general 12,670 8,076 Prepaid expenses 9,333 6,394 Total other current assets $ 22,053 44,755 (A) Refer to Note (8) for additional discussion regarding the vessels under construction with option agreements. A summary of other assets at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Recoverable insurance losses $ 11,047 9,412 Deferred income tax assets 55,039 33,505 Savings plans and supplemental plan 14,452 14,472 Other 18,234 14,297 Total other assets $ 98,772 71,686 A summary of accrued expenses at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Payroll and related payables $ 11,301 12,864 Commissions payable 4,140 7,193 Accrued vessel expenses 37,849 45,838 Accrued interest expense 4,902 15,120 Other accrued expenses 9,220 10,596 Total accrued expenses $ 67,412 91,611 A summary of other current liabilities at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Taxes payable $ 24,968 45,854 Deferred gain on vessel sales - current 23,798 23,798 Other 1,508 5,173 Total other current liabilities $ 50,274 74,825 A summary of other liabilities and deferred credits at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Postretirement benefits liability $ 311 4,755 Pension liabilities 40,289 41,690 Deferred gain on vessel sales 94,873 112,721 Other 23,764 22,380 Total other liabilities and deferred credits $ 159,237 181,546 |
ACCOUNTING PRONOUNCEMENTS
ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | (11) 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. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, In March 2016, the FASB issues ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. |
SEGMENT AND GEOGRAPHIC DISTRIBU
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 9 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | (12) SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. This new segment alignment is consistent with the company’s chief operating decision maker’s review of operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2016 and 2015. 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) 2016 2015 2016 2015 Revenues: Vessel revenues: Americas $ 45,577 75,963 159,310 279,345 Asia/Pacific 5,586 19,144 19,617 79,254 Middle East 20,647 26,256 68,323 87,193 Africa/Europe 53,310 91,545 179,661 329,560 125,120 212,908 426,911 775,352 Other operating revenues 4,095 5,283 13,951 19,536 $ 129,215 218,191 440,862 794,888 Vessel operating profit (loss): Americas $ (6,242 ) 9,289 (11,745 ) 41,940 Asia/Pacific (5,586 ) (3,796 ) (17,256 ) 4,122 Middle East (2,782 ) 650 (1,890 ) 4,898 Africa/Europe (11,559 ) 3,120 (38,940 ) 19,085 (26,169 ) 9,263 (69,831 ) 70,045 Other operating profit (loss) 116 (626 ) (1,323 ) (3,120 ) (26,053 ) 8,637 (71,154 ) 66,925 Corporate general and administrative expenses (13,133 ) (7,150 ) (33,632 ) (25,096 ) Corporate depreciation (565 ) (1,629 ) (1,892 ) (4,772 ) Corporate expenses (13,698 ) (8,779 ) (35,524 ) (29,868 ) Gain on asset dispositions, net 6,139 5,883 18,035 19,345 Asset impairments (A) (253,422 ) (15,141 ) (419,870 ) (61,771 ) Restructuring charge (B) — — — (7,586 ) Operating loss $ (287,034 ) (9,400 ) (508,513 ) (12,955 ) Foreign exchange gain (loss) 2,970 (469 ) (2,302 ) (3,758 ) Equity in net earnings (losses) of unconsolidated companies 1,557 (1,710 ) 2,869 (7,070 ) Interest income and other, net 1,437 609 3,605 1,754 Interest and other debt costs, net (18,587 ) (13,312 ) (54,018 ) (39,741 ) Loss before income taxes $ (299,657 ) (24,282 ) (558,359 ) (61,770 ) Depreciation and amortization: Americas $ 12,039 12,029 37,517 36,311 Asia/Pacific 5,266 5,803 16,586 16,503 Middle East 5,411 4,780 15,764 14,381 Africa/Europe 17,166 19,812 54,365 60,806 39,882 42,424 124,232 128,001 Other 855 1,369 3,575 4,285 Corporate 565 1,629 1,892 4,772 $ 41,302 45,422 129,699 137,058 Additions to properties and equipment: Americas $ 18 2,064 93 44,118 Asia/Pacific — 360 — 2,069 Middle East 273 127 587 776 Africa/Europe 190 460 649 1,827 481 3,011 1,329 48,790 Other — 26 — 113 Corporate (C) 2,008 8,872 21,145 103,467 $ 2,489 11,909 22,474 152,370 (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, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Total assets: Americas $ 832,628 1,101,699 Asia/Pacific 346,385 514,948 Middle East 284,767 405,420 Africa/Europe 1,965,423 1,999,543 3,429,203 4,021,610 Other 23,120 42,191 3,452,323 4,063,801 Investments in, at equity, and advances to unconsolidated companies 42,516 37,502 3,494,839 4,101,303 Corporate (A) (B) 820,360 882,490 $ 4,315,199 4,983,793 (A) At December 31, 2016 and March 31, 2016, $610.7 million and $651.2 million, respectively, of cash are included in Corporate. (B) 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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2016 and March 31, 2016, $94.6 million and $136.8 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, 2016 and 2015: Quarter Ended Nine Months Ended Revenue by vessel class December 31, December 31, (In thousands) 2016 % of Vessel Revenue 2015 % of Vessel Revenue 2016 % of Vessel Revenue 2015 % of Vessel Revenue Americas fleet: Deepwater $ 30,846 25 % 49,792 23 % 108,503 25 % 191,720 25 % Towing-supply 11,905 9 % 22,254 11 % 41,823 10 % 75,890 10 % Other 2,826 2 % 3,917 2 % 8,984 2 % 11,735 1 % Total $ 45,577 36 % 75,963 36 % 159,310 37 % 279,345 36 % Asia/Pacific fleet: Deepwater $ 1,652 1 % 13,267 6 % 6,114 2 % 56,535 7 % Towing-supply 3,934 3 % 5,877 3 % 13,503 3 % 22,719 3 % Other — — — — — — — — Total $ 5,586 4 % 19,144 9 % 19,617 5 % 79,254 10 % Middle East fleet: Deepwater $ 6,953 6 % 5,359 3 % 19,979 5 % 17,800 2 % Towing-supply 13,694 11 % 20,897 9 % 48,344 11 % 69,393 9 % Other — — — — — — — — Total $ 20,647 17 % 26,256 12 % 68,323 16 % 87,193 11 % Africa/Europe fleet: Deepwater $ 21,748 17 % 42,692 20 % 79,342 18 % 165,327 22 % Towing-supply 26,087 21 % 36,084 17 % 79,938 19 % 120,995 15 % Other 5,475 5 % 12,769 6 % 20,381 5 % 43,238 6 % Total $ 53,310 43 % 91,545 43 % 179,661 42 % 329,560 43 % Worldwide fleet: Deepwater $ 61,199 49 % 111,110 52 % 213,938 50 % 431,382 56 % Towing-supply 55,620 44 % 85,112 40 % 183,608 43 % 288,997 37 % Other 8,301 7 % 16,686 8 % 29,365 7 % 54,973 7 % Total $ 125,120 100 % 212,908 100 % 426,911 100 % 775,352 100 % |
SALE_LEASEBACK ARRANGEMENTS
SALE/LEASEBACK ARRANGEMENTS | 9 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
SALE/LEASEBACK ARRANGEMENTS | (13) SALE/LEASEBACK ARRANGEMENTS As of December 31, 2016 the company operated 16 vessels under sale/leaseback arrangements of which ten are stacked. As of December 31, 2016, 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 2017 $ 2,371 5,220 7,591 2018 9,604 23,486 33,090 2019 10,234 24,800 35,034 2020 11,497 25,519 37,016 2021 11,594 19,979 31,573 Thereafter 19,273 20,063 39,336 Total future lease payments $ 64,573 119,067 183,640 Included in gain on asset dispositions, net for the quarter and nine months ended December 31, 2016, respectively, were $5.8 million and $17.5 million of deferred gain amortization from sale leaseback transactions. |
RESTRUCTURING CHARGE
RESTRUCTURING CHARGE | 9 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING CHARGE | (14) RESTRUCTURING CHARGE In the second quarter of fiscal 2016 the company’s management restructured its operations to reduce operating 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 consisted of select employee terminations and early retirements that 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. The company has since paid all amounts accrued related to this restructuring charge. Measures taken during the second quarter of fiscal 2016 included 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 quarters and nine-month periods ended December 31, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 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, 2016 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (15) ASSET IMPAIRMENTS 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 vessels with more significant 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. Due in part to the modernization of the company’s fleet more vessels that are being stacked are newer vessels that are expected to return to active service. Stacked vessels expected to return to active service are generally newer vessels, have similar capabilities and likelihood of future active service as other currently operating vessels, are generally current with classification societies in regards to their regulatory certification status, and are being actively marketed. Stacked vessels expected to return to service are evaluated for impairment as part of their assigned active asset group and not individually. 