Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 37,169,016 | ||
Entity Public Float | $ 754,530,649 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 371,791 | $ 432,035 |
Restricted cash | 25,953 | 21,300 |
Trade and other receivables, less allowance for doubtful accounts of $2,700 and $1,800 as of December 31, 2018 and December 31, 2017, respectively | 111,266 | 114,184 |
Due from affiliate | 132,951 | 230,315 |
Marine operating supplies | 29,505 | 28,220 |
Other current assets | 11,836 | 19,130 |
Total current assets | 683,302 | 845,184 |
Investments in, at equity, and advances to unconsolidated companies | 1,039 | 29,216 |
Net properties and equipment | 1,089,857 | 850,935 |
Deferred drydocking and survey costs | 22,215 | 3,208 |
Other assets | 31,326 | 31,052 |
Total assets | 1,827,739 | 1,759,595 |
Current liabilities: | ||
Accounts payable | 31,939 | 38,497 |
Accrued expenses | 61,784 | 54,806 |
Due to affiliate | 34,972 | 99,448 |
Accrued property and liability losses | 2,726 | 2,585 |
Current portion of long-term debt | 8,568 | 5,103 |
Other current liabilities | 18,366 | 19,693 |
Total current liabilities | 158,355 | 220,132 |
Long-term debt | 430,436 | 443,057 |
Accrued property and liability losses | 4,123 | 2,471 |
Other liabilities and deferred credits | 89,902 | 71,991 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Common stock of $0.001 par value, 125,000,000 shares authorized, 36,978,280 and 22,115,916 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 37 | 22 |
Additional paid-in capital | 1,352,388 | 1,059,120 |
Accumulated deficit | (210,783) | (39,266) |
Accumulated other comprehensive income (loss) | 2,194 | (147) |
Total stockholders’ equity | 1,143,836 | 1,019,729 |
Noncontrolling interests | 1,087 | 2,215 |
Total equity | 1,144,923 | 1,021,944 |
Total liabilities and equity | $ 1,827,739 | $ 1,759,595 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,700 | $ 1,800 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 36,978,280 | 22,115,916 |
Common stock, shares outstanding | 36,978,280 | 22,115,916 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||
Revenues: | |||||
Total revenues | $ 178,753 | $ 406,520 | |||
Costs and expenses: | |||||
Vessel operating costs | 120,502 | 269,580 | |||
Costs of other operating revenues | 3,792 | 5,530 | |||
General and administrative | 46,619 | 110,023 | |||
Vessel operating leases | 1,215 | ||||
Depreciation and amortization | 20,337 | 58,293 | |||
Gain on asset dispositions, net | (6,616) | (10,624) | |||
Impairment of due from affiliate | 20,083 | ||||
Long-lived asset impairments | [1] | 16,777 | 61,132 | ||
Total costs and expenses | 202,626 | 514,017 | |||
Operating loss | (23,873) | (107,497) | |||
Other income (expense): | |||||
Foreign exchange gain (loss) | (407) | 106 | |||
Equity in net earnings (losses) of unconsolidated companies | 2,130 | (18,864) | |||
Interest income and other, net | 2,771 | 11,294 | |||
Reorganization items | (4,299) | ||||
Loss on early extinguishment of debt | (8,119) | ||||
Interest and other debt costs, net | (13,009) | (30,439) | |||
Total other income (expenses) | (12,814) | (46,022) | |||
Loss before income taxes | (36,687) | (153,519) | |||
Income tax (benefit) expense | 2,039 | 18,252 | |||
Net loss | (38,726) | (171,771) | |||
Less: Net income (losses) attributable to noncontrolling interests | 540 | (254) | |||
Net loss attributable to Tidewater Inc. | $ (39,266) | $ (171,517) | |||
Basic loss per common share | [2] | $ (1.82) | $ (6.45) | ||
Diluted loss per common share | [3] | $ (1.82) | $ (6.45) | ||
Weighted average common shares outstanding | [4] | 21,539,143 | 26,589,883 | ||
Adjusted weighted average common shares | 21,539,143 | 26,589,883 | |||
Vessel Revenues | |||||
Revenues: | |||||
Total revenues | $ 171,884 | $ 397,206 | |||
Other Operating Revenues | |||||
Revenues: | |||||
Total revenues | $ 6,869 | $ 9,314 | |||
Predecessor | |||||
Revenues: | |||||
Total revenues | $ 151,369 | $ 601,611 | |||
Costs and expenses: | |||||
Vessel operating costs | 116,438 | 359,171 | |||
Costs of other operating revenues | 2,348 | 12,729 | |||
General and administrative | 41,832 | 145,879 | |||
Vessel operating leases | 6,165 | 33,766 | |||
Depreciation and amortization | 47,447 | 167,291 | |||
Gain on asset dispositions, net | (3,561) | (24,099) | |||
Long-lived asset impairments | [1] | 184,748 | 484,727 | ||
Total costs and expenses | 395,417 | 1,179,464 | |||
Operating loss | (244,048) | (577,853) | |||
Other income (expense): | |||||
Foreign exchange gain (loss) | (3,181) | (1,638) | |||
Equity in net earnings (losses) of unconsolidated companies | 4,786 | 5,710 | |||
Interest income and other, net | 2,384 | 5,193 | |||
Reorganization items | (1,396,905) | ||||
Interest and other debt costs, net | (11,179) | (75,026) | |||
Total other income (expenses) | (1,404,095) | (65,761) | |||
Loss before income taxes | (1,648,143) | (643,614) | |||
Income tax (benefit) expense | (1,234) | 6,397 | |||
Net loss | (1,646,909) | (650,011) | |||
Less: Net income (losses) attributable to noncontrolling interests | 10,107 | ||||
Net loss attributable to Tidewater Inc. | $ (1,646,909) | $ (660,118) | |||
Basic loss per common share | [2] | $ (34.95) | $ (14.02) | ||
Diluted loss per common share | [3] | $ (34.95) | $ (14.02) | ||
Weighted average common shares outstanding | [4] | 47,121,330 | 47,071,066 | ||
Adjusted weighted average common shares | 47,121,330 | 47,071,066 | |||
Predecessor | Vessel Revenues | |||||
Revenues: | |||||
Total revenues | $ 146,597 | $ 583,816 | |||
Predecessor | Other Operating Revenues | |||||
Revenues: | |||||
Total revenues | $ 4,772 | $ 17,795 | |||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. | ||||
[2] | We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | ||||
[3] | We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | ||||
[4] | Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor). |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Net loss | $ (38,726) | $ (171,771) | ||
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $61, respectively | 256 | (256) | ||
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and ($927), respectively | (1,582) | 2,214 | ||
Change in pension plan minimum liability, net of tax of $0, $0, $0 and $215, respectively | (357) | 1,919 | ||
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and ($2,046), respectively | 1,536 | (1,536) | ||
Total comprehensive loss | $ (38,873) | $ (169,430) | ||
Predecessor | ||||
Net loss | $ (1,646,909) | $ (650,011) | ||
Other comprehensive income (loss): | ||||
Unrealized gains (losses) on available for sale securities, net of tax of $0, $0, $0 and $61, respectively | 163 | 113 | ||
Change in loss on derivative contract, net of tax of $0, $0, $0 and $823, respectively | 1,530 | |||
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0, $0 and ($927), respectively | (536) | (1,721) | ||
Change in pension plan minimum liability, net of tax of $0, $0, $0 and $215, respectively | (594) | 399 | ||
Change in other benefit plan minimum liability, net of tax of $0, $0, $0 and ($2,046), respectively | (1,468) | (3,799) | ||
Total comprehensive loss | $ (1,649,344) | $ (653,489) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Unrealized gains (losses) on available-for-sale securities, tax | $ 0 | $ 0 | ||
Change in loss on derivative contract, tax | 0 | 0 | ||
Change in supplemental executive retirement plan pension liability, tax | 0 | 0 | ||
Change in Pension Plan minimum liability, tax | 0 | 0 | ||
Change in Other Benefit Plan minimum liability, tax | $ 0 | $ 0 | ||
Predecessor | ||||
Unrealized gains (losses) on available-for-sale securities, tax | $ 0 | $ 61 | ||
Change in loss on derivative contract, tax | 0 | 823 | ||
Change in supplemental executive retirement plan pension liability, tax | 0 | (927) | ||
Change in Pension Plan minimum liability, tax | 0 | 215 | ||
Change in Other Benefit Plan minimum liability, tax | $ 0 | $ (2,046) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | GulfMark | Common stock | Common stockGulfMark | Additional paid- in capital | Additional paid- in capitalGulfMark | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | Non controlling interest |
Balance (Predecessor) at Mar. 31, 2016 | $ 2,292,139 | $ 4,707 | $ 166,604 | $ 2,121,660 | $ (6,866) | $ 6,034 | |||
Total comprehensive loss | Predecessor | (653,489) | (660,118) | (3,478) | 10,107 | |||||
Stock option activity/expense | Predecessor | 1,146 | 1,146 | |||||||
Amortization/cancellation of restricted stock units | Predecessor | (2,152) | 5 | (2,529) | 372 | |||||
Balance (Predecessor) at Mar. 31, 2017 | 1,637,644 | 4,712 | 165,221 | 1,461,914 | (10,344) | 16,141 | |||
Total comprehensive loss | Predecessor | (1,649,344) | (1,646,909) | (2,435) | ||||||
Stock option activity/expense | Predecessor | 390 | 390 | |||||||
Cancellation/forfeiture of restricted stock units | Predecessor | 1,254 | 1,254 | |||||||
Amortization of restricted stock units | Predecessor | 2 | 2 | |||||||
Cash paid to noncontrolling interests | Predecessor | (1,200) | (1,200) | |||||||
Balance (Predecessor) at Jul. 31, 2017 | (11,254) | 4,712 | 166,867 | (184,995) | (12,779) | 14,941 | |||
Balance at Jul. 31, 2017 | 1,057,084 | 18 | 1,055,391 | 0 | 1,675 | ||||
Cancellation of Predecessor equity | Predecessor | 12,929 | (4,712) | (166,867) | 184,995 | 12,779 | (13,266) | |||
Balance (Predecessor) at Jul. 31, 2017 | 1,675 | 1,675 | |||||||
Issuance of Successor common stock and warrants | 1,055,409 | 18 | 1,055,391 | ||||||
Total comprehensive loss | (38,873) | (39,266) | (147) | 540 | |||||
Issuance of common stock | 2 | 4 | (2) | ||||||
Amortization/cancellation of restricted stock units | 3,731 | 3,731 | |||||||
Balance at Dec. 31, 2017 | 1,021,944 | 22 | 1,059,120 | (39,266) | (147) | 2,215 | |||
Balance at Dec. 31, 2017 | 2,215 | ||||||||
Total comprehensive loss | (169,430) | (171,517) | 2,341 | (254) | |||||
Issuance of common stock | $ 285,492 | $ 9 | $ 285,483 | ||||||
Issuance of common stock from exercise of warrants | 3 | 6 | (3) | ||||||
Amortization of restricted stock units | 8,914 | 8,914 | |||||||
Cash paid to noncontrolling interests | (2,000) | (1,126) | (874) | ||||||
Balance at Dec. 31, 2018 | 1,144,923 | $ 37 | $ 1,352,388 | $ (210,783) | $ 2,194 | $ 1,087 | |||
Balance at Dec. 31, 2018 | $ 1,087 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||
Operating activities: | |||||
Net loss | $ (38,726) | $ (171,771) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Depreciation and amortization | 20,131 | 51,332 | |||
Amortization of deferred drydocking and survey costs | 206 | 6,961 | |||
Amortization of debt premiums and discounts | (715) | (1,856) | |||
Provision for deferred income taxes | 572 | ||||
Gain on asset dispositions, net | (6,616) | (10,624) | |||
Impairment of due from affiliate | 20,083 | ||||
Long-lived asset impairments | [1] | 16,777 | 61,132 | ||
Loss on debt extinguishment | 8,119 | ||||
Changes in investments in, at equity, and advances to unconsolidated companies | (4,531) | 28,177 | |||
Compensation expense – stock based | 3,731 | 13,406 | |||
Changes in operating assets and liabilities, net: | |||||
Trade and other receivables | 2,312 | 9,088 | |||
Changes in due to/from affiliate, net | (2,373) | 28,644 | |||
Marine operating supplies | 1,229 | (1,955) | |||
Other current assets | 10,305 | 10,893 | |||
Accounts payable | (1,259) | (15,174) | |||
Accrued expenses | (24,896) | (13,489) | |||
Accrued property and liability losses | (176) | 141 | |||
Other current liabilities | (4,026) | 1,332 | |||
Other liabilities and deferred credits | (1,089) | (2,023) | |||
Deferred drydocking and survey costs | (3,414) | (25,968) | |||
Other, net | (2,416) | 6,921 | |||
Net cash provided by (used in) operating activities | (35,546) | 3,941 | |||
Cash flows from investing activities: | |||||
Proceeds from sales of assets | 32,742 | 46,115 | |||
Additions to properties and equipment | (9,834) | (21,391) | |||
Cash and cash equivalents from stock based merger | 43,806 | ||||
Net cash provided by investing activities | 22,908 | 68,530 | |||
Cash flows from financing activities: | |||||
Principal payments on long-term debt | (1,176) | (105,169) | |||
Cash payments to General Unsecured Creditors | (93,719) | (8,377) | |||
Loss on debt extinguishment | (8,119) | ||||
Cash received for issuance of common stock | 2 | 3 | |||
Tax on share-based award | (4,400) | ||||
Other | (2,000) | ||||
Net cash used in financing activities | (94,893) | (128,062) | |||
Net change in cash, cash equivalents and restricted cash | (107,531) | (55,591) | |||
Cash, cash equivalents and restricted cash at beginning of period | 560,866 | 453,335 | |||
Cash, cash equivalents and restricted cash at end of period | $ 560,866 | 453,335 | 397,744 | ||
Cash paid during the year for: | |||||
Interest, net of amounts capitalized | 8,223 | 32,326 | |||
Income taxes | 4,654 | 16,828 | |||
Supplemental disclosure of noncash investing activities: | |||||
Merger with GulfMark | 285,492 | ||||
Supplemental disclosure of noncash financing activities: | |||||
Common stock issued for GulfMark merger | $ 285,492 | ||||
Predecessor | |||||
Operating activities: | |||||
Net loss | (1,646,909) | $ (650,011) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||
Reorganization items (non-cash) | 1,368,882 | ||||
Depreciation and amortization | 47,447 | 167,291 | |||
Provision for deferred income taxes | (5,543) | (2,200) | |||
Gain on asset dispositions, net | (3,561) | (24,099) | |||
Long-lived asset impairments | [1] | 184,748 | 484,727 | ||
Changes in investments in, at equity, and advances to unconsolidated companies | (4,252) | (7,613) | |||
Compensation expense – stock based | 1,707 | 3,278 | |||
Excess tax liability on stock options exercised | 4,927 | ||||
Changes in operating assets and liabilities, net: | |||||
Trade and other receivables | 6,286 | 104,829 | |||
Changes in due to/from affiliate, net | 1,301 | 20,829 | |||
Marine operating supplies | 88 | 2,285 | |||
Other current assets | (1,840) | (12,523) | |||
Accounts payable | 8,157 | (17,531) | |||
Accrued expenses | 17,245 | (18,687) | |||
Accrued property and liability losses | (822) | 262 | |||
Other current liabilities | (2,337) | (26,658) | |||
Other liabilities and deferred credits | 2,884 | (2,657) | |||
Other, net | 4,932 | 3,372 | |||
Net cash provided by (used in) operating activities | (21,587) | 29,821 | |||
Cash flows from investing activities: | |||||
