Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2017 | May 31, 2017 | Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TDW | ||
Entity Registrant Name | TIDEWATER INC | ||
Entity Central Index Key | 98,222 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 47,121,304 | ||
Entity Public Float | $ 131,788,710 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 706,404 | $ 678,438 |
Trade and other receivables, less allowance for doubtful accounts of $16,165 in 2017 and $11,450 in 2016 | 123,262 | 228,113 |
Due from affiliate | 262,652 | 338,595 |
Marine operating supplies | 30,560 | 33,413 |
Other current assets | 18,409 | 44,755 |
Total current assets | 1,141,287 | 1,323,314 |
Investments in, at equity, and advances to unconsolidated companies | 45,115 | 37,502 |
Net properties and equipment | 2,864,762 | 3,551,291 |
Other assets | 139,535 | 71,686 |
Total assets | 4,190,699 | 4,983,793 |
Current liabilities: | ||
Accounts payable | 31,599 | 49,130 |
Accrued expenses | 78,121 | 91,611 |
Due to affiliate | 132,857 | 187,971 |
Accrued property and liability losses | 3,583 | 3,321 |
Current portion of long-term debt | 2,034,124 | 2,045,516 |
Other current liabilities | 48,429 | 74,825 |
Total current liabilities | 2,328,713 | 2,452,374 |
Deferred income taxes | 46,013 | 34,841 |
Accrued property and liability losses | 10,209 | 9,478 |
Other liabilities and deferred credits | 154,705 | 181,546 |
Commitments and Contingencies (Note 12) | ||
Equity: | ||
Common stock of $0.10 par value, 125,000,000 shares authorized, issued 47,121,304 shares at March 31, 2017 and 47,067,715 shares at March 31, 2016 | 4,712 | 4,707 |
Additional paid-in capital | 165,221 | 166,604 |
Retained earnings | 1,475,329 | 2,135,075 |
Accumulated other comprehensive loss | (10,344) | (6,866) |
Total stockholders’ equity | 1,634,918 | 2,299,520 |
Noncontrolling interests | 16,141 | 6,034 |
Total equity | 1,651,059 | 2,305,554 |
Total liabilities and equity | $ 4,190,699 | $ 4,983,793 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 16,165 | $ 11,450 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, issued | 47,121,304 | 47,067,715 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues: | ||||
Vessel revenues | $ 583,816 | $ 955,400 | $ 1,468,358 | |
Other operating revenues | 17,795 | 23,662 | 27,159 | |
Total revenues | 601,611 | 979,062 | 1,495,517 | |
Costs and expenses: | ||||
Vessel operating costs | 359,171 | 561,133 | 834,368 | |
Costs of other operating revenues | 12,729 | 18,811 | 26,505 | |
General and administrative | 145,879 | 153,811 | 189,819 | |
Vessel operating leases | 33,766 | 33,662 | 28,322 | |
Depreciation and amortization | 167,291 | 182,309 | 175,204 | |
(Gain) loss on asset dispositions, net | (24,099) | (26,037) | (23,796) | |
Asset impairments | 484,727 | 117,311 | 14,525 | |
Goodwill impairment | 283,699 | |||
Restructuring charge | 7,586 | 4,052 | ||
Total costs and expenses | 1,179,464 | 1,048,586 | 1,532,698 | |
Operating loss | (577,853) | (69,524) | (37,181) | |
Other income (expenses): | ||||
Foreign exchange gain (loss) | (1,638) | (5,403) | 8,678 | |
Equity in net earnings (losses) of unconsolidated companies | 5,710 | (13,581) | 10,179 | |
Interest income and other, net | 5,193 | 2,703 | 1,927 | |
Interest and other debt costs, net | (75,026) | (53,752) | (50,029) | |
Total other income (expenses) | (65,761) | (70,033) | (29,245) | |
Loss before income taxes | (643,614) | (139,557) | (66,426) | |
Income tax (benefit) expense | 6,397 | 20,819 | (1,077) | |
Net loss | (650,011) | (160,376) | (65,349) | |
Less: Net income (loss) attributable to noncontrolling interests | 10,107 | (193) | (159) | |
Net loss attributable to Tidewater Inc. | $ (660,118) | $ (160,183) | $ (65,190) | |
Basic loss per common share | [1] | $ (14.02) | $ (3.41) | $ (1.34) |
Diluted loss per common share | [2] | $ (14.02) | $ (3.41) | $ (1.34) |
Weighted average common shares outstanding | 47,071,066 | 46,981,102 | 48,658,840 | |
Adjusted weighted average common shares | 47,071,066 | 46,981,102 | 48,658,840 | |
[1] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||
[2] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (650,011) | $ (160,376) | $ (65,349) |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on available for sale securities, net of tax of $61, ($239) and $0, respectively | 113 | (443) | 143 |
Change in loss on derivative contract, net of tax of $823, $77 and $0, respectively | 1,530 | 143 | 717 |
Change in supplemental executive retirement plan pension liability, net of tax of ($927), $1,264 and $0, respectively | (1,721) | 2,347 | (1,845) |
Change in pension plan minimum liability, net of tax of $215, $1,093 and $0, respectively | 399 | 2,029 | (5,739) |
Change in other benefit plan minimum liability, net of tax of ($2,046), $5,081 and ($769), respectively | (3,799) | 9,436 | (1,429) |
Total comprehensive loss | $ (653,489) | $ (146,864) | $ (73,502) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized gains (losses) on available-for-sale securities, tax | $ 61 | $ (239) | $ 0 |
Change in loss on derivative contract, tax | 823 | 77 | 0 |
Change in supplemental executive retirement plan pension liability, tax | (927) | 1,264 | 0 |
Change in Pension Plan minimum liability, tax | 215 | 1,093 | 0 |
Change in Other Benefit Plan minimum liability, tax | $ (2,046) | $ 5,081 | $ (769) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid- in capital | Retained earnings | Accumulated other comprehensive loss | Non controlling interest |
Balance at Mar. 31, 2014 | $ 2,685,371 | $ 4,973 | $ 142,381 | $ 2,544,255 | $ (12,225) | $ 5,987 |
Total comprehensive loss | (73,502) | (65,190) | (8,153) | (159) | ||
Stock option activity | (688) | 3 | (691) | |||
Cash dividends declared | (49,127) | (49,127) | ||||
Retirement of common stock | (99,999) | (284) | (99,715) | |||
Amortization of restricted stock units | 15,287 | 17 | 15,270 | |||
Amortization/cancellation of restricted stock awards/units | 2,974 | (6) | 2,980 | |||
Cash received from noncontrolling interests, net | 399 | 399 | ||||
Balance at Mar. 31, 2015 | 2,480,715 | 4,703 | 159,940 | 2,330,223 | (20,378) | 6,227 |
Total comprehensive loss | (146,864) | (160,183) | 13,512 | (193) | ||
Stock option activity | (278) | (278) | ||||
Cash dividends declared | (34,965) | (34,965) | ||||
Amortization of restricted stock units | 6,474 | 11 | 6,463 | |||
Amortization/cancellation of restricted stock awards/units | 472 | (7) | 479 | |||
Balance at Mar. 31, 2016 | 2,305,554 | 4,707 | 166,604 | 2,135,075 | (6,866) | 6,034 |
Total comprehensive loss | (653,489) | (660,118) | (3,478) | 10,107 | ||
Stock option activity | 1,146 | 1,146 | ||||
Amortization/cancellation of restricted stock awards/units | (2,152) | 5 | (2,529) | 372 | ||
Balance at Mar. 31, 2017 | $ 1,651,059 | $ 4,712 | $ 165,221 | $ 1,475,329 | $ (10,344) | $ 16,141 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends, per share declared | $ 0.75 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | |||
Net loss | $ (650,011) | $ (160,376) | $ (65,349) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 167,291 | 182,309 | 175,204 |
Provision (benefit) for deferred income taxes | (2,200) | (6,796) | (72,389) |
(Gain) loss on asset dispositions, net | (24,099) | (26,037) | (23,796) |
Asset impairments | 484,727 | 117,311 | 14,525 |
Goodwill impairment | 283,699 | ||
Equity in earnings (losses) of unconsolidated companies, net of dividends | (7,613) | 28,704 | (1,916) |
Compensation expense – stock based | 3,278 | 13,219 | 21,374 |
Excess tax (benefit) liability on stock options exercised | 4,927 | 1,605 | 1,784 |
Changes in assets and liabilities, net: | |||
Trade and other receivables | 104,829 | 71,540 | (43,537) |
Changes in due to/from affiliate, net | 20,829 | 84,084 | 108,588 |
Marine operating supplies | 2,285 | 13,672 | 6,148 |
Other current assets | (12,523) | 5,976 | 2,794 |
Accounts payable | (17,531) | (4,881) | (22,989) |
Accrued expenses | (18,687) | (53,143) | (11,435) |
Accrued property and liability losses | 262 | (348) | 38 |
Other current liabilities | (26,658) | (15,578) | 118 |
Other liabilities and deferred credits | (2,657) | 231 | 4,875 |
Other, net | 3,372 | 1,868 | (19,023) |
Net cash provided by operating activities | 29,821 | 253,360 | 358,713 |
Cash flows from investing activities: | |||
Proceeds from sales of assets | 14,797 | 10,690 | 8,310 |
Proceeds from sale/leaseback of assets | 123,950 | ||
Additions to properties and equipment | (25,499) | (194,485) | (364,194) |
Refunds from cancelled vessel construction contracts | 25,565 | 46,119 | |
Other | 2,680 | 516 | |
Net cash provided by (used in) investing activities | 14,863 | (134,996) | (231,418) |
Cash flows from financing activities: | |||
Principal payments on long-term debt | (10,069) | (136,843) | (97,823) |
Debt borrowings | 656,338 | 138,488 | |
Cash dividends | (35,388) | (48,834) | |
Repurchases of common stock | (99,999) | ||
Other | (6,649) | (2,601) | (918) |
Net cash (used in) provided by financing activities | (16,718) | 481,506 | (109,086) |
Net change in cash and cash equivalents | 27,966 | 599,870 | 18,209 |
Cash and cash equivalents at beginning of year | 678,438 | 78,568 | 60,359 |
Cash and cash equivalents at end of year | 706,404 | 678,438 | 78,568 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 70,687 | 50,729 | 49,390 |
Income taxes | 26,916 | $ 51,585 | 74,310 |
Supplemental disclosure of noncash investing activities: | |||
Additions to properties and equipment | $ 5,047 | $ 2,068 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) Nature of Operations The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Ability to Continue as a Going Concern On May 17, 2017, Tidewater Inc. (“Tidewater” or the “company”) and certain of its subsidiaries (collectively with Tidewater, the “Debtors”) filed voluntary petitions for relief (collectively, the “Petitions” and, the cases commenced thereby, the “Bankruptcy Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Bankruptcy Cases were filed in order to effect the Debtors’ Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater Inc. and its Affiliated Debtors (as proposed, the “Prepackaged Plan”). The company expects to continue operations in the normal course during the pendency of the chapter 11 proceedings. The significant risks and uncertainties related to the company’s chapter 11 proceeding raise substantial doubt about the company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. Upon emergence from chapter 11 proceedings adjustments to the carrying values and classification of its assets and liabilities and the reported amounts of income and expenses could be required and could be material. Refer to Note (2), " " Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, valuation of goodwill, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates. Cash Equivalents The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for the company’s vessels as well as fuel, are stated at the lower of weighted-average cost or market. Properties and Equipment Depreciation and Amortization Properties and equipment are stated at cost. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 5%-10% for marine equipment, using estimated useful lives of 15 - 25 years for marine equipment (from date of construction) and 3 - 30 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of earnings. Used equipment is depreciated in accordance with this above policy; however, no life less than six years is used for marine equipment regardless of the date constructed. Maintenance and Repairs Maintenance and repairs (including major repair costs) are expensed as incurred during the asset’s original estimated useful life (its original depreciable life). Major repair costs incurred after the original estimated depreciable life that also have the effect of extending the useful life (for example, the complete overhaul of main engines, the replacement of mechanical components, or the replacement of steel in the vessel’s hull) of the asset are capitalized and amortized over 30 months. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not only for a specific customer contract are capitalized and amortized over the remaining life of the equipment. The majority of the company’s vessels require certification inspections twice in every five year period, and the company schedules major repairs and maintenance, including time the vessel will be in a dry dock, when it is anticipated that the work can be performed. While the actual length of time between major repairs and maintenance and drydockings can vary, in the case of major repairs incurred after a vessel’s original estimated useful life, we use a 30 month amortization period for depreciating the capitalized costs of these major repairs and maintenance and drydockings. Net Properties and Equipment The following are summaries of net properties and equipment at March 31: (In thousands) 2017 2016 Properties and equipment: Vessels and related equipment $ 3,407,760 $ 4,666,749 Other properties and equipment 69,670 92,065 3,477,430 4,758,814 Less accumulated depreciation and amortization 612,668 1,207,523 Net properties and equipment $ 2,864,762 $ 3,551,291 2017 2016 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 143 $ 1,990,049 180 $ 2,510,418 Stacked vessels 101 793,606 73 794,126 Marine equipment and other assets under construction 53,611 185,380 Other property and equipment (A) 27,496 61,367 Totals 244 $ 2,864,762 253 $ 3,551,291 (A) Other property and equipment includes eight remotely operated vehicles. (B) Vessel count excludes vessels operated under sale leaseback agreements. The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at March 31, 2017 and 2016 have an average age of 11.5 and 12.5 years, respectively. All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Stacked vessels and vessels withdrawn from service are reviewed for impairment semiannually or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable . Impairment of Long-Lived Assets The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. We also subdivide our groupings of assets with similar operating and marketing characteristics between our older vessels and newer vessels. The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. If an asset group fails the undiscounted cash flow test, management derives the fair value of the asset group by estimating the fair value for each vessel in the group, considering items such as age, vessel class supply and demand, and recent sales of similar vessels among other factors and for vessels with more significant carrying values we may obtain third-party appraisals for use by management in determining a vessel’s fair value. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average dayrates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, dayrates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels not expected to return to active service every six months or whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For 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. The company records an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. Refer to Note (19) for a discussion on asset impairments. Goodwill Goodwill represents the cost in excess of fair value of the net assets of companies acquired. Goodwill primarily relates to the fiscal 1998 acquisition of O.I.L. Ltd. and the fiscal 2014 acquisition of Troms Offshore. The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. The company has the option of assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. In the event that a qualitative assessment indicates that the fair value of a reporting unit exceeds its carrying value the two step impairment test is not necessary. If, however, the assessment of qualitative factors indicates otherwise, the standard two-step method for evaluating goodwill for impairment as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, Intangibles-Goodwill and Other The company performed its annual goodwill impairment assessment as of December 31, 2014 and recorded goodwill impairment charges of $283.7 million. The impairment charge was due to the negative effect on average day rates and utilization levels of the company’s vessels as a result of the rapid and significant decline in crude oil and natural gas prices which occurred and accelerated throughout the latter part of the company’s third quarter of fiscal 2015. Refer to Note (16) for a complete discussion of Goodwill. Accrued Property and Liability Losses The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: (In thousands) 2017 2016 Accrued property and liability losses $ 13,792 12,799 Pension and Other Postretirement Benefits The company follows the provisions of ASC 715, Compensation – Retirement Benefits, The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. Net periodic benefit costs are based on a market-related valuation of assets equal to the fair value of assets. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (6) for a complete discussion on compensation – retirement benefits. Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes Revenue Recognition The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (average three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major drydocking repair costs, which occur during the initial economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. Foreign Currency Translation The U.S. dollar is the functional currency for all of the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. Earnings Per Share The company follows ASC 260, Earnings Per Share Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and may at times require prepayments or other forms of collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. Stock-Based Compensation The company follows ASC 718, Compensation – Stock Compensation Comprehensive Income The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income financial instruments, currency translation adjustment and any minimum pension liability for the company’s U.S. Defined Benefits Pension Plan and Supplemental Executive Retirement Plan. Refer to Note (9) for a complete discussion on comprehensive income. Derivative Instruments and Hedging Activities The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. Fair Value Measurements The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data Reclassifications The company made certain reclassifications to prior period amounts to conform to the current year presentation, specifically, a modification to the company’s reportable segments (refer to Note 15) and the adoption of ASU 2015-13, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issues costs (refer to Note 5). These reclassifications did not have a material effect on the consolidated statement of earnings, balance sheet or cash flows. Subsequent Events The company evaluates subsequent events through the time of our filing on the date we issue financial statements. Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-17, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs This new guidance amends the requirements related to the income statement presentation of the components of net periodic benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. 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. |
REORGANIZATION AND CHAPTER 11 P
REORGANIZATION AND CHAPTER 11 PROCEEDINGS | 12 Months Ended |
Mar. 31, 2017 | |
Reorganizations [Abstract] | |
REORGANIZATION AND CHAPTER 11 PROCEEDINGS | (2) REORGANIZATION AND CHAPTER 11 PROCEEDINGS The lower commodity prices from mid-2014, which persisted through 2017, resulted in reduced offshore exploration and development spending by our customers and reduced revenue and cash flows for the company, which compromised our ability to remain in compliance with certain financial covenants set forth in agreements governing our indebtedness. Prior to the end of fiscal 2016, and while the company was in compliance with its debt agreements, the company borrowed $600 million to provide adequate liquidity to weather the industry downturn. At March 31, 2017, we had $2.04 billion of debt ($2.03 billion, net of deferred debt issue costs of $6.4 million) consisting of (i) $900 million in borrowings under the Credit Agreement (as defined below), which consists of a fully drawn $600 million revolving credit facility and a $300 million term loan facility; (ii) $500 million in principal amount of 2013 Notes (as defined below); (iii) $165 million in principal amount of 2011 Notes (as defined below); (iv) $382.5 million in principal amount of 2010 Notes (as defined below); and (v) approximately $92 million of U.S. dollar-equivalent (“USD”) debt under the Troms Credit Agreement (as defined below), which consists of four tranches of unsecured debt. In response to the significant and sustained decline in commodity prices and resulting decline in the (i) utilization of our offshore support vessels, (ii) average day rates received, and (iii) vessel revenue, in fiscal 2016 and fiscal 2017, we focused on managing our balance sheet to preserve liquidity by taking certain steps, including reducing capital expenditures, terminating and/or renegotiating various contracts, and reducing our workforce and discretionary expenditures. We 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, took other steps to improve our financial position and liquidity, including (i) the January 2016 suspension of our common stock dividend, (ii) the March 2016 $600 million draw on the Tidewater Credit Facility, and (iii) the renegotiation or termination of vessel construction contracts in order to reduce capital expenditures, which increased current and projected liquidity by in excess of $200 million. Despite efforts to reduce spending, we determined that with our current capital structure, we were not positioned to withstand the ongoing and precipitous decline in oil and gas prices and the corresponding decline in revenues and cash flows. We concluded that a reduction in our long-term debt and cash interest obligations was required to improve our financial position and flexibility. Additionally, we retained financial and legal advisors, to assist us in analyzing and considering financial, transactional and strategic alternatives. As such, we engaged Weil, Gotshal & Manges LLP (“Weil”), as our restructuring counsel and Lazard Frères & Co. LLC (“Lazard”), as our investment banker and financial advisor, to assist us in developing and implementing a comprehensive restructuring plan. At June 30, 2016, we failed to meet a 3.0x minimum interest coverage ratio covenant contained in the Credit Agreement, the Troms Credit Agreement, and the 2013 Notes Purchase Agreement (each as defined below) (collectively, the “Funded Debt Agreements”), which resulted in covenant noncompliance that would have allowed the respective lenders and/or the noteholders to declare us to be in default under each of the Funded Debt Agreements, and accelerate the indebtedness thereunder. In addition, our projected covenant non-compliance resulted in the inclusion in the report provided by our independent registered public accounting firm that accompanied our audited consolidated financial statements for the fiscal year ended March 31, 2016 (the “Audit Opinion”) of an explanatory paragraph regarding our ability to continue as a going concern. Our inability to receive an Audit Opinion without modification was a separate event of default under the Credit Agreement that would have allowed the lenders to accelerate the indebtedness thereunder. To avoid an acceleration of indebtedness under the Funded Debt Agreements (and potentially the other Senior Unsecured Notes) we negotiated and obtained limited waivers from the necessary lenders and noteholders to extend the waiver of the audit opinion requirement and/or waive the minimum interest coverage ratio requirement until August 14, 2016 and subsequent, further extensions until September 18, 2016, October 21, 2016, November 11, 2016, January 27, 2017, March 3, 2017, and March 27, 2017. Since January 2016, we have been actively engaged in discussions and negotiations regarding restructuring alternatives with (i) a steering committee comprised of certain Tidewater Lenders (as defined below) (the “Bank Lender Steering Committee”), (ii) the Troms Lenders (as defined below), and (iii) an unofficial committee of certain unaffiliated holders of the 2013 Notes (the “Unofficial 2013 Noteholder Committee”). Since December 2016, such discussions and negotiations have focused on a restructuring through a consensual prepackaged plan pursuant to chapter 11 of the U.S. Bankruptcy Code that would be supported by a substantial percentage of our lenders and the noteholders. When the March 27, 2017 waiver expired on April 7, 2017 in accordance with its terms, our negotiations with the Bank Lender Steering Committee and the Unofficial Noteholder Committee regarding the terms of the restructuring were substantially complete. By early May, the Debtors (as defined below), the Bank Lender Steering Committee and the Unofficial Noteholder Committee reached an agreement in principle regarding the terms, and processes to document, the Restructuring embodied in the Prepackaged Plan through the RSA (as defined below). The RSA is an agreement pursuant to which the lenders agree to support the Prepackaged Plan. The Debtors were also able to reach an agreement in principle with the Troms Lenders regarding an amendment of the Troms Credit Agreement to be executed in conjunction with the Prepackaged Plan. Restructuring Support Agreement. Prior to filing the Bankruptcy Petitions (as defined below), on May 11, 2017, the Debtors (as defined below) entered into a Restructuring Support Agreement (the “RSA”) with certain of its creditors (collectively, the “Consenting Creditors”), specifically: (i) lenders holding approximately 60% of the outstanding principal amount of the loans under the company’s Fourth Amended and Restated Revolving Credit Agreement, dated as of June 21, 2013 (the “Credit Agreement”), between the company as borrower, each of the guarantors named therein, Bank of America, N.A., as administrative agent and the lenders party thereto (the “Consenting Tidewater Lenders”) and (ii) holders of approximately 99% of the aggregate outstanding principal amount of Tidewater’s (a) 3.90% Senior Notes, 2010-Series B due December 30, 2017, 3.95% Senior Notes, 2010-Series C due December 30, 2017, 4.12% Senior Notes, 2010-Series D due December 30, 2018, 4.17% Senior Notes, 2010-Series E due December 30, 2018, 4.33% Senior Notes, 2010-Series F due December 30, 2019, 4.51% Senior Notes, 2010-Series G due December 30, 2020, 4.56% Senior Notes, 2010-Series H due December 30, 2020, and 4.61% Senior Notes, 2010-Series I due December 30, 2022 (collectively, the “2010 Notes”), (b) 4.06% Senior Notes, Series 2011-A due March 31, 2019, 4.64% Senior Notes, Series 2011-B due June 30, 2021, and 4.54% Senior Notes, Series 2011-C due June 30, 2021 (collectively, the “2011 Notes”), and (c) 4.26% Senior Notes, Series 2013-A due November 16, 2020, 5.01% Senior Notes, Series 2013-B due November 15, 2023, and 5.16% Senior Notes, Series 2013-C due November 17, 2025 (collectively, the “2013 Notes,” and together with the 2010 Notes and the 2011 Notes, the “Notes”) (such holders, the “Consenting Noteholders”) to support a restructuring on the terms of the Prepackaged Plan. On May 12, 2017, the Debtors commenced the solicitation of votes on the Prepackaged Plan. Troms Forbearance Agreement and Amendment to the Troms Facility Agreement. As previously disclosed, on May 25, 2012, the Debtors, as guarantors, entered into a Term Loan Facility Agreement as amended and restated (the “Troms Facility Agreement”) with Troms Offshore Supply AS, as borrower (the “Troms Borrower”), Eksportkreditt Norge AS and Kommunal Landspensjonskasse Gjensidig Forsikringsselskap as lenders (the “Troms Lenders”), and certain bank guarantors party thereto (together with the Troms Lenders, the “Troms Finance Parties”). On May 11, 2017, the Debtors, the Troms Borrower, the Troms Finance Parties, the Additional Obligors (as defined herein) and Garantiinstituttet for Eksportkreditt and DNB Capital LLC as additional lenders (the “Additional Lenders”), entered into an Amendment and Restatement Agreement No. 4 (the “Fourth Amendment”), pursuant to which, among other things, (a) the Additional Lenders agreed to make available to the Troms Borrower a new term loan for up to $5,068,863, (b) Troms Offshore Fleet Holding AS, Troms Offshore Fleet 1 AS, Troms Offshore Fleet 2 AS, Troms Offshore Fleet 3 AS, Troms Offshore Fleet 4 AS, and JB Holding Company BV, each an indirect, wholly-owned foreign subsidiary of the company, agreed to serve as additional obligors of the obligations thereunder (collectively, the “Additional Obligors”), and (c) the Debtors, the Troms Borrower, the Additional Obligors, the Troms Finance Parties, and the Additional Lenders agreed to amend and restate the Troms Facility Agreement (the “Amended and Restated Troms Facility Agreement”). The Fourth Amendment will become effective on the Effective Date (as defined below). On May 11, 2017, the Debtors also entered into a Forbearance Agreement (the “Forbearance Agreement”) with the Troms Borrower, the Additional Lenders, DNB Bank ASA, New York Branch, as agent on behalf of the Troms Finance Parties, and the Norwegian Export Credit Guarantee Agency, as bank guarantor, which Forbearance Agreement relates to the Troms Facility Agreement. Pursuant to the Forbearance Agreement, among other provisions, the Troms Finance Parties have agreed that during the Forbearance Period (as defined below), subject to certain conditions precedent and continuing conditions, they will not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Finance Parties under the Troms Facility Agreement or otherwise, including, without limitation, any action to accelerate, or join in any request for acceleration of, the Troms Facility Agreement due to the company commencing voluntary cases under chapter 11 of the Bankruptcy Code as contemplated by the RSA and the continued existence of certain specified events of default. The Forbearance Period began on May 11, 2017 and ends on the earliest of (i) August 30, 2017, (ii) the occurrence of any event of default under the Troms Facility Agreement, other than certain specified events of default, and (iii) the termination of the RSA as a result of the occurrence of any (a) Creditor Termination Event (as defined in the RSA), (b) Tidewater Termination Event (as defined in the RSA), or (c) other termination of the RSA under its terms. Reorganization and Chapter 11 Proceedings On May 17, 2017 (the “Petition Date”), the company and certain subsidiaries, Cajun Acquisitions, LLC, Gulf Fleet Supply Vessels, L.L.C., Hilliard Oil & Gas, Inc., Java Boat Corporation, Pan Marine International Dutch Holdings, L.L.C., Point Marine, L.L.C., Quality Shipyards, L.L.C., S.O.P., Inc., Tidewater Corporate Services, L.L.C., Tidewater GOM, Inc., Tidewater Marine, L.L.C., Tidewater Marine Alaska, Inc., Tidewater Marine Fleet, L.L.C., Tidewater Marine Hulls, L.L.C., Tidewater Marine International Dutch Holdings, L.L.C., Tidewater Marine Sakhalin, L.L.C., Tidewater Marine Ships, L.L.C., Tidewater Marine Vessels, L.L.C., Tidewater Marine Western, Inc., Tidewater Mexico Holding, L.L.C., Tidewater Subsea, L.L.C., Tidewater Subsea ROV, L.L.C., Tidewater Venture, Inc., Twenty Grand (Brazil), L.L.C., Twenty Grand Marine Service, L.L.C., and Zapata Gulf Marine L.L.C., (together with the company, the “Debtors”) filed voluntary petitions for reorganization (the “Bankruptcy Petitions”) in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") seeking relief under the provisions of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). On May 19, 2017, the Bankruptcy Court set a combined hearing to consider approval of the Debtors’ disclosure statement and confirmation of the Prepackaged Plan for June 28, 2017. If the Prepackaged Plan is approved by the Bankruptcy Court within the time frame we currently expect, the Prepackaged Plan will likely become effective in July 2017, at which point or shortly thereafter the Debtors would emerge from bankruptcy, however, there can be no assurance that the effectiveness of the Prepackaged Plan will occur on such date, or at all. As of the Petition Date, we had outstanding, unsecured prepetition funded debt obligations totaling approximately $2.04 billion. We also had certain obligations arising under the Sale Leaseback Agreements, pursuant to which the Debtors charter certain vessels owned by third parties. Additionally, as of the Petition Date, we had $23.7 million of accrued interest payable on our Credit Facility and Notes. In connection with the restructuring contemplated by the Prepackaged Plan, the Debtors have identified certain cost savings opportunities, including the elimination of burdensome obligations under certain sale leaseback agreements (the “Sale Leaseback Agreements”), pursuant to which the Debtors charter certain vessels owned by third parties (the “Sale Leaseback Parties”). On the Petition Date, the Debtors filed a motion seeking to reject such agreements (the rejection damage claims related thereto, the “Sale Leaseback Claims”). Pursuant an order by the Bankruptcy Court approving a stipulation with the Sale Leaseback Parties, the Bankruptcy Court approved the rejection of the Sale Leaseback Agreements, the reserve for the Sale Leaseback Claims until they are resolved in the amount of approximately $324 million, and the temporary allowance of the disputed Sale Leaseback Claims for purposes of voting on the Prepackaged Plan. During the bankruptcy proceedings, the Debtors are operating as "debtors-in-possession" in accordance with applicable provisions of the Bankruptcy Code. The Bankruptcy Court granted a number of first day motions filed by the Debtors, allowing the company to operate its business in the ordinary course throughout the bankruptcy process. The first day motions authorized, among other things, the company to pay prepetition employee wages and benefits without interruption, maintain its insurance programs, utilize its current cash management system, and pay undisputed prepetition obligations owed to its vendors and trade creditors in the ordinary course of business. Subject to certain exceptions under the Bankruptcy Code, the commencement of the Debtors’ chapter 11 cases automatically stayed most judicial or administrative actions against the Debtors and their property to, among other things, recover or collect a pre-petition claim. The Prepackaged Plan is subject to the approval of the Bankruptcy Court and anticipates, among other things, that on the effective date of the Prepackaged Plan (the “Effective Date”): • The lenders under the Credit Agreement, the holders of Notes, and the Sale Leaseback Parties (collectively, the “General Unsecured Creditors” and the claims thereof, the “General Unsecured Claims”) will receive their pro rata share of (a) $225 million of cash, (b) subject to the limitations discussed below, common stock and, if applicable, warrants (the “Jones Act Warrants”) to purchase common stock, representing 95% of the pro forma common equity in the reorganized company (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders under the Prepackaged Plan as described below); and (c) new 8% fixed rate secured notes due in 2022 in the aggregate principal amount of $350 million (the “New Secured Notes”). • The company’s existing shares of common stock will be cancelled as of the Effective Date. Existing common stockholders of the company will receive their pro rata share of common stock representing 5% of the pro forma common equity in the reorganized company (subject to dilution by a management incentive plan and the exercise of warrants issued to existing stockholders under the Prepackaged Plan) and six year warrants to purchase additional shares of common stock of the reorganized company. These warrants will be issued in two tranches, with the first tranche (the “Series A Warrants”) being exercisable immediately, at an aggregate exercise price based upon an equity value of the company of approximately $1.71 billion, and the second tranche (the “Series B Warrants”) being exercisable immediately, at an aggregate exercise price based upon an equity value of the company of $2.02 billion. The Series A Warrants will be exercisable for a number of shares equal to 7.5% of the sum of (i) the total outstanding shares of common stock after completion of the transactions contemplated by the Prepackaged Plan, and (ii) any shares issuable upon exercise of the Jones Act Warrants and the Series A Warrants, while the Series B Warrants will be exercisable for a number of shares equal to 7.5% of the sum of (x) the total outstanding shares of common stock after completion of the transactions contemplated by the Prepackaged Plan, and (y) any shares issuable upon the exercise of the Jones Act Warrants, the Series A Warrants, and Series B Warrants. Like the Jones Act Warrants, the Series A Warrants and the Series B Warrants will not grant the holder thereof any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the company’s business and will be subject to the restrictions in the company’s new certificate of incorporation described above that prohibit the exercise of such warrants where such exercise would cause the total number of shares held by non-U.S. citizens to exceed 24%. • To assure the continuing ability of certain vessels owned by the company’s subsidiaries to engage in U.S. coastwise trade, the number of shares of the company’s common stock that would otherwise be issuable to the allowed General Unsecured Creditors may be adjusted to assure that the foreign ownership limitations of the United States Jones Act are not exceeded. The Jones Act requires any corporation that engages in coastwise trade be a U.S. citizen within the meaning of that law, which requires, among other things, that the aggregate ownership of common stock by non-U.S. citizens within the meaning of the Jones Act be not more than 25% of its outstanding common stock. The Prepackaged Plan requires that, at the time the company emerges from bankruptcy, not more than 22% of the common stock will be held by non-U.S. citizens. To that end, the Prepackaged Plan provides for the issuance of a combination of common stock of the reorganized company and the Jones Act Warrants to purchase common stock of the reorganized company on a pro rata basis to any non-U.S. citizen among the allowed General Unsecured Creditors whose ownership of common stock, when combined with the shares to be issued to existing Tidewater stockholders that are non-U.S. citizens, would otherwise cause the 22% threshold to be exceeded. The Jones Act Warrants will not grant the holder thereof any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the company’s business. Generally, the Jones Act Warrants will be exercisable immediately at a nominal exercise price, subject to restrictions contained in the company’s new certificate of incorporation designed to assure the company’s continuing eligibility to engage in coastwise trade under the Jones Act that prohibit the exercise of such warrants where such exercise would cause the total number of shares held by non-U.S. citizens to exceed 24%. The company will establish, under its charter and through Depository Trust Corporation (DTC), appropriate measures to assure compliance with these ownership limitations. • The undisputed claims of other unsecured creditors such as customers, employees, and vendors, will be paid in full in the ordinary course of business (except as otherwise agreed among the parties). The company and the Sale Leaseback Parties did not reach agreement with respect to the amount of the Sale Leaseback Claims. Accordingly, on the Effective Date, a portion of the above consideration in cash, Jones Act Warrants, and New Secured Notes in an amount that the company believes represents the maximum possible distributions owing on account of the Sale Leaseback Claims will be withheld from the cash, Jones Act Warrants, and New Secured Notes distributed to allowed General Unsecured Claims on account of such disputed Sale Leaseback Claims until they are resolved. To the extent the Sale Leaseback Claims are resolved for less than the amount withheld, the remainder will be distributed to holders of allowed General Unsecured Claims pro rata. Assuming implementation of the Prepackaged Plan, the company expects that it will eliminate approximately $1.6 billion in principal amount of outstanding debt. In addition, taking into account the rejection of the Sale-Leaseback Agreements discussed above, the company estimates that interest and operating lease expenses, collectively, will be reduced by approximately $73 million annually. Combined vessel operating lease expense and interest and debt costs, net was $108.8 million for the fiscal year 2017. |