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. 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. Similar to stacked vessels, management obtains estimates of the fair values of the active vessels from third party appraisers or brokers for use in determining fair value estimates. During the quarter ended December 31, 2016, the company recognized $84.1 million of impairments to the stacked vessel fleet . During the quarter ended December 31, 2016 the company completed a review of the carrying values of vessels in the active fleet and recognized of $169.3 million of impairments . The number of vessels in the active fleet that were impaired during the quarter ended December 31, 2016 was 48 vessels. The fair value of vessels in the active fleet incurring impairment during the quarter was $303.6 million at December 31, 2016 (after having recorded impairment charges). Excluding leased vessels, a total of 92 vessels in the active fleet, representing $1.6 billion of net book value at December 31, 2016, were not impaired during the quarter. The total carrying value of 246 vessels (excluding leased vessels) in the stacked and active fleets at December 31, 2016 of $2.9 billion does not necessarily reflect the realizable value of such vessels if such vessels were disposed of on any expedited basis. The table below summarizes the combined fair value of the assets that incurred impairments during the quarters and nine-month periods ended December 31, 2016 and 2015, along with the amount of impairment. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 2015 Number of vessels impaired during the period 74 14 115 47 Number of ROVs impaired during the period — — 8 — Amount of impairment incurred $ 253,422 15,141 419,870 61,771 Combined fair value of assets incurring impairment 523,495 90,010 813,851 244,310 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Dividends Declared | The Board of Directors declared the following dividends for the quarter and nine month period ended December 2015: Quarter Ended Nine Months Ended December 31, December 31, (In thousands, except dividend per share) 2015 2015 Dividends declared $ 11,811 34,965 Dividend per share 0.25 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, 2016 and 2015 are as follows: For the quarter ended December 31, 2016 For the nine months ended December 31, 2016 Balance Gains/(losses) Reclasses Net Remaining Balance Gains/(losses) Reclasses Net Remaining at recognized from period balance at recognized from period balance (in thousands) 9/30/16 in OCI net income OCI 12/31/16 3/31/16 in OCI net income OCI 12/31/16 Available for sale securities 72 (188 ) 115 (73 ) (1 ) (208 ) (50 ) 257 207 (1 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits 4,683 — — — 4,683 4,683 — — — 4,683 Interest rate swaps (1,387 ) — 70 70 (1,317 ) (1,530 ) — 213 213 (1,317 ) Total (6,443 ) (188 ) 185 (3 ) (6,446 ) (6,866 ) (50 ) 470 420 (6,446 ) 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 ) |
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, 2016 and 2015: Quarter Ended Nine Months Ended December 31, December 31, Affected line item in the (In thousands) 2016 2015 2016 2015 consolidated statements of income Realized gains on available for sale securities $ 115 (37 ) 257 155 Interest income and other, net Amortization of interest rate swap 70 277 213 829 Interest and other debt costs Total pre-tax amounts 185 240 470 984 Tax effect — 84 — 344 Total gains for the period, net of tax $ 185 156 470 640 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Uncertain Tax Positions and Income Tax Payable | The company’s balance sheet at December 31, 2016 reflects the following in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes December 31, (In thousands) 2016 Tax liabilities for uncertain tax positions $ 11,438 Income tax payable 12,903 |
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, 2016, are as follows: December 31, (In thousands) 2016 Unrecognized tax benefit related to state tax issues $ 12,367 Interest receivable on unrecognized tax benefit related to state tax issues 46 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Investments held in Rabbi trust $ 8,697 8,811 Unrealized losses in fair value of trust assets (1 ) (208 ) Unrealized losses in fair value of trust assets are net of income tax expense of — (168 ) Obligations under the supplemental plan 26,043 25,072 |
Schedule of Net Periodic Benefit Cost | The net periodic benefit cost for the company’s defined benefit pension plans 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) 2016 2015 2016 2015 Pension Benefits: Service cost $ 257 234 763 702 Interest cost 941 935 2,823 2,805 Expected return on plan assets (548 ) (530 ) (1,645 ) (1,590 ) Administrative expenses 2 — 6 — Amortization of prior service cost — 9 — 27 Recognized actuarial loss 446 567 1,338 1,701 Net periodic benefit cost $ 1,098 1,215 3,285 3,645 Other Benefits: Service cost $ 20 41 60 191 Interest cost 50 103 150 524 Amortization of prior service cost (1,086 ) (899 ) (3,258 ) (1,920 ) Recognized actuarial benefit (285 ) (281 ) (855 ) (770 ) Net periodic benefit cost $ (1,301 ) (1,036 ) (3,903 ) (1,975 ) |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Summary of Debt Outstanding | The following is a summary of debt outstanding at December 31, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Term loan $ 300,000 300,000 Revolving line of credit 600,000 600,000 September 2013 senior unsecured notes 500,000 500,000 August 2011 senior unsecured notes 165,000 165,000 September 2010 senior unsecured notes: 382,500 382,500 May 2015 4.22% notes 27,421 30,033 March 2015 4.21% notes 25,802 27,030 January 2014 3.81% notes 27,487 30,207 May 2012 5.38% notes 14,791 17,500 $ 2,043,001 2,052,270 Less: Deferred debt issue costs 6,941 6,754 Total debt $ 2,036,060 2,045,516 |
Debt Costs | 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, 2016 and 2015: Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 2015 Interest and debt costs incurred, net of interest capitalized $ 18,587 13,312 54,018 39,741 Interest costs capitalized 1,118 2,513 3,612 8,280 Total interest and debt costs $ 19,705 15,825 57,630 48,021 |
Unites States Dollar Denominated Debt | |
Summary of Debt Outstanding | The following table contains additional detail for U.S. dollar denominated borrowings outstanding at December 31, 2016 and March 31, 2016: December 31, March 31, (In thousands, except weighted average data) 2016 2016 Bank loan agreement: Term loan (A) $ 300,000 300,000 Fair value term loan outstanding (Level 2) 165,000 300,000 Revolving line of credit (A) (B) 600,000 600,000 Fair value revolving line of credit outstanding (Level 2) 330,000 600,000 September 2013 senior unsecured notes: Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years (C) 6.6 7.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding (Level 2) $ 275,000 342,746 August 2011 senior unsecured notes: Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years (C) 3.8 4.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding (Level 2) $ 90,750 127,148 September 2010 senior unsecured notes: Aggregate debt outstanding $ 382,500 382,500 Weighted average remaining life in years (C) 3.3 4.1 Weighted average coupon rate on notes outstanding 4.35 % 4.35 % Fair value of debt outstanding (Level 2) $ 210,375 302,832 May 2015 4.22% notes (D): Amount outstanding $ 27,421 30,033 Fair value of debt outstanding (Level 2) 27,409 30,062 March 2015 4.21% notes (D): Amount outstanding $ 25,802 27,030 Fair value of debt outstanding (Level 2) 25,765 27,027 (A) The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016. (B) The revolver was fully utilized at December 31, 2016 and March 31, 2016, respectively. (C) Weighted average remaining life in years is based on stated maturities; however, all of the company’s indebtedness has been reclassified as current since March 31, 2016. (D) Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Norwegian Kroner (NOK) denominated borrowing | |