Proceeds from sales of assets | 2,172 | 14,797 | |||
Additions to properties and equipment | (2,265) | (25,499) | |||
Payments related to novated construction contract | 5,272 | ||||
Refunds from cancelled vessel construction contracts | 25,565 | ||||
Net cash provided by investing activities | 5,179 | 14,863 | |||
Cash flows from financing activities: | |||||
Principal payments on long-term debt | (5,124) | (10,069) | |||
Cash payments to General Unsecured Creditors | (122,806) | ||||
Other | (1,200) | (6,649) | |||
Net cash used in financing activities | (129,130) | (16,718) | |||
Net change in cash, cash equivalents and restricted cash | (145,538) | 27,966 | |||
Cash, cash equivalents and restricted cash at beginning of period | 706,404 | $ 560,866 | 678,438 | ||
Cash, cash equivalents and restricted cash at end of period | 560,866 | 706,404 | |||
Cash paid during the year for: | |||||
Interest, net of amounts capitalized | 1,577 | 70,687 | |||
Income taxes | $ 4,740 | 26,916 | |||
Supplemental disclosure of noncash investing activities: | |||||
Additions to properties and equipment | $ 5,047 | ||||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) Nature of Operations We provide 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. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we are able to charge for these services (day-rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on the respective levels of supply and demand for crude oil and natural gas and the future outlook for such levels. Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Change to Fiscal Year End In 2017 the Board of Directors approved changing our fiscal year to end on December 31. These financial statements include the period from April 1, 2017 to December 31, 2017, which is the period between the close of our then immediately prior fiscal year and the opening date of our newly selected fiscal year. Fresh Start Accounting Upon emergence from Chapter 11 bankruptcy, we adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification No. 852, "Reorganizations" " ," References to "Successor" or "Successor Company" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017. References to "Predecessor" or "Predecessor Company" relate to our financial position and results of operations of through July 31, 2017. Business Combination On November 15, 2018 (the “Merger Date”) we completed our business combination with GulfMark Offshore, Inc. Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. The estimated fair values of certain assets and liabilities require judgments and assumptions. Adjustments might be made to these estimates during the measurement period subsequent to the Merger Date. These adjustments could be material. Refer to Note (2), “Business Combination” for further details on the impact of this business combination on our consolidated 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 recorded 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, 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 We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Restricted Cash We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds. Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value. Properties and Equipment Depreciation and Amortization Properties and equipment were stated at their fair market values upon emergence from Chapter 11 bankruptcy in accordance with fresh-start accounting. Upon emergence from Chapter 11 bankruptcy, the Successor Company, to better reflect the current offshore supply vessel market, updated the estimated useful lives for and the assumed salvage values for certain vessels. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 7.5% for marine equipment, using estimated useful lives of 10 - 20 years for marine equipment (from date of construction) and 3 - 10 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. Maintenance and Repairs The majority of our vessels require certification inspections twice in every five year period. Concurrent with emergence from Chapter 11 bankruptcy, the Successor Company adopted a new policy for the recognition of the costs of planned major maintenance activities incurred to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies. These costs include drydocking and survey costs necessary to maintain certifications. These certification costs are typically incurred while the vessel is in drydock and may be incurred concurrent with other vessel maintenance and improvement activities. Costs related to the certification of vessels are deferred and amortized over 30 months on a straight-line basis. The Predecessor policy was to expense vessel certification costs in the period incurred. Maintenance costs incurred at the time of the recertification drydocking that are not related to the certification of the vessel are expensed as incurred. Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. 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. Net Properties and Equipment The following are summaries of net properties and equipment: Successor December 31, December 31, (In thousands) 2018 2017 Properties and equipment: Vessels and related equipment $ 1,144,028 $ 863,683 Other properties and equipment 7,455 5,710 1,151,483 869,393 Less accumulated depreciation and amortization 61,626 18,458 Net properties and equipment $ 1,089,857 $ 850,935 Successor December 31, December 31, 2018 2017 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 165 $ 914,044 138 $ 646,393 Stacked vessels 92 169,037 89 189,710 Marine equipment and other assets under construction 795 9,501 Other property and equipment 5,981 5,331 Totals 257 $ 1,089,857 227 $ 850,935 We consider a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed. We reduce operating costs by stacking vessels when we do 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 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 our utilization statistics. Stacked vessels at December 31, 2018 and 2017 had an average age of 9.8 and 11.0 years, respectively. All vessels are classified in the consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Impairment of Long-Lived Assets We review the vessels in our 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 estimate cash flows based upon historical data adjusted for our 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, we estimate the fair value of each asset group and compare such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), to the carrying value of each asset group in order to determine if impairment exists. We derive the fair value of the asset group by estimating the fair value of 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 day rates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates change considerably as market conditions change. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Our 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. In addition to the periodic review of our active long-lived assets for impairment when circumstances warrant, we also review our stacked vessels not expected to return to active service for impairment whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. We estimate the fair value of each vessel not expected to return to active service, considered Level 3, as defined by ASC 820, by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service and actual recent sales of similar vessels. 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. We record an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. Refer to Note (20) for a discussion on asset impairments. Accrued Property and Liability Losses Effective July 1, 2018, we ceased self-insuring claims through our insurance subsidiary, which no longer insures our vessels and crews. Insurance coverage is now provided by third party insurers. Until June 30, 2018, our insurance subsidiary established 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 our 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 payable: Successor December 31, December 31, (In thousands) 2018 2017 Accrued property and liability losses $ 6,849 5,056 Pension and Other Postretirement Benefits We follow the provisions of ASC 715, , Our 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. We consider a number of factors in developing 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. For the long-term rate of return, we developed assumptions 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 reflect the theoretical rate at which liabilities could be settled in the bond market at December 31, 2018 using use the equivalent single discount rate based on the results of the bond matching of the Plan’s expected plan benefit cash flows. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes Revenue Recognition Our primary source of revenue is derived from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer term contracts at times include escalation clauses to recover specific additional costs. There are no material differences in the cost structure of our contracts because 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 repairs carried out during drydockings, 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 our 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 our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. Earnings Per Share We report both basic earnings per share and diluted earnings per share. The calculation of basic earnings per share is computed based on the weighted average number of shares of common stock outstanding and shares issuable upon the exercise of Creditor Warrants held by U.S. citizens. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. Concentrations of Credit Risk Our 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. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may at times require prepayments or other forms of collateral. We maintain an allowance for doubtful accounts for potential losses based on expected collectability and do not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on our financial position, results of operations, or cash flows. Stock-Based Compensation Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. Comprehensive Loss We report total comprehensive loss and its components. Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale securities and any minimum pension liability for our U.S. and Norwegian Defined Benefits Pension Plan. Derivative Instruments and Hedging Activities We periodically utilize 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 our exposure to foreign currency exchange risk and interest rate risk. We record derivative financial instruments in our 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. We formally document, 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. Fair Value Measurements We follow 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 Recently Adopted Accounting Pronouncements From time to time new accounting pronouncements are issued by the FASB that we adopt 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 our consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-7, 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. We adopted this new guidance in January 2018. The adoption of this guidance required a retrospective approach and did not have a material effect on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. We adopted this new guidance in January 2018. The adoption of this guidance required a modified retrospective approach On May 10, 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718) — Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. We adopted this new guidance in January 1, 2018. The adoption of this guidance was applied prospectively and did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes prior revenue recognition guidance and provides a five-step recognition framework that required entities to recognize the amount of revenue to which it expects to be entitled for the transfer of goods and services. We adopted this new revenue standard in January 2018 using the modified retrospective approach. We have determined that mobilization revenue (fees paid by a customer for the relocation of a vessel prior to the start of a charter contract) should be recorded as a liability and be recognized on a straight-line basis over the life of the vessel’s charter. The adoption of this standard on January 1, 2018, did not result in an adjustment to the beginning accumulated deficit. T he necessary changes to the company’s business processes, systems and controls to support recognition and disclosure of this ASU have been implemented. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases, which amended guidance for lease arrangements in order to increase transparency and comparability by providing additional information to users of financial statements regarding an entity's leasing activities. Under this lease standard, we believe that our charter hire contracts contain a lease component. Additionally, for transactions in which we are considered a lessee, we will recognize lease assets and lease liabilities on the balance sheet for our portfolio of leases upon adoption. In July 2018 the FASB issued ASU 2018-11 to provide certain practical expedients, which (i) provide a new transition method to apply the new lease requirements at the beginning of the period of adoption using a cumulative effect adjustment, (ii) allow lessors to not separate lease and non-lease components, and (iii) allow us to account for the combined component as a single performance obligation entirely in accordance with Topic 606 if the non-lease component is the predominant element of the combined component. We adopted this new guidance in January 2019 and will use the cumulative effect adjustment approach for adoption and are continuing to evaluate the impact of adopting this guidance on our consolidated financial statements. We will qualify for the above-mentioned practical expedients for our revenue generating activities and will continue to recognize revenue in accordance with Topic 606 in 2019 and beyond. Additionally, we expect to recognize lease assets and lease liabilities ranging between $4.5 million to $6 million on our 2019 balance sheet. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses, which introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and certain other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income and (iv) beneficial interests in securitized financial assets. This update is effective for annual and interim periods beginning after January 1, 2020. We are currently evaluating the effect the standard may have on our consolidated financial statements and related disclosures. On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement: - Changes to The Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for annual and interim periods beginning after January 1, 2020, with early adoption permitted. We are currently evaluating the effect the standard may have on our consolidated financial statement disclosures. In August 2018 the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. This ASU removes certain disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain other disclosures, and adds disclosure requirements identified as relevant. The guidance is effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted. We are currently evaluating the effect the standard may have on our consolidated financial statement disclosures. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | (2) BUSINESS COMBINATION On November 15, 2018 (the “Merger Date”), we completed our business combination with GulfMark Offshore, Inc. (“GulfMark”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated July 15, 2018 (the “business combination”). The business combination was effected through a two-step reverse merger, pursuant to which (i) Gorgon Acquisition Corp., a Delaware corporation and wholly-owned subsidiary, merged with and into GulfMark, with GulfMark continuing as the surviving corporation and a wholly-owned subsidiary (the “First Merger”) and then, immediately afterwards, (ii) GulfMark merged with and into Gorgon NewCo, LLC, a Delaware limited liability company and wholly-owned subsidiary (“Gorgon”), with Gorgon continuing as the surviving entity and a direct, wholly-owned subsidiary. GulfMark’s results are included in our consolidated results beginning on the Merger Date. Revenues of GulfMark from the Merger Date included in our consolidated statements of operations were $12.7 million for the year ended December 31, 2018. The net loss of GulfMark from the Merger Date was $30.6 million for the year ended December 31, 2018. Purchase Consideration Upon completion of the business combination, GulfMark shareholders received 1.10 (the “Exchange Ratio”) shares of Tidewater common stock in exchange for each share of GulfMark owned. Outstanding GulfMark Creditor Warrants (“GLF Creditor Warrants”) and GulfMark Equity Warrants (“GLF Equity Warrants”) were assumed from GulfMark with each warrant becoming exercisable for 1.10 shares of Tidewater common stock on substantially the same terms and conditions as provided in the warrant agreements governing the GLF Creditor Warrants and the GLF Equity Warrants. All outstanding GulfMark restricted stock units (awards granted to GulfMark directors and management prior to the merger) were converted into substantially similar awards to acquire Tidewater common stock with the number of restricted stock units being adjusted by the Exchange Ratio. The fair value of the Tidewater common stock and warrants issued as part of the consideration paid for GulfMark was determined based on the closing price of Tidewater’s common stock on the New York Stock Exchange on November 14, 2018. Upon consummation of the business combination, we utilized cash from GulfMark and cash on hand to repay the $100 million outstanding balance of GulfMark’s term loan facility. This business combination transaction resulted in a total purchase consideration of $385.5 million. Assets Acquired and Liabilities Assumed Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. We have not finalized the fair values of the assets acquired and liabilities assumed. The fair value estimates below are subject to adjustment during the measurement period subsequent to the Merger Date. The estimated fair values of certain assets and liabilities including long-lived assets and contingencies require judgments and assumptions. Adjustments might be made to these estimates during the measurement period and those adjustments could be material. Upon consummation of the business combination, the $100.0 million GulfMark term loan was repaid, with $28.0 of the payment coming from GulfMark and $72.0 million of the payment from Tidewater. The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows: Estimated Fair (In thousands) Value Assets: Current assets $ 77,942 Property and equipment 360,701 Other assets 779 Liabilities: Current liabilities 33,881 Long term debt 100,000 Other liabilities 20,049 Net assets acquired $ 285,492 Business Combination Related Costs Business combination related costs were expensed as incurred and consisted of various advisory, legal, accounting, valuation and other professional fees totaling $9.0 million for the year ended December 31, 2018. These costs are included in general and administrative expense in our consolidated statement of operations. Property and Equipment Property and equipment acquired in the business combination consisted primarily of 65 offshore support vessels. We recorded property and equipment acquired at its estimated fair value of approximately $361 million. The fair values of the offshore support vessels were estimated by applying an income approach, using projected discounted cash flows or a market approach. We estimate the remaining useful lives for the GulfMark fleet, which ranged from 1 to 18 years based on an original estimated useful life of 20 years. Deferred Taxes The business combination was executed through the acquisition of GulfMark’s outstanding common stock and therefore the historical tax bases of the acquired assets and assumed liabilities, net operating losses and other tax attributes of GulfMark were assumed at the Merger Date. However, adjustments to the deferred tax assets and liabilities for the tax effects of the difference between the acquisition date fair values and the tax bases of assets acquired and liabilities assumed were nearly completely offset by valuation allowances which resulted in only a minor change to the net deferred tax accounts of GulfMark. Pro Forma Impact of the Merger The following unaudited supplemental pro forma results present consolidated information as if the business combination was completed on August 1, 2017. The pro forma results include, among others, (i) a reduction in depreciation expense for adjustments to property and equipment and (ii) a reduction in interest expense resulting from the extinguishment of the GulfMark Term Loan Facility. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the business combination. Successor Period from Twelve Months August 1, 2017 (Unaudited) Ended through (in millions, except per share amounts) December 31, 2018 December 31, 2017 Revenues $ 500,118 223,254 Net loss (196,057 ) (13,088 ) Basic loss per common share (5.66 ) (0.44 ) Diluted loss per common share (5.66 ) (0.44 ) |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | (3) REVENUE RECOGNITION Our primary source of revenue is derived from charter contracts for which we provide a vessel and crew on a rate per day of service basis. Services provided under respective charter contracts represent a single performance obligation satisfied over time and are comprised of a series of time increments . ct. Customers are typically billed on a monthly basis for dayrate services and payment terms are generally 30 to 45 days. Occasionally, customers pay additional lump-sum fees to us in order to either mobilize a vessel to a new location prior to the start of a charter contract or demobilize the vessel at the end of a charter contract. Mobilizations are not a separate performance obligation; thus, we have determined that mobilization fees are a component of the vessel’s charter contract. As such, we defer lump-sum mobilization fees as a liability and recognizes such fees as revenue consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the term of the vessel’s respective charter. Lump-sum demobilization revenue expected to be received upon contract termination is deferred as an asset and recognized ratably as revenue only in circumstances where the receipt of the demobilization fee at the end of the contract is estimable and there is a high degree of certainty that collection will occur. Costs associated with mobilizations and demobilizations are recognized in vessel operating expense. Customers also occasionally reimburse us for modifications to vessels in order to meet contractual requirements. These vessel modifications are not considered to be a separate performance obligation of the vessel’s charter; thus, we record a liability for lump-sum payments made by customers for vessel modification and recognizes it as revenue consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the term of the vessel’s respective charter. Total revenue is determined for each individual contract by estimating both fixed (mobilization, demobilization and vessels modifications) and variable (dayrate services) consideration expected to be earned over the contract term. We have applied the optional exemption under the revenue standard and has not disclosed the estimated transaction price related to the variable portion of the unsatisfied performance obligation at December 31, 2017. Prior to the adoption of ASU 2014-09, we recognized mobilization fees as revenue in the period earned and customer reimbursed vessel modifications were not reflected in earnings. Costs associated with customer-directed mobilizations and reimbursed modifications to vessels are considered costs of fulfilling a charter contract and are expected to be recovered. Mobilization costs such as crew, travel, fuel, port fees, temporary importation fees and other costs are deferred as an asset and amortized as other vessel operating expenses consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the term of such vessel’s charter. Costs incurred for modifications to vessels in order to meet contractual requirements are capitalized as a fixed asset and depreciated either over the term of the respective charter contract or over the remaining estimated useful life of the vessel in instances where the modification is a permanent upgrade to the vessel and enhances its usefulness. Refer to Note (18) for the amount of revenue by segment and in total for the worldwide fleet. Contract Balances Trade accounts receivables are recognized when revenue is earned and collectible. Contract assets include pre-contract costs, primarily related to vessel mobilizations, which have been deferred and will be amortized as other vessel expenses consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the term of such vessel’s charter. Contract liabilities include payments received for mobilizations or reimbursable vessel modifications to be recognized consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the term of such vessel’s charter. At December 31, 2018, we had $1.6 million of deferred mobilization costs included within other current assets and did not have any contract liabilities/deferred revenue. |
CHAPTER 11 PROCEEDINGS AND EMER
CHAPTER 11 PROCEEDINGS AND EMERGENCE | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
CHAPTER 11 PROCEEDINGS AND EMERGENCE | (4) CHAPTER 11 PROCEEDINGS AND EMERGENCE On July 31, 2017, we and certain of our subsidiaries that had been named as additional debtors in the Chapter 11 proceedings emerged from bankruptcy after successfully completing our reorganization pursuant to the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of Tidewater and its Affiliated Debtors (the “Plan”). The Plan was confirmed on July 17, 2017 by the Bankruptcy Court. During the bankruptcy proceedings from May 17, 2017 (the “Petition Date”) to July 31, 2017, the date of our emergence from Chapter 11 bankruptcy (the “Effective Date”), the Debtors operated as "debtors-in-possession" in accordance with applicable provisions of the Bankruptcy Code. We operated in the ordinary course of business pursuant to motions filed by the Debtors and granted by the Bankruptcy Court. Upon our emergence from bankruptcy: • The lenders under our Fourth Amended and Restated Revolving Credit Agreement, dated as of June 21, 2013 (the “Credit Agreement”), the holders of senior notes, and the lessors from whom we leased 16 vessels (the “Sale Leaseback Parties”) (collectively, the “General Unsecured Creditors” and the claims thereof, the “General Unsecured Claims”) received their pro rata share of (a) $225 million of cash, (b) subject to the limitations discussed below, common stock and, if applicable, warrants (the “New Creditor Warrants”) to purchase common stock, representing 95% of the 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 Plan as described below); and (c) new 8% fixed rate secured notes due in 2022 in the aggregate principal amount of $350 million (the “Secured Notes”). • Our existing shares of common stock were cancelled. Our existing common stockholders received their pro rata share of common stock representing 5% of the 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 Plan) and six year warrants to purchase additional shares of common stock of the reorganized company. These warrants were issued in two tranches, with the first tranche (the “Series A Warrants”) being exercisable immediately, at an exercise price of $57.06 per share, and the second tranche (the “Series B Warrants”) being exercisable immediately, at an exercise price of $62.28 per share. The Series A Warrants are exercisable for 2.4 million shares of common stock • To assure the continuing ability of certain vessels owned by our subsidiaries to engage in U.S. coastwise trade, the number of shares of our common stock that was otherwise issuable to the allowed General Unsecured Creditors was 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 Plan required that, at the time we emerged from bankruptcy, not more than 22% of the common stock will be held by non-U.S. citizens. To that end, the Plan provided for the issuance of a combination of common stock of the reorganized company and the New Creditor 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 New Creditor Warrants do not grant the holder thereof any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of our business. Generally, the New Creditor Warrants are exercisable immediately at a nominal exercise price, subject to restrictions contained in the Warrant Agreement between us and the warrant agent regarding the New Creditor Warrants designed to assure our 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%. We have established, under our 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, were paid in full in the ordinary course of business (except as otherwise agreed among the parties). As of July 31, 2017, the Effective Date, we and the Sale Leaseback Parties had not reached agreement with respect to the amount of the Sale Leaseback Claims, and a portion of the emergence consideration (including cash, New Creditor Warrants and Secured Notes, and based on up to $260.2 million of possible additional Sale Leaseback Claims) was set aside to allow for the settlement and payout of the Sale Leaseback Parties’ claims as they were settled. We successfully reached agreement with the Sale Leaseback Parties between August and November 2017. Pursuant to such settlements, approximately $233.6 million of additional Sale Leaseback Claims were allowed and emergence consideration was paid to the Sale Leaseback Parties as each claim was settled. The remaining emergence consideration withheld was distributed pro-rata to holders of allowed General Unsecured Claims, including the remaining Sale Leaseback Parties, in December 2017 and January 2018. |