INVESTMENT IN UNCONSOLIDATED CO
INVESTMENT IN UNCONSOLIDATED COMPANIES | 12 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED COMPANIES | (3) INVESTMENT IN UNCONSOLIDATED COMPANIES Investments in unconsolidated affiliates, generally 50% or less owned partnerships and corporations, are accounted for by the equity method. Under the equity method, the assets and liabilities of the unconsolidated joint venture companies are not consolidated in the company’s consolidated balance sheet. Investments in, at equity, and advances to unconsolidated joint venture companies at March 31, were as follows: (In thousands) Percentage Ownership 2017 2016 Sonatide Marine, Ltd. (Angola) 49% $ 45,115 37,141 DTDW Holdings, Ltd. (Nigeria) 40% — 361 Investments in, at equity, and advances to unconsolidated companies $ 45,115 37,502 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (4) INCOME TAXES We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Earnings before income taxes derived from United States and non-U.S. operations for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Non-U.S. $ (498,931 ) (85,346 ) (38,282 ) United States (144,683 ) (54,211 ) (27,985 ) $ (643,614 ) (139,557 ) (66,267 ) Income tax expense (benefit) for the years ended March 31, consists of the following: U.S. (In thousands) Federal State International Total 2017 Current $ (842 ) 17 9,422 8,597 Deferred (2,200 ) — — (2,200 ) $ (3,042 ) 17 9,422 6,397 2016 Current $ (13,335 ) (92 ) 41,042 27,615 Deferred (6,796 ) — — (6,796 ) $ (20,131 ) (92 ) 41,042 20,819 2015 Current $ 4,869 (9 ) 66,452 71,312 Deferred (72,389 ) — — (72,389 ) $ (67,520 ) (9 ) 66,452 (1,077 ) The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following for the years ended March 31: (In thousands) 2017 2016 2015 Computed “expected” tax expense $ (225,265 ) (48,845 ) (23,193 ) Increase (reduction) resulting from: Foreign income taxed at different rates 232,904 90,779 (13,570 ) FIN 48 3,007 (3,259 ) (1,703 ) Expenses which are not deductible for tax purposes 5,587 191 472 Non-deductible goodwill — — 15,811 Valuation allowance – deferred tax assets (2,377 ) (13,124 ) 17,829 Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions (3,860 ) (4,319 ) (2,358 ) Expenses which are not deductible for book purposes — — (832 ) Foreign taxes (928 ) (744 ) 5,688 State taxes 11 (60 ) (6 ) Other, net (2,682 ) 200 785 $ 6,397 20,819 (1,077 ) Income taxes resulting from intercompany vessel sales, as well as the tax effect of any reversing temporary differences resulting from the sales, are deferred and amortized on a straight-line basis over the remaining useful lives of the vessels. The company is not liable for U.S. taxes on undistributed earnings of most of its non-U.S. subsidiaries and business ventures that it considers indefinitely reinvested abroad because the company adopted the provisions of the American Jobs Creation Act of 2004 (the Act) effective April 1, 2005. All previously recorded deferred tax assets and liabilities related to temporary differences, foreign tax credits, or prior undistributed earnings of these entities whose future and prior earnings were anticipated to be indefinitely reinvested abroad were reversed in March 2005. The effective tax rate applicable to pre-tax earnings for the years ended March 31, is as follows: 2017 2016 2015 Effective tax rate applicable to pre-tax earnings (0.99 %) (14.94 %) 1.63 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, is as follows: (In thousands) 2017 2016 Deferred tax assets: Accrued employee benefit plan costs $ 18,241 19,705 Stock based compensation 2,940 6,780 Net operating loss and tax credit carryforwards 14,693 6,177 Other 5,587 5,548 Gross deferred tax assets 41,461 38,210 Less valuation allowance (2,327 ) (4,705 ) Net deferred tax assets 39,134 33,505 Deferred tax liabilities: Basis difference in partnership (17,322 ) (8,375 ) Depreciation and amortization (27,355 ) (25,130 ) Gross deferred tax liabilities (44,677 ) (33,505 ) Net deferred tax assets (liabilities) $ (5,543 ) — Management assesses the available positive and negative evidence to estimate whether sufficient future U.S. taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss for financial reporting purposes of domestic corporations that was incurred over the three-year period ended March 31, 2016. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth and tax planning strategies. On the basis of this evaluation, a valuation allowance of $4.7 million as of March 31, 2016 was recorded against net deferred tax assets. For the year ended March 31, 2017, the amount of the deferred tax asset considered realizable was adjusted based on current estimates of future U.S. taxable income, resulting in a valuation allowance of $2.3 million at March 31, 2017. The company has not recognized a U.S. deferred tax liability associated with temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. The differences relate primarily to undistributed earnings and stock basis differences. Though the company does not anticipate repatriation of funds, a current U.S. tax liability would be recognized when the company receives those foreign funds in a taxable manner such as through receipt of dividends or sale of investments. For the year ended March 31, 2017, the unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries is estimated to be approximately $435 million. As of March 31, 2017, the foreign tax credits that would become available as a result of a taxable transaction, are estimated to be sufficient to offset the gross U.S. tax liability recognized. The amount of foreign income that U.S. deferred taxes has not been recognized upon, as of March 31, is as follows: (In thousands) 2017 Foreign income not recognized for U.S. deferred taxes $ 1,805,626 The company has the following foreign tax credit carry-forwards that expire in 2022. (In thousands) 2017 Foreign tax credit carry-forwards $ 2,327 The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes (In thousands) 2017 2016 Tax liabilities for uncertain tax positions $ 11,751 13,046 Income tax payable 13,936 32,321 Included in the liability balances for uncertain tax positions above are $7 million of penalties and interest. The tax liabilities for uncertain tax positions are primarily attributable to a permanent establishment issue related to a foreign joint venture. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized, at March 31, are as follows: (In thousands) 2017 Unrecognized tax benefit related to state tax issues $ 12,367 Interest receivable on unrecognized tax benefit related to state tax issues 48 A reconciliation of the beginning and ending amount of all unrecognized tax benefits, including the unrecognized tax benefit related to state tax issues and the liability for uncertain tax positions (but excluding related penalties and interest) for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Balance at April 1, $ 17,648 19,698 20,066 Additions based on tax positions related to the current year 4,853 1,223 1,342 Settlement and lapse of statute of limitations (1,108 ) (3,273 ) (1,710 ) Balance at March 31, $ 21,393 17,648 19,698 With limited exceptions, the company is no longer subject to tax audits by United States (U.S.) federal, state, local or foreign taxing authorities for years prior to 2009. The company has ongoing examinations by various state and foreign tax authorities and does not believe that the results of these examinations will have a material adverse effect on the company’s financial position or results of operations. The company receives a tax benefit that is generated by certain employee stock benefit plan transactions. This benefit is recorded directly to additional paid-in-capital and does not reduce the company’s effective income tax rate. The tax benefit for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Excess tax benefits on stock benefit transactions $ (934 ) (1,605 ) (1,784 ) |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (5) INDEBTEDNESS The company failed to meet certain covenants contained in the Bank Loan Agreement, the Troms Offshore Debt agreement, and the September 2013 Senior Notes, which resulted in covenant noncompliance that would have allowed the respective lenders and/or the noteholders to declare us to be in default under each of the Funded Debt Agreements, and accelerate the indebtedness thereunder. To avoid an acceleration of indebtedness of these agreements (and potentially the August 2011 and September 2010 Senior Notes) the company negotiated and obtained limited waivers from the necessary lenders and noteholders until Please refer to Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form As a result of the above, all of the company’s debt has been classified as current on its Consolidated Balance Sheets as of March 31, 2017 and March 31, 2016. Bank Loan Agreement In May 2015, the company amended and extended its existing bank loan agreement. The amended bank loan agreement matures in June 2019 (the “Maturity Date”) and provides for a $900 million, five-year credit facility (“credit facility”) consisting of a (i) $600 million revolving credit facility (the “revolver”) and a (ii) $300 million term loan facility (“term loan”). Borrowings under the credit facility are unsecured and bear interest at the company’s option at (i) the greater of prime or the federal funds rate plus 0.25 to 1.00%, or (ii) Eurodollar rates, plus margins ranging from 1.25 to 2.00% based on the company’s consolidated funded debt to capitalization ratio. Commitment fees on the unused portion of the facilities range from 0.15 to 0.30% based on the company’s funded debt to total capitalization ratio. The credit facility requires that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%, and maintain a consolidated interest coverage ratio (essentially consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four prior fiscal quarters to consolidated interest charges, including capitalized interest, for such period) of not less than 3.0 to 1.0. All other terms, including the financial and negative covenants, are customary for facilities of its type and consistent with the prior agreement in all material respects. The company had $300 million in term loan borrowings and $600 million of revolver borrowings outstanding at March 31, 2017 and 2016. At March 31, 2017, the estimated fair market value of the term loan and the revolver was $168 million and $336 million, respectively. Senior Debt Notes The determination of fair value includes an estimated credit spread between our long term debt and treasuries with similar matching expirations. The credit spread is determined based on comparable publicly traded companies in the oilfield service segment with similar credit ratings. These estimated fair values are based on Level 2 inputs. September 2013 Senior Notes On September 30, 2013, the company executed a note purchase agreement for $500 million and issued $300 million of senior unsecured notes to a group of institutional investors. The company issued the remaining $200 million of senior unsecured notes on November 15, 2013. A summary of these outstanding notes at March 31, is as follows: (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years 6.4 7.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding 280,000 342,746 The multiple series of notes totaling $500 million were issued with maturities ranging from approximately seven to 12 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55% and maintain a ratio of consolidated EBITDA to consolidated interest charges, including capitalized interest, of not less than 3.0 to 1.0. August 2011 Senior Notes On August 15, 2011, the company issued $165 million of senior unsecured notes to a group of institutional investors. A summary of these outstanding notes at March 31, is as follows: (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years 3.6 4.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding 92,400 127,148 The multiple series of notes were originally issued with maturities ranging from approximately eight to 10 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%. September 2010 Senior Notes In fiscal 2011, the company completed the sale of $425 million of senior unsecured notes. A summary of the aggregate amount of these outstanding notes at March 31, is as follows: (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 382,500 382,500 Weighted average remaining life in years 3.1 4.1 Weighted average coupon rate on notes outstanding 4.35 % 4.35 % Fair value of debt outstanding 214,200 302,832 The multiple series of these notes were originally issued with maturities ranging from five to 12 years. The notes may be retired before their respective scheduled maturity dates subject only to a customary make-whole provision. The terms of the notes require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%. Included in accumulated other comprehensive loss at March 31, 2016, is an after-tax loss of $1.5 million ($2.4 million pre-tax), respectively, relating to the purchase of interest rate hedges, which are cash flow hedges, in July 2010 in connection with the September 2010 senior notes offering. The interest rate hedges settled in August 2010 concurrent with the pricing of the senior unsecured notes. The hedges met the effectiveness criteria and their acquisition costs were being amortized to interest expense over the term of the individual notes matching the term of the hedges to interest expense. During the fourth quarter of fiscal 2017 the remaining other comprehensive loss related to the interest rate hedge of $1.3 million ($2.4 million pre-tax) was recognized as interest expense in accordance with ASC 815. Troms Offshore Debt In May 2015, Troms Offshore entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement originally scheduled to mature in April 2027 secured only by a company guarantee. The loan requires semi-annual principal payments of $1.3 million (plus accrued interest) and bears interest at a fixed rate of 2.92% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.50% for a total all-in rate of 4.42%). As of March 31, 2017, $27.4 million is outstanding under this agreement. In March 2015, Troms Offshore entered into a $29.5 million, U.S. dollar denominated, 12 year borrowing agreement originally scheduled to mature in January 2027 secured only by a company guarantee. The loan requires semi-annual principal payments of $1.2 million (plus accrued interest) and bears interest at a fixed rate of 2.91% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 1.50% for a total all-in rate of 4.41%). As of March 31, 2017, $24.6 million is outstanding under this agreement. A summary of U.S. dollar denominated Troms Offshore borrowings outstanding at March 31, is as follows: (In thousands) March 31, 2017 March 31, 2016 May 2015 notes (A) Amount outstanding $ 27,421 30,033 Fair value of debt outstanding (Level 2) 27,395 30,062 March 2015 notes (A) Amount outstanding $ 24,573 27,030 Fair value of debt outstanding (Level 2) 24,544 27,027 (A) Note requires semi-annual principal payments. In January 2014, Troms Offshore entered into a 300 million NOK, 12 year borrowing agreement originally scheduled to mature in January 2026 secured only by a company guarantee. The loan requires semi-annual principal payments of 12.5 million NOK (plus accrued interest) and bears interest at a fixed rate of 2.31% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio (currently equal to 2.00% for a total all-in rate of 4.31%). As of March 31, 2017, 225 million NOK (approximately $26.2 million) is outstanding under this agreement. In May 2012, Troms Offshore entered into a 204.4 million NOK denominated borrowing agreement originally scheduled to mature in May 2024 and is secured only by a company guarantee. The loan requires semi-annual principal payments of 8.5 million NOK (plus accrued interest), bears interest at a fixed rate of 3.88% plus a premium based on Tidewater’s funded indebtedness to capitalization ratio (currently equal to 2.00% for a total all-in rate of 5.88%). As of March 31, 2017, 127.8 million NOK (approximately $14.9 million) is outstanding under this agreement. A summary of Norwegian Kroner (NOK) denominated Troms Offshore borrowings outstanding at March 31, and their U.S. dollar equivalents is as follows: (In thousands) March 31, 2017 March 31, 2016 4.31% January 2014 notes (A): NOK denominated 225,000 250,000 U.S. dollar equivalent $ 26,167 30,207 Fair value in U.S. dollar equivalent (Level 2) 26,133 30,199 5.88% May 2012 notes (A): NOK denominated 127,800 144,840 U.S. dollar equivalent $ 14,864 17,500 Fair value in U.S. dollar equivalent (Level 2) 14,793 17,479 (A) Note requires semi-annual principal payments. Each of the four Troms Offshore Debt tranches (two U.S. dollar denominated and two NOK denominated) require that the company maintain a ratio of consolidated debt to consolidated total capitalization that does not exceed 55%, and maintain a consolidated interest coverage ratio (essentially consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four prior fiscal quarters to consolidated interest charges, including capitalized interest, for such period) of not less than 3.0 to 1.0. For information regarding a forbearance agreement and amendments to the Troms debt instruments entered into at the time the RSA was agreed upon, see Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Summary of Debt Outstanding per Stated Maturities The following table summarizes debt outstanding at March 31 based on stated maturities: (In thousands) 2017 2016 3.90% September 2010 senior notes due fiscal 2018 $ 44,500 44,500 3.95% September 2010 senior notes due fiscal 2018 25,000 25,000 4.12% September 2010 senior notes due fiscal 2019 25,000 25,000 4.17% September 2010 senior notes due fiscal 2019 25,000 25,000 4.33% September 2010 senior notes due fiscal 2020 50,000 50,000 4.51% September 2010 senior notes due fiscal 2021 100,000 100,000 4.56% September 2010 senior notes due fiscal 2021 65,000 65,000 4.61% September 2010 senior notes due fiscal 2023 48,000 48,000 4.06% August 2011 senior notes due fiscal 2019 50,000 50,000 4.54% August 2011 senior notes due fiscal 2022 65,000 65,000 4.64% August 2011 senior notes due fiscal 2022 50,000 50,000 4.26% September 2013 senior notes due fiscal 2021 123,000 123,000 5.01% September 2013 senior notes due fiscal 2024 250,000 250,000 5.16% September 2013 senior notes due fiscal 2026 127,000 127,000 NOK denominated notes due fiscal 2025 14,864 17,500 NOK denominated notes due fiscal 2026 26,167 30,207 USD denominated notes due fiscal 2027 24,573 27,030 USD denominated notes due fiscal 2028 27,421 30,033 Bank term loan due fiscal 2020 300,000 300,000 Revolving line of credit due fiscal 2020 600,000 600,000 $ 2,040,525 2,052,270 Less: Deferred debt issue costs 6,401 6,754 Total debt $ 2,034,124 2,045,516 Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Interest and debt costs incurred, net of interest capitalized $ 75,026 53,752 50,029 Interest costs capitalized 4,829 10,451 13,673 Total interest and debt costs $ 79,855 64,203 63,702 |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE RETIREMENT PLANS | (6) U.S. Defined Benefit Pension Plan The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Benefits are based on years of service and employee compensation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. On that date, previously accrued pension benefits under the pension plan were frozen for the approximately 60 active employees who participated in the plan. As of March 31, 2017, approximately 30 active employees are covered by this plan. This change did not affect benefits earned by participants prior to January 1, 2011. Active employees who previously accrued benefits under the pension plan continue to accrue benefits as participants in the company’s defined contribution retirement plan effective January 1, 2011. The transfer of employee benefits from a defined benefit pension plan to a defined contribution plan provided the company with more predictable retirement plan costs and cash flows. The company’s future benefit obligations and requirements for cash contributions for the frozen pension plan have also been reduced. Losses associated with the curtailment of the pension plan were immaterial. The company contributed $3 million to the defined benefit pension plan during fiscal 2017 and did not contribute to the plan during 2016. Management is working with its actuary to determine if a contribution will be necessary during fiscal 2018. Supplemental Executive Retirement Plan The company also offers a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not Tidewater stock) are recorded at fair value with unrealized gains or losses included in other comprehensive income. Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company contributed $0.2 million and $0.2 million to the supplemental plan during fiscal 2017 and 2016, respectively. Investments held in a Rabbi Trust in the supplemental plan are included in other assets at fair value. The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31: (In thousands) 2017 2016 Investments held in Rabbi Trust $ 8,759 8,811 Unrealized (loss) gains in carrying value of trust assets (95 ) (208 ) Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of (223 ) (168 ) Obligations under the supplemental plan 29,108 25,072 The unrealized gains or losses in the carrying value of the trust assets, net of income tax expense, are included in accumulated other comprehensive income (other stockholders’ equity). To the extent that trust assets are liquidated to fund benefit payments, gains or losses, if any, will be recognized at that time. The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities and deferred credits’ on the consolidated balance sheet. Postretirement Benefit Plan Qualified retired employees currently are covered by a program which provides limited health care and life insurance benefits. Costs of the program are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments as benefits are required. Effective November 20, 2015, the company eliminated its post-65 medical coverage for all current and future retirees effective January 1, 2017. The medical coverage remains unchanged for participants under age 65. The plan amendment resulted in an additional net periodic postretirement benefit of $2.0 million and $1.4 million for the year ended March 31, 2017 and March 31, 2016, respectively. Investment Strategies U.S. Pension Plan The obligations of our pension plan are supported by assets held in a trust for the payment of benefits. The company is obligated to adequately fund the trust. For the pension plan assets, the company has the following primary investment objectives: (1) closely match the cash flows from the plan’s investments from interest payments and maturities with the payment obligations from the plan’s liabilities; (2) closely match the duration of plan assets with the duration of plan liabilities and (3) enhance the plan’s investment returns without taking on undue risk by industries, maturities or geographies of the underlying investment holdings. The cash flow requirements of the pension plan will be analyzed at least annually. Portfolio repositioning will be required when material changes to the plan liabilities are identified and when opportunities arise to better match cash flows with the known liabilities. Additionally, trades will occur when opportunities arise to improve the yield-to-maturity or credit quality of the portfolio. The company’s policy for the pension plan is to contribute no less than the minimum required contribution by law and no more than the maximum deductible amount. The plan does not invest in Tidewater stock. Supplemental Plan The investment policy of the supplemental plan is to assess the historical returns and risk associated with alternative investment strategies to achieve an expected rate of return on plan assets. The objectives of the plan are designed to maximize total returns within prudent parameters of risk for a retirement plan of this type. The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: Minimum Expected Rate of Return on Plan Assets Maximum Expected Rate of Return on Plan Assets Equity securities 5% 7% Debt securities 1% 3% Cash and cash equivalents 0% 1% Whereas fluctuating rates of return are characteristic of the securities markets, the investment objective of the supplemental plan is to achieve investment returns sufficient to meet the actuarial assumptions. This is defined as an investment return greater than the current actuarial discount rate assumption of 4.25%, which is subject to annual upward or downward revisions . The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: Minimum Market Value Objective for Plan Assets Maximum Market Value Objective for Plan Assets Equity securities 55% 75% Debt securities 25% 45% Percentage of debt securities allowed in below investment grade bonds 0% 20% Cash and cash equivalents 0% 10% Equity holdings shall be restricted to issues of corporations that are actively traded on the major U.S. exchanges and NASDAQ. Debt security investments may include all securities issued by the U.S. Treasury or other federal agencies and investment grade corporate bonds. When a particular asset class exceeds its minimum or maximum allocation ranges, rebalancing will be addressed upon review of the quarterly performance reports and as cash contributions and withdrawals are made. U.S. Pension and Supplemental Plan Asset Allocations The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Target Actual as of 2017 Actual as of 2016 U.S. Pension plan: Equity securities — — — Debt securities 100 % 98 % 95 % Cash and other — 2 % 5 % Total 100 % 0 % 100 % Supplemental plan: Equity securities 65 % 59 % 58 % Debt securities 35 % 37 % 39 % Cash and other — 4 % 3 % Total 100 % 100 % 100 % Significant Concentration Risks U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. The pension plan assets are primarily invested in debt securities. In the event that plan assets exceed the estimated plan liabilities for the pension plan, up to two times the difference between the plan assets and plan liabilities may be invested in equity securities, and so long as equities do not exceed 15% of the market value of the assets. Investments in foreign securities are restricted to American Depository Receipts (ADR) and stocks listed on the U.S. stock exchanges and may not exceed 10% of the equity portfolio. The current diversification policy for the supplemental plan sets forth that equity securities in any single industry sector shall not exceed 25% of the equity portfolio market value and shall not exceed 10% of the market value of the equity portfolio for equity holdings in any single corporation. Additionally, debt securities should be diversified between issuers within each sector with no one issuer comprising more than 10% of the aggregate fixed income portfolio, excluding issues of the U.S. Treasury or other federal agencies. Fair Value of Pension Plans and Supplemental Plan Assets Tidewater’s 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 per share expedient. The fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2017, are as follows: (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,770 3,770 — — — Collateralized mortgage securities 2,537 — 2,537 — — Corporate debt securities 47,871 — 47,871 — — Foreign debt securities — — — — — Cash and cash equivalents 989 345 644 — — Other 1,298 100 1,198 — — Total $ 56,465 4,215 52,250 — — Accrued income 681 681 — — — Total fair value of plan assets $ 57,146 4,896 52,250 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,561 3,561 — — — Foreign stock 132 132 — — — American depository receipts 1,387 1,387 — — — Preferred American depository receipts 20 20 — — — Real estate investment trusts 76 76 — — — Debt securities: Government debt securities 1,613 832 781 — — Open ended mutual funds 1,648 — — — 1,648 Cash and cash equivalents 323 15 236 — 72 Total $ 8,760 6,023 1,017 — 1,720 Other pending transactions — — — — — Total fair value of plan assets $ 8,760 6,023 1,017 — 1,720 The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2016: (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,104 3,104 — — — Collateralized mortgage securities 47 — 47 — — Corporate debt securities 48,378 — 48,378 — — Foreign debt securities 1,499 — 1,499 — — Cash and cash equivalents 2,247 346 1,901 — — Other 1,077 64 1,013 — — Total $ 56,352 3,514 52,838 — — Accrued income 822 822 — — — Total fair value of plan assets $ 57,174 4,336 52,838 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,290 3,290 — — — Foreign stock 159 159 — — — American depository receipts 1,311 1,311 — — — Preferred American depository receipts 13 13 — — — Real estate investment trusts 61 61 — — — Debt securities: Government debt securities 1,711 972 739 — — Open ended mutual funds 1,663 — — — 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 Plan Assets and Obligations Changes in plan assets and obligations during the years ended March 31, 2017 and 2016 and the funded status of the U.S. defined benefit pension plan, Norway’s defined benefit pension plan, and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”) at March 31, are as follows: Pension Benefits Other Benefits (In thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 95,830 98,490 5,573 23,926 Service cost 1,182 1,372 81 212 Interest cost 3,814 3,781 201 584 Participant contributions — — 411 447 Acquisition — (440 ) — — Plan amendment — — — (15,961 ) Plan settlement — — — — Benefits paid (4,895 ) (4,726 ) (1,170 ) (1,043 ) Actuarial (gain) loss 2,082 (2,583 ) (285 ) (2,592 ) Foreign currency exchange rate changes (72 ) (64 ) — — Benefit obligation at end of year 97,941 95,830 4,811 5,573 Change in plan assets: Fair value of plan assets at beginning of year $ 57,174 60,854 — — Actual return 577 (6 ) — — Expected return 51 43 — — Actuarial loss (148 ) (134 ) — — Administrative expenses (27 ) (36 ) — — Acquisition — (225 ) — — Employer contributions 4,465 1,445 759 596 Participant contributions — — 411 447 Plan settlement — — — — Benefits paid (4,895 ) (4,727 ) (1,170 ) (1,043 ) Foreign currency exchange rate changes (51 ) (40 ) — — Fair value of plan assets at end of year 57,146 57,174 — — Payroll tax unrecognized in benefit obligation at end of year 83 84 — — Unfunded status at end of year $ (40,878 ) (38,740 ) (4,811 ) (5,573 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,791 ) (993 ) (418 ) (818 ) Noncurrent liabilities (39,087 ) (37,747 ) (4,393 ) (4,755 ) Net amount recognized $ (40,878 ) (38,740 ) (4,811 ) (5,573 ) The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans: (In thousands) 2017 2016 Projected benefit obligation $ 97,941 95,830 Accumulated benefit obligation 94,467 91,388 The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan): (In thousands) 2017 2016 Projected benefit obligation $ 97,941 95,830 Accumulated benefit obligation 94,467 91,388 Fair value of plan assets 57,146 57,174 Net periodic benefit cost for the pension plans and the supplemental plan for the fiscal years ended March 31 include the following components: (In thousands) 2017 2016 2015 Service cost $ 1,182 1,371 825 Interest cost 3,814 3,781 3,873 Expected return on plan assets (2,246 ) (2,163 ) (2,741 ) Administrational expenses 28 36 — Payroll tax of net pension costs 56 66 — Amortization of prior service cost — 36 50 Amortization of net actuarial losses 32 24 — Recognized actuarial loss 1,785 2,269 988 Settlement (gain) — (245 ) — Net periodic pension cost $ 4,651 5,175 2,995 Net periodic benefit cost for the postretirement health care and life insurance plan for the fiscal years ended March 31 include the following components: (In thousands) 2017 2016 2015 Service cost $ 81 212 273 Interest cost 201 584 904 Amortization of prior service cost (4,346 ) (2,996 ) (2,032 ) Recognized actuarial (gain) (1,138 ) (1,040 ) (1,299 ) Net periodic postretirement benefit $ (5,202 ) (3,240 ) (2,154 ) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the fiscal years ended March 31 include the following components: Pension Benefits Other Benefits (In thousands) 2017 2016 2017 2016 Change in benefit obligation Net (gain) loss $ 3,821 (343 ) (285 ) (2,592 ) Settlement loss — — — — Amortization of prior service (cost) credit — (36 ) 4,346 2,996 Amortization of net (loss) gain (1,785 ) (2,269 ) 1,138 1,040 Prior service (cost) arising during period — — — (15,961 ) Total recognized in other comprehensive (income) loss, before tax $ 2,036 (2,648 ) 5,199 (14,517 ) Net of tax 1,323 (1,721 ) 3,379 (9,436 ) Amounts recognized as a component of accumulated other comprehensive income (loss) as of March 31, 2017 are as follows: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ (21,204 ) 7,318 Unrecognized prior service credit — 13,207 Pre-tax amount included in accumulated other comprehensive (loss) income $ (21,204 ) 20,525 The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ (2,295 ) 993 Unrecognized prior service credit — 2,780 Assumptions used to determine net benefit obligations for the fiscal years ended March 31, are as follows: Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate 4.25 % 4.15 % 4.25 % 4.00 % Rates of annual increase in compensation levels 3.00 % 3.00 % N/A N/A Assumptions used to determine net periodic benefit costs for the fiscal years ended March 31, are as follows: Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.15 % 4.00 % 4.75 % 4.00 % 4.00 % 4.75 % Expected long-term rate of return on assets 4.10 % 3.70 % 5.00 % N/A N/A N/A Rates of annual increase in compensation levels 3.00 % 3.00 % 3.00 % N/A N/A N/A To develop the expected long-term rate of return on assets assumption, the company considered the current level of expected returns on various asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected return on plan assets assumption for the portfolio. Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at March 31, 2017, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: (In thousands) Year ending March 31, Pension Benefits Other Benefits 2018 $ 6,746 418 2019 6,931 415 2020 8,504 429 2021 7,358 411 2022 7,318 404 2023 – 2027 37,620 1,765 Total 10-year estimated future benefit payments $ 74,477 3,842 Health Care Cost Trends The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at March 31, 2017 for pre-65 medical and prescription drug coverage, including expected future trend rates. Pre-65 Year ending March 31, 2017: Accumulated postretirement benefit obligation 7.60 % Net periodic postretirement benefit obligation 7.75 % Ultimate health care cost trend 4.54 % Ultimate year health care cost trend rate is achieved 2038 Year ending March 31, 2018: Net periodic postretirement benefit obligation 7.60 % A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of March 31: (In thousands) 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ 215,686 (195,172 ) Aggregate service and interest cost 15,486 (13,842 ) Defined Contribution Plans Prior to February 2013, the company maintained the below two defined contribution plans. The plans were merged in February 2013 to provide administrative efficiencies, potential savings on service provider fees and to simplify the participant experience. Following the merger, the provisions of the two plans remained substantially similar with the exception of cost neutral changes that were approved to simplify the administration of the combined plan. Retirement Contributions All eligible U.S. fleet personnel, along with all new eligible employees of the company hired after December 31, 1995 are eligible to receive retirement contributions. Effective January 1, 2011, the active employees who participated in the now frozen defined benefit pension plan also became eligible for retirement contributions. This benefit is noncontributory by the employee, but the company contributes, in cash, 3% of an eligible employee’s compensation to a trust on behalf of the employees. The active employees who participated in the now frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. Company contributions vest over five years. 401(k) Savings Contribution Upon meeting various citizenship, age and service requirements, employees are eligible to participate in a defined contribution savings plan and can contribute from 2% to 75% of their base salary to an employee benefit trust. Effective January 1, 2016, the company matches, in cash, 50% of the first 8% of eligible compensation deferred by the employee. Prior to January 1, 2016, the company matched, with company stock, 50% of the first 8% of eligible compensation deferred by the employee. Company contributions vest over five years. The plan held the following number of shares of Tidewater common stock as of March 31: 2017 2016 Number of shares of Tidewater common stock held by 401(k) plan 291,957 351,675 The amounts charged to expense related to the above defined contribution plans, for the fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Defined contribution plans expense, net of forfeitures $ 2,660 3,443 4,216 Defined contribution plans forfeitures 149 202 52 Other Plans A non-qualified supplemental savings plan is provided to executive officers who have the opportunity to defer up to 50% of their eligible compensation that cannot be deferred under the existing 401(k) plan due to IRS limitations. A company match may be provided on these contributions equal to 50% of the first 8% of eligible compensation deferred by the employee to the extent the employee is not able to receive the full amount of company match to the 401(k) plan due to IRS limitations. The plan also allows participants to defer up to 100% of their bonuses. In addition, an amount equal to any refunds that must be made due to the failure of the 401(k) nondiscrimination test may be deferred into this plan. Effective March 4, 2010, the non-qualified supplemental savings plan was modified to allow the company to contribute restoration benefits to eligible employees. Employees who do not accrue a benefit in the supplemental executive retirement plan and who are eligible for a contribution in the defined contribution retirement plan automatically become eligible for the restoration benefit when the employee’s eligible retirement compensation exceeds the section 401(a)(17) limit. The restoration benefit is noncontributory by the employee, but the company contributes, in cash, 3% of an eligible employee’s compensation above the 401(a)(17) limit to a trust on behalf of the employees. The active employees who participated in the now frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. The company also provides retirement benefits to its eligible non-U.S. citizen employees working outside their respective country of origin. Effective December 1, 2015, the company amended its existing multinational savings plan to a self-directed multinational defined contribution retirement plan (multinational retirement plan). The company subsequently removed approximately $6.4 million of plan assets and liabilities from the other assets and other liabilities and deferred credits section of the condensed consolidated balance sheets. Non-U.S. citizen shore-based and certain offshore employees working outside their respective country of origin are eligible to participate in the multinational retirement plan provided the employees are not enrolled in any home country pension or retirement program. Participants of the multinational retirement plan may contribute 1% to 50% of their base salary after the first month following hire or transfer to eligible positions. The company matches, in cash, 50% of the first 6% of eligible compensation deferred by the employee which vests over five years. The company does not anticipate its contribution expense for the multinational retirement plan will increase due to the amendment. Prior to the amendment of this plan, participants could contribute 1% to 15% of their base salary and the company matched, in cash, 50% of the first 6% of eligible compensation deferred by the employee. This former plan’s company contributions vested over six years. The amounts charged to expense related to the multinational retirement plan and multinational savings plan contributions, for the fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Multinational plan expense $ 260 596 494 The company also has a defined benefit pension plan that covers certain Norway citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. As of March 31, 2017, approximately 144 active employees are covered by this plan. The company contributed a respective 3.6 million NOK and 3.8 million NOK (approximately $0.4 million and $0.5 million, respectively) to the defined benefit pension plan during fiscal 2017 and 2016. Management is working with its actuary to determine if a contribution will be necessary during fiscal 2018. The preceding fair value hierarchy tables and pension plan assets and obligations tables include the Norway pension plan. The company also provides certain benefits programs which are maintained in several other countries that provide retirement income for covered employees. |
OTHER ASSETS, ACCRUED EXPENSES,
OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS | 12 Months Ended |
Mar. 31, 2017 | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Abstract] | |
OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS | (7) OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS A summary of other current assets at March 31, is as follows: (In thousands) 2017 2016 Deposits on vessel construction options $ 50 30,285 Deposits - general 6,945 8,076 Prepaid expenses 11,414 6,394 $ 18,409 44,755 A summary of other assets at March 31, is as follows: (In thousands) 2017 2016 Recoverable insurance losses $ 10,142 9,412 Deferred income tax assets 39,134 33,505 Savings plans and supplemental plan 14,835 14,472 Accumulated costs of rejected vessel (A) 48,382 — Restricted cash and long-term deposits 15,162 — Other 11,880 14,297 $ 139,535 71,686 (A) Refer to Note (12) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. A summary of accrued expenses at March 31, is as follows: (In thousands) 2017 2016 Payroll and related payables $ 10,465 12,864 Commissions payable (B) 2,143 7,193 Accrued vessel expenses 41,580 45,838 Accrued interest expense 15,021 15,120 Other accrued expenses 8,912 10,596 $ 78,121 91,611 (B) Excludes $34.7 million and $31.6 million of commissions due to Sonatide at March 31, 2017 and 2016, respectively. These amounts are included in amounts due to affiliates. A summary of other current liabilities at March 31, is as follows: (In thousands) 2017 2016 Taxes payable $ 23,497 45,854 Deferred gain on vessel sales - current 23,798 23,798 Other 1,134 5,173 $ 48,429 74,825 A summary of other liabilities and deferred credits at March 31, is as follows: (In thousands) 2017 2016 Postretirement benefits liability $ 4,394 4,755 Pension liabilities 40,339 41,690 Deferred gain on vessel sales 88,923 112,721 Other 21,049 22,380 $ 154,705 181,546 |
STOCK-BASED COMPENSATION AND IN
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | (8) STOCK-BASED COMPENSATION AND INCENTIVE PLANS The company’s employee stock option, restricted stock awards, restricted stock units (that settle in Tidewater common stock), phantom stock, and cash-based performance awards, are granted under the company’s long-term incentive plans and are intended to attract, retain and provide incentives for talented employees, including officers and non-employee directors, and to align stockholder and employee interests. The company believes its stock-based compensation and incentive plans are critical to its operations and productivity. The long-term incentive plans allow the company to grant, on a discretionary basis, both incentive and non-qualified stock options as well as restricted stock and restricted stock unit awards. The restricted stock and stock unit awards include performance shares. Under the company’s long-term incentive plans, the Compensation Committee of the Board of Directors has the authority to grant stock options, restricted shares and restricted stock units of the company’s stock to officers and other key employees. Under the terms of the plans, stock options are granted with an exercise price equal to the stock’s closing fair market value on the date of grant. The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants at March 31, are as follows: 2017 2016 Shares of common stock reserved for issuance under the plans 1,900,769 2,257,963 Shares of common stock available for future grants 505,221 480,839 However, as discussed in greater detail under Item 7 under the heading, “Reorganization and Chapter 11 Proceedings,” the company and certain subsidiaries filed voluntary petitions for chapter 11 bankruptcy protection on May 17, 2017 to effectuate a restructuring pursuant to a Prepackaged Plan. The Prepackaged Plan, if confirmed by the Bankruptcy Court, provides for the extinguishment of all outstanding stock options as of the Effective Date as well as the adoption of a new management incentive plan (the Tidewater Inc. 2017 Stock Incentive Plan or MIP). Common stock representing 8% of the pro forma fully diluted common equity in reorganized Tidewater would be reserved for issuance under the MIP; 3% would be issued as grants of time-based restricted stock units within 30 days of the Effective Date, with up to 5% available for future grants in the discretion of the compensation committee. In addition, certain officers of the company or its subsidiaries have granted conditional waivers of certain rights they might otherwise have under existing incentive arrangements. For more information on the MIP and these waivers, please see Item 11 under “Compensation Discussion and Analysis – Effect of Restructuring on Executive Compensation.” Stock Option Awards The company has granted stock options to its directors and employees, including officers, under several different stock incentive plans. Generally, options granted vest annually over a three-year vesting period measured from the date of grant. Options not previously exercised expire at the earlier of either three months after termination of the grantee’s employment or ten years after the date of grant. Upon retirement, unvested stock options are forfeited. The retiree has two years post retirement to exercise vested options. All of the stock options are classified as equity awards. The company uses the Black-Scholes option-pricing model to determine the fair value of options granted and to calculate the share-based compensation expense. Stock options were granted in fiscal 2016 and 2015 but not during fiscal 2017. The fair value and assumptions used for the stock options issued during the years ended March 31, are as follows: 2016 2015 Weighted average fair value of stock options granted $ 3.34 5.54 Risk-free interest rate 1.62 % 1.82 % Expected dividend yield 0.0 % 2.4 % Expected stock price volatility 45 % 30 % Expected stock option life 6.5 years 6.5 years The following table sets forth a summary of stock option activity of the company for fiscal years 2017, 2016 and 2015: Weighted-average Exercise Price Number of Shares Outstanding at March 31, 2014 $ 47.51 1,370,056 Granted 22.80 428,326 Exercised 35.21 (29,118 ) Expired or cancelled/forfeited 42.97 (60,058 ) Outstanding at March 31, 2015 41.69 1,709,206 Granted 7.21 405,817 Exercised — — Expired or cancelled/forfeited 52.67 (337,899 ) Outstanding at March 31, 2016 31.73 1,777,124 Granted — — Exercised — — Expired or cancelled/forfeited 44.86 (381,576 ) Outstanding at March 31, 2017 $ 28.14 1,395,548 Information regarding the 1,395,548 options outstanding at March 31, 2017 can be grouped into three general exercise-price ranges as follows: Exercise Price Range At March 31, 2017 $7.21 - $22.80 $33.83 - $45.75 $56.56 - $65.69 Options outstanding 794,779 437,417 163,352 Weighted average exercise price of options outstanding $ 15.04 $ 40.92 $ 57.65 Weighted average remaining contractual life of options outstanding 8.5 years 2.6 years 1.0 years Options exercisable 399,080 437,417 163,352 Weighted average exercise price of options exercisable $ 17.65 $ 40.92 $ 57.65 Weighted average remaining contractual life of options exercisable 8.3 years 2.6 years 1.0 years Additional information regarding stock options for the years ended March 31, are as follows: (In thousands, except number of stock options and weighted average price) 2017 2016 2015 Intrinsic value of options exercised — — 475 Number of stock options vested 266,311 135,275 7,527 Fair value of stock options vested $ 1,185 749 40 Number of options exercisable 999,849 1,100,765 1,288,407 Weighted average exercise price of options exercisable $ 34.36 42.96 47.86 There was no intrinsic value of any options outstanding or exercisable at March 31, 2017. Stock option compensation expense along with the reduction effect on basic and diluted earnings per share for the years ended March 31, are as follows: (In thousands, except per share data) 2017 2016 2015 Stock option compensation expense $ 745 859 71 Basic loss per share increased by 0.02 0.01 0.00 Diluted loss per share increased by 0.02 0.01 0.00 As of March 31, 2017, total unrecognized stock-option compensation costs amounted to $1.5 million or $1.1 million net of tax. No stock option compensation costs were capitalized as part of the cost of an asset. Compensation costs for stock options that have not yet vested will be recognized as the underlying stock options vest over the appropriate future period. The level of unrecognized stock-option compensation will be affected by any future stock option grants and by the termination of any employee who has received stock options that are unvested as of the employee’s termination date. Restricted Stock Awards The company has granted restricted stock awards to key employees, including officers, under several different employee stock plans, which provides for the granting of restricted stock and/or performance awards to officers and key employees. The company awards both time-based and performance-based shares of restricted stock awards. The restrictions on the time-based restricted stock awards lapse generally over a four year period and require no goals to be achieved other than the passage of time and continued employment. The restrictions on the performance-based restricted stock award lapse if the company meets specific targets. During the restricted period, the restricted shares may not be transferred or encumbered, but the recipient has the right to vote the restricted shares and receive dividends on the time-based restricted shares. If dividends are declared, dividends are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. All of the restricted stock awards are classified as equity awards in stockholders’ equity. The value of restricted stock awards is generally amortized on a straight-line basis to earnings over the respective vesting periods and is net of forfeitures. All restricted stock awards have either fully vested or have been cancelled as of March 31, 2016. The following table sets forth a summary of restricted stock award activity of the company for fiscal 2016 and 2015: Weighted-average Grant-Date Fair Value Time Based Shares Performance Based Shares Non-vested balance at March 31, 2014 $ 54.75 78,824 106,266 Granted — — — Vested 57.46 (48,574 ) — Cancelled/forfeited 47.09 (5,959 ) (37,861 ) Non-vested balance at March 31, 2015 56.94 24,291 68,405 Granted — — — Vested 55.04 (24,291 ) — Cancelled/forfeited 54.43 — (68,405 ) Non-vested balance at March 31, 2016 and March 31, 2017 $ — — — Restricted stock award compensation expense and grant date fair value for the years ended March 31, is as follows: (In thousands) 2016 2015 Grant date fair value of restricted stock vested $ 1,337 2,791 Restricted stock compensation expense 472 2,855 No restricted stock award compensation costs were capitalized as part of the costs of an asset. There were no modifications to the restricted stock awards during fiscal 2016 and 2015. Restricted Stock Units The company has granted restricted stock units (RSUs) to key employees, including officers, under the company’s employee stock plan, which provides for the granting of restricted stock units to officers and key employees. The company awards time-based units, where each unit represents the right to receive, at the end of a vesting period, one unrestricted share of Tidewater common stock with no exercise price. The company also awards performance-based RSUs, where each unit represents the right to receive, at the end of a vesting period, up to two shares of Tidewater common stock with no exercise price. Vesting of the various performance-based restricted stock units is based on metrics such as a three year Total Shareholder Return (TSR) as measured against a three year TSR of a defined peer group and Return on Total Capital (ROTC) for the company over a three year performance period. The company uses assumptions underlying the Black-Scholes methodology to produce a Monte Carlo simulation model to value the TSR performance-based restricted stock units. The fair value of the ROTC performance-based RSUs and time-based RSUs is based on the market price of our common stock on the date of grant. The restrictions on the time-based RSUs lapse over a three year period from the date of the award and require no goals to be achieved other than the passage of time and continued employment. The restrictions on the performance-based restricted stock units lapse if the company meets specific targets as defined. During the restricted period, the RSUs may not be transferred or encumbered, but the recipient has the right to receive dividend equivalents on the restricted stock units, but there are no voting rights until the units vest. If dividends are declared, dividend equivalents are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. Restricted stock unit compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. The following table sets forth a summary of restricted stock unit activity of the company for fiscal 2017, 2016, and 2015: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at March 31, 2014 $ 50.24 495,209 53.58 256,373 Granted 54.48 551 — — Vested 50.92 (237,229 ) — — Cancelled/forfeited 49.62 (7,381 ) — — Non-vested balance at March 31, 2015 49.50 251,150 53.58 256,373 Granted — — — — Vested 49.74 (152,231 ) — — Cancelled/forfeited 49.74 (9,280 ) 69.95 (99,522 ) Non-vested balance at March 31, 2016 49.17 89,639 61.75 156,851 Granted — — — — Vested 49.39 (76,006 ) — — Cancelled/forfeited 49.34 (13,450 ) 61.75 (156,851 ) Non-vested balance at March 31, 2017 $ 54.48 183 — — Restrictions on 183 time-based units outstanding at March 31, 2017 will lapse during fiscal 2018. Restricted stock unit compensation expense and grant date fair value for the year ended March 31, is as follows: (In thousands) 2017 2016 2015 Grant date fair value of restricted stock units vested $ 3,754 7,572 12,080 Restricted stock unit compensation expense 2,425 10,505 17,214 No restricted stock unit compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized restricted stock unit compensation costs will be affected by any future restricted stock unit grants and by the separation of an employee from the company who has received restricted stock units that are unvested as of their separation date. There were no modifications to the restricted stock units during fiscal 2017, 2016 and 2015. Phantom Stock Plan The company provides a Phantom Stock Plan to provide additional incentive compensation to key employees including officers of the company. The plan awards phantom stock units to participants who have the right to receive the value of a share of common stock in cash from the company. Participants have no voting or other rights as a shareholder with respect to any common stock as a result of participation in the phantom stock plan. The phantom shares generally have a three year vesting period from the grant date of the award provided the employee remains employed by the company during the vesting period. If dividends are declared, participants receive dividend equivalents at the same rate as dividends on the company’s common stock. The following table sets forth a summary of phantom stock activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Time Based Shares Performance Based Shares Non-vested balance at March 31, 2014 $ 50.94 60,882 1,291 Granted 22.80 546,058 — Vested 48.47 (33,987 ) — Cancelled/forfeited 50.70 (5,482 ) — Non-vested balance at March 31, 2015 24.07 567,471 1,291 Granted 7.21 1,246,972 — Vested 24.92 (190,052 ) — Cancelled/forfeited 23.93 (25,853 ) — Non-vested balance at March 31, 2016 10.83 1,598,538 1,291 Granted — — — Vested 12.29 (584,136 ) (1,290 ) Cancelled/forfeited 13.52 (68,252 ) (1 ) Non-vested balance at March 31, 2017 $ 9.74 946,150 — Restrictions on 566,638 time-based shares will lapse in fiscal 2018. The fair value of the non-vested phantom shares at March 31, 2017 is $1.15 per unit. Phantom stock compensation expense and grant date fair value of phantom stock vested for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Grant date fair value of phantom stock vested $ 7,118 4,737 1,647 Phantom stock compensation expense 467 1,787 933 Phantom stock compensation costs capitalized as part of an asset — — — As of March 31, 2017, total unrecognized phantom stock compensation costs amounted to $1.1 million, or $0.8 million net of tax. The liability for this plan will be adjusted in the future until paid to the participant to reflect the value of the units at the respective quarter end Tidewater stock price. Cash-based Performance Plan The company provides a Cash-based Performance Plan as additional incentive compensation to officers of the company. The plan awards units equal to cash to participants where each unit represents the right to receive, at the end of a vesting period, up to two dollars. Vesting of the various cash-based performance units (CBU) is based on metrics such as a three year TSR as measured against a three year TSR of a defined peer group and ROTC for the company over a three year performance period. The company uses assumptions underlying the Black-Scholes methodology to produce a Monte Carlo simulation model to value the TSR cash-based performance units. The fair value of the ROTC CBUs is based on the market price of our common stock on the date of grant less dividends associated with the ROTC component. The CBUs do not receive dividend equivalents. The restrictions on the CBU’s lapse if the company meets specific targets as defined. Upon retirement, the Compensation Committee of the Board of Directors will take into consideration the accelerated vesting of the CBUs after certain age and service criteria are met. Cash-based performance unit compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. The following table sets forth a summary of cash-based performance plan unit activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Performance Based Units Non-vested balance at March 31, 2014 $ — — Granted 1.10 4,519,703 Vested — — Cancelled/forfeited — — Non-vested balance at March 31, 2015 1.10 4,519,703 Granted 1.22 3,527,333 Vested — — Cancelled/forfeited 1.10 (133,320 ) Non-vested balance at March 31, 2016 1.16 7,913,716 Granted — — Vested — — Cancelled/forfeited 1.15 (179,991 ) Non-vested balance at March 31, 2017 $ 1.16 7,733,725 Restrictions on 4,296,392 cash-based performance units outstanding at March 31, 2017 will lapse during fiscal 2018 if the performance criteria are met. Cash-based performance unit compensation expense and grant date fair value for the year ended March 31, is as follows: (In thousands) 2017 2016 2015 Grant date fair value of cash-based performance units vested $ — — — Cash-based performance unit compensation expense 761 1,141 72 As of March 31, 2017, total unrecognized cash-based performance plan compensation costs amounted to $2.1 million, or $1.4 million net of tax. No cash-based performance plan compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized cash-based performance plan compensation costs will be affected by any future cash-based unit grants and by the separation of an employee from the company who has received cash-based performance plan units that are unvested as of their separation date. There were no modifications to the cash-based performance plan units during fiscal 2017, 2016 and 2015. Non-Employee Board of Directors Deferred Stock Unit Plan The company provided a Deferred Stock Unit Plan to its non-employee directors through fiscal 2016. The plan provides that each non-employee director is granted annually a number of stock units having an aggregate value of $115,000 beginning fiscal 2013 and $100,000 prior to fiscal 2013 on the date of grant. If dividends are declared, dividend equivalents are paid on the stock units at the same rate as dividends on the company’s common stock and are re-invested as additional stock units based upon the fair market value of a share of company common stock on the date of payment of the dividend. A stock unit represents the right to receive from the company the equivalent value of one share of company’s common stock in cash. Payment of the value of the stock unit granted from inception of the plan to March 2013 shall be made upon the earlier of the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company. For these units, the participant can elect to receive five annual installments or a lump sum. Beginning with deferred stock units granted in fiscal 2014, participants have the additional option of electing a distribution made upon the earlier of the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company or distribution date commencing on an anniversary of the grant date, whichever is earlier. For the units granted in fiscal 2014 to fiscal 2016, the participant can elect to receive annual installments of two to ten years or a lump sum distribution. The following table sets forth a summary of deferred stock unit activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Number Of Units Balance at March 31, 2014 $ 48.68 146,388 Dividend equivalents reinvested 34.63 3,794 Retirement distribution 47.50 (21,492 ) Granted 19.14 56,370 Balance at March 31, 2015 39.53 185,060 Dividend equivalents reinvested 13.36 15,064 Retirement distribution 19.14 (4,874 ) Granted 6.83 168,380 Balance at March 31, 2016 23.58 363,630 Dividend equivalents reinvested — — Retirement distribution 6.83 (12,792 ) Granted — — Balance at March 31, 2017 $ 24.19 350,838 Deferred stock units are fully vested at the time of grant. The liability for this plan will be adjusted in the future until paid to the participant to reflect the value of the units at the respective quarter end Tidewater stock price. Deferred stock unit compensation expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Deferred stock units compensation expense (benefit) $ (1,987 ) (904 ) (2,477 ) Non-Employee Board of Directors Deferred Cash Award Plan For fiscal 2017, the company provided a Deferred Cash Award Plan to its non-employee directors. The plan provided that each non-employee director was granted a cash award having an aggregate value of $97,750. The plan awards cash to participants which earns interest quarterly based on the 10-year Treasury note rate plus 1.5%. For the cash award granted in fiscal 2017, the participant can elect to receive annual installments of two to ten years or a lump sum distribution. Participants have the option of electing a distribution made upon the earlier of the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company or distribution date commencing on an anniversary of the grant date, whichever is earlier. Effective fiscal 2018, the non-employee directors will no longer receive deferred cash awards. Deferred cash award expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Deferred cash award expense $ 978 — — |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (9) STOCKHOLDERS’ EQUITY Common Stock The number of authorized and issued common stock and preferred stock at March 31, are as follows: 2017 2016 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.10 $ 0.10 Common stock shares issued 47,121,304 47,067,715 Preferred stock shares authorized 3,000,000 3,000,000 Preferred stock par value No par No par Preferred stock shares issued — — Common Stock Repurchases In May 2014, the company’s Board of Directors authorized the company to spend up to $200 million to repurchase shares of its common stock in open-market or privately-negotiated transactions. In May 2015, the company’s Board of Directors authorized an extension of its May 2014 common stock repurchase program from its original expiration date of June 30, 2015 to June 30, 2016. In fiscal 2015, $100 million was used to repurchase common stock under the May 2014 share repurchase program. No shares were repurchased by the company during fiscal 2016 or fiscal 2017. In January 2016, the company suspended its common stock repurchase program. The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows: (In thousands, except share and per share data) 2017 2016 2015 Aggregate cost of common stock repurchased $ — — 99,999 Shares of common stock repurchased — — 2,841,976 Average price paid per common share $ — — 35.19 Dividend Program The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors. The Board of Directors declared the following dividends for the years ended March 31, are as follows: (In thousands, except per share data) 2017 2016 2015 Dividends declared $ — 34,965 49,127 Dividend per share — 0.75 1.00 In January 2016, the company suspended the quarterly dividend program. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows: For the year ended March 31, 2016 For the year ended March 31, 2017 (in thousands) Balance at 3/31/15 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 3/31/16 Balance at 3/31/16 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 3/31/17 Available for sale securities 235 (573 ) 130 (443 ) (208 ) (208 ) (265 ) 378 113 (95 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits (9,129 ) 13,812 — 13,812 4,683 4,683 (5,121 ) — (5,121 ) (438 ) Interest rate swap (1,673 ) — 143 143 (1,530 ) (1,530 ) — 1,530 1,530 — Total (20,378 ) 13,239 273 13,512 (6,866 ) (6,866 ) (5,386 ) 1,908 (3,478 ) (10,344 ) The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31, Year Ended March 31, Affected line item in the condensed (In thousands) 2017 2016 consolidated statements of income Realized gains on available for sale securities $ 582 200 Interest income and other, net Interest rate swap 2,353 220 Interest and other debt costs Total pre-tax amounts 2,935 420 Tax effect 1,027 147 Total gains for the period, net of tax $ 1,908 273 During the fourth quarter of fiscal 2017, $1.3 million ($2.4 million pre-tax) of remaining other comprehensive loss related to the interest rate swap, entered into in July 2010 in connection with the September 2010 senior notes offering and discussed in Note (5), was recognized as interest expense in accordance with ASC 815. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | (10) EARNINGS PER SHARE The components of basic and diluted earnings per share for the years ended March 31, are as follows: (In thousands, except share and per share data) 2017 2016 2015 Net loss available to common shareholders $ (660,118 ) (160,183 ) (65,190 ) Weighted average outstanding shares of common stock, basic 47,071,066 46,981,102 48,658,840 Dilutive effect of options and restricted stock awards — — — Weighted average common stock and equivalents 47,071,066 46,981,102 48,658,840 Loss per share, basic (A) $ (14.02 ) (3.41 ) (1.34 ) Loss per share, diluted (B) $ (14.02 ) (3.41 ) (1.34 ) Additional information: Antidilutive options and restricted stock shares 1,233 489,325 284,635 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (B) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. |
SALE_LEASEBACK ARRANGEMENTS
SALE/LEASEBACK ARRANGEMENTS | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