Summary of Debt Outstanding | The following table contains additional detail for Norwegian Kroner (NOK) denominated borrowings outstanding at December 31, 2016 and March 31, 2016, and their U.S. dollar equivalents: December 31, March 31, (In thousands) 2016 2016 January 2014 3.81% notes (A): NOK denominated 237,500 250,000 U.S. dollar equivalent $ 27,487 30,207 Fair value in U.S. dollar equivalent (Level 2) 27,442 30,199 May 2012 5.38% notes (A): NOK denominated 127,800 144,840 U.S. dollar equivalent $ 14,791 17,500 Fair value in U.S. dollar equivalent (Level 2) 14,767 17,479 (A) Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended December 31, December 31, (In thousands, except share and per share data) 2016 2015 2016 2015 Net loss available to common shareholders $ (297,676 ) (19,509 ) (565,263 ) (78,396 ) Weighted average outstanding shares of common stock, basic 47,068,079 46,943,705 47,067,887 46,956,041 Dilutive effect of options and restricted stock awards and units — — — — Weighted average common stock and equivalents 47,068,079 46,943,705 47,067,887 46,956,041 Loss per share, basic (A) $ (6.32 ) (0.42 ) (12.01 ) (1.67 ) Loss per share, diluted (B) $ (6.32 ) (0.42 ) (12.01 ) (1.67 ) Additional information: Antidilutive incremental options and restricted stock awards and units 193,238 455,663 338,039 385,073 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares 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, 2016 | |
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, 2016: Number Invested Remaining of Total Through Balance (In thousands, except vessel count) Vessels Cost 12/31/16 12/31/16 Vessels under construction (A): Deepwater PSVs 3 $ 164,279 117,624 46,655 Total vessel commitments 3 $ 164,279 117,624 46,655 (A) The two remaining option vessels and a fast supply boat are not included in the table above. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of December 31, 2016: Significant Significant Quoted prices in observable unobservable Measured at active markets inputs inputs Net Asset (In thousands) Total (Level 1) (Level 2) (Level 3) Value Equity securities: $ 5,164 5,164 — — — Debt securities: 3,207 860 725 — 1,622 Cash and cash equivalents 367 55 257 — 55 Total $ 8,738 6,079 982 — 1,677 Other pending transactions (40 ) (40 ) — — — Total fair value of plan assets $ 8,698 6,039 982 — 1,677 The following table provides the fair value hierarchy for the supplemental plan assets measured at fair value as of March 31, 2016: Significant Significant Quoted prices in observable unobservable Measured at active markets inputs inputs Net Asset (In thousands) Total (Level 1) (Level 2) (Level 3) Value Equity securities: $ 4,834 4,834 — — — Debt securities: 3,374 972 739 — 1,663 Cash and cash equivalents 343 13 282 — 48 Total $ 8,551 5,819 1,021 — 1,711 Other pending transactions 260 291 (49 ) — 18 Total fair value of plan assets $ 8,811 6,110 972 — 1,729 |
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, 2016: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 612,768 612,768 — — Total fair value of assets $ 612,768 612,768 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2016: Significant Significant Quoted prices in observable unobservable active markets inputs inputs (In thousands) Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 643,770 643,770 — — Total fair value of assets $ 643,770 643,770 — — |
OTHER CURRENT ASSETS, OTHER A32
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Deposits on vessel construction options (A) $ 50 30,285 Deposits - general 12,670 8,076 Prepaid expenses 9,333 6,394 Total other current assets $ 22,053 44,755 (A) Refer to Note (8) for additional discussion regarding the vessels under construction with option agreements. |
Schedule Of Other Assets | A summary of other assets at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Recoverable insurance losses $ 11,047 9,412 Deferred income tax assets 55,039 33,505 Savings plans and supplemental plan 14,452 14,472 Other 18,234 14,297 Total other assets $ 98,772 71,686 |
Schedule of Accrued Expenses | A summary of accrued expenses at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Payroll and related payables $ 11,301 12,864 Commissions payable 4,140 7,193 Accrued vessel expenses 37,849 45,838 Accrued interest expense 4,902 15,120 Other accrued expenses 9,220 10,596 Total accrued expenses $ 67,412 91,611 |
Schedule of Other Current Liabilities | A summary of other current liabilities at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Taxes payable $ 24,968 45,854 Deferred gain on vessel sales - current 23,798 23,798 Other 1,508 5,173 Total other current liabilities $ 50,274 74,825 |
Schedule of Other Liabilities and Deferred Credits | A summary of other liabilities and deferred credits at December 31, 2016 and March 31, 2016 is as follows: December 31, March 31, (In thousands) 2016 2016 Postretirement benefits liability $ 311 4,755 Pension liabilities 40,289 41,690 Deferred gain on vessel sales 94,873 112,721 Other 23,764 22,380 Total other liabilities and deferred credits $ 159,237 181,546 |
SEGMENT AND GEOGRAPHIC DISTRI33
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information, Geographical Data and Major Customers | At the beginning of fiscal 2017 the company’s operations in the Mediterranean Sea (based in Egypt) were transitioned from the company’s previously disclosed Middle East/North Africa operations and included with the company’s previously disclosed Sub-Saharan Africa/Europe operations as a result of management realignments. As such, the company now discloses these new segments as Middle East and Africa/Europe, respectively. The company’s Americas and Asia/Pacific segments are not affected by this change. This new segment alignment is consistent with the company’s chief operating decision maker’s review of operating results for the purposes of allocating resources and assessing performance. Fiscal 2016 amounts have been recast to conform to the new segment alignment. The following table provides a comparison of segment revenues, vessel operating profit (loss), depreciation and amortization, and additions to properties and equipment for the quarters and nine-month periods ended December 31, 2016 and 2015. 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) 2016 2015 2016 2015 Revenues: Vessel revenues: Americas $ 45,577 75,963 159,310 279,345 Asia/Pacific 5,586 19,144 19,617 79,254 Middle East 20,647 26,256 68,323 87,193 Africa/Europe 53,310 91,545 179,661 329,560 125,120 212,908 426,911 775,352 Other operating revenues 4,095 5,283 13,951 19,536 $ 129,215 218,191 440,862 794,888 Vessel operating profit (loss): Americas $ (6,242 ) 9,289 (11,745 ) 41,940 Asia/Pacific (5,586 ) (3,796 ) (17,256 ) 4,122 Middle East (2,782 ) 650 (1,890 ) 4,898 Africa/Europe (11,559 ) 3,120 (38,940 ) 19,085 (26,169 ) 9,263 (69,831 ) 70,045 Other operating profit (loss) 116 (626 ) (1,323 ) (3,120 ) (26,053 ) 8,637 (71,154 ) 66,925 Corporate general and administrative expenses (13,133 ) (7,150 ) (33,632 ) (25,096 ) Corporate depreciation (565 ) (1,629 ) (1,892 ) (4,772 ) Corporate expenses (13,698 ) (8,779 ) (35,524 ) (29,868 ) Gain on asset dispositions, net 6,139 5,883 18,035 19,345 Asset impairments (A) (253,422 ) (15,141 ) (419,870 ) (61,771 ) Restructuring charge (B) — — — (7,586 ) Operating loss $ (287,034 ) (9,400 ) (508,513 ) (12,955 ) Foreign exchange gain (loss) 2,970 (469 ) (2,302 ) (3,758 ) Equity in net earnings (losses) of unconsolidated companies 1,557 (1,710 ) 2,869 (7,070 ) Interest income and other, net 1,437 609 3,605 1,754 Interest and other debt costs, net (18,587 ) (13,312 ) (54,018 ) (39,741 ) Loss before income taxes $ (299,657 ) (24,282 ) (558,359 ) (61,770 ) Depreciation and amortization: Americas $ 12,039 12,029 37,517 36,311 Asia/Pacific 5,266 5,803 16,586 16,503 Middle East 5,411 4,780 15,764 14,381 Africa/Europe 17,166 19,812 54,365 60,806 39,882 42,424 124,232 128,001 Other 855 1,369 3,575 4,285 Corporate 565 1,629 1,892 4,772 $ 41,302 45,422 129,699 137,058 Additions to properties and equipment: Americas $ 18 2,064 93 44,118 Asia/Pacific — 360 — 2,069 Middle East 273 127 587 776 Africa/Europe 190 460 649 1,827 481 3,011 1,329 48,790 Other — 26 — 113 Corporate (C) 2,008 8,872 21,145 103,467 $ 2,489 11,909 22,474 152,370 (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, 2016 and March 31, 2016: December 31, March 31, (In thousands) 2016 2016 Total assets: Americas $ 832,628 1,101,699 Asia/Pacific 346,385 514,948 Middle East 284,767 405,420 Africa/Europe 1,965,423 1,999,543 3,429,203 4,021,610 Other 23,120 42,191 3,452,323 4,063,801 Investments in, at equity, and advances to unconsolidated companies 42,516 37,502 3,494,839 4,101,303 Corporate (A) (B) 820,360 