FRESH-START ACCOUNTING
FRESH-START ACCOUNTING | 12 Months Ended |
Dec. 31, 2018 | |
Fresh Start Balance Sheet [Abstract] | |
FRESH-START ACCOUNTING | (5) FRESH-START ACCOUNTING Upon our emergence from Chapter 11 bankruptcy, we qualified for and adopted fresh-start accounting in accordance with the provisions set forth in ASC 852 as (i) holders of existing shares of the Predecessor immediately before the Effective Date received less than 50 percent of the voting shares of the Successor entity and (ii) the reorganization value of the Successor was less than its post-petition liabilities and estimated allowed claims immediately before the Effective Date. Refer to Note (4), "Chapter 11 Proceedings and Emergence," for the terms of the Plan. Fresh-start accounting requires us to present our assets, liabilities, and equity as if we were a new entity upon emergence from bankruptcy. The new entity is referred to as "Successor”. The implementation of the Plan and the application of fresh-start accounting materially changed the carrying amounts and classifications reported in our consolidated financial statements and resulted in our becoming a new entity for financial reporting purposes. As a result of the application of fresh-start accounting and the effects of the implementation of the Plan, the financial statements after July 31, 2017 are not comparable with the financial statements prior to July 31, 2017. Therefore, "black-line" financial statements are presented to distinguish between the Predecessor and Successor companies. As part of fresh-start accounting, we were required to determine the Reorganization Value of the Successor upon emergence from the Chapter 11 proceedings. Reorganization Value approximates the fair value of the entity, before considering liabilities, and approximates the amount a willing buyer would pay for the assets of the entity immediately after the restructuring. The fair values of the Successor’s assets were determined with the assistance of a third party valuation expert. The Reorganization Value was allocated to our individual assets and liabilities based on their estimated fair values. For purposes of estimating the fair value of our vessels we used a combination of the discounted cash flow method (income approach) using a weighted average cost of capital of 12%, the guideline public company method (market approach) and vessel specific liquidation value analyses. In estimating the fair value of the other property and equipment, we used a combination of asset, income, and market-based approaches. See further discussion below in the "Fresh-start accounting adjustments" Although we believe the assumptions and estimates used to develop Enterprise Value and Reorganization Value are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require judgment. The following table reconciles our Enterprise Value to the estimated fair value of the Successor’s common stock as of July 31, 2017: (In thousands) July 31, 2017 Enterprise Value $ 1,050,000 Add: Cash and cash equivalents 560,866 Less: Amounts due to General Unsecured Creditors (102,193 ) Less: Fair value of debt (451,589 ) Less: Fair value of New Creditor, Series A and B warrants (299,045 ) Less: Fair value of noncontrolling interests (1,675 ) Fair Value of Successor common stock $ 756,364 The following table reconciles our Enterprise Value to our Reorganization Value as of July 31, 2017: July 31, 2017 Enterprise Value $ 1,050,000 Add: Cash and cash equivalents 560,866 Less: Amounts payable to General Unsecured Creditors (102,193 ) Add: Other working capital liabilities 439,377 Reorganization value of Successor assets $ 1,948,050 Consolidated Balance Sheet The following presents the effects on our consolidated balance sheet due to the reorganization and fresh-start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including our assumptions and methods used to determine fair value for our assets and liabilities. (In thousands) As of July 31, 2017 Predecessor Company Reorganization Adjustments Fresh-Start Adjustments Successor Company ASSETS Current Assets Cash and cash equivalents $ 683,673 (122,807 ) (1 ) - 560,866 Trade and other receivables, net 116,976 - (480 ) (10 ) 116,496 Due from affiliate 252,393 - - 252,393 Marine operating supplies 30,495 - 1,594 (11 ) 32,089 Other current assets 33,243 (12,438 ) (2 ) (278 ) (12 ) 20,527 Total current assets 1,116,780 (135,245 ) 836 982,371 Investments in, at equity, and advances to unconsolidated companies 49,367 - (24,683 ) (13 ) 24,684 Net properties and equipment 2,625,848 - (1,731,257 ) (14 ) 894,591 Other assets 92,674 - (46,270 ) (15 ) 46,404 Total assets $ 3,884,669 (135,245 ) (1,801,374 ) 1,948,050 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 39,757 - - 39,757 Accrued expenses 71,824 - (160 ) (16 ) 71,664 Due to affiliate 123,899 - - 123,899 Accrued property and liability losses 2,761 - - 2,761 Current portion of long-term debt 10,409 (5,204 ) (3 ) - 5,205 Other current liabilities 20,483 102,193 (4 ) (963 ) (17 ) 121,713 Total current liabilities 269,133 96,989 (1,123 ) 364,999 Long-term debt 80,233 355,204 (5 ) 10,946 (18 ) 446,383 Deferred income taxes - - - - Accrued property and liability losses 2,789 - - 2,789 Other liabilities and deferred credits 80,902 - (4,107 ) (17 ) 76,795 Liabilities subject to compromise 2,326,122 (2,326,122 ) (6 ) - - Total liabilities 2,759,179 (1,873,929 ) 5,716 890,966 Commitments and Contingencies Equity: - Common stock (Predecessor) 4,712 (4,712 ) (7 ) - - Additional paid-in capital (Predecessor) 166,867 (166,867 ) (7 ) - - Common stock (Successor) - 18 (8 ) - 18 Additional paid-in capital (Successor) - 1,055,391 (8 ) - 1,055,391 Retained earnings 951,749 854,854 (9 ) (1,806,603 ) (19 ) - Accumulated other comprehensive loss (12,779 ) - 12,779 (20 ) - Total stockholders' equity 1,110,549 1,738,684 (1,793,824 ) 1,055,409 Noncontrolling interests 14,941 - (13,266 ) (21 ) 1,675 Total equity 1,125,490 1,738,684 (1,807,090 ) 1,057,084 Total liabilities and equity $ 3,884,669 (135,245 ) (1,801,374 ) 1,948,050 Reorganization Adjustments (1) The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan as previously described. (In thousands) Payment made to holders of General Unsecured Claims upon emergence $ 122,807 Amounts payable to holders of General Unsecured Claims at July 31, 2017 102,193 Total payments pursuant to the Plan $ 225,000 Based on the terms contemplated in the Plan, we would have had $458.7 million of cash upon emergence subsequent to the full payment of the $225 million. (2) Represents the recognition of expenses paid prior to the Effective Date of $12.4 million for Plan support and other reorganization-related professional fees. (3) Reflects the reclassification from current to long-term of $5.2 million of Troms Offshore debt, consistent with the terms of the amended Troms Offshore credit agreement. (4) Reflects the establishment of a liability related to the unpaid pro rata cash distribution to the General Unsecured Claims. (5) Reflects the issuance of the $350 million Secured Notes to the General Unsecured Creditors as provided for in the Plan and the reclassification from current to long-term of $5.2 million of Troms Offshore debt (see (3) above). (6) Gain on settlement of liabilities subject to compromise is as follows: (In thousands) Revolving Credit Facility $ (600,000 ) Term Loan Facility (300,000 ) September 2013 senior unsecured notes (500,000 ) August 2011 senior unsecured notes (165,000 ) September 2010 senior unsecured notes (382,500 ) Accrued interest payable (23,736 ) Make-whole provision - Senior notes (94,726 ) Lessor claims - sale leaseback agreements (260,160 ) Total liabilities subject to compromise $ (2,326,122 ) Fair value of equity and warrants issued to General Unsecured Creditors 983,482 Issuance of 8% Secured Notes 350,000 Cash payment to General Unsecured Creditors 122,807 Amounts payable to General Unsecured Creditors 102,193 Gain on settlement of Liabilities subject to compromise $ (767,640 ) (7) Reflects the cancellation of Predecessor's equity to retained earnings. (8) Represents the issuance of Successor equity. The Successor issued approximately 18.5 million shares of New Common Stock including approximately 17.0 million shares of New Common Stock to General Unsecured Creditors and 1.5 million to holders of Predecessor stock. Approximately 7.7 million New Creditor Warrants were issued upon emergence to the General Unsecured Creditors and approximately 3.9 million New Creditor Warrants were reserved for with respect to the unresolved sale leaseback claims. Additionally, 2.4 million Series A Warrants and 2.6 million Series B Warrants were issued to the holders of Predecessor stock with exercise prices of $57.06 and $62.28, respectively. Based on a Black-Scholes-Merton valuation and an estimated fair value of the underlying New Common Stock of $25 per share, the value of each New Creditor Warrant was estimated at $25, the value of each Series A Warrant was estimated at $2.27 and the value of each Series B Warrant was estimated at $1.88. The table below reflects the components of Additional paid-in capital (Successor) upon emergence: (In thousands) Additional paid-in capital attributable to common shares $ 756,346 Series A Warrants (2,432,432 Warrants at $1.88 per warrant) 5,510 Series B Warrants (2,629,657 Warrants at $2.27 per warrant) 4,945 Issued Creditor Warrants (7,684,453 Warrants at $25 per warrant) 192,108 Reserved Creditor Warrants (3,859,361 Warrants at $25 per warrant) 96,482 Fair Value of Successor additional paid-in capital $ 1,055,391 (9) Reflects the cumulative effect of the reorganization adjustments discussed above. Fresh-start Accounting Adjustments (10) Represents fair value adjustments on outstanding warranty claims. (11) Reflects the adjustment to record fuel inventory held as marine and operating supplies at fair value. (12) Reflects adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting. (13) Reflects the adjustment to decrease the carrying value of our equity method investments to their estimated fair values which were determined using a discounted cash flow analysis. (14) In estimating the fair value of the vessels and related equipment, we used a combination of discounted cash flow method (income approach), the guideline public company method (market approach) and vessel specific liquidation value analyses. A discount rate of 12% was used for the discounted cash flow method. In estimating the fair value of the other property and equipment, we used a combination of asset, income, and market-based approaches. (15) Reflects fair value adjustments of (i) $41.7 million to reduce the carrying value of a vessel under construction that is currently the subject of an arbitration proceeding in the United States and (ii) $3.8 million to reduce the carrying value of a receivable related to a vessel under construction in Brazil, which is also the subject of pending arbitration (the carrying value of receivable after such fair value adjustment is approximately $1.8 million). Also reflects adjustments to deferred tax items of $0.8 million as a result of the change in vessel values from the application of fresh-start accounting. (16) Reflects the write-off of deferred rent liabilities and an increase in a market-value based fuel related liabilities in Brazil. (17) Reflects the write-off of $1.3 million of accrued losses in excess of investment related to an unconsolidated subsidiary, an unrecognized deferred gain on the sale of a vessel to an unconsolidated subsidiary of $3.8 million, $0.4 million of which was reflected as current and adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting of which $0.9 million is current and $1.3 million is long-term. Offsetting these items is the recognition of an intangible liability of approximately $2.1 million, $0.4 million of which is recorded as current, to adjust our office lease contracts to fair value as of July 31, 2017. The intangible liability will be amortized over the remaining life of the contracts through 2023. (18) Reflects a $15.4 million premium recorded in relation to the $350 million Secured Notes, an aggregate $5.4 million discount recorded in relation to the modified Troms Offshore borrowings, and the write-off of historical unamortized debt issuance costs related to the Troms Offshore borrowings of $0.9 million. (19) Reflects the cumulative effects of the fresh-start accounting adjustments. (20) Represents the elimination of Predecessor accumulated other comprehensive loss. (21) Reflects a $13.3 million adjustment to decrease the carrying value of the noncontrolling interests to the estimated fair value. |
REORGANIZATION ITEMS
REORGANIZATION ITEMS | 12 Months Ended |
Dec. 31, 2018 | |
Reorganization Items [Abstract] | |
REORGANIZATION ITEMS | (6) REORGANIZATION ITEMS ASC 852 requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. We use “Reorganization items” on our consolidated statements of operations to reflect the revenues, expenses, gains and losses that are the direct result of the reorganization of the business. The following tables summarize the components included in “Reorganization items”: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Gain on settlement of liabilities subject to compromise $ — (767,640 ) Fresh start adjustments — 1,820,018 Debt, sale leaseback and other reorganization items 1,631 316,504 Reorganization-related professional fees 2,668 28,023 Loss on reorganization items $ 4,299 1,396,905 |