SALE/LEASEBACK ARRANGEMENTS | (11) SALE/LEASBACK ARRANGEMENTS Please refer to Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form Fiscal 2015 Sale/Leasebacks During fiscal 2015, the company sold six vessels to unrelated third parties, and simultaneously entered into bareboat charter agreements with the purchasers. Under the sale/leaseback agreements the company has the right to re-acquire the vessel for a fixed percentage of the original sales price at a defined date during the lease, deliver the vessel to the owners at the end of the lease term, purchase the vessel at its then fair market value at the end of the lease term or extend the leases for 24 months at mutually agreeable lease rates. The company is accounting for these transactions as sale/leasebacks with operating lease treatment and will record the payments as vessel operating lease expense on a straight-line basis over the lease term. The deferred gains will be amortized to gain on asset dispositions, net ratably over the respective lease term. Any deferred gain balance remaining upon the repurchase of the vessels would reduce the vessels’ stated cost if the company elects to exercise the purchase options. The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2015: Fiscal 2015 Quarter Number of Vessels Total Proceeds Carrying Value at time of Sale Deferred Gain at time of Sale Lease Term in Years Purchase Option Percentage Purchase Option at at end of: First 1 $ 13,400 $ 4,002 $ 9,398 7 61% 6 th Second 1 19,350 8,214 11,136 8.5 47% 8 th Third 3 78,200 33,233 44,967 8 – 9 60% 7 th th Fourth 1 13,000 5,115 7,885 7 50% 6 th 6 $ 123,950 $ 50,564 $ 73,386 Fiscal 2014 Sale/Leasebacks During fiscal 2014, the company sold ten vessels to unrelated third parties, and simultaneously entered into bareboat charter agreements with the purchasers. Under the sale/leaseback agreements the company has the right to re-acquire the vessel for a fixed percentage of the original sales price at a defined date during the lease, deliver the vessel to the owners at the end of the lease term, purchase the vessel at its then fair market value at the end of the lease term or extend the leases for 24 months at mutually agreeable lease rates. The company is accounting for these transactions as sale/leasebacks with operating lease treatment and will record the payments as vessel operating lease expense on a straight-line basis over the lease term. The deferred gains will be amortized to gain on asset dispositions, net ratably over the respective lease term. Any deferred gain balance remaining upon the repurchase of the vessels would reduce the vessels’ stated cost if the company elects to exercise the purchase options. The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2014: Fiscal 2014 Quarter Number of Vessels Total Proceeds Carrying Value at time of Sale Deferred Gain at time of Sale Lease Term in Years Purchase Option Percentage Purchase Option at at end of: Second 2 $ 65,550 $ 34,325 $ 31,225 7 55% 6 th Third 4 141,900 105,649 36,251 7 – 9 54 - 68% 6 th th Fourth 4 63,305 32,845 30,460 7 – 10 53 - 59% 6 th th 10 $ 270,755 $ 172,819 $ 97,936 Future Minimum Lease Payments As of March 31, 2017, the future minimum lease payments for the vessels under the operating lease terms are as follows: Fiscal year ending (In thousands) Fiscal 2015 Sale/Leaseback Fiscal 2014 Sale/Leaseback Total 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 2022 10,283 7,932 18,215 Thereafter 8,990 12,131 21,121 Total future lease payments $ 62,202 113,847 176,049 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (12) COMMITMENTS AND CONTINGENCIES Compensation Commitments Change of control agreements exist with all of the company’s officers whereby each receives certain compensation and benefits in the event that their employment is terminated for certain reasons during a two- or three-year protected period following a change in control of the company. The maximum amount of cash compensation that could be paid under the agreements, based on present salary levels, is approximately $46.3 million. Vessel Commitments The company has successfully replaced the substantially all of the older vessels in its fleet with fewer, larger and more efficient vessels that have a more extensive range of capabilities. These efforts are expected to continue with the delivery of the remaining two vessels currently under construction. The company anticipates that it will use some portion of its available cash, or future operating cash flows in order to fund current and any future commitments in connection with the completion of the fleet renewal and modernization program. The table below summarizes the company’s various vessel commitments to acquire and construct new vessels, by vessel type, as of March 31, 2017: (In thousands, except vessel count) Number of Vessels Total Cost Invested Through 3/31/17 Remaining Balance 3/31/17 Vessels under construction (A): Deepwater PSVs (B) 2 $ 110,022 77,054 32,968 Total vessel commitments 2 $ 110,022 77,054 32,968 (A) The two remaining option vessels, a vessel rejected at the time of delivery, and a fast supply boat are not included in the table above. (B) In April 2017, the company entered into a novation agreement and assigned the construction contract related to one of the vessels under construction to a third party for net consideration of $5.3 million thus relieving the company of future payments of $27.2 million. As of March 31, 2017 the company had approximately $33 million in unfunded capital commitments associated with two deepwater platform supply vessels (PSVs), between approximately 5,150 and 5,900 deadweight tons (DWT) of cargo capacity which were under construction at different shipyards ($5.8 million, net of amounts no longer due as a result of the April 2017 novation agreement as described in the following paragraph). The total cost of the two new-build vessels includes contract costs and other incidental costs. The delivery of the remaining new-build vessel is expected in September 2017. In April 2017, the company entered into a novation agreement whereby a third party paid the company $5.2 million to purchase a deepwater PSV currently under construction at an international shipyard thus terminating the company’s obligation to make additional payments of approximately $27.2 million. The company anticipates that there will be no further payments, credits or charges as a result of the novation agreement. During fiscal 2017 the company recorded impairment charges totaling $23.9 million related to the construction of this vessel. During the fourth quarter of fiscal 2017, the company rejected the delivery of a PSV under construction and withheld the final contractual milestone payment of $4.5 million for failure of the vessel to meet certain significant contract specifications. Thereafter, the company delivered a formal notice of default to the shipyard demanding a cure of the deficiencies, following which the shipyard declared the company in default for refusing to accept delivery. Subsequently, the company submitted a demand to the shipyard seeking a refund of all amounts paid by the company to date, totaling approximately $43 million plus accrued contractual interest. In March 2017, the shipyard filed a notice of arbitration alleging breach of contract with respect to the company’s rejection of the PSV and anticipatory breach of contract based on the company’s anticipated rejection of a second PSV under construction. Through this arbitration, the shipyard is seeking an order requiring the company to take delivery of both vessels and to reimburse the shipyard for certain costs incurred by the shipyard. The company is evaluating its next steps in the arbitration. A date for arbitration has not yet been set. Approximately $48.4 million of accumulated costs for the rejected vessel have been reclassified from construction in progress to other assets. The rejected vessel is not included in our vessel count and is not included in the table above. The shipyard has also informed the company that the second vessel under construction, and included in the table above, may not be tendered for delivery given the ongoing dispute. Accordingly, the expected delivery date is not known. 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 March 31, 2017. 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 to 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 March 31, 2017 and March 31, 2016 of approximately $263 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 $56 million of the balance at March 31, 2017 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 $90 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, including $34.7 million in commissions payable by the company to Sonatide with the balance related to costs incurred by Sonatide on behalf of the company. For the year ended March 31, 2017, the company collected (primarily through Sonatide) approximately $114 million from its Angolan operations. Of the $114 million collected, approximately $101 million were U.S. dollars received by Sonatide on behalf of the company or U.S. dollars received directly by the company from customers. The balance of $13 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 $88 million during the year ended March 31, 2017 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 year ended March 31, 2017, the company’s Angolan operations generated vessel revenues of approximately $127 million, or 22%, of its consolidated vessel revenue, from an average of approximately 58 company-owned vessels that are marketed through the Sonatide joint venture (20 of which were stacked on average during the year ended March 31, 2017), and, for the year ended March 31, 2016, generated vessel revenues of approximately $213 million, or 22%, of consolidated vessel revenue, from an average of approximately 65 company-owned vessels (eight of which were stacked on average during the year ended March 31, 2016). 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 March 31, 2017 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 $45 million and $37 million, respectively. 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 year ended March 31, 2017 and year ended March 31, 2016 has resulted in a net 22 and 23 vessels transferred out of Angola, respectively. Brazilian Customs In April 2011, two Brazilian subsidiaries of the company were company 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 and deposited 6 million Brazilian reais (approximately $1.9 million as of March 31, 2017) with the court. The 6 million Brazilian reais deposit represents the amount of the award and the substantial interest that would be due if the company did not prevail in this court action. The court action is in its initial stages. 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 filings made in or prior to fiscal 2015 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. Discussions related to the company’s Angolan operations are disclosed in Note (12) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Legal Proceedings 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 has 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. 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 provided 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 made the payment provided therein during the fourth quarter of fiscal 2017. 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 ($15.4 million as of March 31, 2017). $2.5 million $54.3 million as of March 31, 2017. other substantive proceeding, unless the company decides to pursue additional compensation through ICSID related to the portion of the award reduced by the annulment committee. The company has not made any decision whether to pursue any such additional relief. 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 Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on the company’s financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS AND DIS
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND DISCLOSURES | (13) FAIR VALUE MEASUREMENTS AND DISCLOSURES Assets and Liabilities Measured at Fair Value on a Recurring Basis Other Financial Instruments The company’s primary financial instruments consist of cash and cash equivalents, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company enters into derivative instruments only to the extent considered necessary to address its risk management objectives and does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. Cash Equivalents The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. Spot Derivatives . Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. The company had six outstanding foreign exchange spot contracts at March 31, 2017, which had a notional value of $1.5 million the last of which settled April 4, 2017 and 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 generally longer-term in nature but generally do not exceed one year. The accounting for gains or losses on forward contracts is dependent on the nature of the risk being hedged and the effectiveness of the hedge. Forward contracts are valued using counterparty quotations, and we validate the information obtained from the counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. At March 31, 2017, the company had no remaining forward contracts outstanding. The combined change in fair value of the Norwegian kroner (NOK) forward contracts settled during the year ended March 31, 2017 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 as disclosed in Note (5). 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 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 March 31, 2017: (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 664,412 664,412 — — Total fair value of assets $ 664,412 664,412 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2016: (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 643,770 643,770 — — Total fair value of assets $ 643,770 643,770 — — |
GAIN ON DISPOSITION OF ASSETS,
GAIN ON DISPOSITION OF ASSETS, NET | 12 Months Ended |
Mar. 31, 2017 | |
Gain Loss On Disposition Of Assets [Abstract] | |
GAIN ON DISPOSITION OF ASSETS, NET | (14) GAIN ON DISPOSITION OF ASSETS, NET The company seeks opportunities to dispose its older vessels when market conditions warrant and opportunities arise. As such, vessel dispositions vary from year to year, and gains on sales of assets may also fluctuate significantly from period to period. The majority of the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry. The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows: (In thousands, except number of vessels disposed) 2017 2016 2015 Gain (loss) on vessels disposed $ (102 ) 3,252 2,988 Number of vessels disposed 12 17 13 Included in gain on dispositions of assets, net in fiscal 2017 and fiscal 2016 are amortized gains on sale/leaseback transactions of $23.4 million and $23.4 million, respectively. Included in gain on dispositions of assets, net in fiscal 2015 are amortized gains on sale/leaseback transactions of $17.7 million as well as a $3 million gain related to the reversal of an accrued liability related to contingent consideration payable to the former owners of Troms Offshore based on not achieving certain performance metrics subsequent to Trom’s acquisition by the company. |
SEGMENT AND GEOGRAPHIC DISTRIBU
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Information By Segment Text Block | (15) SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS The company follows the disclosure requirements of ASC 280, Segment Reporting. The company manages and measures business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East and Africa/Europe. 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 and 2015 amounts have been recast to conform to the new segment alignment. The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. (In thousands) 2017 2016 2015 Revenues: Vessel revenues: Americas $ 239,843 342,995 505,699 Asia/Pacific 25,568 89,045 150,820 Middle East 89,050 111,356 134,279 Africa/Europe 229,355 412,004 677,560 583,816 955,400 1,468,358 Other operating revenues 17,795 23,662 27,159 $ 601,611 979,062 1,495,517 Vessel operating profit (loss): Americas $ 18,873 52,966 122,988 Asia/Pacific (20,614 ) (1,687 ) 11,541 Middle East (4,696 ) 7,325 15,590 Africa/Europe (51,395 ) 15,534 143,837 (57,832 ) 74,138 293,956 Other operating loss (1,548 ) (4,564 ) (8,022 ) (59,380 ) 69,574 285,934 Corporate general and administrative expenses (A) (55,389 ) (34,078 ) (40,621 ) Corporate depreciation (2,456 ) (6,160 ) (4,014 ) Corporate expenses (57,845 ) (40,238 ) (44,635 ) Gain (loss) on asset dispositions, net 24,099 26,037 23,796 Asset impairment (484,727 ) (117,311 ) (14,525 ) Goodwill impairment — — (283,699 ) Restructuring charge — (7,586 ) (4,052 ) Operating loss (577,853 ) (69,524 ) (37,181 ) Foreign exchange gain (loss) (1,638 ) (5,403 ) 8,678 Equity in net earnings (losses) of unconsolidated companies 5,710 (13,581 ) 10,179 Interest income and other, net 5,193 2,703 1,927 Interest and other debt costs (75,026 ) (53,752 ) (50,029 ) Loss before income taxes $ (643,614 ) (139,557 ) (66,426 ) Depreciation and amortization: Americas $ 48,814 48,474 47,682 Asia/Pacific 21,095 22,386 18,383 Middle East 19,754 19,218 18,881 Africa/Europe 70,742 80,350 82,271 160,405 170,428 167,217 Other 4,430 5,721 3,973 Corporate 2,456 6,160 4,014 $ 167,291 182,309 175,204 Additions to properties and equipment: Americas $ 93 51,303 94,137 Asia/Pacific — 1,917 91,497 Middle East 1,612 1,732 962 Africa/Europe 743 1,861 36,985 2,448 56,813 223,581 Other — 10 18,571 Corporate 28,099 137,662 124,411 $ 30,547 194,485 366,563 Total assets (B): Americas $ 779,778 1,101,699 1,016,133 Asia/Pacific 321,967 514,948 506,265 Middle East 261,418 405,420 471,856 Africa/Europe 1,897,355 1,999,543 2,258,102 3,260,518 4,021,610 4,252,356 Other 21,580 42,191 49,554 3,282,098 4,063,801 4,301,910 Investments in and advances to unconsolidated companies 45,115 37,502 65,844 3,327,213 4,101,303 4,367,754 Corporate (C) 863,486 882,490 381,012 $ 4,190,699 4,983,793 4,748,766 (A) Corporate general and administrative expenses in fiscal 2017 include $29 million associated with our efforts to renegotiate the terms of various debt arrangements and related consulting services. (B) Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2017, 2016 and 2015, $52.4 million, $136.8 million and $235.2 million, respectively, of vessel construction costs are included in Corporate. The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the years ended March 31,: Revenue by vessel class: (In thousands): 2017 % of Vessel Revenue 2016 % of Vessel Revenue 2015 % of Vessel Revenue Americas fleet: Deepwater $ 171,334 29 % 235,522 25 % 353,232 24 % Towing-supply 56,561 10 % 92,768 9 % 125,029 9 % Other 11,948 2 % 14,705 2 % 27,438 2 % Total $ 239,843 41 % 342,995 36 % 505,699 35 % Asia/Pacific fleet: Deepwater $ 7,252 1 % 60,853 6 % 94,538 6 % Towing-supply 18,316 3 % 28,192 3 % 53,281 4 % Other — — — — 3,001 <1 % Total $ 25,568 4 % 89,045 9 % 150,820 10 % Middle East fleet: Deepwater $ 28,274 5 % 23,596 2 % 28,637 2 % Towing-supply 60,776 10 % 87,760 10 % 105,642 7 % Other — — — — — — Total $ 89,050 15 % 111,356 12 % 134,279 9 % Africa/Europe fleet: Deepwater $ 102,374 18 % 205,587 22 % 382,957 26 % Towing-supply 102,732 18 % 153,818 16 % 219,914 15 % Other 24,249 4 % 52,599 5 % 74,689 5 % Total $ 229,355 40 % 412,004 43 % 677,560 46 % Worldwide fleet: Deepwater $ 309,234 53 % 525,558 55 % 859,364 58 % Towing-supply 238,385 41 % 362,538 38 % 503,866 35 % Other 36,197 6 % 67,304 7 % 105,128 7 % Total $ 583,816 100 % 955,400 100 % 1,468,358 100 % The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31: 2017 2016 2015 Chevron Corporation 16.3 % 14.6 % 12.7 % Freeport McMoRan (A) 11.3 % 3.5 % 1.6 % Saudi Aramco 10.0 % 7.6 % 5.4 % Petroleo Brasileiro SA 8.2 % 11.0 % 11.8 % BP plc 5.8 % 7.1 % 10.1 % (A) A significant portion of this customer’s fiscal 2017 revenue was the result of the early termination of a long-term vessel charter contract. |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL | (16) GOODWILL The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. During the quarter ended December, 31, 2014 the company performed its annual goodwill impairment assessment and determined that the rapid and significant decline in crude oil and natural gas prices (which occurred and accelerated throughout the latter part of the company’s third quarter of fiscal 2015), and the expected short to intermediate term effect that the downturn might have on levels of exploration and production activity would likely have a negative effect on average day rates and utilization levels of the company’s vessels. Expected future cash flow analyses using the projected average day rates and utilization levels in this new commodity pricing environment were included in the company’s valuation models and indicated that the fair values of the Americas and Africa/Europe reporting units were less than their respective carrying values. A goodwill impairment charge of $283.7 million, to write-off the company’s remaining goodwill, was recorded during the quarter ended December 31, 2014. |
RESTRUCTURING CHARGE
RESTRUCTURING CHARGE | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
RESTRUCTURING CHARGE | (17) RESTRUCTURING CHARGE In the fourth quarter of fiscal 2015 the Company’s management initiated a plan to begin reorganizing its operations worldwide as a result of the continuing decline in oil prices and the resulting softening demand for the company’s vessels. This plan consists of select employee terminations and early retirements that are intended to eliminate redundant or unneeded positions, reduce costs, and better align our workforce with anticipated activity levels in the geographic areas in which the company presently operates. In connection with these efforts, the company recognized a $4.1 million restructuring charge during the quarter ended March 31, 2015. In the second quarter of fiscal 2016 the company’s management continued to restructure 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 also consisted of select employee terminations and early retirements that are intended to eliminate redundant or unneeded positions, reduce costs, and better align our workforce with anticipated lower activity levels in the geographic areas in which the company presently operates. In connection with these efforts, the company recognized a $7.6 million restructuring charge during the quarter ended September 30, 2015. 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 fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Americas: Crew costs $ — 3,410 — Other vessel costs — 203 — Asia/Pacific: — Crew costs — 3,973 3,697 Corporate: General and administrative expenses — — 355 Total restructuring charges $ — 7,586 4,052 |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | (18) QUARTERLY FINANCIAL DATA (UNAUDITED) Selected financial information for interim periods for the years ended March 31, is as follows: Quarter (In thousands except per share data) First Second Third Fourth Fiscal 2017 Revenues (A) $ 167,925 143,722 129,215 160,749 Operating income (loss) (B) (66,135 ) (155,344 ) (287,034 ) (69,340 ) Net loss attributable to Tidewater Inc. (89,097 ) (178,490 ) (297,676 ) (94,855 ) Basic loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Diluted loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Fiscal 2016 Revenues $ 304,774 271,923 218,191 184,174 Operating income (loss) (B) 14,089 (17,644 ) (9,400 ) (56,569 ) Net loss attributable to Tidewater Inc. (15,052 ) (43,835 ) (19,509 ) (81,787 ) Basic loss per share attributable to Tidewater Inc. $ (.32 ) (.93 ) (.42 ) (1.74 ) Diluted loss per share attributable to Tidewater Inc. $ (.32 ) (.93 ) (.42 ) (1.74 ) (A) Included in revenues for the fourth quarter is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. (B) Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, by quarter for fiscal 2017 and 2016, are as follows: (In thousands) First Second Third Fourth Fiscal 2017: Asset impairment $ 36,886 129,562 253,422 64,857 Fiscal 2016: Asset impairment $ 14,958 31,672 15,141 55,540 |
ASSET IMPAIRMENTS
ASSET IMPAIRMENTS | 12 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (19) 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 fiscal 2017, the company recognized $265.2 million of impairment charges on 75 vessels that were stacked. The fair value of vessels in the stacked fleet incurring impairment during fiscal 2017 was $545.9 million (after having recorded impairment charges). Excluding leased vessels, a total of 27 vessels in the stacked fleet, representing $246 million of net book value at March 31, 2017, were not impaired during fiscal 2017. During fiscal 2017 the company recognized $178.5 million of impairments on 57 vessels in the active fleet. The fair value of vessels in the active fleet incurring impairment during fiscal 2017 was $362.1 million (after having recorded impairment charges). Excluding leased vessels, a total of 86 vessels in the active fleet, representing $1.6 billion of net book value at March 31, 2017, were not impaired during fiscal 2017. The total carrying value of 244 vessels (excluding leased vessels) in the stacked and active fleets at March 31, 2017 of $2.8 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 number of vessels and ROVs impaired, the amount of impairment incurred and the combined fair value of the assets after having recorded the impairment charges during the fiscal years ended March 31, 2017, 2016 and 2015 along with the amount of impairment. (In thousands) 2017 2016 2015 Number of vessels impaired during the period 132 58 12 Number of ROVs impaired during the period 8 — — Amount of impairment incurred $ 484,727 117,311 14,525 Combined fair value of assets incurring impairment after having recorded impairment charges 933,068 422,655 28,509 Please refer to Note (1) for a discussion of the company’s accounting policy for accounting for the impairment of long-lived assets. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | TIDEWATER INC. AND SUBSIDIARIES Valuation and Qualifying Accounts Years Ended March 31, 2017, 2016 and 2015 (In thousands) Description Balance at Beginning of period Additions at Cost Deductions Balance at End of Period Fiscal 2017 Deducted in balance sheet from Trade accounts receivables: Allowance for doubtful accounts $ 11,450 5,348 633 16,165 Fiscal 2016 Deducted in balance sheet from Trade accounts receivables: Allowance for doubtful accounts $ 37,634 2,768 28,952 (A) 11,450 Fiscal 2015 Deducted in balance sheet from Trade accounts receivables: Allowance for doubtful accounts $ 35,737 2,405 508 37,634 (A) Of this amount, $28,412 represents previously reserved accounts receivables related to our Venezuelan operations which were removed from the company’s books. Please refer to Note (11) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the company’s Venezuelan operations. |
NATURE OF OPERATIONS AND SUMM30
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. |
Ability to Continue as a Going Concern | Ability to Continue as a Going Concern On May 17, 2017, Tidewater Inc. (“Tidewater” or the “company”) and certain of its subsidiaries (collectively with Tidewater, the “Debtors”) filed voluntary petitions for relief (collectively, the “Petitions” and, the cases commenced thereby, the “Bankruptcy Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Bankruptcy Cases were filed in order to effect the Debtors’ Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater Inc. and its Affiliated Debtors (as proposed, the “Prepackaged Plan”). The company expects to continue operations in the normal course during the pendency of the chapter 11 proceedings. The significant risks and uncertainties related to the company’s chapter 11 proceeding raise substantial doubt about the company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. Upon emergence from chapter 11 proceedings adjustments to the carrying values and classification of its assets and liabilities and the reported amounts of income and expenses could be required and could be material. Refer to Note (2), " " |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, valuation of goodwill, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates. |
Cash Equivalents | Cash Equivalents The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Marine Operating Supplies | Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for the company’s vessels as well as fuel, are stated at the lower of weighted-average cost or market. |
Properties and Equipment | Properties and Equipment Depreciation and Amortization Properties and equipment are stated at cost. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 5%-10% for marine equipment, using estimated useful lives of 15 - 25 years for marine equipment (from date of construction) and 3 - 30 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of earnings. Used equipment is depreciated in accordance with this above policy; however, no life less than six years is used for marine equipment regardless of the date constructed. Maintenance and Repairs Maintenance and repairs (including major repair costs) are expensed as incurred during the asset’s original estimated useful life (its original depreciable life). Major repair costs incurred after the original estimated depreciable life that also have the effect of extending the useful life (for example, the complete overhaul of main engines, the replacement of mechanical components, or the replacement of steel in the vessel’s hull) of the asset are capitalized and amortized over 30 months. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are being performed not only for a specific customer contract are capitalized and amortized over the remaining life of the equipment. The majority of the company’s vessels require certification inspections twice in every five year period, and the company schedules major repairs and maintenance, including time the vessel will be in a dry dock, when it is anticipated that the work can be performed. While the actual length of time between major repairs and maintenance and drydockings can vary, in the case of major repairs incurred after a vessel’s original estimated useful life, we use a 30 month amortization period for depreciating the capitalized costs of these major repairs and maintenance and drydockings. Net Properties and Equipment The following are summaries of net properties and equipment at March 31: (In thousands) 2017 2016 Properties and equipment: Vessels and related equipment $ 3,407,760 $ 4,666,749 Other properties and equipment 69,670 92,065 3,477,430 4,758,814 Less accumulated depreciation and amortization 612,668 1,207,523 Net properties and equipment $ 2,864,762 $ 3,551,291 2017 2016 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 143 $ 1,990,049 180 $ 2,510,418 Stacked vessels 101 793,606 73 794,126 Marine equipment and other assets under construction 53,611 185,380 Other property and equipment (A) 27,496 61,367 Totals 244 $ 2,864,762 253 $ 3,551,291 (A) Other property and equipment includes eight remotely operated vehicles. (B) Vessel count excludes vessels operated under sale leaseback agreements. The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at March 31, 2017 and 2016 have an average age of 11.5 and 12.5 years, respectively. All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Stacked vessels and vessels withdrawn from service are reviewed for impairment semiannually or whenever changes in circumstances indicate that the carrying amount of a vessel may not be recoverable . |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. We also subdivide our groupings of assets with similar operating and marketing characteristics between our older vessels and newer vessels. The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. If an asset group fails the undiscounted cash flow test, management derives the fair value of the asset group by estimating the fair value for each vessel in the group, considering items such as age, vessel class supply and demand, and recent sales of similar vessels among other factors and for vessels with more significant carrying values we may obtain third-party appraisals for use by management in determining a vessel’s fair value. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average dayrates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, dayrates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels not expected to return to active service every six months or whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For 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. The company records an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. Refer to Note (19) for a discussion on asset impairments. |
Goodwill | Goodwill Goodwill represents the cost in excess of fair value of the net assets of companies acquired. Goodwill primarily relates to the fiscal 1998 acquisition of O.I.L. Ltd. and the fiscal 2014 acquisition of Troms Offshore. The company tests goodwill for impairment annually at the reporting unit level using carrying amounts as of December 31 or more frequently if events and circumstances indicate that goodwill might be impaired. The company has the option of assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. In the event that a qualitative assessment indicates that the fair value of a reporting unit exceeds its carrying value the two step impairment test is not necessary. If, however, the assessment of qualitative factors indicates otherwise, the standard two-step method for evaluating goodwill for impairment as prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, Intangibles-Goodwill and Other The company performed its annual goodwill impairment assessment as of December 31, 2014 and recorded goodwill impairment charges of $283.7 million. The impairment charge was due to the negative effect on average day rates and utilization levels of the company’s vessels as a result of the rapid and significant decline in crude oil and natural gas prices which occurred and accelerated throughout the latter part of the company’s third quarter of fiscal 2015. Refer to Note (16) for a complete discussion of Goodwill. |
Accrued Property and Liability Losses | Accrued Property and Liability Losses The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: (In thousands) 2017 2016 Accrued property and liability losses $ 13,792 12,799 |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The company follows the provisions of ASC 715, Compensation – Retirement Benefits, The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. Net periodic benefit costs are based on a market-related valuation of assets equal to the fair value of assets. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (6) for a complete discussion on compensation – retirement benefits. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes |
Revenue Recognition | Revenue Recognition The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (average three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. |
Operating Costs | Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major drydocking repair costs, which occur during the initial economic useful life of the vessel. Vessel operating costs are recognized as incurred on a daily basis. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency for all of the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. |
Earnings Per Share | Earnings Per Share The company follows ASC 260, Earnings Per Share |
Concentrations of Credit Risk | Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and may at times require prepayments or other forms of collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. |
Stock-Based Compensation | Stock-Based Compensation The company follows ASC 718, Compensation – Stock Compensation |
Comprehensive Income | Comprehensive Income The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income financial instruments, currency translation adjustment and any minimum pension liability for the company’s U.S. Defined Benefits Pension Plan and Supplemental Executive Retirement Plan. Refer to Note (9) for a complete discussion on comprehensive income. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. |
Fair Value Measurements | Fair Value Measurements The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data |
Reclassifications | Reclassifications The company made certain reclassifications to prior period amounts to conform to the current year presentation, specifically, a modification to the company’s reportable segments (refer to Note 15) and the adoption of ASU 2015-13, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issues costs (refer to Note 5). These reclassifications did not have a material effect on the consolidated statement of earnings, balance sheet or cash flows. |
Subsequent Events | Subsequent Events The company evaluates subsequent events through the time of our filing on the date we issue financial statements. |
Accounting Pronouncements | Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-17, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs This new guidance amends the requirements related to the income statement presentation of the components of net periodic benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. 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. |
NATURE OF OPERATIONS AND SUMM31
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summaries of Net Properties and Equipment | The following are summaries of net properties and equipment at March 31: (In thousands) 2017 2016 Properties and equipment: Vessels and related equipment $ 3,407,760 $ 4,666,749 Other properties and equipment 69,670 92,065 3,477,430 4,758,814 Less accumulated depreciation and amortization 612,668 1,207,523 Net properties and equipment $ 2,864,762 $ 3,551,291 2017 2016 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 143 $ 1,990,049 180 $ 2,510,418 Stacked vessels 101 793,606 73 794,126 Marine equipment and other assets under construction 53,611 185,380 Other property and equipment (A) 27,496 61,367 Totals 244 $ 2,864,762 253 $ 3,551,291 (A) Other property and equipment includes eight remotely operated vehicles. (B) Vessel count excludes vessels operated under sale leaseback agreements. |
Current and Long-Term Liabilities Related to Accrued Property and Liability Losses | The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered currently payable as of March 31: (In thousands) 2017 2016 Accrued property and liability losses $ 13,792 12,799 |
INVESTMENT IN UNCONSOLIDATED 32
INVESTMENT IN UNCONSOLIDATED COMPANIES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in at Equity and Advances to Unconsolidated Companies | Investments in, at equity, and advances to unconsolidated joint venture companies at March 31, were as follows: (In thousands) Percentage Ownership 2017 2016 Sonatide Marine, Ltd. (Angola) 49% $ 45,115 37,141 DTDW Holdings, Ltd. (Nigeria) 40% — 361 Investments in, at equity, and advances to unconsolidated companies $ 45,115 37,502 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes Derived from United States and Non-U.S. Operations | Earnings before income taxes derived from United States and non-U.S. operations for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Non-U.S. $ (498,931 ) (85,346 ) (38,282 ) United States (144,683 ) (54,211 ) (27,985 ) $ (643,614 ) (139,557 ) (66,267 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended March 31, consists of the following: U.S. (In thousands) Federal State International Total 2017 Current $ (842 ) 17 9,422 8,597 Deferred (2,200 ) — — (2,200 ) $ (3,042 ) 17 9,422 6,397 2016 Current $ (13,335 ) (92 ) 41,042 27,615 Deferred (6,796 ) — — (6,796 ) $ (20,131 ) (92 ) 41,042 20,819 2015 Current $ 4,869 (9 ) 66,452 71,312 Deferred (72,389 ) — — (72,389 ) $ (67,520 ) (9 ) 66,452 (1,077 ) |