882,490 $ 4,315,199 4,983,793 (A) At December 31, 2016 and March 31, 2016, $610.7 million and $651.2 million, respectively, of cash are included in Corporate. (B) 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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2016 and March 31, 2016, $94.6 million and $136.8 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, 2016 and 2015: Quarter Ended Nine Months Ended Revenue by vessel class December 31, December 31, (In thousands) 2016 % of Vessel Revenue 2015 % of Vessel Revenue 2016 % of Vessel Revenue 2015 % of Vessel Revenue Americas fleet: Deepwater $ 30,846 25 % 49,792 23 % 108,503 25 % 191,720 25 % Towing-supply 11,905 9 % 22,254 11 % 41,823 10 % 75,890 10 % Other 2,826 2 % 3,917 2 % 8,984 2 % 11,735 1 % Total $ 45,577 36 % 75,963 36 % 159,310 37 % 279,345 36 % Asia/Pacific fleet: Deepwater $ 1,652 1 % 13,267 6 % 6,114 2 % 56,535 7 % Towing-supply 3,934 3 % 5,877 3 % 13,503 3 % 22,719 3 % Other — — — — — — — — Total $ 5,586 4 % 19,144 9 % 19,617 5 % 79,254 10 % Middle East fleet: Deepwater $ 6,953 6 % 5,359 3 % 19,979 5 % 17,800 2 % Towing-supply 13,694 11 % 20,897 9 % 48,344 11 % 69,393 9 % Other — — — — — — — — Total $ 20,647 17 % 26,256 12 % 68,323 16 % 87,193 11 % Africa/Europe fleet: Deepwater $ 21,748 17 % 42,692 20 % 79,342 18 % 165,327 22 % Towing-supply 26,087 21 % 36,084 17 % 79,938 19 % 120,995 15 % Other 5,475 5 % 12,769 6 % 20,381 5 % 43,238 6 % Total $ 53,310 43 % 91,545 43 % 179,661 42 % 329,560 43 % Worldwide fleet: Deepwater $ 61,199 49 % 111,110 52 % 213,938 50 % 431,382 56 % Towing-supply 55,620 44 % 85,112 40 % 183,608 43 % 288,997 37 % Other 8,301 7 % 16,686 8 % 29,365 7 % 54,973 7 % Total $ 125,120 100 % 212,908 100 % 426,911 100 % 775,352 100 % |
SALE_LEASEBACK ARRANGEMENTS (Ta
SALE/LEASEBACK ARRANGEMENTS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | As of December 31, 2016 the company operated 16 vessels under sale/leaseback arrangements of which ten are stacked. As of December 31, 2016, 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 2017 $ 2,371 5,220 7,591 2018 9,604 23,486 33,090 2019 10,234 24,800 35,034 2020 11,497 25,519 37,016 2021 11,594 19,979 31,573 Thereafter 19,273 20,063 39,336 Total future lease payments $ 64,573 119,067 183,640 |
RESTRUCTURING CHARGE (Tables)
RESTRUCTURING CHARGE (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges Incurred by Segment and Cost Type | Restructuring charges incurred by segment and cost type for the quarters and nine-month periods ended December 31, 2016 and 2015 are as follows: Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 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, 2016 | |
Asset Impairment Charges [Abstract] | |
Summary of Combined Fair Value of Assets Incurred Impairments | The table below summarizes the combined fair value of the assets that incurred impairments during the quarters and nine-month periods ended December 31, 2016 and 2015, along with the amount of impairment. Quarter Ended Nine Months Ended December 31, December 31, (In thousands) 2016 2015 2016 2015 Number of vessels impaired during the period 74 14 115 47 Number of ROVs impaired during the period — — 8 — Amount of impairment incurred $ 253,422 15,141 419,870 61,771 Combined fair value of assets incurring impairment 523,495 90,010 813,851 244,310 |
Status of Discussions With Le37
Status of Discussions With Lenders and Noteholders / Audit Opinion - Additional Information (Detail) | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 |
Minimum | |||
Status Of Discussions With Lenders And Noteholders Audit Opinion [Line Items] | |||
Interest coverage ratio | 300.00% | 300.00% | 300.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||
Dividends declared | $ 0 | $ 11,811,000 | $ 0 | $ 34,965,000 |
Schedule of Dividends Declared
Schedule of Dividends Declared (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders Equity Note [Abstract] | ||||
Dividends declared | $ 0 | $ 11,811,000 | $ 0 | $ 34,965,000 |
Dividend per share | $ 0.25 | $ 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, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 2,305,554 | $ 2,480,715 | ||
Balance | $ 1,747,564 | $ 2,375,932 | 1,747,564 | 2,375,932 |
Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 72 | (444) | (208) | 235 |
Gains/(losses) recognized in OCI | (188) | 235 | (50) | (569) |
Reclasses from OCI to net income | 115 | (24) | 257 | 101 |
Net period OCI | (73) | 211 | 207 | (468) |
Balance | (1) | (233) | (1) | (233) |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (9,811) | (9,811) | (9,811) | (9,811) |
Balance | (9,811) | (9,811) | (9,811) | (9,811) |
Pension/Post-retirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 4,683 | (9,059) | 4,683 | (9,129) |
Gains/(losses) recognized in OCI | 70 | |||
Net period OCI | 70 | |||
Balance | 4,683 | (9,059) | 4,683 | (9,059) |
Interest Rate Swaps | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (1,387) | (1,314) | (1,530) | (1,673) |
Reclasses from OCI to net income | 70 | 180 | 213 | 539 |
Net period OCI | 70 | 180 | 213 | 539 |
Balance | (1,317) | (1,134) | (1,317) | (1,134) |
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (6,443) | (20,628) | (6,866) | (20,378) |
Gains/(losses) recognized in OCI | (188) | 235 | (50) | (499) |
Reclasses from OCI to net income | 185 | 156 | 470 | 640 |
Net period OCI | (3) | 391 | 420 | 141 |
Balance | $ (6,446) | $ (20,237) | $ (6,446) | $ (20,237) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income and other, net | $ 1,437 | $ 609 | $ 3,605 | $ 1,754 |
Interest and other debt costs | 18,587 | 13,312 | 54,018 | 39,741 |
Loss before income taxes | (299,657) | (24,282) | (558,359) | (61,770) |
Tax effect | (2,884) | (4,679) | 4,680 | 16,996 |
Net loss attributable to Tidewater Inc. | (297,676) | (19,509) | (565,263) | (78,396) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Loss before income taxes | 185 | 240 | 470 | 984 |
Tax effect | 84 | 344 | ||
Net loss attributable to Tidewater Inc. | 185 | 156 | 470 | 640 |
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 | 115 | (37) | 257 | 155 |
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 | $ 70 | $ 277 | $ 213 | $ 829 |
Schedule of Uncertain Tax Posit
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Income Tax Disclosure [Abstract] | |
Tax liabilities for uncertain tax positions | $ 11,438 |
Income tax payable | $ 12,903 |
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, 2016USD ($) | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefit related to state tax issues | $ 12,367 |
Interest receivable on unrecognized tax benefit related to state tax issues | $ 46 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, employer contributions | $ 0 | $ 3,000,000 | $ 0 |
Expected contribution to the plan during the remaining quarters of fiscal 2017 | 0 | ||
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, employer contributions | 100,000 | 200,000 | $ 0 |
Expected contribution to the plan during the remaining quarters of fiscal 2017 | 0 | ||
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in net periodic benefit | $ 300,000 | $ 1,900,000 |
Schedule of Carrying Value of T
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Investments held in Rabbi trust | $ 8,697 | $ 8,811 |
Unrealized losses in fair value of trust assets | (1) | (208) |
Unrealized losses in fair value of trust assets are net of income tax expense of | (168) | |
Obligations under the supplemental plan | $ 26,043 | $ 25,072 |
Schedule of Net Periodic Benefi
Schedule of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 257 | $ 234 | $ 763 | $ 702 |
Interest cost | 941 | 935 | 2,823 | 2,805 |
Expected return on plan assets | (548) | (530) | (1,645) | (1,590) |
Administrative expenses | 2 | 6 | ||
Amortization of prior service cost | 9 | 27 | ||
Recognized actuarial (benefit) loss | 446 | 567 | 1,338 | 1,701 |
Net periodic benefit cost | 1,098 | 1,215 | 3,285 | 3,645 |
Other Benefits | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | 20 | 41 | 60 | 191 |
Interest cost | 50 | 103 | 150 | 524 |
Amortization of prior service cost | (1,086) | (899) | (3,258) | (1,920) |
Recognized actuarial (benefit) loss | (285) | (281) | (855) | (770) |
Net periodic benefit cost | $ (1,301) | $ (1,036) | $ (3,903) | $ (1,975) |
Summary of Debt Outstanding (De
Summary of Debt Outstanding (Detail) NOK in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016NOK | Mar. 31, 2016USD ($) | Mar. 31, 2016NOK | |