INVESTMENT IN UNCONSOLIDATED CO
INVESTMENT IN UNCONSOLIDATED COMPANIES | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED COMPANIES | (7) 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 our consolidated balance sheet. Investments in, at equity, and advances to unconsolidated joint venture companies were as follows: Successor Percentage December 31, December 31, (In thousands) Ownership 2018 2017 Sonatide Marine, Ltd. (Angola) 49% $ — 26,935 DTDW Holdings, Ltd. (Nigeria) 40% 1,033 2,281 GulfMark Marine, Ltd. (Trinidad) 49% 6 — Investments in, at equity, and advances to unconsolidated companies $ 1,039 29,216 As a result of fresh-start accounting our investment in Sonatide Marine, Ltd. and DTDW Holdings, Ltd. were assigned a fair value based on the discounted cash flows of their respective operations. This resulted in a difference between the carrying value of our investment balance and our share of the net assets of the joint ventures of $27.7 million and $4.2 million for Sonatide Marine, Ltd. and DTDW Holdings, Ltd, respectively, which will be accreted to the investments in, at equity, and advances to unconsolidated companies We maintained the following balances with their unconsolidated affiliates as of December 31, 2018 and December 31, 2017: Successor December 31, December 31, (in thousands) 2018 2017 Due from related parties: Sonatide (Angola) $ 109,176 230,315 DTDW (Nigeria) 23,775 33,353 Due to related parties: Sonatide (Angola) $ 29,347 99,448 DTDW (Nigeria) 5,625 9,645 Due from related parties, net of due to related parties $ 97,979 154,575 Amounts due from and due to DTDW and related entities of $33.4 million and $9.6 million, respectively, are included in trade and other receivables, net, and accounts payable line items at December 31, 2017. Amounts due from Sonatide Amounts due from Sonatide (included in Due from affiliate in the consolidated balance sheets) at December 31, 2018 and December 31, 2017 of approximately $109 million and $230 million, respectively, represent cash received by Sonatide from customers and due to us, amounts due from customers that are expected to be remitted to us through Sonatide and costs incurred by us on behalf of Sonatide. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Ended through through (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 Due from Sonatide at beginning of year $ 230,315 252,393 262,652 Revenue earned by the company through Sonatide 56,916 40,303 34,397 Less amounts received from Sonatide (76,878 ) (28,264 ) (21,019 ) Less amounts used to offset Due to Sonatide obligations (A) (78,993 ) (33,607 ) (21,453 ) Less impairment of due from affiliate (20,083 ) — — Other (2,101 ) (510 ) (2,184 ) $ 109,176 230,315 252,393 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. The obligation to us from Sonatide is denominated in U.S. dollars; however, the underlying third-party customer payments to Sonatide were satisfied, in part, in Angolan kwanzas. We and Sonangol, our partner in Sonatide, have had discussions regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared After offsetting the amounts due to Sonatide and prior to impairment, the net amount due from Sonatide was approximately $100 million. Sonatide had approximately $58 million of cash on hand at December 31, 2018 plus approximately $23 million of net trade accounts receivable, providing approximately $75 million of working capital to satisfy the net due from Sonatide. Given prior discussions with our partner regarding how the net losses from the devaluation of certain Angolan kwanza denominated accounts should be shared, we continue to evaluate our net due from Sonatide balance for potential impairment based on available liquidity held by Sonatide. Based on our most recent analysis, we determined that a portion of our net due from balance is compromised and we have taken an approximate $20 million asset impairment charge at December 31, 2018. We will continue to monitor the net due from Sonatide balance for possible additional impairment in future periods. Sonatide has approximately $58 million of cash of which approximately $20 million is denominated in Angolan kwanzas. During the twelve months ended December 31, 2018, the Angolan kwanza devalued versus the U.S. dollar by approximately 84% from a ratio of approximately 168 to 1 to a ratio of approximately 309. Amounts due to Sonatide Amounts due to Sonatide (Due to affiliate in the consolidated balance sheets) at December 31, 2018 and 2017 of approximately $29 million and $99 million, respectively, represents commissions payable and other costs paid by Sonatide on behalf of us. Approximately $28 million represents commissions due to Sonatide. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 December 31, through through (In thousands) 2018 December 31, 2017 July 31, 2017 Due to Sonatide at beginning of year $ 99,448 123,899 132,857 Plus commissions payable to Sonatide 5,502 3,928 3,330 Plus amounts paid by Sonatide on behalf of the company 14,778 12,044 9,458 Less commissions paid to Sonatide (13,906 ) (5,023 ) — Less amounts used to offset Due from Sonatide obligations (A) (78,993 ) (33,607 ) (21,453 ) Other 2,518 (1,793 ) (293 ) $ 29,347 $ 99,448 123,899 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. Sonatide Operations Sonatide’s principal earnings are from the commissions paid by us to the joint venture for company vessels chartered in to Angola. In addition, Sonatide owns four vessels (two of which are currently stacked) that may generate operating income and cash flow. Company operations in Angola For the twelve months ended December 31, 2018, our Angolan operations generated vessel revenues of approximately $59 million, or 15%, of our consolidated vessel revenue, from an average of approximately 37 company-owned vessels that are marketed through the Sonatide joint venture (16 of which were stacked on average during the twelve months ended December 31, 2018). For the period from August 1, 2017 through December 31, 2017, our Angolan operations generated vessel revenues of approximately $34 million, or 20%, of our consolidated vessel revenue, from an average of approximately 43 company-owned vessels that are marketed through the Sonatide joint venture (16 of which were stacked on average during the period from August 1, 2017 through December 31, 2017). For the period from April 1, 2017 through July 31, 2017, ours Angolan operations generated vessel revenues of approximately $34 million, or 23%, of our consolidated vessel revenue, from an average of approximately 50 company-owned vessels that are marketed through the Sonatide joint venture (21 of which were stacked on average during the period from April 1, 2017 through July 31, 2017). For the year ended March 31, 2017, our Angolan operations generated vessel revenues of approximately $127 million, or 22%, of our 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). Investment in, at equity, and advances to Sonatide (an unconsolidated company) Sonatide is a joint venture owned 49% by us. As of December 31, 2018 and 2017, the carrying value of our investment in the Sonatide joint venture, which is included in “Investments in, at equity, and advances to unconsolidated companies,” was approximately zero and $27 million, respectively. During the twelve months ended December 31, 2018, we received a dividend from Sonatide of approximately $12 million which reduced the carrying value of our investment in Sonatide to zero. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (8) INCOME TAXES We record uncertain tax positions 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. Losses before income taxes derived from United States and non-U.S. operations are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Non-U.S. $ (99,607 ) (5,137 ) (1,603,788 ) (498,931 ) United States (53,912 ) (31,550 ) (44,355 ) (144,683 ) $ (153,519 ) (36,687 ) (1,648,143 ) (643,614 ) Income tax expense (benefit) consists of the following: U.S. (In thousands) Federal State International Total Year Ended March 31, 2017 (Predecessor) Current $ (842 ) 17 9,422 8,597 Deferred (2,200 ) — — (2,200 ) $ (3,042 ) 17 9,422 6,397 Period from April 1, 2017 through July 31, 2017 (Predecessor) Current $ (822 ) 3 5,128 4,309 Deferred (5,543 ) — — (5,543 ) $ (6,365 ) 3 5,128 (1,234 ) Period from August 1, 2017 through December 31, 2017 (Successor) Current $ 11 — 2,028 2,039 Deferred — — — — $ 11 — 2,028 2,039 Year Ended December 31, 2018 (Successor) Current $ 962 — 16,718 17,680 Deferred 531 250 (209 ) 572 $ 1,493 250 16,509 18,252 The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 21% for periods beginning January 1, 2018 and 35% for periods ending prior to January 1, 2018 to pre-tax earnings as a result of the following: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Ended through through (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 Computed “expected” tax benefit $ (32,239 ) (12,840 ) (576,850 ) Increase (reduction) resulting from: Foreign income taxed at different rates 20,917 1,767 448,805 Uncertain tax positions 2,264 (3,219 ) 4,674 Chapter 11 reorganization — — 50,428 Nondeductible transaction costs 1,091 — 2,628 Transition tax — 15,120 — Valuation allowance – deferred tax assets 38,778 (28,387 ) 69,278 Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions — 11 (822 ) Foreign taxes 13,012 845 (1,342 ) State taxes 246 — 3 Return to accrual (28,176 ) 835 668 162(m) - Executive compensation 2,818 — — Other, net (459 ) 646 1,296 Remeasurement of deferred taxes — 27,261 — $ 18,252 2,039 (1,234 ) ASU 2016-06, which was effective January 1, 2018, removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. Income taxes resulting from intercompany vessel sales, as well as the tax effect of any reversing temporary differences resulting from the sales, were deferred and amortized on a straight-line basis over the remaining useful lives of the vessels as of March 31, 2017. Due to our Chapter 11 reorganization, the remaining unamortized balances associated with previous vessel transfers were reduced to zero as of December 31, 2017. Because any remaining U.S. vessels were pledged as collateral in accordance with our current debt agreements, we do not intend to execute intercompany vessel transfers in the near future. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: Successor December 31, December 31, (In thousands) 2018 2017 Deferred tax assets: Accrued employee benefit plan costs $ 7,607 5,838 Stock based compensation 786 230 Net operating loss and tax credit carryforwards 102,190 3,941 Restructuring fees not currently deductible for tax purposes 3,113 3,982 Depreciation and amortization — 29,160 Other 8,826 3,070 Gross deferred tax assets 122,522 46,221 Less valuation allowance (106,447 ) (43,218 ) Net deferred tax assets 16,075 3,003 Deferred tax liabilities: Depreciation and amortization (11,149 ) — Section 1245 recapture (2,891 ) (2,131 ) Other (3,553 ) (872 ) Gross deferred tax liabilities (17,593 ) (3,003 ) Net deferred tax assets (liabilities) $ (1,518 ) — On November 15, 2018 we completed a series of mergers through which all of the shares of GulfMark Offshore, Inc. were acquired. The merger transactions qualified as tax free reorganization under IRC Sec. 368(a), resulting in a carryover of tax basis in the assets and liabilities of GulfMark. Tidewater recorded net deferred liabilities of $1 million in the opening balance sheet of GulfMark. In July 2017 we reorganized under Chapter 11 of the U.S. bankruptcy code, in a transaction treated as a tax free reorganization under IRC Sec. 368(a)(1)(E). Approximately $853 million of cancellation of indebtedness (COD) income was realized for tax purposes. Under exceptions applying to COD income resulting from a bankruptcy reorganization, we were not required to recognize this COD income currently as taxable income. Instead, our tax attribute carryforwards, including net operating losses, tax basis of vessels and other depreciable assets, and the stock of foreign corporate subsidiaries was reduced under the operative tax statute and applicable regulations, affecting the balance of deferred taxes where appropriate. The total amount of reduction of tax attributes under these rules after finalization of the U.S. income tax return for the year ending December 31, 2017, was approximately $718 million, of which $358 million impacted depreciable assets. Approximately $330 million of attribute reduction reduced the tax basis of stock of foreign subsidiaries, which did not give rise to deferred taxes (as more fully discussed below). The remaining $136 million of excess COD income is attributed under the applicable tax regulations to domestic subsidiaries with insufficient tax attributes to absorb the required reduction; this can result in the recognition of future tax gain. Approximately $122 million of this was attributable to a subsidiary with no current built in gain, and therefore no deferred taxes were recognized on this portion of the excess COD income. Deferred taxes were recognized on the remaining $14 million of excess COD income. The actual reduction in tax attributes did not occur until the first day of our tax year subsequent to the date of emergence, or January 1, 2018. After the filing of the U.S. federal income tax return for the year ending December 31, 2017, we had no remaining U.S. federal net operating loss carryforwards at December 31, 2017 but has $225 million of U.S. federal net operating losses as of December 31, 2018 which begin to expire in 2037, but mostly indefinite lived. We have foreign tax credits in the amount of $2 million and $13 million as of December 31, 2017 and 2018, respectively. We expect our foreign tax credits will expire from 2022 to 2027. We have foreign net operating loss carryforwards of $124 million that will expire beginning in 2025 with many having indefinite carryforward periods. IRC Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. Our emergence from Chapter 11 bankruptcy proceedings is considered a change in ownership for purposes of IRC Section 382. The limitation under the IRC is based on our value as of the emergence date. The ownership changes and resulting annual limitation will result in no expiration of U.S. tax attributes generated prior to the emergence date. In addition, the merger with GulfMark resulted in a change in ownership of GulfMark for purposes of IRC Section 382. The ownership changes and resulting annual limitation on GulfMark’s tax attributes will result in no expiration of net operating losses and other tax attributes generated prior to the merger. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated were the cumulative losses for financial reporting purposes that were incurred over the three-year periods ended December 31, 2018. Such objective negative 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, for the period ended December 31, 2018, a valuation allowance of $106.4 million was recorded against our net deferred tax asset. For the period ended December 31, 2017, a valuation allowance of $43.2 million was recorded against our net deferred tax asset. The increase in the valuation allowance was primarily attributable to the net operating losses and other deferred tax assets recorded in the current period. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future U.S. taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth and/or tax planning strategies. We have not recognized a U.S. deferred tax liability associated with temporary differences related to investments in foreign subsidiaries. The differences relate primarily to stock basis differences attributable to factors other than earnings, given that any untaxed cumulative earnings were subject to taxation in the U.S. in 2017 in accordance with the Tax Cuts and Jobs Act, and that post-2017 earnings of these subsidiaries will either be taxed currently for U.S. purposes or will be permanently exempt from U.S. taxation. For the periods ended December 31, 2018 and 2017, there is an unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries estimated to be approximately $5 and $4 million, respectively. We maintain that our investment in foreign subsidiaries and associated reinvestment of their cumulative earnings is permanent in duration. Our balance sheet reflects the following in accordance with ASC 740, Income Taxes Successor December 31, December 31, (In thousands) 2018 2017 Tax liabilities for uncertain tax positions $ 43,790 31,694 Income tax payable 9,387 12,492 Income tax (receivable) (9,245 ) (8,442 ) Included in the liability balances for uncertain tax positions above for the periods ending December 31, 2018 and 2017, are $21.6 million and $9.8 million of penalties and interest, respectively. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. 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) are as follows: (In thousands) Balance at April 1, 2016 (Predecessor) $ 401,375 Additions based on tax positions related to the current year 551 Settlement and lapse of statute of limitations (1,108 ) Balance at March 31, 2017 (Predecessor) $ 400,818 Additions based on tax positions related to the current year 2,050 Settlement and lapse of statute of limitations — Balance at July 31, 2017 (Predecessor) $ 402,868 (In thousands) Balance at August 1, 2017 (Successor) $ 402,868 Additions based on tax positions related to the current year 170 Additions based on tax positions related to a prior year 2,578 Settlement and lapse of statute of limitations (1,045 ) Reductions based on tax positions related to a prior year — Balance at December 31, 2017 (Successor) $ 404,571 Additions from GulfMark business combination 8,857 Additions based on tax positions related to the current year — Additions based on tax positions related to a prior year 6,903 Settlement and lapse of statute of limitations (2,953 ) Reductions based on tax positions related to a prior year (18,086 ) Balance at December 31, 2018 (Successor) (A) $ 399,292 (A) The gross balance reported as uncertain tax positions is largely offset by $374 million of foreign tax credits and other tax attributes. Subsequent to the issuance of our Consolidated Financial Statements for the year ended December 31, 2017, we identified an immaterial error related to income inclusions in the U.S. under Subpart F of the Internal Revenue Code. As a result of the cumulative impact of the error, which dates back to 2010, we have recorded a prior period adjustment in the amount of $13.4 million to the April 1, 2016 (Predecessor) beginning retained earnings. The “Other liabilities and deferred credits” and “Net properties and equipment” accounts within the Consolidated Balance Sheet for the year ended December 31, 2017 were also restated from the amount previously reported to reflect the uncertain tax position of $13.4 million. The beginning balance of uncertain tax benefits in the preceding table has also been restated for the correction of this error. We have assessed this error and determined it is immaterial to all prior periods impacted. The Consolidated Financial Statements and corresponding footnotes for the prior periods, including the impact to fresh start accounting, have been restated from the amounts previously reported to reflect the correction of this error. With limited exceptions, we are no longer subject to tax audits by United States (U.S.) federal, state, local or foreign taxing authorities for fiscal years prior to March 2013. We have ongoing examinations by various state and foreign tax authorities and do not believe that the results of these examinations will have a material adverse effect on our financial position or results of operations. SAB 118 measurement period On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was enacted. The Tax Act significantly revises the U.S. corporate income tax by, among other things, lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act in 2017 and throughout 2018. At December 31, 2017, we had not completed our accounting for all of the enactment-date income tax effects of the Tax Act under ASC 740, Income Taxes One-time transition tax The one-time transition tax is based on our total post-1986 earnings and profits (“E&P”), the tax on which we previously deferred from US income taxes under US law. We recorded a provisional amount for our one-time transition tax liability for each of our foreign subsidiaries, resulting in a deemed dividend inclusion of $43.2 million in the US current taxable income calculation at December 31, 2017. Upon further analyses of the Tax Act and Notices and regulations issued and proposed by the US Department of the Treasury and the Internal Revenue Service, we finalized our calculations of the transition tax liability during 2018 and determined that we had no remaining E&P to recognize as a one-time transition tax. Deferred tax assets and liabilities As of December 31, 2017, we remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional amount of $27.3 million. Upon further analysis of certain aspects of the Tax Act and refinement of our calculations during the 12 months ended December 31, 2018, there was no material adjustment to the provisional amounts recorded. Global intangible low-taxed income (GILTI) The Tax Act subjects a US shareholder to tax on GILTI earned by certain foreign subsidiaries. We have made an accounting policy election to account for GILTI in the year the tax is incurred. Due to current year losses, no GILTI was recognized for the year ending December 31, 2018. Base Erosion Anti-Abuse Tax (BEAT) The BEAT provisions in the Tax Act eliminate the deduction of certain base-erosion payments made to related foreign corporations beginning in 2018, and impose a minimum tax if greater than regular tax. The BEAT did not have a material impact on our provision for income tax. |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (9) Summary of Debt Outstanding per Stated Maturities The following table summarizes debt outstanding based on stated maturities: Successor December 31, December 31, (In thousands) 2018 2017 Secured notes: 8.00% Secured notes due August 2022 $ 349,954 350,000 Troms Offshore borrowings: NOK denominated notes due May 2024 12,241 14,054 NOK denominated notes due January 2026 22,988 25,965 USD denominated notes due January 2027 22,116 23,345 USD denominated notes due April 2027 24,157 25,463 $ 431,456 438,827 Debt premium and discount, net 7,548 9,333 Less: Current portion of long-term debt (8,568 ) (5,103 ) Total long-term debt $ 430,436 443,057 We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Secured Notes Pursuant to the terms of the Plan, we entered into an indenture (the “Indenture”) by and among our, the wholly-owned subsidiaries named as guarantors therein (the “Guarantors”), and Wilmington Trust, National Association, as trustee and collateral agent (the “Trustee”), and issued $350 million aggregate principal amount of our 8.00% Senior Secured Notes due 2022 (the “Secured Notes”). The Secured Notes will mature on August 1, 2022. Interest on the Secured Notes accrues at a rate of 8.00% per annum and are payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year in cash, beginning November 1, 2017. The Secured Notes are secured by substantially all of our assets and our Guarantors. As of December 31, 2018, the fair value (Level 2) of the Secured Notes was $359.4 million. The Secured Notes have quarterly minimum trailing twelve months interest coverage requirement that begins June 30, 2019. Minimum liquidity requirements and other covenants are set forth in the Indenture and are in effect from July 31, 2017. The Indenture also contains certain customary events of default and a make-whole provision. Until terminated under the circumstances described in this paragraph, the Secured Notes and the guarantees by the Guarantors will be secured by the Collateral (as defined in the Indenture) pursuant to the terms of the Indenture and the related security documents. The Trustee’s liens upon the Collateral and the right of the holders of the Secured Notes to the benefits and proceeds of the Trustee’s liens on the Collateral will terminate and be discharged in certain circumstances described in the Indenture, including: (i) upon satisfaction and discharge of the Indenture in accordance with the terms thereof; or (ii) as to any of our Collateral or the Guarantors that is sold, transferred or otherwise disposed of by us or the Guarantors in a transaction or other circumstance that complies with the terms of the Indenture, at the time of such sale, transfer or other disposition. Secured Notes Tender Offer We are obligated to offer to repurchase the Secured Notes at par in amounts that generally approximate 65% of asset sale proceeds as defined in the Indenture. In February and December of 2018, we commenced offers to repurchase up to $24.7 million and $25.4 million, respectively, of the Senior Notes. In March 2018 and January 2019 we repurchased $46,023 and $160,000, respectively, of the Senior Notes in accordance with this tender offer obligation. The $26.0 million restricted cash on the balance sheet at December 31, 2018, represents proceeds from asset sales since the date of the February 2018 tender offer and is restricted as of that date by the terms of the Indenture. These proceeds were the subject of the December tender offer completed in January 2019 with the restriction on the non-tendered amount being released. Troms Offshore Debt Concurrent with the July 31, 2017 Effective Date of the Plan, the Troms Offshore credit agreement was amended and restated to (i) reduce by 50% the required principal payments due from the Effective Date through March 31, 2019, (ii) modestly increase the interest rates on amounts outstanding through April 2023, and (iii) provide for security and additional guarantees, including (a) mortgages on six vessels and related assignments of earnings and insurances, (b) share pledges by Troms Offshore and certain subsidiaries of Troms Offshore, and (c) guarantees by certain subsidiaries of Troms Offshore. The Troms Offshore borrowings continue to require semi-annual principal payments and bear interest at fixed rates based, in part, on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio. In May 2015, Troms Offshore entered into a $31.3 million, U.S. dollar denominated, 12 year borrowing agreement scheduled to mature in April 2027. The loan requires semi-annual principal and interest payments 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 1.00% and a 1.00% sub-tranche premium (for a total all-in rate of 4.92%). As of December 31, 2018, $24.2 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 scheduled to mature in January 2027. The loan requires semi-annual principal and interest payments 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 1.00% and a 1.00% sub-tranche premium (for a total all-in rate of 4.91%). As of December 31, 2018, $22.1 million is outstanding under this agreement. A summary of U.S. dollar denominated Troms Offshore borrowings outstanding is as follows: Successor December 31, December 31, (In thousands) 2018 2017 Notes due April 2027 Amount outstanding $ 24,157 25,463 Fair value of debt outstanding (Level 2) 24,157 25,427 Notes due January 2027 Amount outstanding $ 22,116 23,345 Fair value of debt outstanding (Level 2) 22,115 23,251 In January 2014, Troms Offshore entered into a 300 million Norwegian kroner (NOK) denominated, 12 year borrowing agreement scheduled to mature in January 2026. The loan requires semi-annual principal and interest payments and bears interest at a fixed rate of 2.31% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio currently equal to 1.25% and a 1.00% sub-tranche premium (for a total all-in rate of 4.56%). As of December 31, 2018, 200.0 million NOK (approximately $23.0 million) is outstanding under this agreement. In May 2012, Troms Offshore entered into a 204.4 million NOK denominated borrowing agreement scheduled to mature in May 2024. The loan requires semi-annual principal and interest payments and bears interest at a fixed rate of 3.88% plus a premium based on Tidewater Inc.’s consolidated funded indebtedness to total capitalization ratio currently equal to 1.25% and a 1.00% sub-tranche premium (for a total all-in rate of 6.13%). As of December 31, 2018, 106.5 million NOK (approximately $12.2 million) is outstanding under this agreement. A summary of NOK denominated Troms Offshore borrowings outstanding and their U.S. dollar equivalents is as follows: Successor December 31, December 31, (In thousands) 2018 2017 Notes due January 2026 NOK denominated 200,000 212,500 U.S. dollar equivalent $ 22,988 25,965 Fair value in U.S. dollar equivalent (Level 2) 22,988 25,850 Notes due May 2024 NOK denominated 106,500 115,020 U.S. dollar equivalent $ 12,241 14,054 Fair value in U.S. dollar equivalent (Level 2) 12,239 14,013 GulfMark Term Loan Facility Upon consummation of the business combination, we