Tax Rate Applicable to Pre-Tax Earnings | The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following for the years ended March 31: (In thousands) 2017 2016 2015 Computed “expected” tax expense $ (225,265 ) (48,845 ) (23,193 ) Increase (reduction) resulting from: Foreign income taxed at different rates 232,904 90,779 (13,570 ) FIN 48 3,007 (3,259 ) (1,703 ) Expenses which are not deductible for tax purposes 5,587 191 472 Non-deductible goodwill — — 15,811 Valuation allowance – deferred tax assets (2,377 ) (13,124 ) 17,829 Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions (3,860 ) (4,319 ) (2,358 ) Expenses which are not deductible for book purposes — — (832 ) Foreign taxes (928 ) (744 ) 5,688 State taxes 11 (60 ) (6 ) Other, net (2,682 ) 200 785 $ 6,397 20,819 (1,077 ) |
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings | The effective tax rate applicable to pre-tax earnings for the years ended March 31, is as follows: 2017 2016 2015 Effective tax rate applicable to pre-tax earnings (0.99 %) (14.94 %) 1.63 % |
Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, is as follows: (In thousands) 2017 2016 Deferred tax assets: Accrued employee benefit plan costs $ 18,241 19,705 Stock based compensation 2,940 6,780 Net operating loss and tax credit carryforwards 14,693 6,177 Other 5,587 5,548 Gross deferred tax assets 41,461 38,210 Less valuation allowance (2,327 ) (4,705 ) Net deferred tax assets 39,134 33,505 Deferred tax liabilities: Basis difference in partnership (17,322 ) (8,375 ) Depreciation and amortization (27,355 ) (25,130 ) Gross deferred tax liabilities (44,677 ) (33,505 ) Net deferred tax assets (liabilities) $ (5,543 ) — |
Schedule of Deferred Tax Not Recognized | The amount of foreign income that U.S. deferred taxes has not been recognized upon, as of March 31, is as follows: (In thousands) 2017 Foreign income not recognized for U.S. deferred taxes $ 1,805,626 |
Schedule of Tax Credit Carry-Forwards | The company has the following foreign tax credit carry-forwards that expire in 2022. (In thousands) 2017 Foreign tax credit carry-forwards $ 2,327 |
Schedule of Uncertain Tax Positions and Income Tax Payable | The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes (In thousands) 2017 2016 Tax liabilities for uncertain tax positions $ 11,751 13,046 Income tax payable 13,936 32,321 |
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized | Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized, at March 31, are as follows: (In thousands) 2017 Unrecognized tax benefit related to state tax issues $ 12,367 Interest receivable on unrecognized tax benefit related to state tax issues 48 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of all unrecognized tax benefits, including the unrecognized tax benefit related to state tax issues and the liability for uncertain tax positions (but excluding related penalties and interest) for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Balance at April 1, $ 17,648 19,698 20,066 Additions based on tax positions related to the current year 4,853 1,223 1,342 Settlement and lapse of statute of limitations (1,108 ) (3,273 ) (1,710 ) Balance at March 31, $ 21,393 17,648 19,698 |
Schedule of Tax Benefit From Stock Benefit Transactions | The tax benefit for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Excess tax benefits on stock benefit transactions $ (934 ) (1,605 ) (1,784 ) |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Summary of Debt Outstanding | The following table summarizes debt outstanding at March 31 based on stated maturities: (In thousands) 2017 2016 3.90% September 2010 senior notes due fiscal 2018 $ 44,500 44,500 3.95% September 2010 senior notes due fiscal 2018 25,000 25,000 4.12% September 2010 senior notes due fiscal 2019 25,000 25,000 4.17% September 2010 senior notes due fiscal 2019 25,000 25,000 4.33% September 2010 senior notes due fiscal 2020 50,000 50,000 4.51% September 2010 senior notes due fiscal 2021 100,000 100,000 4.56% September 2010 senior notes due fiscal 2021 65,000 65,000 4.61% September 2010 senior notes due fiscal 2023 48,000 48,000 4.06% August 2011 senior notes due fiscal 2019 50,000 50,000 4.54% August 2011 senior notes due fiscal 2022 65,000 65,000 4.64% August 2011 senior notes due fiscal 2022 50,000 50,000 4.26% September 2013 senior notes due fiscal 2021 123,000 123,000 5.01% September 2013 senior notes due fiscal 2024 250,000 250,000 5.16% September 2013 senior notes due fiscal 2026 127,000 127,000 NOK denominated notes due fiscal 2025 14,864 17,500 NOK denominated notes due fiscal 2026 26,167 30,207 USD denominated notes due fiscal 2027 24,573 27,030 USD denominated notes due fiscal 2028 27,421 30,033 Bank term loan due fiscal 2020 300,000 300,000 Revolving line of credit due fiscal 2020 600,000 600,000 $ 2,040,525 2,052,270 Less: Deferred debt issue costs 6,401 6,754 Total debt $ 2,034,124 2,045,516 |
Troms Offshore Supply AS | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of U.S. dollar denominated Troms Offshore borrowings outstanding at March 31, is as follows: (In thousands) March 31, 2017 March 31, 2016 May 2015 notes (A) Amount outstanding $ 27,421 30,033 Fair value of debt outstanding (Level 2) 27,395 30,062 March 2015 notes (A) Amount outstanding $ 24,573 27,030 Fair value of debt outstanding (Level 2) 24,544 27,027 |
Summary of Debt Outstanding | A summary of Norwegian Kroner (NOK) denominated Troms Offshore borrowings outstanding at March 31, and their U.S. dollar equivalents is as follows: (In thousands) March 31, 2017 March 31, 2016 4.31% January 2014 notes (A): NOK denominated 225,000 250,000 U.S. dollar equivalent $ 26,167 30,207 Fair value in U.S. dollar equivalent (Level 2) 26,133 30,199 5.88% May 2012 notes (A): NOK denominated 127,800 144,840 U.S. dollar equivalent $ 14,864 17,500 Fair value in U.S. dollar equivalent (Level 2) 14,793 17,479 (A) Note requires semi-annual principal payments. |
Debt Costs | Interest and debt costs incurred, net of interest capitalized, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Interest and debt costs incurred, net of interest capitalized $ 75,026 53,752 50,029 Interest costs capitalized 4,829 10,451 13,673 Total interest and debt costs $ 79,855 64,203 63,702 |
September 2013 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of these outstanding notes at March 31, is as follows: (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 500,000 500,000 Weighted average remaining life in years 6.4 7.4 Weighted average coupon rate on notes outstanding 4.86 % 4.86 % Fair value of debt outstanding 280,000 342,746 |
August 2011 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of these outstanding notes at March 31, is as follows (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 165,000 165,000 Weighted average remaining life in years 3.6 4.6 Weighted average coupon rate on notes outstanding 4.42 % 4.42 % Fair value of debt outstanding 92,400 127,148 |
September 2010 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of the aggregate amount of these outstanding notes at March 31, is as follows: (In thousands, except weighted average data) 2017 2016 Aggregate debt outstanding $ 382,500 382,500 Weighted average remaining life in years 3.1 4.1 Weighted average coupon rate on notes outstanding 4.35 % 4.35 % Fair value of debt outstanding 214,200 302,832 |
EMPLOYEE RETIREMENT PLANS (Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses | The following table summarizes the carrying value of the trust assets, including unrealized gains or losses at March 31: (In thousands) 2017 2016 Investments held in Rabbi Trust $ 8,759 8,811 Unrealized (loss) gains in carrying value of trust assets (95 ) (208 ) Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of (223 ) (168 ) Obligations under the supplemental plan 29,108 25,072 |
Minimum and Maximum Rate of Return Plan Assets | The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: Minimum Expected Rate of Return on Plan Assets Maximum Expected Rate of Return on Plan Assets Equity securities 5% 7% Debt securities 1% 3% Cash and cash equivalents 0% 1% |
Schedule of Minimum and Maximum Market Value of Plan Assets | The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: Minimum Market Value Objective for Plan Assets Maximum Market Value Objective for Plan Assets Equity securities 55% 75% Debt securities 25% 45% Percentage of debt securities allowed in below investment grade bonds 0% 20% Cash and cash equivalents 0% 10% |
Schedule of Asset Allocations | The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Target Actual as of 2017 Actual as of 2016 U.S. Pension plan: Equity securities — — — Debt securities 100 % 98 % 95 % Cash and other — 2 % 5 % Total 100 % 0 % 100 % Supplemental plan: Equity securities 65 % 59 % 58 % Debt securities 35 % 37 % 39 % Cash and other — 4 % 3 % Total 100 % 100 % 100 % |
Fair Value Hierarchy of Plan Assets | The fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2017, are as follows: (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,770 3,770 — — — Collateralized mortgage securities 2,537 — 2,537 — — Corporate debt securities 47,871 — 47,871 — — Foreign debt securities — — — — — Cash and cash equivalents 989 345 644 — — Other 1,298 100 1,198 — — Total $ 56,465 4,215 52,250 — — Accrued income 681 681 — — — Total fair value of plan assets $ 57,146 4,896 52,250 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,561 3,561 — — — Foreign stock 132 132 — — — American depository receipts 1,387 1,387 — — — Preferred American depository receipts 20 20 — — — Real estate investment trusts 76 76 — — — Debt securities: Government debt securities 1,613 832 781 — — Open ended mutual funds 1,648 — — — 1,648 Cash and cash equivalents 323 15 236 — 72 Total $ 8,760 6,023 1,017 — 1,720 Other pending transactions — — — — — Total fair value of plan assets $ 8,760 6,023 1,017 — 1,720 The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2016: (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,104 3,104 — — — Collateralized mortgage securities 47 — 47 — — Corporate debt securities 48,378 — 48,378 — — Foreign debt securities 1,499 — 1,499 — — Cash and cash equivalents 2,247 346 1,901 — — Other 1,077 64 1,013 — — Total $ 56,352 3,514 52,838 — — Accrued income 822 822 — — — Total fair value of plan assets $ 57,174 4,336 52,838 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,290 3,290 — — — Foreign stock 159 159 — — — American depository receipts 1,311 1,311 — — — Preferred American depository receipts 13 13 — — — Real estate investment trusts 61 61 — — — Debt securities: Government debt securities 1,711 972 739 — — Open ended mutual funds 1,663 — — — 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 |
Change in Plan Assets and Obligations | Changes in plan assets and obligations during the years ended March 31, 2017 and 2016 and the funded status of the U.S. defined benefit pension plan, Norway’s defined benefit pension plan, and the supplemental plan (referred to collectively as “Pension Benefits”) and the postretirement health care and life insurance plan (referred to as “Other Benefits”) at March 31, are as follows: Pension Benefits Other Benefits (In thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 95,830 98,490 5,573 23,926 Service cost 1,182 1,372 81 212 Interest cost 3,814 3,781 201 584 Participant contributions — — 411 447 Acquisition — (440 ) — — Plan amendment — — — (15,961 ) Plan settlement — — — — Benefits paid (4,895 ) (4,726 ) (1,170 ) (1,043 ) Actuarial (gain) loss 2,082 (2,583 ) (285 ) (2,592 ) Foreign currency exchange rate changes (72 ) (64 ) — — Benefit obligation at end of year 97,941 95,830 4,811 5,573 Change in plan assets: Fair value of plan assets at beginning of year $ 57,174 60,854 — — Actual return 577 (6 ) — — Expected return 51 43 — — Actuarial loss (148 ) (134 ) — — Administrative expenses (27 ) (36 ) — — Acquisition — (225 ) — — Employer contributions 4,465 1,445 759 596 Participant contributions — — 411 447 Plan settlement — — — — Benefits paid (4,895 ) (4,727 ) (1,170 ) (1,043 ) Foreign currency exchange rate changes (51 ) (40 ) — — Fair value of plan assets at end of year 57,146 57,174 — — Payroll tax unrecognized in benefit obligation at end of year 83 84 — — Unfunded status at end of year $ (40,878 ) (38,740 ) (4,811 ) (5,573 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,791 ) (993 ) (418 ) (818 ) Noncurrent liabilities (39,087 ) (37,747 ) (4,393 ) (4,755 ) Net amount recognized $ (40,878 ) (38,740 ) (4,811 ) (5,573 ) |
Schedule of Projected and Accumulated Benefit Obligation | The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans: (In thousands) 2017 2016 Projected benefit obligation $ 97,941 95,830 Accumulated benefit obligation 94,467 91,388 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan): (In thousands) 2017 2016 Projected benefit obligation $ 97,941 95,830 Accumulated benefit obligation 94,467 91,388 Fair value of plan assets 57,146 57,174 |
Schedule of Net Periodic Benefit Cost | Net periodic benefit cost for the pension plans and the supplemental plan for the fiscal years ended March 31 include the following components: (In thousands) 2017 2016 2015 Service cost $ 1,182 1,371 825 Interest cost 3,814 3,781 3,873 Expected return on plan assets (2,246 ) (2,163 ) (2,741 ) Administrational expenses 28 36 — Payroll tax of net pension costs 56 66 — Amortization of prior service cost — 36 50 Amortization of net actuarial losses 32 24 — Recognized actuarial loss 1,785 2,269 988 Settlement (gain) — (245 ) — Net periodic pension cost $ 4,651 5,175 2,995 |
Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan | Net periodic benefit cost for the postretirement health care and life insurance plan for the fiscal years ended March 31 include the following components: (In thousands) 2017 2016 2015 Service cost $ 81 212 273 Interest cost 201 584 904 Amortization of prior service cost (4,346 ) (2,996 ) (2,032 ) Recognized actuarial (gain) (1,138 ) (1,040 ) (1,299 ) Net periodic postretirement benefit $ (5,202 ) (3,240 ) (2,154 ) |
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in OCI | Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the fiscal years ended March 31 include the following components: Pension Benefits Other Benefits (In thousands) 2017 2016 2017 2016 Change in benefit obligation Net (gain) loss $ 3,821 (343 ) (285 ) (2,592 ) Settlement loss — — — — Amortization of prior service (cost) credit — (36 ) 4,346 2,996 Amortization of net (loss) gain (1,785 ) (2,269 ) 1,138 1,040 Prior service (cost) arising during period — — — (15,961 ) Total recognized in other comprehensive (income) loss, before tax $ 2,036 (2,648 ) 5,199 (14,517 ) Net of tax 1,323 (1,721 ) 3,379 (9,436 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized as a component of accumulated other comprehensive income (loss) as of March 31, 2017 are as follows: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ (21,204 ) 7,318 Unrecognized prior service credit — 13,207 Pre-tax amount included in accumulated other comprehensive (loss) income $ (21,204 ) 20,525 |
Schedule of Expected Amounts Net Periodic Benefit Costs | The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ (2,295 ) 993 Unrecognized prior service credit — 2,780 |
Schedule of Assumptions | Assumptions used to determine net benefit obligations for the fiscal years ended March 31, are as follows: Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate 4.25 % 4.15 % 4.25 % 4.00 % Rates of annual increase in compensation levels 3.00 % 3.00 % N/A N/A Assumptions used to determine net periodic benefit costs for the fiscal years ended March 31, are as follows: Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.15 % 4.00 % 4.75 % 4.00 % 4.00 % 4.75 % Expected long-term rate of return on assets 4.10 % 3.70 % 5.00 % N/A N/A N/A Rates of annual increase in compensation levels 3.00 % 3.00 % 3.00 % N/A N/A N/A |
Schedule of Expected Benefit Payments | Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at March 31, 2017, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: (In thousands) Year ending March 31, Pension Benefits Other Benefits 2018 $ 6,746 418 2019 6,931 415 2020 8,504 429 2021 7,358 411 2022 7,318 404 2023 – 2027 37,620 1,765 Total 10-year estimated future benefit payments $ 74,477 3,842 |
Assumed Health Care Cost Trends Rates | The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at March 31, 2017 for pre-65 medical and prescription drug coverage, including expected future trend rates. Pre-65 Year ending March 31, 2017: Accumulated postretirement benefit obligation 7.60 % Net periodic postretirement benefit obligation 7.75 % Ultimate health care cost trend 4.54 % Ultimate year health care cost trend rate is achieved 2038 Year ending March 31, 2018: Net periodic postretirement benefit obligation 7.60 % |
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation | A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of March 31: (In thousands) 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ 215,686 (195,172 ) Aggregate service and interest cost 15,486 (13,842 ) |
Number of Shares of Tidewater Common Stock Held | The plan held the following number of shares of Tidewater common stock as of March 31: 2017 2016 Number of shares of Tidewater common stock held by 401(k) plan 291,957 351,675 |
Plan 401 k | |
Amounts Charged to Expense Related to Contribution Plans | The amounts charged to expense related to the above defined contribution plans, for the fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Defined contribution plans expense, net of forfeitures $ 2,660 3,443 4,216 Defined contribution plans forfeitures 149 202 52 |
Multinational Retirement Plan | |
Amounts Charged to Expense Related to Contribution Plans | The amounts charged to expense related to the multinational retirement plan and multinational savings plan contributions, for the fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Multinational plan expense $ 260 596 494 |
OTHER ASSETS, ACCRUED EXPENSE36
OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Abstract] | |
Schedule of Other Current Assets | A summary of other current assets at March 31, is as follows: (In thousands) 2017 2016 Deposits on vessel construction options $ 50 30,285 Deposits - general 6,945 8,076 Prepaid expenses 11,414 6,394 $ 18,409 44,755 |
Schedule Of Other Assets | A summary of other assets at March 31, is as follows: (In thousands) 2017 2016 Recoverable insurance losses $ 10,142 9,412 Deferred income tax assets 39,134 33,505 Savings plans and supplemental plan 14,835 14,472 Accumulated costs of rejected vessel (A) 48,382 — Restricted cash and long-term deposits 15,162 — Other 11,880 14,297 $ 139,535 71,686 (A) Refer to Note (12) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. |
Schedule of Accrued Expenses | A summary of accrued expenses at March 31, is as follows: (In thousands) 2017 2016 Payroll and related payables $ 10,465 12,864 Commissions payable (B) 2,143 7,193 Accrued vessel expenses 41,580 45,838 Accrued interest expense 15,021 15,120 Other accrued expenses 8,912 10,596 $ 78,121 91,611 (A) Excludes $34.7 million and $31.6 million of commissions due to Sonatide at March 31, 2017 and 2016, respectively. These amounts are included in amounts due to affiliates. |
Schedule of Other Current Liabilities | A summary of other current liabilities at March 31, is as follows: (In thousands) 2017 2016 Taxes payable $ 23,497 45,854 Deferred gain on vessel sales - current 23,798 23,798 Other 1,134 5,173 $ 48,429 74,825 |
Schedule of Other Liabilities and Deferred Credits | A summary of other liabilities and deferred credits at March 31, is as follows: (In thousands) 2017 2016 Postretirement benefits liability $ 4,394 4,755 Pension liabilities 40,339 41,690 Deferred gain on vessel sales 88,923 112,721 Other 21,049 22,380 $ 154,705 181,546 |
STOCK-BASED COMPENSATION AND 37
STOCK-BASED COMPENSATION AND INCENTIVE PLANS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant | The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants at March 31, are as follows: 2017 2016 Shares of common stock reserved for issuance under the plans 1,900,769 2,257,963 Shares of common stock available for future grants 505,221 480,839 |
Fair Value and Assumptions Used for Stock Options Issued | The fair value and assumptions used for the stock options issued during the years ended March 31, are as follows: 2016 2015 Weighted average fair value of stock options granted $ 3.34 5.54 Risk-free interest rate 1.62 % 1.82 % Expected dividend yield 0.0 % 2.4 % Expected stock price volatility 45 % 30 % Expected stock option life 6.5 years 6.5 years |
Schedule of Stock Option Activity | The following table sets forth a summary of stock option activity of the company for fiscal years 2017, 2016 and 2015: Weighted-average Exercise Price Number of Shares Outstanding at March 31, 2014 $ 47.51 1,370,056 Granted 22.80 428,326 Exercised 35.21 (29,118 ) Expired or cancelled/forfeited 42.97 (60,058 ) Outstanding at March 31, 2015 41.69 1,709,206 Granted 7.21 405,817 Exercised — — Expired or cancelled/forfeited 52.67 (337,899 ) Outstanding at March 31, 2016 31.73 1,777,124 Granted — — Exercised — — Expired or cancelled/forfeited 44.86 (381,576 ) Outstanding at March 31, 2017 $ 28.14 1,395,548 |
Options Outstanding, Exercise-Price Ranges | Information regarding the 1,395,548 options outstanding at March 31, 2017 can be grouped into three general exercise-price ranges as follows: Exercise Price Range At March 31, 2017 $7.21 - $22.80 $33.83 - $45.75 $56.56 - $65.69 Options outstanding 794,779 437,417 163,352 Weighted average exercise price of options outstanding $ 15.04 $ 40.92 $ 57.65 Weighted average remaining contractual life of options outstanding 8.5 years 2.6 years 1.0 years Options exercisable 399,080 437,417 163,352 Weighted average exercise price of options exercisable $ 17.65 $ 40.92 $ 57.65 Weighted average remaining contractual life of options exercisable 8.3 years 2.6 years 1.0 years |
Additional Information Regarding Stock Options | Additional information regarding stock options for the years ended March 31, are as follows: (In thousands, except number of stock options and weighted average price) 2017 2016 2015 Intrinsic value of options exercised — — 475 Number of stock options vested 266,311 135,275 7,527 Fair value of stock options vested $ 1,185 749 40 Number of options exercisable 999,849 1,100,765 1,288,407 Weighted average exercise price of options exercisable $ 34.36 42.96 47.86 |
Effect on Basic and Diluted Earnings Per Share, and Stock Option Compensation Expense | Stock option compensation expense along with the reduction effect on basic and diluted earnings per share for the years ended March 31, are as follows: (In thousands, except per share data) 2017 2016 2015 Stock option compensation expense $ 745 859 71 Basic loss per share increased by 0.02 0.01 0.00 Diluted loss per share increased by 0.02 0.01 0.00 |
Summary of Restricted Stock Award Activity | The following table sets forth a summary of restricted stock award activity of the company for fiscal 2016 and 2015: Weighted-average Grant-Date Fair Value Time Based Shares Performance Based Shares Non-vested balance at March 31, 2014 $ 54.75 78,824 106,266 Granted — — — Vested 57.46 (48,574 ) — Cancelled/forfeited 47.09 (5,959 ) (37,861 ) Non-vested balance at March 31, 2015 56.94 24,291 68,405 Granted — — — Vested 55.04 (24,291 ) — Cancelled/forfeited 54.43 — (68,405 ) Non-vested balance at March 31, 2016 and March 31, 2017 $ — — — |
Summary of Phantom Stock Activity | The following table sets forth a summary of phantom stock activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Time Based Shares Performance Based Shares Non-vested balance at March 31, 2014 $ 50.94 60,882 1,291 Granted 22.80 546,058 — Vested 48.47 (33,987 ) — Cancelled/forfeited 50.70 (5,482 ) — Non-vested balance at March 31, 2015 24.07 567,471 1,291 Granted 7.21 1,246,972 — Vested 24.92 (190,052 ) — Cancelled/forfeited 23.93 (25,853 ) — Non-vested balance at March 31, 2016 10.83 1,598,538 1,291 Granted — — — Vested 12.29 (584,136 ) (1,290 ) Cancelled/forfeited 13.52 (68,252 ) (1 ) Non-vested balance at March 31, 2017 $ 9.74 946,150 — |
Summary of Cash-Based Performance Plan Unit Activity | The following table sets forth a summary of cash-based performance plan unit activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Performance Based Units Non-vested balance at March 31, 2014 $ — — Granted 1.10 4,519,703 Vested — — Cancelled/forfeited — — Non-vested balance at March 31, 2015 1.10 4,519,703 Granted 1.22 3,527,333 Vested — — Cancelled/forfeited 1.10 (133,320 ) Non-vested balance at March 31, 2016 1.16 7,913,716 Granted — — Vested — — Cancelled/forfeited 1.15 (179,991 ) Non-vested balance at March 31, 2017 $ 1.16 7,733,725 |
Summary of Deferred Stock Unit Activity | The following table sets forth a summary of deferred stock unit activity of the company for fiscal 2017, 2016 and 2015: Weighted-average Grant-Date Fair Value Number Of Units Balance at March 31, 2014 $ 48.68 146,388 Dividend equivalents reinvested 34.63 3,794 Retirement distribution 47.50 (21,492 ) Granted 19.14 56,370 Balance at March 31, 2015 39.53 185,060 Dividend equivalents reinvested 13.36 15,064 Retirement distribution 19.14 (4,874 ) Granted 6.83 168,380 Balance at March 31, 2016 23.58 363,630 Dividend equivalents reinvested — — Retirement distribution 6.83 (12,792 ) Granted — — Balance at March 31, 2017 $ 24.19 350,838 |
Schedule of Deferred Cash Award Expense | Deferred cash award expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Deferred cash award expense $ 978 — — |
Deferred Stock Unit | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Deferred stock unit compensation expense, which is reflected in general and administrative expenses, for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Deferred stock units compensation expense (benefit) $ (1,987 ) (904 ) (2,477 ) |
Restricted Stock | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Restricted stock award compensation expense and grant date fair value for the years ended March 31, is as follows: (In thousands) 2016 2015 Grant date fair value of restricted stock vested $ 1,337 2,791 Restricted stock compensation expense 472 2,855 |
Restricted Stock Units (RSUs) | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Restricted stock unit compensation expense and grant date fair value for the year ended March 31, is as follows: (In thousands) 2017 2016 2015 Grant date fair value of restricted stock units vested $ 3,754 7,572 12,080 Restricted stock unit compensation expense 2,425 10,505 17,214 |
Summary Of Restricted Stock Unit Activity | The following table sets forth a summary of restricted stock unit activity of the company for fiscal 2017, 2016, and 2015: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at March 31, 2014 $ 50.24 495,209 53.58 256,373 Granted 54.48 551 — — Vested 50.92 (237,229 ) — — Cancelled/forfeited 49.62 (7,381 ) — — Non-vested balance at March 31, 2015 49.50 251,150 53.58 256,373 Granted — — — — Vested 49.74 (152,231 ) — — Cancelled/forfeited 49.74 (9,280 ) 69.95 (99,522 ) Non-vested balance at March 31, 2016 49.17 89,639 61.75 156,851 Granted — — — — Vested 49.39 (76,006 ) — — Cancelled/forfeited 49.34 (13,450 ) 61.75 (156,851 ) Non-vested balance at March 31, 2017 $ 54.48 183 — — |
Phantom Stock Plan | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Phantom stock compensation expense and grant date fair value of phantom stock vested for the years ended March 31, are as follows: (In thousands) 2017 2016 2015 Grant date fair value of phantom stock vested $ 7,118 4,737 1,647 Phantom stock compensation expense 467 1,787 933 Phantom stock compensation costs capitalized as part of an asset — — — |
Cash-based Performance Plan | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Cash-based performance unit compensation expense and grant date fair value for the year ended March 31, is as follows: (In thousands) 2017 2016 2015 Grant date fair value of cash-based performance units vested $ — — — Cash-based performance unit compensation expense 761 1,141 72 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Number of Authorized and Issued Common Stock and Preferred Stock | The number of authorized and issued common stock and preferred stock at March 31, are as follows: 2017 2016 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.10 $ 0.10 Common stock shares issued 47,121,304 47,067,715 Preferred stock shares authorized 3,000,000 3,000,000 Preferred stock par value No par No par Preferred stock shares issued — — |
Schedule of Common Stock Repurchased and Average Price Paid Per Share | The value of common stock repurchased, along with number of shares repurchased, and average price paid per share for the years ended March 31, are as follows: (In thousands, except share and per share data) 2017 2016 2015 Aggregate cost of common stock repurchased $ — — 99,999 Shares of common stock repurchased — — 2,841,976 Average price paid per common share $ — — 35.19 |
Schedule of Dividends Declared | The declaration of dividends is at the discretion of the company’s Board of Directors, and will depend on the company’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board of Directors. The Board of Directors declared the following dividends for the years ended March 31, are as follows: (In thousands, except per share data) 2017 2016 2015 Dividends declared $ — 34,965 49,127 Dividend per share — 0.75 1.00 |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | The changes in accumulated other comprehensive income by component, net of tax for the years ended March 31, are as follows: For the year ended March 31, 2016 For the year ended March 31, 2017 (in thousands) Balance at 3/31/15 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 3/31/16 Balance at 3/31/16 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 3/31/17 Available for sale securities 235 (573 ) 130 (443 ) (208 ) (208 ) (265 ) 378 113 (95 ) Currency translation adjustment (9,811 ) — — — (9,811 ) (9,811 ) — — — (9,811 ) Pension/Post- retirement benefits (9,129 ) 13,812 — 13,812 4,683 4,683 (5,121 ) — (5,121 ) (438 ) Interest rate swap (1,673 ) — 143 143 (1,530 ) (1,530 ) — 1,530 1,530 — Total (20,378 ) 13,239 273 13,512 (6,866 ) (6,866 ) (5,386 ) 1,908 (3,478 ) (10,344 ) |
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Income | The following table summarizes the reclassifications from accumulated other comprehensive loss to the condensed consolidated statement of income for the years ended March 31, Year Ended March 31, Affected line item in the condensed (In thousands) 2017 2016 consolidated statements of income Realized gains on available for sale securities $ 582 200 Interest income and other, net Interest rate swap 2,353 220 Interest and other debt costs Total pre-tax amounts 2,935 420 Tax effect 1,027 147 Total gains for the period, net of tax $ 1,908 273 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share for the years ended March 31, are as follows: (In thousands, except share and per share data) 2017 2016 2015 Net loss available to common shareholders $ (660,118 ) (160,183 ) (65,190 ) Weighted average outstanding shares of common stock, basic 47,071,066 46,981,102 48,658,840 Dilutive effect of options and restricted stock awards — — — Weighted average common stock and equivalents 47,071,066 46,981,102 48,658,840 Loss per share, basic (A) $ (14.02 ) (3.41 ) (1.34 ) Loss per share, diluted (B) $ (14.02 ) (3.41 ) (1.34 ) Additional information: Antidilutive options and restricted stock shares 1,233 489,325 284,635 (A) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (B) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. |
SALE_LEASEBACK ARRANGEMENTS (Ta
SALE/LEASEBACK ARRANGEMENTS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Details of Number of Vessels, Total Proceeds, Carrying Values at the Time of Sale, Deferred Gains Recognized, Lease Expirations, and Contractual Purchase Option | The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2015: Fiscal 2015 Quarter Number of Vessels Total Proceeds Carrying Value at time of Sale Deferred Gain at time of Sale Lease Term in Years Purchase Option Percentage Purchase Option at at end of: First 1 $ 13,400 $ 4,002 $ 9,398 7 61% 6 th Second 1 19,350 8,214 11,136 8.5 47% 8 th Third 3 78,200 33,233 44,967 8 – 9 60% 7 th th Fourth 1 13,000 5,115 7,885 7 50% 6 th 6 $ 123,950 $ 50,564 $ 73,386 The following table provides the number of vessels, total proceeds, carrying values at the time of sale, deferred gains recognized, lease expirations, and contractual purchase option timing for the vessels sold and leased back by the company during fiscal 2014: Fiscal 2014 Quarter Number of Vessels Total Proceeds Carrying Value at time of Sale Deferred Gain at time of Sale Lease Term in Years Purchase Option Percentage Purchase Option at at end of: Second 2 $ 65,550 $ 34,325 $ 31,225 7 55% 6 th Third 4 141,900 105,649 36,251 7 – 9 54 - 68% 6 th th Fourth 4 63,305 32,845 30,460 7 – 10 53 - 59% 6 th th 10 $ 270,755 $ 172,819 $ 97,936 |
Schedule of Future Minimum Lease Payments | As of March 31, 2017, the future minimum lease payments for the vessels under the operating lease terms are as follows: Fiscal year ending (In thousands) Fiscal 2015 Sale/Leaseback Fiscal 2014 Sale/Leaseback Total 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 2022 10,283 7,932 18,215 Thereafter 8,990 12,131 21,121 Total future lease payments $ 62,202 113,847 176,049 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017: (In thousands, except vessel count) Number of Vessels Total Cost Invested Through 3/31/17 Remaining Balance 3/31/17 Vessels under construction (A): Deepwater PSVs (B) 2 $ 110,022 77,054 32,968 Total vessel commitments 2 $ 110,022 77,054 32,968 (A) The two remaining option vessels, a vessel rejected at the time of delivery, and a fast supply boat are not included in the table above. (B) In April 2017, the company entered into a novation agreement and assigned the construction contract related to one of the vessels under construction to a third party for net consideration of $5.3 million thus relieving the company of future payments of $27.2 million. |
FAIR VALUE MEASUREMENTS AND D42
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Other Financial Instruments Measured | The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2017: (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 664,412 664,412 — — Total fair value of assets $ 664,412 664,412 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2016: (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 643,770 643,770 — — Total fair value of assets $ 643,770 643,770 — — |
GAIN ON DISPOSITION OF ASSETS43
GAIN ON DISPOSITION OF ASSETS, NET (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Gain Loss On Disposition Of Assets [Abstract] | |
Schedule of Gain on Disposition of Assets | The number of vessels disposed along with the gain on the dispositions for the years ended March 31, are as follows: (In thousands, except number of vessels disposed) 2017 2016 2015 Gain (loss) on vessels disposed $ (102 ) 3,252 2,988 Number of vessels disposed 12 17 13 |
SEGMENT AND GEOGRAPHIC DISTRI44