Debt [Line Items] | |||||
Amount outstanding | $ 2,043,001 | $ 2,052,270 | |||
Less: Deferred debt issue costs | 6,941 | 6,754 | |||
Total debt | 2,036,060 | 2,045,516 | |||
Revolving Line of Credit | |||||
Debt [Line Items] | |||||
Outstanding borrowing | [1],[2] | 600,000 | 600,000 | ||
Term loan | |||||
Debt [Line Items] | |||||
Amount outstanding | [1] | 300,000 | 300,000 | ||
September 2013 Senior Unsecured Notes | |||||
Debt [Line Items] | |||||
Aggregate debt outstanding | 500,000 | 500,000 | |||
August 2011 Senior Unsecured Notes | |||||
Debt [Line Items] | |||||
Aggregate debt outstanding | 165,000 | 165,000 | |||
September 2010 Senior Unsecured Notes | |||||
Debt [Line Items] | |||||
Aggregate debt outstanding | 382,500 | 382,500 | |||
May 2015 4.22% Notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [3] | 27,421 | 30,033 | ||
March 2015 4.21% Notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [3] | 25,802 | 27,030 | ||
January 2014 3.81% notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [3] | 27,487 | NOK 237,500 | 30,207 | NOK 250,000 |
May 2012 5.38% notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [3] | $ 14,791 | NOK 127,800 | $ 17,500 | NOK 144,840 |
[1] | The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016. | ||||
[2] | The revolver was fully utilized at December 31, 2016 and March 31, 2016, respectively. | ||||
[3] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Summary of Debt Outstanding (Pa
Summary of Debt Outstanding (Parenthetical) (Detail) | Dec. 31, 2016 | Mar. 31, 2016 | |
May 2015 4.22% Notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 4.22% | 4.22% |
March 2015 4.21% Notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 4.21% | 4.21% |
January 2014 3.81% notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 3.81% | 3.81% |
May 2012 5.38% notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 5.38% | 5.38% |
[1] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Additional Detail for U.S. Doll
Additional Detail for U.S. Dollar Denominated Borrowings Outstanding (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | ||
Debt [Line Items] | |||
Amount outstanding | $ 2,043,001 | $ 2,052,270 | |
Revolving Line of Credit | |||
Debt [Line Items] | |||
Outstanding borrowing | [1],[2] | 600,000 | 600,000 |
Fair value revolving line of credit outstanding (Level 2) | 330,000 | 600,000 | |
Term loan | |||
Debt [Line Items] | |||
Amount outstanding | [1] | 300,000 | 300,000 |
Fair value term loan outstanding (Level 2) | 165,000 | 300,000 | |
September 2013 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Fair value term loan outstanding (Level 2) | 275,000 | 342,746 | |
Aggregate debt outstanding | $ 500,000 | $ 500,000 | |
Weighted average remaining life in years | [3] | 6 years 7 months 6 days | 7 years 4 months 24 days |
Weighted average coupon rate on notes outstanding | 4.86% | 4.86% | |
August 2011 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Fair value term loan outstanding (Level 2) | $ 90,750 | $ 127,148 | |
Aggregate debt outstanding | $ 165,000 | $ 165,000 | |
Weighted average remaining life in years | [3] | 3 years 9 months 18 days | 4 years 7 months 6 days |
Weighted average coupon rate on notes outstanding | 4.42% | 4.42% | |
September 2010 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Fair value term loan outstanding (Level 2) | $ 210,375 | $ 302,832 | |
Aggregate debt outstanding | $ 382,500 | $ 382,500 | |
Weighted average remaining life in years | [3] | 3 years 3 months 18 days | 4 years 1 month 6 days |
Weighted average coupon rate on notes outstanding | 4.35% | 4.35% | |
May 2015 4.22% Notes | |||
Debt [Line Items] | |||
Amount outstanding | [4] | $ 27,421 | $ 30,033 |
Fair value term loan outstanding (Level 2) | [4] | 27,409 | 30,062 |
March 2015 4.21% Notes | |||
Debt [Line Items] | |||
Amount outstanding | [4] | 25,802 | 27,030 |
Fair value term loan outstanding (Level 2) | [4] | $ 25,765 | $ 27,027 |
[1] | The fair value of the term loan and the revolving line of credit approximated their carrying values at March 31, 2016. | ||
[2] | The revolver was fully utilized at December 31, 2016 and March 31, 2016, respectively. | ||
[3] | Weighted average remaining life in years is based on stated maturities; however, all of the company’s indebtedness has been reclassified as current since March 31, 2016. | ||
[4] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Additional Detail for U.S. Do50
Additional Detail for U.S. Dollar Denominated Borrowings Outstanding (Parenthetical) (Detail) | 9 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | ||
May 2015 4.22% Notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 4.22% | 4.22% |
May 2015 4.22% Notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Debt instrument maturity, in years | 12 years | ||
March 2015 4.21% Notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 4.21% | 4.21% |
March 2015 4.21% Notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Debt instrument maturity, in years | 12 years | ||
[1] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Indebtedness - Debt Costs - Add
Indebtedness - Debt Costs - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Debt [Line Items] | ||||
Reduction of debt | $ 6.9 | $ 6.8 | ||
Minimum | ||||
Debt [Line Items] | ||||
Interest coverage ratio | 300.00% | 300.00% | 300.00% | |
Maximum | ||||
Debt [Line Items] | ||||
Debt to capital ratio | 0.55 |
Additional Detail for Norwegian
Additional Detail for Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) NOK in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016NOK | Mar. 31, 2016USD ($) | Mar. 31, 2016NOK | |
Debt [Line Items] | |||||
Amount outstanding | $ 2,043,001 | $ 2,052,270 | |||
January 2014 3.81% notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [1] | 27,487 | NOK 237,500 | 30,207 | NOK 250,000 |
Fair value of debt outstanding | [1] | 27,442 | 30,199 | ||
May 2012 5.38% notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [1] | 14,791 | NOK 127,800 | 17,500 | NOK 144,840 |
Fair value of debt outstanding | [1] | $ 14,767 | $ 17,479 | ||
[1] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Additional Detail for Norwegi53
Additional Detail for Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) | 9 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | ||
January 2014 3.81% notes | |||
Debt [Line Items] | |||
Debt Instrument Maturity Period | [1] | January 2,014 | |
Debt instrument interest rate | [1] | 3.81% | 3.81% |
January 2014 3.81% notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Debt instrument maturity, in years | 12 years | ||
May 2012 5.38% notes | |||
Debt [Line Items] | |||
Debt Instrument Maturity Period | [1] | May 2,012 | |
Debt instrument interest rate | [1] | 5.38% | 5.38% |
May 2012 5.38% notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Debt instrument maturity, in years | 12 years | ||
[1] | Troms Offshore debt requires semi-annual principal payments and has a 12 year maturity. |
Debt Costs (Detail)
Debt Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | ||||
Interest and debt costs incurred, net of interest capitalized | $ 18,587 | $ 13,312 | $ 54,018 | $ 39,741 |
Interest costs capitalized | 1,118 | 2,513 | 3,612 | 8,280 |
Total interest and debt costs | $ 19,705 | $ 15,825 | $ 57,630 | $ 48,021 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Earnings Per Share [Abstract] | |||||
Net loss available to common shareholders | $ (297,676) | $ (19,509) | $ (565,263) | $ (78,396) | |
Weighted average outstanding shares of common stock, basic | 47,068,079 | 46,943,705 | 47,067,887 | 46,956,041 | |
Weighted average common stock and equivalents | 47,068,079 | 46,943,705 | 47,067,887 | 46,956,041 | |
Loss per share, basic | [1] | $ (6.32) | $ (0.42) | $ (12.01) | $ (1.67) |
Loss per share, diluted | [2] | $ (6.32) | $ (0.42) | $ (12.01) | $ (1.67) |
Antidilutive incremental options and restricted stock awards and units | 193,238 | 455,663 | 338,039 | 385,073 | |
[1] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares 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”. As a result of the net losses incurred, the company has excluded the antidilutive effect of incremental share equivalents related to options, restricted stock awards and restricted stock units from the “Loss per share, diluted” calculation for the quarters and nine month periods ended December 31, 2016 and 2015. |
Schedule of Vessel Commitments