utilized $37.7 million of cash from GulfMark and $72.0 million of cash on hand to repay the $100.0 million outstanding balance of GulfMark’s Term Loan Facility plus accrued interest and an early extinguishment penalty. The repayment of this term loan facility resulted in the recognition of a loss on early extinguishment of debt of $8.1 million for the year ended December 31, 2018. In addition, a related undrawn revolving credit facility with $25.0 million of borrowing capacity was also terminated immediately upon closure of the GulfMark merger. Debt Costs We capitalize a portion of our interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Interest and debt costs incurred, net of interest capitalized $ 30,439 13,009 11,179 75,026 Interest costs capitalized 521 101 601 4,829 Total interest and debt costs $ 30,960 13,110 11,780 79,855 |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE RETIREMENT PLANS | (10) U.S. Defined Benefit Pension Plan We have 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 for the approximately 60 active employees who participated in the plan. As of December 31, 2018, approximately 20 active employees are covered by this plan. We did not contribute to the defined benefit pension plan during the twelve-month period ended December 31, 2018. We did not contribute to the defined benefit plan during the nine-month period ended December 31, 2017. We contributed $3.0 million to the defined benefit pension plan during the twelve-month period ended March 31, 2017. We do not yet know whether a contribution will be necessary during calendar 2019. Supplemental Executive Retirement Plan We also offer a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. A Rabbi Trust was established to provide us with a vehicle to invest in a variety of marketable securities that were 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. We contributed $0.9 million during the twelve month period ended December 31, 2018. We contributed $0.1 million during the nine-month period ended December 31, 2017 and $0.2 million to the supplemental plan during the twelve-month period ended March 31, 2017. On October 16, 2017, we announced that Jeffrey M. Platt had retired from his position as our President and Chief Executive Officer and resigned as a member of our board of directors (the “Board”), effective October 15, 2017. As a result of Mr. Platt’s retirement, he received in April 2018 an $8.9 million lump sum distribution in settlement of his supplemental executive retirement plan obligation which was funded by substantially all of the investments held by the Rabbi Trust. A settlement loss of $0.3 million was recorded at the time of distribution. In December 2017, in an attempt to reduce costs, the Board of Directors amended the supplemental plan to discontinue the accrual of benefits and any other contributions effective January 1, 2018. On this date, previously accrued pension benefits under the supplemental plan were frozen for active participants. This change does not affect the benefits earned by any participants prior to January 1, 2018. Any future accrual of benefits under the supplemental plan or other contributions to the supplemental plan will be determined at our sole discretion. Investments held in a Rabbi Trust in the supplemental plan were included in current assets at fair value. The following table summarizes the carrying value of the trust assets and obligations under the supplemental plan: Successor December 31, December 31, (In thousands) 2018 2017 Investments held in Rabbi Trust $ 18 8,908 Obligations under the supplemental plan 21,413 32,508 The following table summarizes the unrealized (loss) gains in carrying value of the trust assets: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Unrealized gain (loss) in carrying value of trust assets $ — 256 82 (95 ) Unrealized loss in carrying value of trust assets are net of income tax expense of — — — (223 ) 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. The trust assets were liquidated to fund the payment to the former President and Chief Executive Officer. Postretirement Benefit Plan Qualified retired employees were covered by a program which provided limited health care and life insurance benefits. This plan terminated on January 1, 2019 resulting in a gain of $4.0 million. Costs of the program were based on actuarially determined amounts and were accrued over the period from the date of hire to the full eligibility date of employees who were expected to qualify for these benefits. This plan was funded through payments as benefits were required. We eliminated the life insurance portion of our postretirement benefit effective January 1, 2018, resulting in a $1.9 million reduction in benefit obligations. Effective November 20, 2015, we eliminated our post-65 medical coverage for all current and future retirees effective January 1, 2017. The medical coverage remains unchanged for participants under age 65. This plan amendment resulted in an additional net periodic postretirement benefit of $2.0 million for the twelve month period ended March 31, 2017. 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. We are obligated to adequately fund the trust. For the pension plan assets, we have the following primary investment objectives: (1) closely match the cash flows from the plan’s investments from interest payments and maturities with the payment obligations from the plan’s liabilities; (2) closely match the duration of plan assets with the duration of plan liabilities and (3) enhance the plan’s investment returns without taking on undue risk by industries, maturities or geographies of the underlying investment holdings. If the plan assets are less than the plan liabilities, the pension plan assets will be invested exclusively in fixed income debt securities. Any investments in corporate bonds shall be at least investment grade, while mortgage and asset-backed securities must be rated “A” or better. If an investment is placed on credit watch, or is downgraded to a level below the investment grade, the holding will be liquidated, even at a loss, in a reasonable time period. The plan will only hold investments in equity securities if the plan assets exceed the estimated plan liabilities. The cash flow requirements of the pension plan will be analyzed at least annually. Portfolio repositioning will be required when material changes to the plan liabilities are identified and when opportunities arise to better match cash flows with the known liabilities. Additionally, trades will occur when opportunities arise to improve the yield-to-maturity or credit quality of the portfolio. Our 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 With the lump sum distribution paid in April 2018 combined with the December 2017 amendment to discontinue the accrual of benefits and any other contributions, we do not expect to hold any significant assets in trust for the payment of benefits to the participants in the supplemental plan. As of December 31, 2018, $18,000 of cash and cash equivalents were held in the Rabbi Trust by the supplemental plan. U.S. Pension Plan Asset Allocations The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Successor Successor Actual as of Actual as of Target December 31, 2018 December 31, 2017 U.S. Pension plan: Equity securities — 2 % — Debt securities 100 % 91 % 98 % Cash and other — 7 % 2 % Total 100 % 100 % 100 % Significant Concentration Risks U.S. Plans The pension plan assets are periodically evaluated for concentration risks. As of December 31, 2018, we 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. Fair Value of Pension Plans 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 assets measured at fair value as of December 31, 2018 (Successor), 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: Equity securities: $ 900 900 — — — Debt securities: Government securities 4,044 4,044 — — — Corporate debt securities 47,667 684 46,983 — — Cash and cash equivalents 1,214 717 497 — — Other 2,384 — 2,384 — — Total $ 56,209 6,345 49,864 — — Accrued income 581 581 — — — Total fair value of plan assets $ 56,790 6,926 49,864 — — The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of December 31, 2017 (Successor): (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 $ 4,238 4,238 — — — Collateralized mortgage securities 1,032 — 1,032 — — Corporate debt securities 49,420 — 49,420 — — Cash and cash equivalents 834 219 615 — — Other 1,404 172 1,232 — — Total $ 56,928 4,629 52,299 — — Accrued income 608 608 — — — Total fair value of plan assets $ 57,536 5,237 52,299 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,599 3,599 — — — Foreign stock 183 183 — — — American depository receipts 1,429 1,429 — — — Preferred American depository receipts 12 12 — — — Real estate investment trusts 72 72 — — — Debt securities: Government debt securities 1,692 851 841 — — Open ended mutual funds 1,676 — — — 1,676 Cash and cash equivalents 246 27 170 — 49 Total $ 8,909 6,173 1,011 — 1,725 Other pending transactions (1 ) (1 ) — — — Total fair value of plan assets $ 8,908 6,172 1,011 — 1,725 Plan Assets and Obligations Changes in plan assets and obligations 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”), are as follows: Pension Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 103,443 101,490 97,941 95,830 Increase in benefit obligation due to business combination 5,474 — — — Service cost 294 546 393 1,182 Interest cost 3,605 1,599 1,313 3,814 Plan curtailment — (432 ) — — Benefits paid (5,467 ) (2,059 ) (1,610 ) (4,895 ) Actuarial (gain) loss (A) (8,105 ) 2,322 3,322 2,082 Settlement (8,885 ) — — — Foreign currency exchange rate changes (112 ) (23 ) 131 (72 ) Benefit obligation at end of the period 90,247 103,443 101,490 97,941 Change in plan assets: Fair value of plan assets at beginning of the period $ 57,536 58,148 57,146 57,174 Increase in plan assets due to business combination 5,463 — — — Actual return (2,128 ) 1,182 2,138 577 Expected return 112 32 16 51 Actuarial loss (275 ) (217 ) (109 ) (148 ) Administrative expenses (36 ) (15 ) (7 ) (27 ) Plan curtailment — (100 ) — — Employer contributions 10,546 625 435 4,465 Benefits paid (5,467 ) (2,059 ) (1,610 ) (4,895 ) Settlement (8,885 ) — — — Foreign currency exchange rate changes (76 ) (60 ) 139 (51 ) Fair value of plan assets at end of the period 56,790 57,536 58,148 57,146 Payroll tax unrecognized in benefit obligation at end of the period 84 76 91 83 Unfunded status at end of the period $ (33,541 ) (45,983 ) (43,433 ) (40,878 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,380 ) (10,731 ) (1,791 ) (1,791 ) Noncurrent liabilities (32,161 ) (35,252 ) (41,642 ) (39,087 ) Net amount recognized $ (33,541 ) (45,983 ) (43,433 ) (40,878 ) (A) The actuarial gain in the twelve months ended December 31, 2018 was primarily attributable to an increase in the discount rate. Other Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 2,924 4,817 4,811 5,573 Service cost 61 29 23 81 Interest cost 117 75 64 201 Participant contributions 218 65 58 411 Plan amendment (2,954 ) (1,861 ) — — Benefits paid (595 ) (526 ) (346 ) (1,170 ) Actuarial (gain) loss 229 325 207 (285 ) Benefit obligation at end of the period — 2,924 4,817 4,811 Change in plan assets: Fair value of plan assets at beginning of the period $ — — — — Employer contributions 377 461 288 759 Participant contributions 218 65 58 411 Benefits paid (595 ) (526 ) (346 ) (1,170 ) Fair value of plan assets at end of the period — — — — Unfunded status at end of the period $ — (2,924 ) (4,817 ) (4,811 ) Net amount recognized in the balance sheet consists of: Current liabilities $ — (282 ) (418 ) (418 ) Noncurrent liabilities — (2,642 ) (4,399 ) (4,393 ) Net amount recognized $ — (2,924 ) (4,817 ) (4,811 ) 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): Successor Predecessor December 31, December 31, (In thousands) 2018 2017 Projected benefit obligation $ 90,247 103,443 Accumulated benefit obligation 89,024 101,287 Fair value of plan assets 56,790 57,536 Net periodic benefit cost for the pension plans and the supplemental plan include the following components: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 294 546 393 1,182 Interest cost 3,605 1,599 1,313 3,814 Expected return on plan assets (2,042 ) (882 ) (691 ) (2,246 ) Administrational expenses 36 19 3 28 Payroll tax of net pension costs 42 29 — 56 Amortization of net actuarial losses 30 131 — 32 Recognized actuarial loss — — 748 1,785 Curtailment (gain) loss 335 (99 ) — — Net periodic pension cost $ 2,300 1,343 1,766 4,651 Net periodic benefit cost for the postretirement health care and life insurance plan include the following components: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 61 29 23 81 Interest cost 117 75 64 201 Amortization of prior service cost (299 ) — (927 ) (4,346 ) Recognized actuarial (gain) 42 — (335 ) (1,138 ) Net curtailment gain (4,005 ) — — — Net periodic postretirement benefit $ (4,084 ) 104 (1,175 ) (5,202 ) The components of the net periodic pension cost and the net periodic postretirement benefit, except for the service costs are included in the caption “Interest income and other, net.” Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss include the following components: Pension Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ (3,441 ) 1,939 1,877 3,821 Fresh-start accounting fair value adjustment — — (22,333 ) — Amortization of net (loss) gain — — (748 ) (1,785 ) Settlement recognized (335 ) — — — Total recognized in other comprehensive (income) loss, before tax $ (3,776 ) 1,939 (21,204 ) 2,036 Net of tax (3,776 ) 1,939 (21,204 ) 1,323 Other Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 229 325 207 (285 ) Prior service (cost) credit — (1,861 ) — — Amortization of prior service (cost) credit 1,861 — 927 4,346 Fresh-start accounting fair value adjustment — — 19,055 — Amortization of net (loss) gain (554 ) — 335 1,138 Total recognized in other comprehensive (income) loss, before tax $ 1,536 (1,536 ) 20,524 5,199 Net of tax 1,536 (1,536 ) 20,524 3,379 Amounts recognized as a component of accumulated other comprehensive income (loss) are as follows: Twelve Months Ended December 31, 2018 (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ 3,798 — Settlement/curtailment 335 — Pre-tax amount included in accumulated other comprehensive (loss) income $ 4,133 — We do not expect to recognize any unrecognized actuarial (loss) gain or unrecognized prior service credit (cost) as a component of net periodic benefit costs during the next fiscal year. Assumptions used to determine net benefit obligations are as follows: Pension Benefits Other Benefits Successor Successor 2018 2017 2018 2017 Discount rate 4.50 % 3.80 % N/A 3.80 % Rates of annual increase in compensation levels N/A N/A N/A N/A Assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Benefits Successor Successor 2018 2017 2018 2017 Discount rate 3.80 % 3.90 % N/A 3.90 % Expected long-term rate of return on assets 3.60 % 3.70 % N/A N/A Rates of annual increase in compensation levels N/A 3.00 % N/A N/A To develop the expected long-term rate of return on assets assumption, we 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 our qualified pension benefit obligations at December 31, 2018, including pension benefits attributable to estimated future employee service, we expect that benefits to be paid over the next ten years will be as follows: Year ending December 31, (In thousands) Pension Benefits 2019 $ 6,314 2020 6,286 2021 6,251 2022 6,222 2023 6,199 2024 – 2028 31,307 Total 10-year estimated future benefit payments $ 62,579 Defined Contribution Plans Prior to February 2013, we maintained two defined contribution plans described below. 