SEGMENT AND GEOGRAPHIC DISTRIBUTION OF OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information, Geographical Data and Major Customers | The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment for the years ended March 31. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. (In thousands) 2017 2016 2015 Revenues: Vessel revenues: Americas $ 239,843 342,995 505,699 Asia/Pacific 25,568 89,045 150,820 Middle East 89,050 111,356 134,279 Africa/Europe 229,355 412,004 677,560 583,816 955,400 1,468,358 Other operating revenues 17,795 23,662 27,159 $ 601,611 979,062 1,495,517 Vessel operating profit (loss): Americas $ 18,873 52,966 122,988 Asia/Pacific (20,614 ) (1,687 ) 11,541 Middle East (4,696 ) 7,325 15,590 Africa/Europe (51,395 ) 15,534 143,837 (57,832 ) 74,138 293,956 Other operating loss (1,548 ) (4,564 ) (8,022 ) (59,380 ) 69,574 285,934 Corporate general and administrative expenses (A) (55,389 ) (34,078 ) (40,621 ) Corporate depreciation (2,456 ) (6,160 ) (4,014 ) Corporate expenses (57,845 ) (40,238 ) (44,635 ) Gain (loss) on asset dispositions, net 24,099 26,037 23,796 Asset impairment (484,727 ) (117,311 ) (14,525 ) Goodwill impairment — — (283,699 ) Restructuring charge — (7,586 ) (4,052 ) Operating loss (577,853 ) (69,524 ) (37,181 ) Foreign exchange gain (loss) (1,638 ) (5,403 ) 8,678 Equity in net earnings (losses) of unconsolidated companies 5,710 (13,581 ) 10,179 Interest income and other, net 5,193 2,703 1,927 Interest and other debt costs (75,026 ) (53,752 ) (50,029 ) Loss before income taxes $ (643,614 ) (139,557 ) (66,426 ) Depreciation and amortization: Americas $ 48,814 48,474 47,682 Asia/Pacific 21,095 22,386 18,383 Middle East 19,754 19,218 18,881 Africa/Europe 70,742 80,350 82,271 160,405 170,428 167,217 Other 4,430 5,721 3,973 Corporate 2,456 6,160 4,014 $ 167,291 182,309 175,204 Additions to properties and equipment: Americas $ 93 51,303 94,137 Asia/Pacific — 1,917 91,497 Middle East 1,612 1,732 962 Africa/Europe 743 1,861 36,985 2,448 56,813 223,581 Other — 10 18,571 Corporate 28,099 137,662 124,411 $ 30,547 194,485 366,563 Total assets (B): Americas $ 779,778 1,101,699 1,016,133 Asia/Pacific 321,967 514,948 506,265 Middle East 261,418 405,420 471,856 Africa/Europe 1,897,355 1,999,543 2,258,102 3,260,518 4,021,610 4,252,356 Other 21,580 42,191 49,554 3,282,098 4,063,801 4,301,910 Investments in and advances to unconsolidated companies 45,115 37,502 65,844 3,327,213 4,101,303 4,367,754 Corporate (C) 863,486 882,490 381,012 $ 4,190,699 4,983,793 4,748,766 (A) Corporate general and administrative expenses in fiscal 2017 include $29 million associated with our efforts to renegotiate the terms of various debt arrangements and related consulting services. (B) Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. |
SEGMENT INFORMATION, GEOGRAPHIC
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, Revenue by Vessel Class | The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue for the years ended March 31,: Revenue by vessel class: (In thousands): 2017 % of Vessel Revenue 2016 % of Vessel Revenue 2015 % of Vessel Revenue Americas fleet: Deepwater $ 171,334 29 % 235,522 25 % 353,232 24 % Towing-supply 56,561 10 % 92,768 9 % 125,029 9 % Other 11,948 2 % 14,705 2 % 27,438 2 % Total $ 239,843 41 % 342,995 36 % 505,699 35 % Asia/Pacific fleet: Deepwater $ 7,252 1 % 60,853 6 % 94,538 6 % Towing-supply 18,316 3 % 28,192 3 % 53,281 4 % Other — — — — 3,001 <1 % Total $ 25,568 4 % 89,045 9 % 150,820 10 % Middle East fleet: Deepwater $ 28,274 5 % 23,596 2 % 28,637 2 % Towing-supply 60,776 10 % 87,760 10 % 105,642 7 % Other — — — — — — Total $ 89,050 15 % 111,356 12 % 134,279 9 % Africa/Europe fleet: Deepwater $ 102,374 18 % 205,587 22 % 382,957 26 % Towing-supply 102,732 18 % 153,818 16 % 219,914 15 % Other 24,249 4 % 52,599 5 % 74,689 5 % Total $ 229,355 40 % 412,004 43 % 677,560 46 % Worldwide fleet: Deepwater $ 309,234 53 % 525,558 55 % 859,364 58 % Towing-supply 238,385 41 % 362,538 38 % 503,866 35 % Other 36,197 6 % 67,304 7 % 105,128 7 % Total $ 583,816 100 % 955,400 100 % 1,468,358 100 % |
Entity Wide Major Customer Amount | The following table discloses our customers that accounted for 10% or more of total revenues during the years ended March 31: 2017 2016 2015 Chevron Corporation 16.3 % 14.6 % 12.7 % Freeport McMoRan (A) 11.3 % 3.5 % 1.6 % Saudi Aramco 10.0 % 7.6 % 5.4 % Petroleo Brasileiro SA 8.2 % 11.0 % 11.8 % BP plc 5.8 % 7.1 % 10.1 % |
RESTRUCTURING CHARGE (Tables)
RESTRUCTURING CHARGE (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges Incurred by Segment and Cost Type | Restructuring charges incurred by segment and cost type for the fiscal years ended March 31, are as follows: (In thousands) 2017 2016 2015 Americas: Crew costs $ — 3,410 — Other vessel costs — 203 — Asia/Pacific: — Crew costs — 3,973 3,697 Corporate: General and administrative expenses — — 355 Total restructuring charges $ — 7,586 4,052 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected financial information for interim periods for the years ended March 31, is as follows: Quarter (In thousands except per share data) First Second Third Fourth Fiscal 2017 Revenues (A) $ 167,925 143,722 129,215 160,749 Operating income (loss) (B) (66,135 ) (155,344 ) (287,034 ) (69,340 ) Net loss attributable to Tidewater Inc. (89,097 ) (178,490 ) (297,676 ) (94,855 ) Basic loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Diluted loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Fiscal 2016 Revenues $ 304,774 271,923 218,191 184,174 Operating income (loss) (B) 14,089 (17,644 ) (9,400 ) (56,569 ) Net loss attributable to Tidewater Inc. (15,052 ) (43,835 ) (19,509 ) (81,787 ) Basic loss per share attributable to Tidewater Inc. $ (.32 ) (.93 ) (.42 ) (1.74 ) Diluted loss per share attributable to Tidewater Inc. $ (.32 ) (.93 ) (.42 ) (1.74 ) (A) Included in revenues for the fourth quarter is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. (B) Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, by quarter for fiscal 2017 and 2016, are as follows: (In thousands) First Second Third Fourth Fiscal 2017: Asset impairment $ 36,886 129,562 253,422 64,857 Fiscal 2016: Asset impairment $ 14,958 31,672 15,141 55,540 |
ASSET IMPAIRMENTS (Tables)
ASSET IMPAIRMENTS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Summary of Vessels and ROVs Impaired, Amount of Impairment Incurred and Combined Fair Value of Assets after Impairment Charges | The table below summarizes the number of vessels and ROVs impaired, the amount of impairment incurred and the combined fair value of the assets after having recorded the impairment charges during the fiscal years ended March 31, 2017, 2016 and 2015 along with the amount of impairment. (In thousands) 2017 2016 2015 Number of vessels impaired during the period 132 58 12 Number of ROVs impaired during the period 8 — — Amount of impairment incurred $ 484,727 117,311 14,525 Combined fair value of assets incurring impairment after having recorded impairment charges 933,068 422,655 28,509 |
Nature of Operations and Summ49
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Extended useful life, months | 30 months | |||
Inspection interval | The majority of the company’s vessels require certification inspections twice in every five year period | |||
Goodwill impairment | $ 283,700 | $ 283,699 | ||
Stacked Vessels | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment average age | 11 years 6 months | 12 years 6 months | ||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Highly liquid investments, maturities | 3 months | |||
Maximum | Marine Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage of salvage values | 10.00% | |||
Maximum | Marine Equipment | From Date of Construction | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives, years | 25 years | |||
Maximum | Other Property Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives, years | 30 years | |||
Minimum | Marine Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage of salvage values | 5.00% | |||
Minimum | Marine Equipment | From Date of Construction | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives, years | 15 years | |||
Minimum | Marine Equipment | Regardless of Date Constructed | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives, years | 6 years | |||
Minimum | Other Property Plant and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives, years | 3 years |
Summaries of Net Properties and
Summaries of Net Properties and Equipment (Detail) $ in Thousands | Mar. 31, 2017USD ($)Vessel | Mar. 31, 2016USD ($)Vessel | |
Property, Plant and Equipment [Line Items] | |||
Vessels and related equipment | $ 3,407,760 | $ 4,666,749 | |
Other properties and equipment | 69,670 | 92,065 | |
Properties and equipment, gross | 3,477,430 | 4,758,814 | |
Less accumulated depreciation and amortization | 612,668 | 1,207,523 | |
Net properties and equipment | $ 2,864,762 | $ 3,551,291 | |
Number Of Vessels | Vessel | 244 | 253 | |
Owned Vessels in Active Service | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 1,990,049 | $ 2,510,418 | |
Number Of Vessels | Vessel | 143 | 180 | |
Stacked Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 793,606 | $ 794,126 | |
Number Of Vessels | Vessel | 101 | 73 | |
Marine Equipment and Other Assets Under Construction | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 53,611 | $ 185,380 | |
Other Property Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | [1] | $ 27,496 | $ 61,367 |
[1] | Other property and equipment includes eight remotely operated vehicles. |
Summaries of Net Properties a51
Summaries of Net Properties and Equipment (Parenthetical) (Detail) | Mar. 31, 2017Vehicle |
Other Property Plant and Equipment | |
Property, Plant and Equipment [Line Items] | |
Number of remotely operated vehicles | 8 |
Schedule of Accrued Property an
Schedule of Accrued Property and Liability Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Accrued property and liability losses | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued property and liability losses | $ 13,792 | $ 12,799 |
Reorganization and Chapter 1153
Reorganization and Chapter 11 Proceedings - Additional Information (Detail) | May 17, 2017USD ($) | Jun. 21, 2013 | Jul. 31, 2017USD ($) | Mar. 31, 2006USD ($) | Mar. 31, 2017USD ($)Tranche | Mar. 31, 2006USD ($) | May 11, 2017USD ($) | Jun. 30, 2016 | Mar. 31, 2016USD ($) | May 31, 2015USD ($) |
Reorganizations [Line Items] | ||||||||||
Borrowing during the period | $ 600,000,000 | |||||||||
Debt outstanding | $ 2,040,525,000 | $ 2,052,270,000 | ||||||||
Deferred debt issuance costs | 6,401,000 | 6,754,000 | ||||||||
Current portion of long-term debt | $ 2,034,124,000 | 2,045,516,000 | ||||||||
Withdrawal from Credit Facility | $ 600,000,000 | |||||||||
Percentage of outstanding principal amount | 99.00% | |||||||||
Petition date | May 17, 2017 | |||||||||
Purchase warrant exercise period | 6 years | |||||||||
Combined vessel operating lease expense and interest and debt costs net | $ 108,800,000 | |||||||||
Scenario Forecast | ||||||||||
Reorganizations [Line Items] | ||||||||||
Claims paid in cash | $ 225,000,000 | |||||||||
Percentage of pro forma common equity | 95.00% | |||||||||
Bankruptcy claims, percentage of proforma common equity issued to existing stockholders | 500.00% | |||||||||
Class of warrant or rights exercisable for number of shares, percentage | 750.00% | |||||||||
Expected elimination in principal amount of outstanding debt | $ 1,600,000,000 | |||||||||
Annual reduction of interest and operating lease expenses | 73,000,000 | |||||||||
Scenario Forecast | Series A Warrants | ||||||||||
Reorganizations [Line Items] | ||||||||||
Aggregate exercise price of warrants | 1,710,000,000 | |||||||||
Scenario Forecast | Series B Warrants | ||||||||||
Reorganizations [Line Items] | ||||||||||
Aggregate exercise price of warrants | $ 2,020,000,000 | |||||||||
Subsequent Event | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt outstanding | $ 2,040,000,000 | |||||||||
Percentage of outstanding principal amount | 60.00% | |||||||||
Accrued interest payable on our credit facility and notes | 23,700,000 | |||||||||
Reserve for the Sale Leaseback Claims | $ 324,000,000 | |||||||||
3.90% Senior Notes 2010-Series B Due December 30, 2017 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 3.90% | |||||||||
Debt instrument maturity date | Dec. 30, 2017 | |||||||||
3.95% Senior Notes 2010-Series C Due December 30, 2017 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 3.95% | |||||||||
Debt instrument maturity date | Dec. 30, 2017 | |||||||||
4.12% Senior Notes 2010-Series D Due December 30, 2018 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.12% | |||||||||
Debt instrument maturity date | Dec. 30, 2018 | |||||||||
4.17% Senior Notes 2010-Series E Due December 30, 2018 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.17% | |||||||||
Debt instrument maturity date | Dec. 30, 2018 | |||||||||
4.33% Senior Notes 2010-Series F Due December 30, 2019 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.33% | |||||||||
Debt instrument maturity date | Dec. 30, 2019 | |||||||||
4.51% Senior Notes 2010-Series G Due December 30, 2020 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.51% | |||||||||
Debt instrument maturity date | Dec. 30, 2020 | |||||||||
4.56% Senior Notes 2010-Series H Due December 30, 2020 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.56% | |||||||||
Debt instrument maturity date | Dec. 30, 2020 | |||||||||
4.61% Senior Notes 2010-Series I Due December 30, 2022 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.61% | |||||||||
Debt instrument maturity date | Dec. 30, 2022 | |||||||||
4.06% Senior Notes Series 2011-A Due March 31, 2019 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.06% | |||||||||
Debt instrument maturity date | Mar. 31, 2019 | |||||||||
4.64% Senior Notes Series 2011-B Due June 30, 2021 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.64% | |||||||||
Debt instrument maturity date | Jun. 30, 2021 | |||||||||
4.54% Senior Notes Series 2011-C Due June 30, 2021 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.54% | |||||||||
Debt instrument maturity date | Jun. 30, 2021 | |||||||||
4.26% Senior Notes Series 2013-A Due November 16, 2020 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 4.26% | |||||||||
Debt instrument maturity date | Nov. 16, 2020 | |||||||||
5.01% Senior Notes Series 2013-B Due November 15, 2023 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 5.01% | |||||||||
Debt instrument maturity date | Nov. 15, 2023 | |||||||||
5.16% Senior Notes Series 2013-C Due November 17, 2025 | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument interest rate | 5.16% | |||||||||
Debt instrument maturity date | Nov. 17, 2025 | |||||||||
New Secured Notes | Scenario Forecast | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument maturity date | Dec. 30, 2022 | |||||||||
Debt instrument fixed interest rate | 8.00% | |||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||
Minimum | ||||||||||
Reorganizations [Line Items] | ||||||||||
Increased current and projected liquidity | $ 200,000,000 | |||||||||
Interest coverage ratio | 300.00% | 300.00% | ||||||||
Minimum | Scenario Forecast | Non-U.S. Citizens | ||||||||||
Reorganizations [Line Items] | ||||||||||
Ownership percentage of common stock | 24.00% | |||||||||
Maximum | Scenario Forecast | Non-U.S. Citizens | ||||||||||
Reorganizations [Line Items] | ||||||||||
Ownership percentage of common stock | 25.00% | |||||||||
Prepackaged ownership percentage of common stock | 22.00% | |||||||||
Troms Offshore Supply AS | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt instrument outstanding amount | $ 92,000,000 | |||||||||
Number of tranches of unsecured debt | Tranche | 4 | |||||||||
Troms Offshore Supply AS | Subsequent Event | ||||||||||
Reorganizations [Line Items] | ||||||||||
Revolving credit facility | $ 5,068,863 | |||||||||
Troms Offshore Supply AS | Minimum | ||||||||||
Reorganizations [Line Items] | ||||||||||
Interest coverage ratio | 300.00% | |||||||||
Current Bank Loan Agreement | ||||||||||
Reorganizations [Line Items] | ||||||||||
Revolving credit facility | $ 900,000,000 | $ 900,000,000 | ||||||||
Current Bank Loan Agreement | Revolving Credit Agreement | ||||||||||
Reorganizations [Line Items] | ||||||||||
Revolving line of credit | 600,000,000 | |||||||||
Current Bank Loan Agreement | Term Loan Facility | ||||||||||
Reorganizations [Line Items] | ||||||||||
Revolving line of credit | 300,000,000 | |||||||||
September 2013 Senior Unsecured Notes | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt, principal amount | $ 500,000,000 | 500,000,000 | ||||||||
September 2013 Senior Unsecured Notes | Minimum | ||||||||||
Reorganizations [Line Items] | ||||||||||
Interest coverage ratio | 300.00% | |||||||||
August 2011 Senior Unsecured Notes | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt, principal amount | $ 165,000,000 | 165,000,000 | ||||||||
September 2010 Senior Unsecured Notes | ||||||||||
Reorganizations [Line Items] | ||||||||||
Debt, principal amount | $ 382,500,000 | $ 382,500,000 |
Investment in Unconsolidated 54
Investment in Unconsolidated Companies - Additional Information (Detail) | Mar. 31, 2017 |
Maximum | Sonatide Marine Ltd and DTDW Holdings Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in unconsolidated affiliates | 50.00% |
Investment in Unconsolidated 55
Investment in Unconsolidated Companies (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Sonatide Marine, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in unconsolidated affiliates | 49.00% | |
Investments in, at equity, and advances to unconsolidated companies | $ 45,115 | $ 37,141 |
DTDW Holdings, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in unconsolidated affiliates | 40.00% | |
Investments in, at equity, and advances to unconsolidated companies | 361 | |
Sonatide Marine Ltd and DTDW Holdings Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in, at equity, and advances to unconsolidated companies | $ 45,115 | $ 37,502 |
Schedule of Earning Before Inco
Schedule of Earning Before Income Taxes Derived from United States and Non-U.S Operation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Earnings before income taxes, Non-U.S | $ (498,931) | $ (85,346) | $ (38,282) |
Earnings before income taxes, United States | (144,683) | (54,211) | (27,985) |
Total pre-tax amounts | $ (643,614) | $ (139,557) | $ (66,267) |
Schedule of Income Tax Expense
Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Current, Federal, Income tax expense (benefit) | $ (842) | $ (13,335) | $ 4,869 |
Deferred, Federal, Income tax expense (benefit) | (2,200) | (6,796) | (72,389) |
Federal, Income tax expense (benefit) | (3,042) | (20,131) | (67,520) |
Current, State, Income tax expense (benefit) | 17 | (92) | (9) |
Deferred, State, Income tax expense (benefit) | 0 | 0 | 0 |
State, Income tax expense (benefit) | 17 | (92) | (9) |
Current, International, Income tax expense (benefit) | 9,422 | 41,042 | 66,452 |
International, Income tax expense (benefit) | 9,422 | 41,042 | 66,452 |
Current, Total, Income tax expense (benefit) | 8,597 | 27,615 | 71,312 |
Deferred, Total, Income tax expense (benefit) | (2,200) | (6,796) | (72,389) |
Income tax expense (benefit), Total | $ 6,397 | $ 20,819 | $ (1,077) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory tax rate | 35.00% | |
Valuation allowance | $ 2,327 | $ 4,705 |
Unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries estimated amount | $ 435,000 | |
Foreign tax credit carry-forwards expiry period | 2,022 | |
Income tax penalties and interest | $ 7,000 |
Schedule of Tax Rate Applicable
Schedule of Tax Rate Applicable to Pre-Tax Earning, U.S. Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax expense | $ (225,265) | $ (48,845) | $ (23,193) |
Foreign income taxed at different rates | 232,904 | 90,779 | (13,570) |
FIN 48 | 3,007 | (3,259) | (1,703) |
Expenses which are not deductible for tax purposes | 5,587 | 191 | 472 |
Non-deductible goodwill | 15,811 | ||
Valuation allowance – deferred tax assets | (2,377) | (13,124) | 17,829 |
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | (3,860) | (4,319) | (2,358) |
Expenses which are not deductible for book purposes | (832) | ||
Foreign taxes | (928) | (744) | 5,688 |
State taxes | 11 | (60) | (6) |
Other, net | (2,682) | 200 | 785 |
Income tax expense (benefit), Total | $ 6,397 | $ 20,819 | $ (1,077) |
Schedule of Effective Tax Rate
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings (Detail) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate applicable to pre-tax earnings | (0.99%) | (14.94%) | 1.63% |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Accrued employee benefit plan costs | $ 18,241 | $ 19,705 |
Stock based compensation | 2,940 | 6,780 |
Net operating loss and tax credit carryforwards | 14,693 | 6,177 |
Other | 5,587 | 5,548 |
Gross deferred tax assets | 41,461 | 38,210 |
Less valuation allowance | (2,327) | (4,705) |
Net deferred tax assets | 39,134 | 33,505 |
Basis difference in partnership | (17,322) | (8,375) |
Depreciation and amortization | (27,355) | (25,130) |
Gross deferred tax liabilities | (44,677) | $ (33,505) |
Net deferred tax assets (liabilities) | $ (5,543) |
Schedule of Deferred Tax Not Re
Schedule of Deferred Tax Not Recognized (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Foreign income not recognized for U.S. deferred taxes | $ 1,805,626 |
Schedule of Tax Credit Carry-Fo
Schedule of Tax Credit Carry-Forwards (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Foreign tax credit carry-forwards | $ 2,327 |
Schedule of Uncertain Tax Posit
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Tax liabilities for uncertain tax positions | $ 11,751 | $ 13,046 |
Income tax payable | $ 13,936 | $ 32,321 |
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 | 12 Months Ended |
Mar. 31, 2017USD ($) | |
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 | $ 48 |
Schedule of Reconciliation of U
Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at April 1, | $ 17,648 | $ 19,698 | $ 20,066 |
Additions based on tax positions related to the current year | 4,853 | 1,223 | 1,342 |
Settlement and lapse of statute of limitations | (1,108) | (3,273) | (1,710) |
Balance at March 31, | $ 21,393 | $ 17,648 | $ 19,698 |
Schedule of Tax Benefit from St
Schedule of Tax Benefit from Stock Benefit Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Excess tax benefits on stock benefit transactions | $ (934) | $ (1,605) | $ (1,784) |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Covenant compliance description | The company failed to meet certain covenants contained in the Bank Loan Agreement, the Troms Offshore Debt agreement, and the September 2013 Senior Notes, which resulted in covenant noncompliance that would have allowed the respective lenders and/or the noteholders to declare us to be in default under each of the Funded Debt Agreements, and accelerate the indebtedness thereunder. |
Indebtedness - Bank Loan Agreem
Indebtedness - Bank Loan Agreement - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2015 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Minimum | ||||
Debt [Line Items] | ||||
Commitment fees on the unused portion of credit facility | 0.15% | |||
Interest coverage ratio | 300.00% | 300.00% | ||
Minimum | Eurodollar Rates | ||||
Debt [Line Items] | ||||
Revolving credit rate | 1.25% | |||
Maximum | ||||
Debt [Line Items] | ||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% | |||
Commitment fees on the unused portion of credit facility | 0.30% | |||
Maximum | Eurodollar Rates | ||||
Debt [Line Items] | ||||
Revolving credit rate | 2.00% | |||
Current Bank Loan Agreement | ||||
Debt [Line Items] | ||||
Bank loan agreement expiration date | 2019-06 | |||
Revolving credit facility | $ 900,000,000 | $ 900,000,000 | ||
Credit facility term | 5 years | |||
Revolving line of credit | $ 600,000,000 | |||
Term loan | $ 300,000,000 | |||
Prime or Federal Funds | Minimum | ||||
Debt [Line Items] | ||||
Revolving credit rate | 0.25% | |||
Prime or Federal Funds | Maximum | ||||
Debt [Line Items] | ||||
Revolving credit rate | 1.00% | |||
Term Loan Facility | ||||
Debt [Line Items] | ||||
Outstanding borrowing | $ 300,000,000 | $ 300,000,000 | ||
Estimated fair market value of the borrowing | 168,000,000 | |||
Revolving Credit Agreement | ||||
Debt [Line Items] | ||||
Outstanding borrowing | 600,000,000 | $ 600,000,000 | ||
Estimated fair market value of the borrowing | $ 336,000,000 |
Indebtedness - Senior Debt Note
Indebtedness - Senior Debt Notes - Additional Information (Detail) $ in Thousands, NOK in Millions | Nov. 15, 2013USD ($) | Sep. 30, 2013USD ($) | Aug. 15, 2011USD ($) | May 27, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 31, 2014USD ($) | May 31, 2012NOK | Mar. 31, 2017USD ($)Trom | Mar. 31, 2017USD ($)Trom | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2011USD ($) | Mar. 31, 2017NOKTrom | Jun. 30, 2016 | Jan. 31, 2014NOK |
Debt [Line Items] | |||||||||||||||
After-tax loss relating to interest rate hedges | $ 1,530 | $ 143 | $ 717 | ||||||||||||
Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument outstanding amount | $ 92,000 | $ 92,000 | |||||||||||||
Number of Troms Offshore Debt tranches | Trom | 4 | 4 | 4 | ||||||||||||
Notes Due April 2027 | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, month and year | 2027-04 | ||||||||||||||
Debt instruments face amount | $ 31,300 | ||||||||||||||
Semi-annual principal payments | $ 1,300 | ||||||||||||||
Debt instrument bearing floating interest rate | 2.92% | ||||||||||||||
Indebtedness rate | 1.50% | ||||||||||||||
Total capitalization rate | 4.42% | ||||||||||||||
Debt instrument outstanding amount | $ 27,400 | $ 27,400 | |||||||||||||
Notes Due January 2027 | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, month and year | 2027-01 | ||||||||||||||
Debt instruments face amount | $ 29,500 | $ 29,500 | |||||||||||||
Semi-annual principal payments | $ 1,200 | ||||||||||||||
Debt instrument bearing floating interest rate | 2.91% | 2.91% | |||||||||||||
Indebtedness rate | 1.50% | ||||||||||||||
Total capitalization rate | 4.41% | 4.41% | |||||||||||||
Debt instrument outstanding amount | 24,600 | 24,600 | |||||||||||||
Notes Due January 2026 | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, month and year | 2026-01 | ||||||||||||||
Debt instruments face amount | NOK | NOK 300 | ||||||||||||||
Semi-annual principal payments | $ 12,500 | ||||||||||||||
Indebtedness rate | 2.00% | ||||||||||||||
Total capitalization rate | 4.31% | ||||||||||||||
Debt instrument outstanding amount | 26,200 | 26,200 | NOK 225 | ||||||||||||
Notes Due May 2024 | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, month and year | 2024-05 | ||||||||||||||
Debt instruments face amount | NOK | NOK 204.4 | ||||||||||||||
Semi-annual principal payments | NOK | NOK 8.5 | ||||||||||||||
Indebtedness rate | 2.00% | ||||||||||||||
Total capitalization rate | 5.88% | ||||||||||||||
Debt instrument outstanding amount | $ 14,900 | $ 14,900 | NOK 127.8 | ||||||||||||
Debt instrument fixed interest rate | 3.88% | ||||||||||||||
Minimum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Interest coverage ratio | 300.00% | 300.00% | 300.00% | 300.00% | |||||||||||
Minimum | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Interest coverage ratio | 300.00% | 300.00% | 300.00% | ||||||||||||
Minimum | Notes Due January 2026 | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument bearing floating interest rate | 2.31% | ||||||||||||||
Maximum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% | ||||||||||||||
Maximum | Troms Offshore Supply AS | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% | ||||||||||||||
September 2013 Senior Unsecured Notes | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Senior note issuable amount under purchase agreement | $ 500,000 | ||||||||||||||
Sale of debt outstanding | $ 200,000 | $ 300,000 | $ 500,000 | ||||||||||||
September 2013 Senior Unsecured Notes | Minimum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 7 years | ||||||||||||||
Interest coverage ratio | 300.00% | 300.00% | 300.00% | ||||||||||||
September 2013 Senior Unsecured Notes | Maximum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 12 years | ||||||||||||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% | ||||||||||||||
August 2011 Senior Unsecured Notes | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Sale of debt outstanding | $ 165,000 | ||||||||||||||
August 2011 Senior Unsecured Notes | Minimum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 8 years | ||||||||||||||
August 2011 Senior Unsecured Notes | Maximum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 10 years | ||||||||||||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% | ||||||||||||||
September 2010 Senior Unsecured Notes | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Sale of debt outstanding | $ 425,000 | ||||||||||||||
After-tax loss relating to interest rate hedges | $ (1,300) | (1,500) | |||||||||||||
Pre-tax loss relating to interest rate hedges | (2,400) | $ (2,400) | |||||||||||||
September 2010 Senior Unsecured Notes | Interest Expense [Member] | |||||||||||||||
Debt [Line Items] | |||||||||||||||
After-tax loss relating to interest rate hedges | (1,300) | ||||||||||||||
Pre-tax loss relating to interest rate hedges | $ (2,400) | ||||||||||||||
September 2010 Senior Unsecured Notes | Minimum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 5 years | ||||||||||||||
September 2010 Senior Unsecured Notes | Maximum | |||||||||||||||
Debt [Line Items] | |||||||||||||||
Debt instrument maturity, in years | 12 years | ||||||||||||||
Consolidated debt to consolidated total capitalization, ratio | 55.00% |
Schedule of Aggregate Amount of
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Amount outstanding | $ 92,000 | ||
September 2013 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | $ 500,000 | $ 500,000 | |
Weighted average remaining life in years | 6 years 4 months 24 days | 7 years 4 months 24 days | |
Weighted average coupon rate on notes outstanding | 4.86% | 4.86% | |
Fair value of debt outstanding | $ 280,000 | $ 342,746 | |
August 2011 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | $ 165,000 | $ 165,000 | |
Weighted average remaining life in years | 3 years 7 months 6 days | 4 years 7 months 6 days | |
Weighted average coupon rate on notes outstanding | 4.42% | 4.42% | |
Fair value of debt outstanding | $ 92,400 | $ 127,148 | |
September 2010 Senior Unsecured Notes | |||
Debt [Line Items] | |||
Aggregate debt outstanding | $ 382,500 | $ 382,500 | |
Weighted average remaining life in years | 3 years 1 month 6 days | 4 years 1 month 6 days | |
Weighted average coupon rate on notes outstanding | 4.35% | 4.35% | |
Fair value of debt outstanding | $ 214,200 | $ 302,832 | |
May 2015 notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Fair value of debt outstanding | [1] | 27,395 | 30,062 |
Amount outstanding | [1] | 27,421 | 30,033 |
March 2015 notes | Troms Offshore Supply AS | |||
Debt [Line Items] | |||
Fair value of debt outstanding | [1] | 24,544 | 27,027 |
Amount outstanding | [1] | $ 24,573 | $ 27,030 |
[1] | Note requires semi-annual principal payments. |
Summary of Norwegian Kroner (NO
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) - Troms Offshore Supply AS NOK in Thousands, $ in Thousands | Mar. 31, 2017USD ($) | Mar. 31, 2017NOK | Mar. 31, 2016USD ($) | Mar. 31, 2016NOK | |
Debt [Line Items] | |||||
Amount outstanding | $ 92,000 | ||||
3.81% January 2014 notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [1] | 26,167 | NOK 225,000 | $ 30,207 | NOK 250,000 |
Fair value in U.S. dollar equivalent | [1] | 26,133 | 30,199 | ||
5.38% May 2012 notes | |||||
Debt [Line Items] | |||||
Amount outstanding | [1] | 14,864 | NOK 127,800 | 17,500 | NOK 144,840 |
Fair value in U.S. dollar equivalent | [1] | $ 14,793 | $ 17,479 | ||
[1] | Note requires semi-annual principal payments. |
Summary of Norwegian Kroner (73
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) - Troms Offshore Supply AS | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
3.81% January 2014 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 4.31% | 4.31% |
Debt Instrument Maturity Period | [1] | January 2,014 | |
5.38% May 2012 notes | |||
Debt [Line Items] | |||
Debt instrument interest rate | [1] | 5.88% | 5.88% |
Debt Instrument Maturity Period | [1] | May 2,012 | |
[1] | Note requires semi-annual principal payments. |
Summary Debt Outstanding Based
Summary Debt Outstanding Based On Stated Maturities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Debt [Line Items] | ||
Long-term Debt, Gross | $ 2,040,525 | $ 2,052,270 |
Less: Deferred debt issue costs | 6,401 | 6,754 |
Total debt | 2,034,124 | 2,045,516 |
3.90% September 2010 Senior Notes Due Fiscal 2018 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 44,500 | 44,500 |
3.95% September 2010 Senior Notes Due Fiscal 2018 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 25,000 | 25,000 |
4.12% September 2010 Senior Notes Due Fiscal 2019 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 25,000 | 25,000 |
4.17% September 2010 Senior Notes Due Fiscal 2019 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 25,000 | 25,000 |
4.33% September 2010 Senior Notes Due Fiscal 2020 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 50,000 | 50,000 |
4.51% September 2010 Senior Notes Due Fiscal 2021 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 100,000 | 100,000 |
4.56% September 2010 Senior Notes Due Fiscal 2021 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 65,000 | 65,000 |
4.61% September 2010 Senior Notes Due Fiscal 2023 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 48,000 | 48,000 |
4.06% August 2011 Senior Notes Due Fiscal 2019 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 50,000 | 50,000 |
4.54% August 2011 Senior Notes Due Fiscal 2022 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 65,000 | 65,000 |
4.64% August 2011 Senior Notes Due Fiscal 2022 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 50,000 | 50,000 |
4.26% September 2013 senior notes due fiscal 2021 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 123,000 | 123,000 |
5.01% September 2013 senior notes due fiscal 2024 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 250,000 | 250,000 |
5.01% September 2013 senior notes due fiscal 2024 | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 127,000 | 127,000 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Five | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 14,864 | 17,500 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Six | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 26,167 | 30,207 |
United States Dollar Denominated Borrowing Agreement Due Fiscal Two Thousand Twenty Seven | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 24,573 | 27,030 |
United States Dollar Denominated Borrowing Agreement Due Fiscal Two Thousand Twenty Eight | ||
Debt [Line Items] | ||
Long-term Debt, Gross | 27,421 | 30,033 |
Term Loan Facility Due Twenty Twenty | ||
Debt [Line Items] | ||
Term loan | 300,000 | 300,000 |
Revolving Line Of Credit Due Fiscal Twenty Twenty | ||
Debt [Line Items] | ||
Revolving line of credit | $ 600,000 | $ 600,000 |
Summary Debt Outstanding Base75
Summary Debt Outstanding Based On Stated Maturities (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2016 | |
3.90% September 2010 Senior Notes Due Fiscal 2018 | |
Debt [Line Items] | |
Debt instrument interest rate | 3.90% |
Debt Instrument Maturity Period | 2,018 |
3.95% September 2010 Senior Notes Due Fiscal 2018 | |
Debt [Line Items] | |
Debt instrument interest rate | 3.95% |
Debt Instrument Maturity Period | 2,018 |
4.12% September 2010 Senior Notes Due Fiscal 2019 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.12% |
Debt Instrument Maturity Period | 2,019 |
4.17% September 2010 Senior Notes Due Fiscal 2019 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.17% |
Debt Instrument Maturity Period | 2,019 |
4.33% September 2010 Senior Notes Due Fiscal 2020 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.33% |
Debt Instrument Maturity Period | 2,020 |
4.51% September 2010 Senior Notes Due Fiscal 2021 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.51% |
Debt Instrument Maturity Period | 2,021 |
4.56% September 2010 Senior Notes Due Fiscal 2021 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.56% |
Debt Instrument Maturity Period | 2,021 |
4.61% September 2010 Senior Notes Due Fiscal 2023 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.61% |
Debt Instrument Maturity Period | 2,023 |
4.06% August 2011 Senior Notes Due Fiscal 2019 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.06% |
Debt Instrument Maturity Period | 2,019 |
4.54% August 2011 Senior Notes Due Fiscal 2022 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.54% |
Debt Instrument Maturity Period | 2,022 |
4.64% August 2011 Senior Notes Due Fiscal 2022 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.64% |
Debt Instrument Maturity Period | 2,022 |
4.26% September 2013 senior notes due fiscal 2021 | |
Debt [Line Items] | |
Debt instrument interest rate | 4.26% |
Debt Instrument Maturity Period | 2,021 |
5.01% September 2013 senior notes due fiscal 2024 | |
Debt [Line Items] | |
Debt instrument interest rate | 5.01% |
Debt Instrument Maturity Period | 2,024 |
5.01% September 2013 senior notes due fiscal 2024 | |
Debt [Line Items] | |
Debt instrument interest rate | 5.16% |
Debt Instrument Maturity Period | 2,026 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Five | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,025 |
Norwegian Kroner Denominated Notes Due Fiscal Two Thousand Twenty Six | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,026 |
United States Dollar Denominated Borrowing Agreement Due Fiscal Two Thousand Twenty Seven | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,027 |
United States Dollar Denominated Borrowing Agreement Due Fiscal Two Thousand Twenty Eight | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,028 |
Term Loan Facility Due Twenty Twenty | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,020 |
Revolving Line Of Credit Due Fiscal Twenty Twenty | |