Schedule of Vessel Commitments (Detail) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
May 31, 2015USD ($)Vessel | Dec. 31, 2016USD ($)Vessel | |||
Vessel Commitments | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Number of Vessels, commitments | Vessel | 3 | |||
Total cost, commitments | $ 164,279 | |||
Invested, commitments | 117,624 | |||
Remaining Balance, commitments | $ 46,655 | |||
Deepwater PSVs | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Number of vessels under construction | Vessel | 2 | 3 | [1] | |
Total cost, under construction | [1] | $ 164,279 | ||
Invested, under construction | $ 5,400 | 117,624 | [1] | |
Remaining Balance, under construction | [1] | $ 46,655 | ||
[1] | two remaining option vessels and a fast supply boat are not included in the table above. |
Schedule of Vessel Commitment57
Schedule of Vessel Commitments (Parenthetical) (Detail) | 9 Months Ended |
Dec. 31, 2016Vessel | |
Option Agreement | |
Significant Purchase and Supply Commitment [Line Items] | |
Number of vessels under construction | 2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)VesselT | Nov. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015VesselThp | Jun. 30, 2015VesselThp | May 31, 2015USD ($)VesselT | Dec. 31, 2016USD ($)VesselT | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)VesselT | Dec. 31, 2015USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Refunds from cancelled vessel construction contracts | $ 25,565 | $ 36,190 | |||||||||||||||
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 | $ 5,600 | 5,600 | ||||||||||||||
Vessel Commitments | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Remaining Balance, commitments | $ 46,655 | $ 46,655 | $ 46,655 | ||||||||||||||
Number of Vessels, commitments | Vessel | 3 | 3 | 3 | ||||||||||||||
Deepwater PSVs | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Significant commitment, new construction deadweight tons capacity | T | 5,400 | 3,800 | 5,400 | 5,400 | |||||||||||||
Number of vessels under construction | Vessel | 2 | 3 | [1] | ||||||||||||||
Shipyard returned to the company | $ 200 | $ 14,000 | $ 11,500 | ||||||||||||||
Refunds from cancelled vessel construction contracts | $ 19,100 | ||||||||||||||||
Impairment charge on amounts not recoverable | $ 1,900 | ||||||||||||||||
Aggregate installment payment | 117,624 | [1] | $ 5,400 | $ 117,624 | [1] | 117,624 | [1] | ||||||||||
Obligation to be relieved | 21,700 | ||||||||||||||||
Aggregate installment payment payment with interest | $ 11,900 | ||||||||||||||||
Shipyard owed amount | 11,700 | ||||||||||||||||
Foreign taxes on interest | $ 200 | ||||||||||||||||
Remaining installment obligation held | $ 50 | $ 250 | |||||||||||||||
Extended option period for vessels | Jun. 30, 2017 | ||||||||||||||||
Vessels Under Construction | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Significant commitment, new construction deadweight tons capacity | T | 4,700 | 4,700 | |||||||||||||||
Number of vessels under construction | Vessel | 6 | 6 | |||||||||||||||
Significant commitment, new construction brake horsepower | hp | 7,145 | 7,145 | |||||||||||||||
Deferred final installment of vessel construction contracts | $ 5,100 | ||||||||||||||||
Refunds from cancelled vessel construction contracts | $ 36,000 | ||||||||||||||||
Obligation to pay additional amount due to termination | 50,000 | ||||||||||||||||
Accrued interest owing on the returned installments | $ 3,500 | $ 3,500 | $ 3,500 | $ 3,500 | |||||||||||||
Impairment charge on amounts not recoverable | $ 800 | ||||||||||||||||
Gain recognized on final refunds received from shipyard | $ 800 | ||||||||||||||||
Vessels Under Construction | Scenario Forecast | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Refunds from cancelled vessel construction contracts | $ 26,000 | ||||||||||||||||
Obligation to pay additional amount due to termination | 35,000 | ||||||||||||||||
Accrued interest owing on the returned installments | $ 3,800 | ||||||||||||||||
Minimum | Deepwater PSVs | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Significant commitment, new construction final delivery date | 2017-02 | ||||||||||||||||
Maximum | Deepwater PSVs | |||||||||||||||||
Significant Purchase and Supply Commitment [Line Items] | |||||||||||||||||
Significant commitment, new construction final delivery date | 2017-06 | ||||||||||||||||
[1] | two remaining option vessels and a fast supply boat are not included in the table above. |
Commitments and Contingencies59
Commitments and Contingencies (Sonatide Joint Venture) - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Mar. 31, 2016USD ($)Vessel | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Due from affiliate | $ 287,592 | $ 287,592 | $ 338,595 | ||
Due to affiliate | 132,836 | 132,836 | 187,971 | ||
Vessel revenues | 125,120 | $ 212,908 | 426,911 | $ 775,352 | |
Investments in, at equity, and advances to unconsolidated companies | 42,516 | 42,516 | 37,502 | ||
Sonatide joint venture | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Due from affiliate | 288,000 | 288,000 | 339,000 | ||
Unpaid vessel revenue | 112,000 | 112,000 | |||
Due from affiliate and due to affiliate | 69,000 | ||||
Due to affiliate | $ 133,000 | $ 133,000 | 188,000 | ||
Number of vessels operating | Vessel | 7 | 7 | |||
Number of vessels stacked | Vessel | 3 | 3 | |||
Ownership Interest In Joint Venture | 49.00% | 49.00% | |||
Investments in, at equity, and advances to unconsolidated companies | $ 43,000 | $ 43,000 | $ 37,000 | ||
Percentage of tax valued on all debit transactions | 0.10% | ||||
Debit transactions tax revoked effective date | Jan. 1, 2017 | ||||
Sonatide joint venture | ANGOLA | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | $ 80,000 | ||||
Vessel revenues | $ 101,000 | $ 172,000 | |||
Percentage of Angolan operation revenue | 24.00% | 22.00% | |||
Number of vessels operating | Vessel | 59 | 66 | 59 | 66 | |
Number of vessels stacked | Vessel | 19 | 8 | 19 | 8 | |
Number of vessels transferred out of Angola | Vessel | 18 | 23 | |||
Sonatide joint venture | U.S. dollars initially received by Sonatide on behalf of the company or dollars collected from other customers | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | $ 73,000 | ||||
Sonatide joint venture | Sonatide's converting kwanzas into dollars and subsequent payment to company | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | 7,000 | ||||
Sonatide joint venture | Angolan kwanza-denominated | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Bank deposits maintained | $ 86,000 | $ 86,000 |
Commitments and Contingencies60
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) BRL in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | |||
May 31, 2016USD ($) | May 31, 2015BRL | Apr. 30, 2011BRLVessel | Dec. 31, 2016USD ($) | Dec. 31, 2016BRL | |
Commitments And Contingencies Disclosure [Abstract] | |||||
Fines assessed | BRL 155 | $ 47.5 | |||
Number of Tidewater vessels that the subsidiaries failed to obtain import licenses from | Vessel | 17 | ||||
Fines assessed | BRL 3 | 1 | |||
Deposit amount | $ | $ 3 | ||||
Amount of fines contested | 9.2 | BRL 30 | |||
Remaining amount of fine resolved in entity favor | $ 37.4 | 122 | |||
Original fine amount | BRL | BRL 155 |
Commitment and Contingencies (R
Commitment and Contingencies (Repairs to U.S. Flagged Vessels Operating Abroad) - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Percentage of vessel repair duty | 50.00% |
Commitment and Contingencies (A
Commitment and Contingencies (Arbitral Award for the Taking of the Company's Venezuelan Operations) - Additional Information (Detail) - Compensatory Purposes - VENEZUELA $ in Millions | Dec. 31, 2016USD ($)Subsidiary | Dec. 27, 2016USD ($) | Mar. 13, 2015USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of subsidiaries awarded grant | Subsidiary | 2 | ||
Compensation awarded to the claimants | $ 53.7 | $ 36.4 | $ 46.4 |
Litigation settlement reduction amount | $ 10 | ||
Compensation awarded to the claimants, annual compound interest rate | 4.50% | ||
Net Interest Settlements | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Compensation awarded to the claimants | $ 14.8 | ||
Legal And Other Settlements | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Compensation awarded to the claimants | $ 2.5 |
Commitment and Contingencies (N
Commitment and Contingencies (Nigeria Marketing Agent Litigation) - Additional Information (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Federal Government of Nigeria | |