Debt [Line Items] | |
Debt Instrument Maturity Period | 2,020 |
Debt Costs (Detail)
Debt Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Interest and debt costs incurred, net of interest capitalized | $ 75,026 | $ 53,752 | $ 50,029 |
Interest costs capitalized | 4,829 | 10,451 | 13,673 |
Total interest and debt costs | $ 79,855 | $ 64,203 | $ 63,702 |
Employee Retirement Plans - Add
Employee Retirement Plans - Additional Information (Detail) NOK in Millions | Jan. 02, 2016 | Dec. 31, 2015 | Dec. 01, 2015USD ($) | Nov. 30, 2015 | Dec. 31, 2010Person | Mar. 31, 2017USD ($)Person | Mar. 31, 2017NOKPerson | Mar. 31, 2016USD ($) | Mar. 31, 2016NOK |
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Number of employers participated in defined benefit plan | Person | 60 | ||||||||
Number of employers still remains in defined benefit plan | Person | 30 | 30 | |||||||
Percentage of defined benefit plan, actuarial discount rate assumption | 4.25% | 4.25% | |||||||
Defined benefit plan, significant concentrations of risk | U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of March 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | |||||||
Defined benefit plan, concentration risk, assets, equity securities, difference plan assets and liabilities | 15.00% | 15.00% | |||||||
Defined benefit plan, concentration risk, assets, equity securities, maximum foreign and us stock | 10.00% | 10.00% | |||||||
Defined benefit plan, concentration risk, diversification, equity limit, single industry | 25.00% | 25.00% | |||||||
Defined benefit plan, concentration risk, diversification, equity limit, single corporation | 10.00% | 10.00% | |||||||
Defined benefit plan, concentration risk, diversification, debt limit, single issuer | 10.00% | 10.00% | |||||||
Pension Plans, Defined Benefit | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined benefit plan, employer contributions | $ 3,000,000 | $ 0 | |||||||
Supplemental Executive Retirement Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined benefit plan, employer contributions | 200,000 | 200,000 | |||||||
Postretirement Benefit Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Additional estimated net periodic benefit | $ 2,000,000 | 1,400,000 | |||||||
Retirement Contributions | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage | 3.00% | 3.00% | |||||||
Defined contribution plan, company contribution, vesting period, years | 5 years | 5 years | |||||||
Retirement Contributions | Minimum | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage additional percentage | 1.00% | 1.00% | |||||||
Retirement Contributions | Maximum | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage additional percentage | 8.00% | 8.00% | |||||||
Defined Contribution Savings Plan 401k | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution, vesting period, years | 5 years | 5 years | |||||||
Percentage of defined plan, minimum employee contribution | 2.00% | 2.00% | |||||||
Percentage of defined plan, maximum employee contribution | 75.00% | 75.00% | |||||||
Percentage of defined plan, company contribution match, cash | 50.00% | ||||||||
Percentage of defined plan, company contribution match, employee deferred compensation | 8.00% | 8.00% | |||||||
Defined contribution plan, company contribution percentage match, company stock | 50.00% | ||||||||
Non-Qualified Supplemental Savings Plan Executives | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage match, common stock | 50.00% | 50.00% | |||||||
Deferred compensation arrangement with individual, deferred compensation percentage | 50.00% | 50.00% | |||||||
Deferred compensation arrangement with individual, deferred bonus percentage | 100.00% | 100.00% | |||||||
Defined contribution plan, restoration benefit | 3.00% | 3.00% | |||||||
Non-Qualified Supplemental Savings Plan Executives | Minimum | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage additional percentage | 1.00% | 1.00% | |||||||
Non-Qualified Supplemental Savings Plan Executives | Maximum | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution percentage additional percentage | 8.00% | 8.00% | |||||||
Multinational Retirement Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined contribution plan, company contribution, vesting period, years | 5 years | 6 years | |||||||
Percentage of defined plan, minimum employee contribution | 1.00% | 1.00% | |||||||
Percentage of defined plan, maximum employee contribution | 50.00% | 15.00% | |||||||
Percentage of defined plan, company contribution match, cash | 50.00% | 50.00% | |||||||
Percentage of defined plan, company contribution match, employee deferred compensation | 6.00% | 6.00% | |||||||
Reduction in defined plan assets and liabilities | $ 6,400,000 | ||||||||
Norway’s Defined Benefit Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Number of employers still remains in defined benefit plan | Person | 144 | 144 | |||||||
Defined benefit plan, employer contributions | $ 400,000 | NOK 3.6 | $ 500,000 | NOK 3.8 |
Schedule of Carrying Value of T
Schedule of Carrying Value of Trust Assets, Including Unrealized Gains or Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Investments held in Rabbi Trust | $ 8,759 | $ 8,811 |
Unrealized (loss) gains in carrying value of trust assets | (95) | (208) |
Unrealized (loss) gains in carrying value of trust assets are net of income tax expense of | (223) | (168) |
Obligations under the supplemental plan | $ 29,108 | $ 25,072 |
Summary of Minimum And Maximum
Summary of Minimum And Maximum Rate of Return of Plan Assets (Detail) - Supplemental Executive Retirement Plan | 12 Months Ended |
Mar. 31, 2017 | |
Minimum | Equity Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 5.00% |
Minimum | Debt Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 1.00% |
Minimum | Cash and Cash Equivalents | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 0.00% |
Maximum | Equity Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 7.00% |
Maximum | Debt Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 3.00% |
Maximum | Cash and Cash Equivalents | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 1.00% |
Schedule of Minimum and Maximum
Schedule of Minimum and Maximum Market Value of Plan Assets (Detail) | 12 Months Ended |
Mar. 31, 2017 | |
Equity Securities | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Minimum market value objective for plan assets | 55.00% |
Maximum market value objective for plan assets | 75.00% |
Debt Securities | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Minimum market value objective for plan assets | 25.00% |
Maximum market value objective for plan assets | 45.00% |
Investment Grade Bonds | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Minimum market value objective for plan assets | 0.00% |
Maximum market value objective for plan assets | 20.00% |
Cash and Cash Equivalents | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Minimum market value objective for plan assets | 0.00% |
Maximum market value objective for plan assets | 10.00% |
Schedule of Asset Allocation (D
Schedule of Asset Allocation (Detail) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 0.00% | 100.00% |
U.S. Pension Plans, Defined Benefit | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 98.00% | 95.00% |
U.S. Pension Plans, Defined Benefit | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 2.00% | 5.00% |
Supplemental Executive Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 100.00% | 100.00% |
Supplemental Executive Retirement Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 65.00% | |
Actual asset allocations | 59.00% | 58.00% |
Supplemental Executive Retirement Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 35.00% | |
Actual asset allocations | 37.00% | 39.00% |
Supplemental Executive Retirement Plan | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 4.00% | 3.00% |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | $ 57,146 | $ 57,174 |
Total fair value of plan assets | 8,759 | 8,811 |
Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 56,465 | 56,352 |
Accrued income | 681 | 822 |
Total fair value of plan assets | 57,146 | 57,174 |
Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 8,760 | 8,551 |
Other pending transactions | 260 | |
Total fair value of plan assets | 8,760 | 8,811 |
Measured At Net Asset Value | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,720 | 1,711 |
Other pending transactions | 18 | |
Total fair value of plan assets | 1,720 | 1,729 |
US Government Agencies Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 3,770 | 3,104 |
US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,613 | 1,711 |
Collateralized mortgage securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 2,537 | 47 |
Corporate Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 47,871 | 48,378 |
Foreign Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,499 | |
Cash and Cash Equivalents | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 989 | 2,247 |
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 323 | 343 |
Cash and Cash Equivalents | Measured At Net Asset Value | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 72 | 48 |
Common stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 3,561 | 3,290 |
Foreign Stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 132 | 159 |
American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,387 | 1,311 |
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 20 | 13 |
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 76 | 61 |
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,648 | 1,663 |
Open Ended Mutual Funds | Measured At Net Asset Value | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,648 | 1,663 |
Other | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,298 | 1,077 |
Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 4,215 | 3,514 |
Accrued income | 681 | 822 |
Total fair value of plan assets | 4,896 | 4,336 |
Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 6,023 | 5,819 |
Other pending transactions | 291 | |
Total fair value of plan assets | 6,023 | 6,110 |
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 3,770 | 3,104 |
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 832 | 972 |
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 345 | 346 |
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 15 | 13 |
Quoted Prices In Active Markets (Level 1) | Common stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 3,561 | 3,290 |
Quoted Prices In Active Markets (Level 1) | Foreign Stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 132 | 159 |
Quoted Prices In Active Markets (Level 1) | American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,387 | 1,311 |
Quoted Prices In Active Markets (Level 1) | Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 20 | 13 |
Quoted Prices In Active Markets (Level 1) | Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 76 | 61 |
Quoted Prices In Active Markets (Level 1) | Other | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 100 | 64 |
Significant Observable Inputs (Level 2) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 52,250 | 52,838 |
Total fair value of plan assets | 52,250 | 52,838 |
Significant Observable Inputs (Level 2) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,017 | 1,021 |
Other pending transactions | (49) | |
Total fair value of plan assets | 1,017 | 972 |
Significant Observable Inputs (Level 2) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 781 | 739 |
Significant Observable Inputs (Level 2) | Collateralized mortgage securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 2,537 | 47 |
Significant Observable Inputs (Level 2) | Corporate Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 47,871 | 48,378 |
Significant Observable Inputs (Level 2) | Foreign Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 1,499 | |
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 644 | 1,901 |
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | 236 | 282 |
Significant Observable Inputs (Level 2) | Other | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Fair value of plan assets | $ 1,198 | $ 1,013 |
Change in Plan Assets and Oblig
Change in Plan Assets and Obligations (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Benefit obligation at end of year | $ 97,941,000 | $ 95,830,000 |
Fair value of plan assets at end of year | 57,146,000 | 57,174,000 |
Pension Plans, Defined Benefit | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Actuarial (gain) loss | 1,785,000 | 2,269,000 |
Employer contributions | 3,000,000 | 0 |
Fair value of plan assets at end of year | 56,465,000 | 56,352,000 |
Current liabilities | (1,791,000) | (993,000) |
Noncurrent liabilities | (39,087,000) | (37,747,000) |
Net amount recognized | (40,878,000) | (38,740,000) |
Pension Plans, Defined Benefit | Change in Benefit Obligations | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Benefit obligation at beginning of year | 95,830,000 | 98,490,000 |
Service cost | 1,182,000 | 1,372,000 |
Interest cost | 3,814,000 | 3,781,000 |
Acquisition | (440,000) | |
Benefits paid | (4,895,000) | (4,726,000) |
Actuarial (gain) loss | 2,082,000 | (2,583,000) |
Foreign currency exchange rate changes | (72,000) | (64,000) |
Benefit obligation at end of year | 97,941,000 | 95,830,000 |
Pension Plans, Defined Benefit | Change in Plan Assets | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Benefits paid | (4,895,000) | (4,727,000) |
Actuarial (gain) loss | (148,000) | (134,000) |
Fair value of plan assets at beginning of year | 57,174,000 | 60,854,000 |
Actual return | 577,000 | (6,000) |
Expected return | 51,000 | 43,000 |
Administrative expenses | (27,000) | (36,000) |
Acquisition | (225,000) | |
Employer contributions | 4,465,000 | 1,445,000 |
Foreign currency exchange rate changes | (51,000) | (40,000) |
Fair value of plan assets at end of year | 57,146,000 | 57,174,000 |
Payroll tax unrecognized in benefit obligation at end of year | 83,000 | 84,000 |
Unfunded status at end of year | (40,878,000) | (38,740,000) |
Other Pension Plans, Defined Benefit | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Actuarial (gain) loss | (1,138,000) | (1,040,000) |
Current liabilities | (418,000) | (818,000) |
Noncurrent liabilities | (4,393,000) | (4,755,000) |
Net amount recognized | (4,811,000) | (5,573,000) |
Other Pension Plans, Defined Benefit | Change in Benefit Obligations | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Benefit obligation at beginning of year | 5,573,000 | 23,926,000 |
Service cost | 81,000 | 212,000 |
Interest cost | 201,000 | 584,000 |
Participant contributions | 411,000 | 447,000 |
Plan amendment | (15,961,000) | |
Benefits paid | (1,170,000) | (1,043,000) |
Actuarial (gain) loss | (285,000) | (2,592,000) |
Benefit obligation at end of year | 4,811,000 | 5,573,000 |
Other Pension Plans, Defined Benefit | Change in Plan Assets | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||
Participant contributions | 411,000 | 447,000 |
Benefits paid | (1,170,000) | (1,043,000) |
Employer contributions | 759,000 | 596,000 |
Unfunded status at end of year | $ (4,811,000) | $ (5,573,000) |
Schedule of Projected and Accum
Schedule of Projected and Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 97,941 | $ 95,830 |
Accumulated benefit obligation | $ 94,467 | $ 91,388 |
Schedule of Accumulated Benefit
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 97,941 | $ 95,830 |
Accumulated benefit obligation | 94,467 | 91,388 |
Fair value of plan assets | $ 57,146 | $ 57,174 |
Schedule of Net Periodic Benefi
Schedule of Net Periodic Benefit Cost (Detail) - Pension Plan and Supplemental Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | $ 1,182 | $ 1,371 | $ 825 |
Interest cost | 3,814 | 3,781 | 3,873 |
Expected return on plan assets | (2,246) | (2,163) | (2,741) |
Administrational expenses | 28 | 36 | |
Payroll tax of net pension costs | 56 | 66 | |
Amortization of prior service cost | 36 | 50 | |
Amortization of net actuarial losses | 32 | 24 | |
Recognized actuarial loss | 1,785 | 2,269 | 988 |
Settlement (gain) | (245) | ||
Net periodic pension cost | $ 4,651 | $ 5,175 | $ 2,995 |
Schedule of Net Periodic Bene87
Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan (Detail) - Other Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | $ 81 | $ 212 | $ 273 |
Interest cost | 201 | 584 | 904 |
Amortization of prior service cost | (4,346) | (2,996) | (2,032) |
Recognized actuarial (gain) | (1,138) | (1,040) | (1,299) |
Net periodic pension cost | $ (5,202) | $ (3,240) | $ (2,154) |
Schedule of Other Changes in Pl
Schedule of Other Changes in Plan Assets and Benefit Obligation Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Plans, Defined Benefit | ||
Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets And Amounts Recognized In Balance Sheet And In Other Comprehensive Income Loss [Line Items] | ||
Net (gain) loss | $ 3,821 | $ (343) |
Settlement loss | 0 | 0 |
Amortization of prior service cost | (36) | |
Recognized actuarial (gain) | (1,785) | (2,269) |
Total recognized in other comprehensive (income) loss, before tax | 2,036 | (2,648) |
Net of tax | 1,323 | (1,721) |
Other Pension Plans, Defined Benefit | ||
Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets And Amounts Recognized In Balance Sheet And In Other Comprehensive Income Loss [Line Items] | ||
Net (gain) loss | (285) | (2,592) |
Settlement loss | 0 | 0 |
Amortization of prior service cost | 4,346 | 2,996 |
Recognized actuarial (gain) | 1,138 | 1,040 |
Prior service (cost) arising during period | (15,961) | |
Total recognized in other comprehensive (income) loss, before tax | 5,199 | (14,517) |
Net of tax | $ 3,379 | $ (9,436) |
Schedule of Amounts Recognized
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | $ (21,204) |
Pre-tax amount included in accumulated other comprehensive (loss) income | (21,204) |
Other Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | 7,318 |
Unrecognized prior service credit | 13,207 |
Pre-tax amount included in accumulated other comprehensive (loss) income | $ 20,525 |
Schedule of Expected Amounts of
Schedule of Expected Amounts of Net Periodic Benefit Costs (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | $ (2,295) |
Other Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | 993 |
Unrecognized prior service credit | $ 2,780 |
Schedule of Assumptions, Net Be
Schedule of Assumptions, Net Benefit Obligation (Detail) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.25% | 4.15% | |
Rates of annual increase in compensation levels | 3.00% | 3.00% | 3.00% |
Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.25% | 4.00% |
Schedule of Assumptions, Net Pe
Schedule of Assumptions, Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.15% | 4.00% | 4.75% |
Expected long-term rate of return on assets | 4.10% | 3.70% | 5.00% |
Rates of annual increase in compensation levels | 3.00% | 3.00% | 3.00% |
Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 4.00% | 4.75% |
Schedule of Expected Benefit Pa
Schedule of Expected Benefit Payments (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Pension Plans, Defined Benefit | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | $ 6,746 |
2,019 | 6,931 |
2,020 | 8,504 |
2,021 | 7,358 |
2,022 | 7,318 |
2023 – 2027 | 37,620 |
Total 10-year estimated future benefit payments | 74,477 |
Other Pension Plans, Defined Benefit | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | 418 |
2,019 | 415 |
2,020 | 429 |
2,021 | 411 |
2,022 | 404 |
2023 – 2027 | 1,765 |
Total 10-year estimated future benefit payments | $ 3,842 |
Assumed Health Care Cost Trend
Assumed Health Care Cost Trend Rates (Detail) - Pre Sixty Five Coverage | 12 Months Ended |
Mar. 31, 2017 | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
Accumulated postretirement benefit obligation | 7.60% |
Net periodic postretirement benefit obligation | 7.75% |
Ultimate health care cost trend | 4.54% |
Ultimate year health care cost trend rate is achieved | 2,038 |
Net periodic postretirement benefit obligation March 31, 2017 | 7.60% |
One-Percentage Rate Change in A
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | $ 215,686 |
Defined benefit plan, effect of one percentage point increase on aggregate service and interest cost | 15,486 |
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | (195,172) |
Defined benefit plan, effect of one percentage point decrease on aggregate service and interest cost | $ (13,842) |
Number of Shares of Tidewater C
Number of Shares of Tidewater Common Stock Held by Plan (Detail) - shares | Mar. 31, 2017 | Mar. 31, 2016 |
Defined Contribution Savings Plan 401k | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Number of shares of Tidewater common stock held by 401(k) plan | 291,957 | 351,675 |
Amounts Charged to Expense Rela
Amounts Charged to Expense Related to Defined Contribution Plans (Detail) - Defined Contribution Savings Plan 401k - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plans expense, net of forfeitures | $ 2,660 | $ 3,443 | $ 4,216 |
Defined contribution plans forfeitures | $ 149 | $ 202 | $ 52 |
Amounts Changed to Expense Rela
Amounts Changed to Expense Related to Continue Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |||
Multinational plan expense | $ 260 | $ 596 | $ 494 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | 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 | $ 50 | $ 30,285 |
Deposits - general | 6,945 | 8,076 |
Prepaid expenses | 11,414 | 6,394 |
Total other current assets | $ 18,409 | $ 44,755 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
Other Assets, Noncurrent [Abstract] | |||
Recoverable insurance losses | $ 10,142 | $ 9,412 | |
Deferred income tax assets | 39,134 | 33,505 | |
Savings plans and supplemental plan | 14,835 | 14,472 | |
Accumulated costs of rejected vessel | [1] | 48,382 | |
Restricted cash and long-term deposits | 15,162 | ||
Other | 11,880 | 14,297 | |
Total other assets | $ 139,535 | $ 71,686 | |
[1] | Refer to Note (12) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts Payable and Accrued Liabilities Current [Abstract] | |||
Payroll and related payables | $ 10,465 | $ 12,864 | |
Commissions payable | [1] | 2,143 | 7,193 |
Accrued vessel expenses | 41,580 | 45,838 | |
Accrued interest expense | 15,021 | 15,120 | |
Other accrued expenses | 8,912 | 10,596 | |
Accrued expenses | $ 78,121 | $ 91,611 | |
[1] | Excludes $34.7 million and $31.6 million of commissions due to Sonatide at March 31, 2017 and 2016, respectively. These amounts are included in amounts due to affiliates. |
Schedule of Accrued Expenses (P
Schedule of Accrued Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | [1] | $ 2,143 | $ 7,193 |
Sonatide joint venture | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | $ 34,700 | $ 31,600 | |
[1] | Excludes $34.7 million and $31.6 million of commissions due to Sonatide at March 31, 2017 and 2016, respectively. These amounts are included in amounts due to affiliates. |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Other Liabilities Current [Abstract] | ||
Taxes payable | $ 23,497 | $ 45,854 |
Deferred gain on vessel sales - current | 23,798 | 23,798 |
Other | 1,134 | 5,173 |
Other current liabilities | $ 48,429 | $ 74,825 |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred Credits and Other Liabilities [Abstract] | ||
Postretirement benefits liability | $ 4,394 | $ 4,755 |
Pension liabilities | 40,339 | 41,690 |
Deferred gain on vessel sales | 88,923 | 112,721 |
Other | 21,049 | 22,380 |
Other liabilities and deferred credits | $ 154,705 | $ 181,546 |
Schedule of Common Stock Shares
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant (Detail) - shares | Mar. 31, 2017 | Mar. 31, 2016 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares of common stock reserved for issuance under the plans | 1,900,769 | 2,257,963 |
Shares of common stock available for future grants | 505,221 | 480,839 |
Stock-Based Compensation and106
Stock-Based Compensation and Incentive Plans - Additional Information (Detail) | 12 Months Ended | ||||
Mar. 31, 2017USD ($)Installment$ / sharesshares | Mar. 31, 2015$ / sharesshares | Mar. 31, 2014USD ($)Installment / yr$ / sharesshares | Mar. 31, 2013USD ($) | Mar. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options outstanding | shares | 1,395,548 | 1,709,206 | 1,370,056 | 1,777,124 | |
Intrinsic value of options outstanding | $ 0 | ||||
Intrinsic value of options exercisable | $ 0 | ||||
Fair value of non-vested shares | $ / shares | $ 24.19 | $ 39.53 | $ 48.68 | $ 23.58 | |
Director stock payment period | 15 days | 15 days | |||
Deferred Cash Award | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Interest rate, applicable margin to 10 year Treasury note | 1.50% | ||||
Distribution payment period | 15 days | ||||
Director | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Value of stock units granted | $ 115,000 | $ 100,000 | |||
Director | Deferred Cash Award | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Value of cash awards granted | $ 97,750 | ||||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option expiration period | 3 months | ||||
Optional payment installments, annual | Installment / yr | 2 | ||||
Minimum | Deferred Cash Award | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Optional payment installments, annual | Installment | 2 | ||||
Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Option expiration period | 10 years | ||||
Optional payment installments, annual | Installment / yr | 10 | ||||
Maximum | Deferred Cash Award | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Optional payment installments, annual | Installment | 10 | ||||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
General vesting period, years | 3 years | ||||
Post retirement period to exercise vested options | 2 years | ||||
Total unrecognized stock compensation costs | $ 1,500,000 | ||||
Total unrecognized stock compensation costs, net of tax | $ 1,100,000 | ||||
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Time-based stock vesting period, years | 4 years | ||||
Fair value of non-vested shares | $ / shares | 56.94 | $ 54.75 | |||
Restricted Stock Units (RSUs) | Time Based Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation outstanding number | shares | 183 | ||||
Phantom Stock Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
General vesting period, years | 3 years | ||||
Total unrecognized stock compensation costs | $ 1,100,000 | ||||
Total unrecognized stock compensation costs, net of tax | $ 800,000 | ||||
Fair value of non-vested shares | $ / shares | $ 9.74 | 24.07 | $ 50.94 | 10.83 | |
Phantom Stock Plan | Time Based Restricted Stock Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation outstanding number | shares | 566,638 | ||||
Phantom Stock Plan | Non-Vested Shares | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Fair value of non-vested shares | $ / shares | $ 1.15 | ||||
Cash-based Performance Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized stock compensation costs | $ 2,100,000 | ||||
Total unrecognized stock compensation costs, net of tax | $ 1,400,000 | ||||
Share based compensation outstanding number | shares | 4,296,392 | ||||
Fair value of non-vested shares | $ / shares | $ 1.16 | 1.10 | $ 1.16 | ||
Cash-based Performance Plan | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Units awarded, vesting rights amount | $ / shares | $ 2 | ||||
2017 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of common equity available for grant | 8.00% | ||||
2017 Stock Incentive Plan | Time-based Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of common equity available for grant | 3.00% | ||||
Option expiration period | 30 days | ||||
2017 Stock Incentive Plan | Available for Future Grants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of common equity available for grant | 5.00% |
Fair Value and Assumptions Used
Fair Value and Assumptions Used For Stock Options Issued (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average fair value of stock options granted | $ 3.34 | $ 5.54 |
Risk-free interest rate | 1.62% | 1.82% |
Expected dividend yield | 0.00% | 2.40% |
Expected stock price volatility | 45.00% | 30.00% |
Expected stock option life | 6 years 6 months | 6 years 6 months |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation And Incentive Plans [Abstract] | |||
Weighted-average Exercise Price Beginning Balance Outstanding | $ 31.73 | $ 41.69 | $ 47.51 |
Weighted-average Exercise Price, Granted | 7.21 | 22.80 | |
Weighted-average Exercise Price, Exercised | 35.21 | ||
Weighted-average Exercise Price, Expired or cancelled/forfeited | 44.86 | 52.67 | 42.97 |
Weighted-average Exercise Price, Ending Balance Outstanding | $ 28.14 | $ 31.73 | $ 41.69 |
Number of Shares Outstanding | |||
Number of Shares Beginning Balance Outstanding | 1,777,124 | 1,709,206 | 1,370,056 |
Number of Shares, Granted | 405,817 | 428,326 | |
Number of Shares, Exercised | (29,118) | ||
Number of Shares, Expired or cancelled/forfeited | (381,576) | (337,899) | (60,058) |
Number of Shares Ending Balance Outstanding | 1,395,548 | 1,777,124 | 1,709,206 |
Options Outstanding, Exercise-P
Options Outstanding, Exercise-Price Ranges (Detail) | 12 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Exercise Price Range - $7.21 - $22.80 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range minimum | $ 7.21 |
Exercise price range maximum | $ 22.80 |
Options outstanding | shares | 794,779 |
Weighted average exercise price of options outstanding | $ 15.04 |
Weighted average remaining contractual life of options outstanding | 8 years 6 months |
Options exercisable | shares | 399,080 |
Weighted average exercise price of options exercisable | $ 17.65 |
Weighted average remaining contractual life of options exercisable | 8 years 3 months 18 days |
Exercise Price Range - $33.83 - $45.75 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range minimum | $ 33.83 |
Exercise price range maximum | $ 45.75 |
Options outstanding | shares | 437,417 |
Weighted average exercise price of options outstanding | $ 40.92 |
Weighted average remaining contractual life of options outstanding | 2 years 7 months 6 days |
Options exercisable | shares | 437,417 |
Weighted average exercise price of options exercisable | $ 40.92 |
Weighted average remaining contractual life of options exercisable | 2 years 7 months 6 days |
Exercise Price Range - $56.56 - $65.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range minimum | $ 56.56 |
Exercise price range maximum | $ 65.69 |
Options outstanding | shares | 163,352 |
Weighted average exercise price of options outstanding | $ 57.65 |
Weighted average remaining contractual life of options outstanding | 1 year |
Options exercisable | shares | 163,352 |
Weighted average exercise price of options exercisable | $ 57.65 |
Weighted average remaining contractual life of options exercisable | 1 year |
Additional Information Regardin
Additional Information Regarding Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Intrinsic value of options exercised | $ 475 | ||
Number of stock options vested | 266,311 | 135,275 | 7,527 |
Fair value of stock options vested | $ 1,185 | $ 749 | $ 40 |
Number of options exercisable | 999,849 | 1,100,765 | 1,288,407 |
Weighted average exercise price of options exercisable | $ 34.36 | $ 42.96 | $ 47.86 |
Schedule of Stock Option Compen
Schedule of Stock Option Compensation Expense (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock option compensation expense | $ 745 | $ 859 | $ 71 |
Basic loss per share increased by | $ 0.02 | $ 0.01 | $ 0 |
Diluted loss per share increased by | $ 0.02 | $ 0.01 | $ 0 |
Summary of Restricted Stock Awa
Summary of Restricted Stock Award Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 23.58 | $ 39.53 | $ 48.68 |
Weighted-average Grant-Date Fair Value, Granted | 6.83 | 19.14 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | $ 23.58 | $ 39.53 |
Number of Shares Beginning Balance Outstanding | 363,630 | 185,060 | 146,388 |
Number of Shares, Granted | 168,380 | 56,370 | |
Number of Shares Ending Balance Outstanding | 350,838 | 363,630 | 185,060 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 56.94 | $ 54.75 | |
Weighted-average Grant-Date Fair Value, Vested | 55.04 | 57.46 | |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | $ 54.43 | 47.09 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 56.94 | ||
Restricted Stock | Time Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Beginning Balance Outstanding | 24,291 | 78,824 | |
Number of Shares, Vested | (24,291) | (48,574) | |
Number of Shares, Cancelled/forfeited | (5,959) | ||
Number of Shares Ending Balance Outstanding | 24,291 | ||
Restricted Stock | Performance Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Beginning Balance Outstanding | 68,405 | 106,266 | |
Number of Shares, Cancelled/forfeited | (68,405) | (37,861) | |
Number of Shares Ending Balance Outstanding | 68,405 |
Schedule of Restricted Stock Aw
Schedule of Restricted Stock Award Compensation Expense and Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 745 | $ 859 | $ 71 |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date fair value of stock vested | 1,337 | 2,791 | |
Compensation expense | $ 472 | $ 2,855 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 23.58 | $ 39.53 | $ 48.68 |
Weighted-average Grant-Date Fair Value, Granted | 6.83 | 19.14 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | $ 23.58 | $ 39.53 |
Number of Shares Beginning Balance Outstanding | 363,630 | 185,060 | 146,388 |
Number of Shares, Granted | 168,380 | 56,370 | |
Number of Shares Ending Balance Outstanding | 350,838 | 363,630 | 185,060 |
Restricted Stock Units (RSUs) | Time Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 49.17 | $ 49.50 | $ 50.24 |
Weighted-average Grant-Date Fair Value, Granted | 54.48 | ||
Weighted-average Grant-Date Fair Value, Vested | 49.39 | 49.74 | 50.92 |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 49.34 | 49.74 | 49.62 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 54.48 | $ 49.17 | $ 49.50 |
Number of Shares Beginning Balance Outstanding | 89,639 | 251,150 | 495,209 |
Number of Shares, Granted | 551 | ||
Number of Shares, Vested | (76,006) | (152,231) | (237,229) |
Number of Shares, Cancelled/forfeited | (13,450) | (9,280) | (7,381) |
Number of Shares Ending Balance Outstanding | 183 | 89,639 | 251,150 |
Restricted Stock Units (RSUs) | Performance Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 61.75 | $ 53.58 | $ 53.58 |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | $ 61.75 | 69.95 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 61.75 | $ 53.58 | |
Number of Shares Beginning Balance Outstanding | 156,851 | 256,373 | 256,373 |
Number of Shares, Cancelled/forfeited | (156,851) | (99,522) | |
Number of Shares Ending Balance Outstanding | 156,851 | 256,373 |
Schedule of Restricted Stock Un
Schedule of Restricted Stock Unit Compensation Expense And Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 745 | $ 859 | $ 71 |
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date fair value of stock vested | 3,754 | 7,572 | 12,080 |
Compensation expense | $ 2,425 | $ 10,505 | $ 17,214 |
Summary of Phantom Stock Activi
Summary of Phantom Stock Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 23.58 | $ 39.53 | $ 48.68 |
Weighted-average Grant-Date Fair Value, Granted | 6.83 | 19.14 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | $ 23.58 | $ 39.53 |
Number of Shares Beginning Balance Outstanding | 363,630 | 185,060 | 146,388 |
Number of Shares, Granted | 168,380 | 56,370 | |
Number of Shares Ending Balance Outstanding | 350,838 | 363,630 | 185,060 |
Phantom Stock Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 10.83 | $ 24.07 | $ 50.94 |
Weighted-average Grant-Date Fair Value, Granted | 7.21 | 22.80 | |
Weighted-average Grant-Date Fair Value, Vested | 12.29 | 24.92 | 48.47 |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 13.52 | 23.93 | 50.70 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 9.74 | $ 10.83 | $ 24.07 |
Phantom Stock Plan | Time Based Restricted Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Beginning Balance Outstanding | 1,598,538 | 567,471 | 60,882 |
Number of Shares, Granted | 1,246,972 | 546,058 | |
Number of Shares, Vested | (584,136) | (190,052) | (33,987) |
Number of Shares, Cancelled/forfeited | (68,252) | (25,853) | (5,482) |
Number of Shares Ending Balance Outstanding | 946,150 | 1,598,538 | 567,471 |
Phantom Stock Plan | Performance Based Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares Beginning Balance Outstanding | 1,291 | 1,291 | 1,291 |
Number of Shares, Vested | (1,290) | ||
Number of Shares, Cancelled/forfeited | (1) | ||
Number of Shares Ending Balance Outstanding | 1,291 | 1,291 |
Schedule of Phantom Stock Compe
Schedule of Phantom Stock Compensation Expense And Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 745 | $ 859 | $ 71 |
Phantom Stock Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date fair value of stock vested | 7,118 | 4,737 | 1,647 |
Compensation expense | $ 467 | $ 1,787 | $ 933 |
Summary of Cash-Based Performan
Summary of Cash-Based Performance Plan Unit Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 23.58 | $ 39.53 | $ 48.68 |
Weighted-average Grant-Date Fair Value, Granted | 6.83 | 19.14 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | $ 23.58 | $ 39.53 |
Number of Shares Beginning Balance Outstanding | 363,630 | 185,060 | 146,388 |
Number of Shares, Granted | 168,380 | 56,370 | |
Number of Shares Ending Balance Outstanding | 350,838 | 363,630 | 185,060 |
Cash-based Performance Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 1.16 | $ 1.10 | |
Weighted-average Grant-Date Fair Value, Granted | 1.22 | $ 1.10 | |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 1.15 | 1.10 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 1.16 | $ 1.16 | $ 1.10 |
Number of Shares Beginning Balance Outstanding | 7,913,716 | 4,519,703 | |
Number of Shares, Granted | 3,527,333 | 4,519,703 | |
Number of Shares, Cancelled/forfeited | (179,991) | (133,320) | |
Number of Shares Ending Balance Outstanding | 7,733,725 | 7,913,716 | 4,519,703 |
Schedule of Restricted Stock Co
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 745 | $ 859 | $ 71 |
Cash-based Performance Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 761 | $ 1,141 | $ 72 |
Summary of Deferred Stock Unit
Summary of Deferred Stock Unit Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 23.58 | $ 39.53 | $ 48.68 |
Weighted-average Grant-Date Fair Value, Dividend equivalents reinvested | 13.36 | 34.63 | |
Weighted-average Grant-Date Fair Value, Retirement distribution | 6.83 | 19.14 | 47.50 |
Weighted-average Grant-Date Fair Value, Granted | 6.83 | 19.14 | |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | $ 23.58 | $ 39.53 |
Number of Shares Beginning Balance Outstanding | 363,630 | 185,060 | 146,388 |
Number of Shares, Dividend equivalents reinvested | 15,064 | 3,794 | |
Number of Shares, Retirement distribution | (12,792) | (4,874) | (21,492) |
Number of Shares, Granted | 168,380 | 56,370 | |
Number of Shares Ending Balance Outstanding | 350,838 | 363,630 | 185,060 |
Schedule of Deferred Stock Unit
Schedule of Deferred Stock Unit Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Deferred Stock Unit | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense (benefit) | $ (1,987) | $ (904) | $ (2,477) |
Schedule of Deferred Cash Award
Schedule of Deferred Cash Award Expense (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Deferred Cash Award | |
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | |
Deferred cash award expense | $ 978 |
Schedule of Authorized And Issu
Schedule of Authorized And Issued Common Stock And Preferred Stock (Detail) - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Stockholders Equity Note [Abstract] | ||
Common stock shares authorized | 125,000,000 | 125,000,000 |
Common stock par value | $ 0.10 | $ 0.10 |
Common stock shares issued | 47,121,304 | 47,067,715 |
Preferred stock shares authorized | 3,000,000 | 3,000,000 |
Preferred stock par value |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders Equity Note [Line Items] | ||||
Shares repurchased, value | $ 99,999,000 | |||
Remaining other comprehensive loss related to interest rate, swap after-tax | $ (1,530,000) | $ (143,000) | (717,000) | |
September 2010 Senior Unsecured Notes | ||||
Stockholders Equity Note [Line Items] | ||||
Remaining other comprehensive loss related to interest rate, swap after-tax | $ 1,300,000 | 1,500,000 | ||
Remaining other comprehensive loss related to interest rate, swap pre-tax | 2,400,000 | $ 2,400,000 | ||
May 2014 Share Repurchase Program | ||||
Stockholders Equity Note [Line Items] | ||||
Amount authorized to repurchase shares | $ 200,000,000 | $ 200,000,000 | ||
Shares repurchased, value | $ 100,000,000 | |||
Shares repurchased during period, shares | 0 | 0 |
Schedule of Common Stock Repurc
Schedule of Common Stock Repurchased and Average Price Paid Per Share (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2015USD ($)$ / sharesshares | |
Stockholders Equity [Abstract] | |
Aggregate cost of common stock repurchased | $ | $ 99,999 |
Shares of common stock repurchased | shares | 2,841,976 |
Average price paid per common share | $ / shares | $ 35.19 |
Schedule of Dividends Declared
Schedule of Dividends Declared (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stockholders Equity Note [Abstract] | ||
Dividends declared | $ 34,965 | $ 49,127 |
Dividend per share | $ 0.75 | $ 1 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 2,305,554 | $ 2,480,715 |
Balance | 1,651,059 | 2,305,554 |
Available for Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (208) | 235 |
Gains/(losses) recognized in OCI | (265) | (573) |
Reclasses from OCI to net income | 378 | 130 |
Net period OCI | 113 | (443) |
Balance | (95) | (208) |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (9,811) | (9,811) |
Balance | (9,811) | (9,811) |
Pension/Post-retirement Benefits | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 4,683 | (9,129) |
Gains/(losses) recognized in OCI | (5,121) | 13,812 |
Net period OCI | (5,121) | 13,812 |
Balance | (438) | 4,683 |
Interest Rate Swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,530) | (1,673) |
Reclasses from OCI to net income | 1,530 | 143 |
Net period OCI | 1,530 | 143 |
Balance | (1,530) | |
Accumulated other comprehensive loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (6,866) | (20,378) |
Gains/(losses) recognized in OCI | (5,386) | 13,239 |
Reclasses from OCI to net income | 1,908 | 273 |
Net period OCI | (3,478) | 13,512 |
Balance | $ (10,344) | $ (6,866) |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Condensed Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest income and other, net | $ 5,193 | $ 2,703 | $ 1,927 | ||||||||
Interest and other debt costs | 75,026 | 53,752 | 50,029 | ||||||||
Loss before income taxes | (643,614) | (139,557) | (66,426) | ||||||||
Tax effect | 6,397 | 20,819 | (1,077) | ||||||||
Net loss attributable to Tidewater Inc. | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (81,787) | $ (19,509) | $ (43,835) | $ (15,052) | (660,118) | (160,183) | $ (65,190) |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Loss before income taxes | 2,935 | 420 | |||||||||
Tax effect | 1,027 | 147 | |||||||||
Net loss attributable to Tidewater Inc. | 1,908 | 273 | |||||||||
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 | 582 | 200 | |||||||||
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 | $ 2,353 | $ 220 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||||
Earnings Per Share [Abstract] | ||||||||||||||
Net loss available to common shareholders | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (81,787) | $ (19,509) | $ (43,835) | $ (15,052) | $ (660,118) | $ (160,183) | $ (65,190) | |||
Weighted average outstanding shares of common stock, basic | 47,071,066 | 46,981,102 | 48,658,840 | |||||||||||
Weighted average common stock and equivalents | 47,071,066 | 46,981,102 | 48,658,840 | |||||||||||
Loss per share, basic | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (1.74) | $ (0.42) | $ (0.93) | $ (0.32) | $ (14.02) | [1] | $ (3.41) | [1] | $ (1.34) | [1] |
Loss per share, diluted | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (1.74) | $ (0.42) | $ (0.93) | $ (0.32) | $ (14.02) | [2] | $ (3.41) | [2] | $ (1.34) | [2] |
Antidilutive options and restricted stock shares | 1,233 | 489,325 | 284,635 | |||||||||||
[1] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||
[2] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
Sale_ Leaseback Arrangements -
Sale/ Leaseback Arrangements - Additional Information (Detail) - Vessel | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Leases [Abstract] | |||||||||
Number of vessels sold | 1 | 3 | 1 | 1 | 4 | 4 | 2 | 6 | 10 |
Details of Number of Vessels, T
Details of Number of Vessels, Total Proceeds, Carrying Values at the Time of Sale, Deferred Gains Recognized, Lease Expirations, and Contractual Purchase Option (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2015USD ($)Vessel | Dec. 31, 2014USD ($)Vessel | Sep. 30, 2014USD ($)Vessel | Jun. 30, 2014USD ($)Vessel | Mar. 31, 2014USD ($)Vessel | Dec. 31, 2013USD ($)Vessel | Sep. 30, 2013USD ($)Vessel | Mar. 31, 2015USD ($)Vessel | Mar. 31, 2014USD ($)Vessel | |
Sale Leaseback Transaction [Line Items] | |||||||||
Number of Vessels | Vessel | 1 | 3 | 1 | 1 | 4 | 4 | 2 | 6 | 10 |
Total Proceeds | $ 13,000 | $ 78,200 | $ 19,350 | $ 13,400 | $ 63,305 | $ 141,900 | $ 65,550 | $ 123,950 | $ 270,755 |
Carrying Value at time of Sale | 5,115 | 33,233 | 8,214 | 4,002 | 32,845 | 105,649 | 34,325 | 50,564 | 172,819 |
Deferred Gain at time of Sale | $ 7,885 | $ 44,967 | $ 11,136 | $ 9,398 | $ 30,460 | $ 36,251 | $ 31,225 | $ 73,386 | $ 97,936 |
Lease Term in Years | 7 years | 8 years 6 months | 7 years | 7 years | |||||
Purchase Option Percentage | 50.00% | 60.00% | 47.00% | 61.00% | 55.00% | ||||
Purchase Option at at end of: | 6 years | 8 years | 6 years | 6 years | |||||
Minimum | |||||||||
Sale Leaseback Transaction [Line Items] | |||||||||
Lease Term in Years | 8 years | 7 years | 7 years | ||||||
Purchase Option Percentage | 53.00% | 54.00% | |||||||
Purchase Option at at end of: | 7 years | 6 years | 6 years | ||||||
Maximum | |||||||||
Sale Leaseback Transaction [Line Items] | |||||||||
Lease Term in Years | 9 years | 10 years | 9 years | ||||||
Purchase Option Percentage | 59.00% | 68.00% | |||||||
Purchase Option at at end of: | 8 years | 9 years | 8 years |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Sale Leaseback Transaction [Line Items] | |
2,018 | $ 33,090 |
2,019 | 35,034 |
2,020 | 37,016 |
2,021 | 31,573 |
2,022 | 18,215 |
Thereafter | 21,121 |
Total future lease payments | 176,049 |
Fiscal 2015 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
2,018 | 9,604 |
2,019 | 10,234 |
2,020 | 11,497 |
2,021 | 11,594 |
2,022 | 10,283 |
Thereafter | 8,990 |
Total future lease payments | 62,202 |
Fiscal 2014 Sale/Leasebacks | |
Sale Leaseback Transaction [Line Items] | |
2,018 | 23,486 |
2,019 | 24,800 |
2,020 | 25,519 |
2,021 | 19,979 |
2,022 | 7,932 |
Thereafter | 12,131 |
Total future lease payments | $ 113,847 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2017USD ($) | Mar. 31, 2017USD ($)VesselT | Mar. 31, 2017USD ($)VesselT | ||
Significant Purchase and Supply Commitment [Line Items] | ||||
Cash compensation on termination of employment, maximum | $ 46,300 | |||
Number of Vessels, commitments | Vessel | 2 | 2 | ||
Accumulated costs of rejected vessel | [1] | $ 48,382 | $ 48,382 | |
Fast, Crew/Supply Boat | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Number of vessels under construction | Vessel | 1 | |||
Insurance coverage for the progress payments made on the vessel by the third party credit support | 90.00% | |||
Insurance coverage by the third party credit support for the carrying value of the accumulated costs | $ 2,400 | |||
Impairment charge on amounts not recoverable | 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 | ||
Deepwater PSVs | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Number of Vessels, commitments | Vessel | 2 | 2 | ||
Remaining Balance, commitments | $ 33,000 | $ 33,000 | ||
Significant commitment, new construction final delivery date | 2017-09 | |||
Final contractual milestone payment withheld | 4,500 | |||
Refund amount demanded to shipyard | 43,000 | |||
Accumulated costs of rejected vessel | $ 48,400 | $ 48,400 | ||
Number of vessels under construction | Vessel | [2],[3] | 2 | ||
Novation Agreement | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Impairment charges related to construction of vessel | $ 23,900 | |||
Novation Agreement | Subsequent Event | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Significant commitment net of amount no longer due | $ 5,800 | |||
Consideration received from third party | 5,200 | |||
Obligation to be relieved | $ 27,200 | |||
Minimum | Deepwater PSVs | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Significant commitment, new construction deadweight tons capacity | T | 5,150 | 5,150 | ||
Maximum | Deepwater PSVs | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Significant commitment, new construction deadweight tons capacity | T | 5,900 | 5,900 | ||
[1] | Refer to Note (12) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. | |||
[2] | In April 2017, the company entered into a novation agreement and assigned the construction contract related to one of the vessels under construction to a third party for net consideration of $5.3 million thus relieving the company of future payments of $27.2 million. | |||
[3] | The two remaining option vessels, a vessel rejected at the time of delivery, and a fast supply boat are not included in the table above. |
Schedule of Vessel Commitments
Schedule of Vessel Commitments (Detail) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017USD ($)Vessel | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of Vessels, commitments | Vessel | 2 | |
Vessel Commitments | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of Vessels, commitments | Vessel | 2 | |
Total cost, commitments | $ 110,022 | |
Invested, commitments | 77,054 | |
Remaining Balance, commitments | $ 32,968 | |
Deepwater PSVs | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of Vessels, commitments | Vessel | 2 | |
Remaining Balance, commitments | $ 33,000 | |
Number of vessels under construction | Vessel | 2 | [1],[2] |
Total cost, under construction | $ 110,022 | [1],[2] |
Invested, under construction | 77,054 | [1],[2] |
Remaining Balance, under construction | $ 32,968 | [1],[2] |
[1] | In April 2017, the company entered into a novation agreement and assigned the construction contract related to one of the vessels under construction to a third party for net consideration of $5.3 million thus relieving the company of future payments of $27.2 million. | |
[2] | The two remaining option vessels, a vessel rejected at the time of delivery, and a fast supply boat are not included in the table above. |
Schedule of Vessel Commitmen135
Schedule of Vessel Commitments (Parenthetical) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended |
Apr. 30, 2017USD ($) | Mar. 31, 2017Vessel | |
Option Agreement | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Number of vessels under construction | Vessel | 2 | |
Novation Agreement | Subsequent Event | ||
Significant Purchase and Supply Commitment [Line Items] | ||
Net consideration received from third party | $ 5.3 | |
Contractual obligation future payments | $ 27.2 |
Commitments and Contingencie136
Commitments and Contingencies (Sonatide Joint Venture) - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017USD ($)Vessel | Mar. 31, 2016USD ($)Vessel | Mar. 31, 2015USD ($) | ||
Commitments and Contingencies Disclosure [Line Items] | ||||
Due from affiliate | $ 262,652 | $ 338,595 | ||
Due to affiliate | 132,857 | 187,971 | ||
Commissions payable | [1] | 2,143 | 7,193 | |
Vessel revenues | $ 583,816 | $ 955,400 | $ 1,468,358 | |
Number of vessels operating | Vessel | 244 | 253 | ||
Investments in, at equity, and advances to unconsolidated companies | $ 45,115 | $ 37,502 | $ 65,844 | |
Sonatide joint venture | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Due from affiliate | 263,000 | 339,000 | ||
Unpaid vessel revenue | 56,000 | |||
Due to affiliate | 133,000 | 188,000 | ||
Commissions payable | 34,700 | 31,600 | ||
Due from affiliate and due to affiliate | $ 88,000 | |||
Number of vessels operating | Vessel | 7 | |||
Number of vessels stacked | Vessel | 3 | |||
Ownership Interest In Joint Venture | 49.00% | |||
Investments in, at equity, and advances to unconsolidated companies | $ 45,000 | 37,000 | ||
Sonatide joint venture | ANGOLA | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Proceeds from related party | 114,000 | |||
Vessel revenues | $ 127,000 | $ 213,000 | ||
Percentage of Angolan operation revenue | 22.00% | 22.00% | ||
Number of vessels operating | Vessel | 58 | 65 | ||
Number of vessels stacked | Vessel | 20 | 8 | ||
Number of vessels transferred out of Angola | Vessel | 22 | 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 | $ 101,000 | |||
Sonatide joint venture | Sonatide's converting kwanzas into dollars and subsequent payment to company | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Proceeds from related party | 13,000 | |||
Sonatide joint venture | Angolan kwanza-denominated | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Bank deposits maintained | $ 90,000 | |||
[1] | Excludes $34.7 million and $31.6 million of commissions due to Sonatide at March 31, 2017 and 2016, respectively. These amounts are included in amounts due to affiliates. |
Commitments and Contingencie137
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) BRL in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2016BRL | Apr. 30, 2011BRLVessel | Mar. 31, 2017USD ($) | Mar. 31, 2017BRL | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Fines assessed | BRL 155 | $ 49.6 | ||
Number of Tidewater vessels that the subsidiaries failed to obtain import licenses from | Vessel | 17 | |||
Fines assessed | BRL 3 | 1 | ||
Deposit Amount | 1.9 | BRL 6 | ||
Amount of fines contested | 9.6 | 30 | ||
Remaining amount of fines contested | $ 39.1 | 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) | 12 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Percentage of vessel repair duty | 50.00% |
Commitment and Contingencies (N
Commitment and Contingencies (Nigeria Marketing Agent Litigation) - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Federal Government of Nigeria | |
Commitments and Contingencies Disclosure [Line Items] | |
Due to affiliates | $ 12 |
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. 27, 2016USD ($) | Mar. 31, 2017USD ($)Subsidiary | Mar. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of subsidiaries awarded grant | Subsidiary | 2 | ||
Compensation awarded to the claimants | $ 36.4 | $ 54.3 | $ 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 | $ 15.4 | ||
Legal And Other Settlements | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Compensation awarded to the claimants | $ 2.5 |
Fair Value Measurements and 141
Fair Value Measurements and Disclosures - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | |
Derivatives, Fair Value [Line Items] | ||
Cash equivalents maturity period, days | 90 days | |
Number of contracts outstanding | Contract | 6 | 2 |
Notional value of foreign exchange contract | $ 1.5 | $ 1.4 |
Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on Derivatives | $ 0.7 | $ 0.1 |
Schedule of Fair Value Other Fi
Schedule of Fair Value Other Financial Instruments Measured (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 664,412 | $ 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 | 664,412 | 643,770 |
Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 664,412 | 643,770 |
Money Market Cash Equivalents | Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 664,412 | $ 643,770 |
Schedule of Gain on Disposition
Schedule of Gain on Disposition of Assets (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017USD ($)Vessel | Mar. 31, 2016USD ($)Vessel | Mar. 31, 2015USD ($)Vessel | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Gain (loss) on vessels disposed | $ 24,099 | $ 26,037 | $ 23,796 |
Number of vessels disposed | Vessel | 12 | 17 | 13 |
Vessels | |||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Gain (loss) on vessels disposed | $ (102) | $ 3,252 | $ 2,988 |
Gain on Disposition of Asset144
Gain on Disposition of Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Gain Loss On Disposition Of Assets [Abstract] | |||
Amortized gains on sale/leaseback transactions | $ 23.4 | $ 23.4 | $ 17.7 |
Reversal of accrued liability | $ 3 |
Segment Information, Geograp145
Segment Information, Geographical Data and Major Customers - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information, Geograp146
Segment Information, Geographical Data and Major Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Vessel revenues | $ 583,816 | $ 955,400 | $ 1,468,358 | |||||||||||||||||||
Other operating revenues | 17,795 | 23,662 | 27,159 | |||||||||||||||||||
Total revenues | $ 160,749 | [1] | $ 129,215 | [1] | $ 143,722 | [1] | $ 167,925 | [1] | $ 184,174 | $ 218,191 | $ 271,923 | $ 304,774 | 601,611 | 979,062 | 1,495,517 | |||||||
Operating profit (loss) | (59,380) | 69,574 | 285,934 | |||||||||||||||||||
General and administrative expenses | (145,879) | (153,811) | (189,819) | |||||||||||||||||||
Depreciation and amortization | 167,291 | 182,309 | 175,204 | |||||||||||||||||||
Corporate expenses | (57,845) | (40,238) | (44,635) | |||||||||||||||||||
Gain (loss) on asset dispositions, net | 24,099 | 26,037 | 23,796 | |||||||||||||||||||
Asset impairment | (64,857) | (253,422) | (129,562) | (36,886) | (55,540) | (15,141) | (31,672) | (14,958) | (484,727) | (117,311) | (14,525) | |||||||||||
Goodwill impairment | $ (283,700) | (283,699) | ||||||||||||||||||||
Restructuring charge | (7,600) | $ (4,100) | (7,586) | (4,052) | ||||||||||||||||||
Operating loss | (69,340) | [2] | $ (287,034) | [2] | $ (155,344) | [2] | $ (66,135) | [2] | (56,569) | [2] | $ (9,400) | [2] | $ (17,644) | [2] | $ 14,089 | [2] | (577,853) | (69,524) | (37,181) | |||
Foreign exchange gain (loss) | (1,638) | (5,403) | 8,678 | |||||||||||||||||||
Equity in net earnings (losses) of unconsolidated companies | 5,710 | (13,581) | 10,179 | |||||||||||||||||||
Interest income and other, net | 5,193 | 2,703 | 1,927 | |||||||||||||||||||
Interest and other debt costs, net | (75,026) | (53,752) | (50,029) | |||||||||||||||||||
Loss before income taxes | (643,614) | (139,557) | (66,426) | |||||||||||||||||||
Additions to properties and equipment | 30,547 | 194,485 | 366,563 | |||||||||||||||||||
Assets | 4,190,699 | 4,983,793 | 4,748,766 | 4,190,699 | 4,983,793 | 4,748,766 | ||||||||||||||||
Assets excluding equity investments | 3,282,098 | 4,063,801 | 4,301,910 | 3,282,098 | 4,063,801 | 4,301,910 | ||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 45,115 | 37,502 | 65,844 | 45,115 | 37,502 | 65,844 | ||||||||||||||||
Assets except corporate portion | 3,327,213 | 4,101,303 | 4,367,754 | 3,327,213 | 4,101,303 | 4,367,754 | ||||||||||||||||
All Other Segments | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating profit (loss) | (1,548) | (4,564) | (8,022) | |||||||||||||||||||
Depreciation and amortization | 4,430 | 5,721 | 3,973 | |||||||||||||||||||
Additions to properties and equipment | 10 | 18,571 | ||||||||||||||||||||
Assets | 21,580 | 42,191 | 49,554 | 21,580 | 42,191 | 49,554 | ||||||||||||||||
Operating Segments | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Operating profit (loss) | (57,832) | 74,138 | 293,956 | |||||||||||||||||||
Depreciation and amortization | 160,405 | 170,428 | 167,217 | |||||||||||||||||||
Additions to properties and equipment | 2,448 | 56,813 | 223,581 | |||||||||||||||||||
Assets | 3,260,518 | 4,021,610 | 4,252,356 | 3,260,518 | 4,021,610 | 4,252,356 | ||||||||||||||||
Operating Segments | Americas | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Vessel revenues | 239,843 | 342,995 | 505,699 | |||||||||||||||||||
Operating profit (loss) | 18,873 | 52,966 | 122,988 | |||||||||||||||||||
Depreciation and amortization | 48,814 | 48,474 | 47,682 | |||||||||||||||||||
Additions to properties and equipment | 93 | 51,303 | 94,137 | |||||||||||||||||||
Assets | [3] | 779,778 | 1,101,699 | 1,016,133 | 779,778 | 1,101,699 | 1,016,133 | |||||||||||||||
Operating Segments | Asia/Pacific | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Vessel revenues | 25,568 | 89,045 | 150,820 | |||||||||||||||||||
Operating profit (loss) | (20,614) | (1,687) | 11,541 | |||||||||||||||||||
Depreciation and amortization | 21,095 | 22,386 | 18,383 | |||||||||||||||||||
Additions to properties and equipment | 1,917 | 91,497 | ||||||||||||||||||||
Assets | [3] | 321,967 | 514,948 | 506,265 | 321,967 | 514,948 | 506,265 | |||||||||||||||
Operating Segments | Middle East | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Vessel revenues | 89,050 | 111,356 | 134,279 | |||||||||||||||||||
Operating profit (loss) | (4,696) | 7,325 | 15,590 | |||||||||||||||||||
Depreciation and amortization | 19,754 | 19,218 | 18,881 | |||||||||||||||||||
Additions to properties and equipment | 1,612 | 1,732 | 962 | |||||||||||||||||||
Assets | [3] | 261,418 | 405,420 | 471,856 | 261,418 | 405,420 | 471,856 | |||||||||||||||
Operating Segments | Africa/Europe | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Vessel revenues | 229,355 | 412,004 | 677,560 | |||||||||||||||||||
Operating profit (loss) | (51,395) | 15,534 | 143,837 | |||||||||||||||||||
Depreciation and amortization | 70,742 | 80,350 | 82,271 | |||||||||||||||||||
Additions to properties and equipment | 743 | 1,861 | 36,985 | |||||||||||||||||||
Assets | [3] | 1,897,355 | 1,999,543 | 2,258,102 | 1,897,355 | 1,999,543 | 2,258,102 | |||||||||||||||
Corporate | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
General and administrative expenses | [4] | (55,389) | (34,078) | (40,621) | ||||||||||||||||||
Depreciation and amortization | 2,456 | 6,160 | 4,014 | |||||||||||||||||||
Additions to properties and equipment | 28,099 | 137,662 | 124,411 | |||||||||||||||||||
Assets | [5] | $ 863,486 | $ 882,490 | $ 381,012 | $ 863,486 | $ 882,490 | $ 381,012 | |||||||||||||||
[1] | Included in revenues for the fourth quarter is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. | |||||||||||||||||||||
[2] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, by quarter for fiscal 2017 and 2016, are as follows: | |||||||||||||||||||||
[3] | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. | |||||||||||||||||||||
[4] | Corporate general and administrative expenses in fiscal 2017 include $29 million associated with our efforts to renegotiate the terms of various debt arrangements and related consulting services. | |||||||||||||||||||||
[5] | Included in Corporate are vessels currently under construction which have not yet been assigned to a non-corporate reporting segment. The vessel construction costs will be reported in Corporate until the earlier of the vessels being assigned to a non-corporate reporting segment or the vessels’ delivery. At March 31, 2017, 2016 and 2015, $52.4 million, $136.8 million and $235.2 million, respectively, of vessel construction costs are included in Corporate. |
Segment Information, Geograp147
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | $ 145,879 | $ 153,811 | $ 189,819 | |
Corporate Vessels | ||||
Segment Reporting Information [Line Items] | ||||
Construction costs | 52,400 | 136,800 | 235,200 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | [1] | 55,389 | $ 34,078 | $ 40,621 |
Corporate | Troms Offshore Supply AS | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | $ 29,000 | |||
[1] | Corporate general and administrative expenses in fiscal 2017 include $29 million associated with our efforts to renegotiate the terms of various debt arrangements and related consulting services. |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 583,816 | $ 955,400 | $ 1,468,358 |
Americas Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 171,334 | $ 235,522 | $ 353,232 |
Percentage of revenue | 29.00% | 25.00% | 24.00% |
Americas Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 56,561 | $ 92,768 | $ 125,029 |
Percentage of revenue | 10.00% | 9.00% | 9.00% |
Americas Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 11,948 | $ 14,705 | $ 27,438 |
Percentage of revenue | 2.00% | 2.00% | 2.00% |
Americas Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 239,843 | $ 342,995 | $ 505,699 |
Percentage of revenue | 41.00% | 36.00% | 35.00% |
Asia and Pacific Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 7,252 | $ 60,853 | $ 94,538 |
Percentage of revenue | 1.00% | 6.00% | 6.00% |
Asia/Pacific Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 18,316 | $ 28,192 | $ 53,281 |
Percentage of revenue | 3.00% | 3.00% | 4.00% |
Asia and Pacific Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 3,001 | ||
Asia and Pacific Fleet Other | Maximum | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Percentage of revenue | 1.00% | ||
Asia/Pacific Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 25,568 | $ 89,045 | $ 150,820 |
Percentage of revenue | 4.00% | 9.00% | 10.00% |
Middle East Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 28,274 | $ 23,596 | $ 28,637 |
Percentage of revenue | 5.00% | 2.00% | 2.00% |
Middle East Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 60,776 | $ 87,760 | $ 105,642 |
Percentage of revenue | 10.00% | 10.00% | 7.00% |
Middle East fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 89,050 | $ 111,356 | $ 134,279 |
Percentage of revenue | 15.00% | 12.00% | 9.00% |
Africa/Europe Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 102,374 | $ 205,587 | $ 382,957 |
Percentage of revenue | 18.00% | 22.00% | 26.00% |
Africa/Europe Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 102,732 | $ 153,818 | $ 219,914 |
Percentage of revenue | 18.00% | 16.00% | 15.00% |
Africa And Europe Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 24,249 | $ 52,599 | $ 74,689 |
Percentage of revenue | 4.00% | 5.00% | 5.00% |
Africa/Europe Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 229,355 | $ 412,004 | $ 677,560 |
Percentage of revenue | 40.00% | 43.00% | 46.00% |
Worldwide Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 309,234 | $ 525,558 | $ 859,364 |
Percentage of revenue | 53.00% | 55.00% | 58.00% |
Worldwide Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 238,385 | $ 362,538 | $ 503,866 |
Percentage of revenue | 41.00% | 38.00% | 35.00% |
Worldwide Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 36,197 | $ 67,304 | $ 105,128 |
Percentage of revenue | 6.00% | 7.00% | 7.00% |
Worldwide Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 583,816 | $ 955,400 | $ 1,468,358 |
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Disclosure of Accounted Total R
Disclosure of Accounted Total Revenues Percentage (Detail) - Sales Revenue, Net - Customer Concentration Risk | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Chevron Corporation | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 16.30% | 14.60% | 12.70% | |
Freeport McMoRan | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | [1] | 11.30% | 3.50% | 1.60% |
Petroleo Brasileiro Sa | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 8.20% | 11.00% | 11.80% | |
Saudi Aramco | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 10.00% | 7.60% | 5.40% | |
BP Plc | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 5.80% | 7.10% | 10.10% | |
[1] | A significant portion of this customer’s fiscal 2017 revenue was the result of the early termination of a long-term vessel charter contract. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment charge | $ 283,700 | $ 283,699 |
Restructuring Charge - Addition
Restructuring Charge - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring charge | $ 7,600 | $ 4,100 | $ 7,586 | $ 4,052 |
Restructuring Charges Incurred
Restructuring Charges Incurred by Segment and Cost Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | $ 7,600 | $ 4,100 | $ 7,586 | $ 4,052 |
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 | 3,697 | ||
Corporate | General and Administrative Expenses | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring charges | $ 355 |
Selected Financial Information
Selected Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Revenues | $ 160,749 | [1] | $ 129,215 | [1] | $ 143,722 | [1] | $ 167,925 | [1] | $ 184,174 | $ 218,191 | $ 271,923 | $ 304,774 | $ 601,611 | $ 979,062 | $ 1,495,517 | |||||||
Operating income (loss) | (69,340) | [2] | (287,034) | [2] | (155,344) | [2] | (66,135) | [2] | (56,569) | [2] | (9,400) | [2] | (17,644) | [2] | 14,089 | [2] | (577,853) | (69,524) | (37,181) | |||
Net loss attributable to Tidewater Inc. | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (81,787) | $ (19,509) | $ (43,835) | $ (15,052) | $ (660,118) | $ (160,183) | $ (65,190) | |||||||||||
Basic loss per share attributable to Tidewater Inc. | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (1.74) | $ (0.42) | $ (0.93) | $ (0.32) | $ (14.02) | [3] | $ (3.41) | [3] | $ (1.34) | [3] | ||||||||
Diluted loss per share attributable to Tidewater Inc. | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (1.74) | $ (0.42) | $ (0.93) | $ (0.32) | $ (14.02) | [4] | $ (3.41) | [4] | $ (1.34) | [4] | ||||||||
[1] | Included in revenues for the fourth quarter is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. | |||||||||||||||||||||
[2] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, by quarter for fiscal 2017 and 2016, are as follows: | |||||||||||||||||||||
[3] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||||||||||
[4] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
Selected Financial Informati154
Selected Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |||||
Quarterly Financial Data [Line Items] | |||||||||||||||
Revenues | $ 160,749 | [1] | $ 129,215 | [1] | $ 143,722 | [1] | $ 167,925 | [1] | $ 184,174 | $ 218,191 | $ 271,923 | $ 304,774 | $ 601,611 | $ 979,062 | $ 1,495,517 |
Asset impairment | 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 55,540 | $ 15,141 | $ 31,672 | $ 14,958 | $ 484,727 | $ 117,311 | $ 14,525 | ||||
Early Cancellation of Long-Term Vessel Charter Contract | |||||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||
Revenues | $ 39,100 | ||||||||||||||
[1] | Included in revenues for the fourth quarter is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017USD ($)Vessel | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)Vessel | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2017USD ($)Vessel | Mar. 31, 2016USD ($)Vessel | Mar. 31, 2015USD ($)Vessel | |
Derivatives, Fair Value [Line Items] | |||||||||||
Asset impairment | $ 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 55,540 | $ 15,141 | $ 31,672 | $ 14,958 | $ 484,727 | $ 117,311 | $ 14,525 |
Number of vessels impaired during the period | Vessel | 132 | 58 | 12 | ||||||||
Fair value of assets incurring impairment | $ 933,068 | $ 422,655 | $ 28,509 | ||||||||
Net book value of assets | $ 2,864,762 | $ 3,551,291 | $ 2,864,762 | $ 3,551,291 | |||||||
Number of vessels operating | Vessel | 244 | 253 | 244 | 253 | |||||||
Total carrying value of vessels | $ 3,407,760 | $ 4,666,749 | $ 3,407,760 | $ 4,666,749 | |||||||
Stacked Vessels and Other Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset impairment | $ 265,200 | ||||||||||
Number of vessels impaired during the period | Vessel | 75 | ||||||||||
Fair value of assets incurring impairment | $ 545,900 | ||||||||||
Number of vessels stacked | Vessel | 27 | 27 | |||||||||
Net book value of assets | $ 246,000 | $ 246,000 | |||||||||
Active Vessels | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Asset impairment | $ 178,500 | ||||||||||
Number of vessels impaired during the period | Vessel | 57 | ||||||||||
Fair value of assets incurring impairment | $ 362,100 | ||||||||||
Net book value of assets | $ 1,600,000 | $ 1,600,000 | |||||||||
Number of vessels active | Vessel | 86 | 86 | |||||||||
Stacked and Active Vessels | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Number of vessels operating | Vessel | 244 | 244 | |||||||||
Total carrying value of vessels | $ 2,800,000 | $ 2,800,000 |
Summary of Vessels and ROVs Imp
Summary of Vessels and ROVs Impaired, Amount of Impairment Incurred and Combined Fair Value of Assets after Impairment Charges (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2017USD ($)VesselVehicle | Mar. 31, 2016USD ($)Vessel | Mar. 31, 2015USD ($)Vessel | |
Asset Impairment Charges [Abstract] | |||||||||||
Number of vessels impaired during the period | Vessel | 132 | 58 | 12 | ||||||||
Number of ROVs impaired during the period | Vehicle | 8 | ||||||||||
Amount of impairment incurred | $ 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 55,540 | $ 15,141 | $ 31,672 | $ 14,958 | $ 484,727 | $ 117,311 | $ 14,525 |
Combined fair value of assets incurring impairment after having recorded impairment charges | $ 933,068 | $ 422,655 | $ 28,509 |
Valuation and Qualifying Acc157
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 11,450 | $ 37,634 | $ 35,737 | |
Additions at Cost | 5,348 | 2,768 | 2,405 | |
Deductions | 633 | 28,952 | [1] | 508 |
Balance at End of Period | $ 16,165 | $ 11,450 | $ 37,634 | |
[1] | Of this amount, $28,412 represents previously reserved accounts receivables related to our Venezuelan operations which were removed from the company’s books. Please refer to Note (11) of Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information regarding the company’s Venezuelan operations. |
Valuation and Qualifying Acc158
Valuation and Qualifying Accounts (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Venezuela Customer | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Amount uncollectible and removed from account receivable | $ 28,412 |