Commitments and Contingencies Disclosure [Line Items] | |
Due to affiliates | $ 12 |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of plan assets | $ 8,697 | $ 8,811 |
Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 8,738 | 8,551 |
Other pending transactions | (40) | 260 |
Total fair value of plan assets | 8,698 | 8,811 |
Supplemental Executive Retirement Plan | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,677 | 1,711 |
Other pending transactions | 18 | |
Total fair value of plan assets | 1,677 | 1,729 |
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 | 6,079 | 5,819 |
Other pending transactions | (40) | 291 |
Total fair value of plan assets | 6,039 | 6,110 |
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 | 982 | 1,021 |
Other pending transactions | (49) | |
Total fair value of plan assets | 982 | 972 |
Supplemental Executive Retirement Plan | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 5,164 | 4,834 |
Supplemental Executive Retirement Plan | Equity 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 | 5,164 | 4,834 |
Supplemental Executive Retirement Plan | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 3,207 | 3,374 |
Supplemental Executive Retirement Plan | Debt Securities | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,622 | 1,663 |
Supplemental Executive Retirement Plan | 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 | 860 | 972 |
Supplemental Executive Retirement Plan | 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 | 725 | 739 |
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 | 367 | 343 |
Supplemental Executive Retirement Plan | Cash and Cash Equivalents | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 55 | 48 |
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 | 55 | 13 |
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 | $ 257 | $ 282 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016USD ($)Contract | Mar. 31, 2016USD ($)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 | $ 1,400,000 | |
Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on Derivatives | $ 700,000 | 100,000 |
Derivative assets | $ 0 | $ 0 |
Schedule of Fair Value Other Fi
Schedule of Fair Value Other Financial Instruments Measured (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 612,768 | $ 643,770 |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 612,768 | 643,770 |
Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 612,768 | 643,770 |
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 | $ 612,768 | $ 643,770 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | |
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] | $ 50 | $ 30,285 |
Deposits - general | 12,670 | 8,076 | |
Prepaid expenses | 9,333 | 6,394 | |
Total other current assets | $ 22,053 | $ 44,755 | |
[1] | Refer to Note (8) 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, 2016 | Mar. 31, 2016 |
Other Assets, Noncurrent [Abstract] | ||
Recoverable insurance losses | $ 11,047 | $ 9,412 |
Deferred income tax assets | 55,039 | 33,505 |
Savings plans and supplemental plan | 14,452 | 14,472 |
Other | 18,234 | 14,297 |
Total other assets | $ 98,772 | $ 71,686 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Accounts Payable and Accrued Liabilities Current [Abstract] | ||
Payroll and related payables | $ 11,301 | $ 12,864 |
Commissions payable | 4,140 | 7,193 |
Accrued vessel expenses | 37,849 | 45,838 |
Accrued interest expense | 4,902 | 15,120 |
Other accrued expenses | 9,220 | 10,596 |
Total accrued expenses | $ 67,412 | $ 91,611 |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Other Liabilities Current [Abstract] | ||
Taxes payable | $ 24,968 | $ 45,854 |
Deferred gain on vessel sales - current | 23,798 | 23,798 |
Other | 1,508 | 5,173 |
Total other current liabilities | $ 50,274 | $ 74,825 |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 |
Deferred Credits and Other Liabilities [Abstract] | ||
Postretirement benefits liability | $ 311 | $ 4,755 |
Pension liabilities | 40,289 | 41,690 |
Deferred gain on vessel sales | 94,873 | 112,721 |
Other | 23,764 | 22,380 |
Total other liabilities and deferred credits | $ 159,237 | $ 181,546 |
Segment Information, Geographic
Segment Information, Geographical Data and Major Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Segment Reporting Information [Line Items] | |||||||
Vessel revenues | $ 125,120 | $ 212,908 | $ 426,911 | $ 775,352 | |||
Other operating revenues | 4,095 | 5,283 | 13,951 | 19,536 | |||
Total revenues | 129,215 | 218,191 | 440,862 | 794,888 | |||
Operating profit (loss) | (26,053) | 8,637 | (71,154) | 66,925 | |||
General and administrative expenses | (34,151) | (35,598) | (104,152) | (116,837) | |||
Depreciation and amortization | 41,302 | 45,422 | 129,699 | 137,058 | |||
Corporate expenses | (13,698) | (8,779) | (35,524) | (29,868) | |||
Gain on asset dispositions, net | 6,139 | 5,883 | 18,035 | 19,345 | |||
Asset impairments | [1] | (253,422) | (15,141) | (419,870) | (61,771) | ||
Restructuring charge | $ (7,600) | (7,586) | [2] | ||||
Operating loss | (287,034) | (9,400) | (508,513) | (12,955) | |||
Foreign exchange gain (loss) | 2,970 | (469) | (2,302) | (3,758) | |||
Equity in net earnings (losses) of unconsolidated companies | 1,557 | (1,710) | 2,869 | (7,070) | |||
Interest income and other, net | 1,437 | 609 | 3,605 | 1,754 | |||
Interest and other debt costs, net | (18,587) | (13,312) | (54,018) | (39,741) | |||
Loss before income taxes | (299,657) | (24,282) | (558,359) | (61,770) | |||
Additions to properties and equipment | 2,489 | 11,909 | 22,474 | 152,370 | |||
All Other Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | 116 | (626) | (1,323) | (3,120) | |||
Depreciation and amortization | 855 | 1,369 | 3,575 | 4,285 | |||
Additions to properties and equipment | 26 | 113 | |||||
Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating profit (loss) | (26,169) | 9,263 | (69,831) | 70,045 | |||
Depreciation and amortization | 39,882 | 42,424 | 124,232 | 128,001 | |||
Additions to properties and equipment | 481 | 3,011 | 1,329 | 48,790 | |||
Operating Segments | Americas | |||||||
Segment Reporting Information [Line Items] | |||||||
Vessel revenues | 45,577 | 75,963 | 159,310 | 279,345 | |||
Operating profit (loss) | (6,242) | 9,289 | (11,745) | 41,940 | |||
Depreciation and amortization | 12,039 | 12,029 | 37,517 | 36,311 | |||
Additions to properties and equipment | 18 | 2,064 | 93 | 44,118 | |||
Operating Segments | Asia/Pacific | |||||||
Segment Reporting Information [Line Items] | |||||||
Vessel revenues | 5,586 | 19,144 | 19,617 | 79,254 | |||
Operating profit (loss) | (5,586) | (3,796) | (17,256) | 4,122 | |||
Depreciation and amortization | 5,266 | 5,803 | 16,586 | 16,503 | |||
Additions to properties and equipment | 360 | 2,069 | |||||
Operating Segments | Middle East | |||||||
Segment Reporting Information [Line Items] | |||||||
Vessel revenues | 20,647 | 26,256 | 68,323 | 87,193 | |||
Operating profit (loss) | (2,782) | 650 | (1,890) | 4,898 | |||
Depreciation and amortization | 5,411 | 4,780 | 15,764 | 14,381 | |||
Additions to properties and equipment | 273 | 127 | 587 | 776 | |||
Operating Segments | Africa/Europe | |||||||
Segment Reporting Information [Line Items] | |||||||
Vessel revenues | 53,310 | 91,545 | 179,661 | 329,560 | |||
Operating profit (loss) | (11,559) | 3,120 | (38,940) | 19,085 | |||
Depreciation and amortization | 17,166 | 19,812 | 54,365 | 60,806 | |||
Additions to properties and equipment | 190 | 460 | 649 | 1,827 | |||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
General and administrative expenses | (13,133) | (7,150) | (33,632) | (25,096) | |||
Depreciation and amortization | 565 | 1,629 | 1,892 | 4,772 | |||
Additions to properties and equipment | [3] | $ 2,008 | $ 8,872 | $ 21,145 | $ 103,467 | ||
[1] | Refer to Note (15) for additional information regarding asset impairment charges. | ||||||
[2] | Refer to Note (14) for additional information regarding the restructuring charge. | ||||||
[3] | Included in Corporate are additions to properties and equipment relating to vessels currently under construction which have not yet been assigned to a non-corporate reporting segment as of the dates presented. |
Comparison of Total Assets (Det
Comparison of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | |
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | $ 4,315,199 | $ 4,983,793 | |
Assets excluding equity investments | 3,452,323 | 4,063,801 | |
Investments in, at equity, and advances to unconsolidated companies | 42,516 | 37,502 | |
Assets except corporate portion | 3,494,839 | 4,101,303 | |
All Other Segments | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 23,120 | 42,191 | |
Operating Segments | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 3,429,203 | 4,021,610 | |
Operating Segments | Americas | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 832,628 | 1,101,699 | |
Operating Segments | Asia/Pacific | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 346,385 | 514,948 | |
Operating Segments | Middle East | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 284,767 | 405,420 | |
Operating Segments | Africa/Europe | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | 1,965,423 | 1,999,543 | |
Corporate | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Assets | [1],[2] | $ 820,360 | $ 882,490 |
[1] | At December 31, 2016 and March 31, 2016, $610.7 million and $651.2 million, respectively, of cash are included in Corporate. | ||
[2] | 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 vessel is assigned to a non-corporate reporting segment or the date it is delivered. At December 31, 2016 and March 31, 2016, $94.6 million and $136.8 million, respectively, of vessel construction costs are included in Corporate. |
Comparison of Total Assets (Par
Comparison of Total Assets (Parenthetical) (Detail) - Corporate Vessels - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2016 | |
Segment and Geographic Distribution of Operations [Line Items] | ||
Cash | $ 610.7 | $ 651.2 |
Construction costs | $ 94.6 | $ 136.8 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 125,120 | $ 212,908 | $ 426,911 | $ 775,352 |
Americas Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 30,846 | $ 49,792 | $ 108,503 | $ 191,720 |
Percentage of revenue | 25.00% | 23.00% | 25.00% | 25.00% |
Americas Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 11,905 | $ 22,254 | $ 41,823 | $ 75,890 |
Percentage of revenue | 9.00% | 11.00% | 10.00% | 10.00% |
Americas Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 2,826 | $ 3,917 | $ 8,984 | $ 11,735 |
Percentage of revenue | 2.00% | 2.00% | 2.00% | 1.00% |
Americas Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 45,577 | $ 75,963 | $ 159,310 | $ 279,345 |
Percentage of revenue | 36.00% | 36.00% | 37.00% | 36.00% |
Asia and Pacific Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 1,652 | $ 13,267 | $ 6,114 | $ 56,535 |
Percentage of revenue | 1.00% | 6.00% | 2.00% | 7.00% |
Asia/Pacific Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 3,934 | $ 5,877 | $ 13,503 | $ 22,719 |
Percentage of revenue | 3.00% | 3.00% | 3.00% | 3.00% |
Asia/Pacific Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 5,586 | $ 19,144 | $ 19,617 | $ 79,254 |
Percentage of revenue | 4.00% | 9.00% | 5.00% | 10.00% |
Middle East Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 6,953 | $ 5,359 | $ 19,979 | $ 17,800 |
Percentage of revenue | 6.00% | 3.00% | 5.00% | 2.00% |
Middle East Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 13,694 | $ 20,897 | $ 48,344 | $ 69,393 |
Percentage of revenue | 11.00% | 9.00% | 11.00% | 9.00% |
Middle East fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 20,647 | $ 26,256 | $ 68,323 | $ 87,193 |
Percentage of revenue | 17.00% | 12.00% | 16.00% | 11.00% |
Africa/Europe Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 21,748 | $ 42,692 | $ 79,342 | $ 165,327 |
Percentage of revenue | 17.00% | 20.00% | 18.00% | 22.00% |
Africa/Europe Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 26,087 | $ 36,084 | $ 79,938 | $ 120,995 |
Percentage of revenue | 21.00% | 17.00% | 19.00% | 15.00% |
Africa And Europe Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 5,475 | $ 12,769 | $ 20,381 | $ 43,238 |
Percentage of revenue | 5.00% | 6.00% | 5.00% | 6.00% |
Africa/Europe Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 53,310 | $ 91,545 | $ 179,661 | $ 329,560 |
Percentage of revenue | 43.00% | 43.00% | 42.00% | 43.00% |
Worldwide Fleet Deepwater vessels | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 61,199 | $ 111,110 | $ 213,938 | $ 431,382 |
Percentage of revenue | 49.00% | 52.00% | 50.00% | 56.00% |
Worldwide Fleet Towing-Supply/supply | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 55,620 | $ 85,112 | $ 183,608 | $ 288,997 |
Percentage of revenue | 44.00% | 40.00% | 43.00% | 37.00% |
Worldwide Fleet Other | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 8,301 | $ 16,686 | $ 29,365 | $ 54,973 |
Percentage of revenue | 7.00% | 8.00% | 7.00% | 7.00% |
Worldwide Fleet | ||||
Segment and Geographic Distribution of Operations [Line Items] | ||||
Vessel revenues | $ 125,120 | $ 212,908 | $ 426,911 | $ 775,352 |
Percentage of revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Sale_ Leaseback Arrangements -
Sale/ Leaseback Arrangements - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2016USD ($)Vessel | Dec. 31, 2016USD ($)Vessel | |
Sale Leaseback Transaction [Line Items] | ||
Deferred gain amortization from sale leaseback transactions | $ | $ 5.8 | $ 17.5 |
Sale/Leaseback Arrangement | ||
Sale Leaseback Transaction [Line Items] | ||
Number of vessels operating | 16 | 16 |
Number of vessels stacked | 10 | 10 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2017 | $ 7,591 |
2,018 | 33,090 |
2,019 | 35,034 |
2,020 | 37,016 |
2,021 | 31,573 |
Thereafter | 39,336 |
Total future lease payments | 183,640 |
Fiscal 2015 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2017 | 2,371 |
2,018 | 9,604 |
2,019 | 10,234 |
2,020 | 11,497 |
2,021 | 11,594 |
Thereafter | 19,273 |
Total future lease payments | 64,573 |
Fiscal 2014 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
Remaining three months of 2017 | 5,220 |
2,018 | 23,486 |
2,019 | 24,800 |
2,020 | 25,519 |
2,021 | 19,979 |
Thereafter | 20,063 |
Total future lease payments | $ 119,067 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2015 | ||
Restructuring And Related Activities [Abstract] | |||
Restructuring charge | $ 7,600 | $ 7,586 | [1] |
[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 | $ 7,600 | $ 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) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Mar. 31, 2016USD ($) | ||
Derivatives, Fair Value [Line Items] | ||||||
Asset impairments | [1] | $ 253,422 | $ 15,141 | $ 419,870 | $ 61,771 | |
Number of vessels impaired during the period | Vessel | 74 | 14 | 115 | 47 | ||
Fair value of assets incurring impairment | $ 523,495 | $ 90,010 | $ 813,851 | $ 244,310 | ||
Net book value of assets | 3,009,407 | 3,009,407 | $ 3,551,291 | |||
Total carrying value of vessels | 4,204,048 | $ 4,204,048 | $ 4,666,749 | |||
Stacked Vessels and Other Assets | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Asset impairments | $ 84,100 | |||||
Number of vessels impaired during the period | Vessel | 26 | |||||
Fair value of assets incurring impairment | $ 219,900 | |||||
Number of vessels stacked | Vessel | 80 | 80 | ||||
Net book value of assets | $ 752,300 | $ 752,300 | ||||
Active Vessels | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Asset impairments | $ 169,300 | |||||
Number of vessels impaired during the period | Vessel | 48 | |||||
Fair value of assets incurring impairment | $ 303,600 | |||||
Net book value of assets | $ 1,600,000 | $ 1,600,000 | ||||
Number of vessels active | Vessel | 92 | 92 | ||||
Stacked and Active Vessels | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of vessels operating | Vessel | 246 | 246 | ||||
Total carrying value of vessels | $ 2,900,000 | $ 2,900,000 | ||||
[1] | Refer to Note (15) for additional information regarding asset impairment charges. |
Summary of Combined Fair Value
Summary of Combined Fair Value of Assets Incurred Impairments (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($)Vessel | Dec. 31, 2016USD ($)VesselVehicle | Dec. 31, 2015USD ($)Vessel | ||
Asset Impairment Charges [Abstract] | |||||
Number of vessels impaired during the period | Vessel | 74 | 14 | 115 | 47 | |
Number of ROVs impaired during the period | Vehicle | 8 | ||||
Amount of impairment incurred | [1] | $ 253,422 | $ 15,141 | $ 419,870 | $ 61,771 |
Combined fair value of assets incurring impairment | $ 523,495 | $ 90,010 | $ 813,851 | $ 244,310 | |
[1] | Refer to Note (15) for additional information regarding asset impairment charges. |