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 business combination, 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 hired after December 31, 1995 are eligible to receive retirement contributions. This benefit is noncontributory by the employee, but we contribute, in cash, 3% of an eligible employee’s compensation to a trust on behalf of the employees. The active employees who participated in the frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. Our contributions vest over five years. We ceased contributing to the employee retirement plan effective January 1, 2018. Any future employer contributions to this plan will be determined at our discretion. 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, we match, in cash, 50% of the first 8% of eligible compensation deferred by the employee. Prior to January 1, 2016, we matched, with company stock, 50% of the first 8% of eligible compensation deferred by the employee. Company contributions vest over five years. Effective January 1, 2018, we no longer provides a matching of 50% of the first 8% of eligible compensation in an attempt to reduce costs. Any future employer contributions to this plan will be determined at our discretion. The plan held the following number of shares of Tidewater common stock, series A warrants and series B warrants: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Number of shares of Tidewater common stock held by 401(k) plan 7,075 8,074 264,504 291,957 Number of shares of Tidewater Series A warrants held by 401(k) plan — 9,030 — — Number of shares of Tidewater Series B warrants held by 401(k) plan — 9,762 — — The amounts charged to expense related to the above defined contribution plans are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Defined contribution plans expense, net of forfeitures $ 3 854 871 2,660 Defined contribution plans forfeitures 152 83 79 149 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. In January 2018, our match was discontinued. 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 us to contribute restoration benefits to eligible employees. Employees who did not accrue a benefit in the supplemental executive retirement plan and who are eligible for a contribution in the defined contribution retirement plan automatically became eligible for the restoration benefit when the employee’s eligible retirement compensation exceeded the section 401(a)(17) limit. The restoration benefit was noncontributory by the employee, but we contributed, 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 frozen defined benefit pension plan were eligible for an additional 1% to 8% depending on age and years of service. We ceased contributing restoration compensation to eligible employees effective January 1, 2018. Any future contributions to this plan will be determined at our discretion. We also provided retirement benefits to our eligible non-U.S. citizen employees working outside their respective country of origin pursuant to a self-directed multinational defined contribution retirement plan (multinational retirement plan). Non-U.S. citizen shore-based and certain offshore employees working outside their respective country of origin were eligible to participate in the multinational retirement plan provided the employees were not enrolled in any home country pension or retirement program. Participants of the multinational retirement plan could contribute 1% to 50% of their base salary after the first month following hire or transfer to eligible positions. We matched, in cash, 50% of the first 6% of eligible compensation deferred by the employee which vests over five years. We ceased contributing to this retirement plan effective January 1, 2018. Any future contributions to this plan will be determined at our discretion. The amounts charged to expense related to the multinational retirement plan contributions are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Multinational plan expense $ — 81 67 260 We also have 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 December 31, 2018, approximately 175 active employees, of which 106 were added through the GulfMark business combination. We contributed a respective 1.9 million NOK, 2.7 million NOK and 3.6 million NOK (approximately $0.2 million, $0.3 million and $0.4 million respectively) to the defined benefit pension plan during the twelve month period ended December 31, 2018 and the nine month period ended December 31, 2017 and the twelve month period ended March 31, 2017, respectively. We expect to contribute approximately 4.3 million NOK, or $0.5 million during calendar 2019. The preceding fair value hierarchy tables and pension plan assets and obligations tables include the Norway pension plan. We also provide certain benefits programs which are maintained in several other countries that provide retirement income for covered employees. Multi-employer Pension Obligations Certain of our current and former U.K. subsidiaries are participating in a multi-employer retirement fund known as the Merchant Navy Officers Pension Fund, or MNOPF. At December 31, 2018, we had accrued $0.8 million related to this liability. The status of the fund is calculated by an actuarial firm every three years. The last assessment was completed in March 2018 and resulted in a significantly improved funding position. As a result, the MNOPF trustee did not propose to collect any additional deficit contributions related to the new deficit. Our contributions make up less than one percent of total contributions to the plan. In addition, we participate in the Merchant Navy Ratings Pension Fund, or MNRPF, in a capacity similar to our participation in the MNOPF. As of December 31, 2018, we had accrued $0.6 million for this fund. The most recent actuarial valuation was completed as of March 31, 2017 and deficit information was communicated in the fourth quarter of 2017. We continue to accrue $0.2 million per annum in respect of expected future deficit. Our contributions make up less than one percent of total contributions to the plan. |
OTHER CURRENT ASSETS, OTHER ASS
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS | 12 Months Ended |
Dec. 31, 2018 | |
Other Current Assets Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
Other Current Assets Other Assets Other Current Liabilities Accrued Expenses And Other Liabilities And Deferred Credits | (11) OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS A summary of other current assets as of December 31, is as follows: Successor (In thousands) 2018 2017 Deposits $ 1,413 1,780 Investments held in rabbi trust (A) 18 8,908 Prepaid expenses 10,405 8,442 $ 11,836 19,130 (A) We converted substantially all investments held in the rabbi trust to cash to fund a lump sum benefit to the former CEO in May 2018. Refer to Note (10) for more information regarding this payment A summary of other assets as of December 31, is as follows: Successor (In thousands) 2018 2017 Recoverable insurance losses $ 4,056 2,405 Investments held for savings plans 4,807 6,583 Long-term deposits 16,848 16,217 Deferred tax asset 395 — Other 5,220 5,847 $ 31,326 31,052 A summary of accrued expenses as of December 31, is as follows: Successor (In thousands) 2018 2017 Payroll and related payables $ 17,447 17,344 Commissions payable (B) 1,990 1,898 Accrued vessel expenses 29,534 27,222 Accrued interest expense 5,985 6,036 Other accrued expenses (C) 6,828 2,306 $ 61,784 54,806 (B) Excludes $28.0 million and $36.4 million of commissions due to Sonatide at December 31, 2018 and 2017, respectively. These amounts are included in amounts due to affiliates. (C) Includes $1.5 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland A summary of other current liabilities as of December 31, is as follows: Successor (In thousands) 2018 2017 Taxes payable $ 13,167 10,326 Amounts payable to holders of General Unsecured Claims (D) — 8,474 Other 5,199 893 $ 18,366 19,693 (D) Remaining payable to holders of General Unsecured Claims which was paid in January 2018. A summary of other liabilities and deferred credits as of December 31, is as follows: Successor (In thousands) 2018 2017 Postretirement benefits liability $ — 2,642 Pension liabilities 33,124 36,614 Liability for uncertain tax positions 43,790 23,043 Deferred tax liability 1,913 — Other (E) 11,075 9,692 $ 89,902 71,991 (E) Includes $3.8 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland. |
STOCK-BASED COMPENSATION AND IN
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | (12) Historically, we have maintained various long-term incentive plans including employee stock options, restricted stock awards, restricted stock units (that settle in Tidewater common stock), phantom stock, and cash-based performance awards. As discussed in greater detail in Note (4) we filed voluntary petitions for Chapter 11 bankruptcy protection on May 17, 2017 to effectuate a restructuring pursuant to a Plan. As a result of the Restructuring, all of our outstanding equity and incentive programs (and all outstanding stock options and awards under those programs) were cancelled, except for unvested phantom stock awards held by non-officer employees and certain deferred stock units and deferred cash awards held by non-employee members of the predecessor board, each as discussed in greater detail below. On the Effective Date, a new equity incentive plan, the Tidewater Inc. 2017 Stock Incentive Plan (the “2017 Plan”) became effective pursuant to the operation of the Plan. At the closing of the Business Combination, we assumed sponsorship of the GulfMark Management Incentive Plan (as assumed and amended effective as of the closing, the “Legacy GLF Plan”), and also assumed all outstanding, unvested restricted stock units and the remaining shares available under the Legacy GLF Plan, all of which were adjusted to reflect the Exchange Ratio, rounding the resulting number down to the nearest whole number of shares of Tidewater common stock. As of December 31, 2018, the 2017 Plan and the Legacy GLF Plan are our only two active equity incentive plans and the only type of award outstanding under either plan is restricted stock units (RSUs) that settle in shares of Tidewater common stock. The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Shares of common stock reserved for issuance under the plans 3,973,228 3,048,877 — 1,900,769 Shares of common stock available for future grants 2,325,102 1,891,231 — 505,221 Stock Option Awards The Predecessor granted stock options to its directors and employees, including officers, under several different stock incentive plans. There are no option awards outstanding as of December 31, 2018 or 2017. Under the terms of the plans, stock options were granted with an exercise price equal to the stock’s closing fair market value on the date of grant. Generally, options granted vested 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. We used the Black-Scholes option-pricing model to determine the fair value of options granted and to calculate the share-based compensation expense. No stock options were granted in the year ended March 31, 2017, through the nine-month transition period ended December 31, 2017 or during the year ended December 31, 2018. Outstanding stock options of 1,395,548 with a weighted average exercise price of $28.14 were cancelled prior to emergence from chapter 11 bankruptcy. During the year ended March 31, 2017 approximately 266,000 stock options were vested with a fair value of approximately of $1.2 million. Additionally about 1 million options were exercisable at a weighted average exercise price of 34.36. Stock option compensation expense along with the effect on basic and diluted earnings per share are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except per share data) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Stock option compensation expense $ — — 1,644 745 Basic loss per share increased by — — 0.02 0.02 Diluted loss per share increased by — — 0.02 0.02 Restricted Stock Units The Predecessor and Successor have granted restricted stock units (RSUs) to key employees, including officers and non-employee directors. We have generally awarded 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. Prior to its merger with Tidewater, GulfMark awarded RSUs under its management incentive plan to certain officers and employees of GulfMark and, as noted previously, those awards were assumed and converted based on the Exchange Ratio. These RSUs and are included as granted awards in the table below. We have also awarded 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 based on various operating and financial metrics. The fair value of the performance-based 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 awarded to key employees lapse over a three year period from the date of the award. The restrictions on the time-based RSUs awarded to non-employee directors lapse over a one year period. Time-based RSUs 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 we meet 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 restricted stock 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. RSU compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. All outstanding unvested RSUs granted under the Predecessor incentive plans vested prior to emergence from chapter 11 bankruptcy. RSUs granted to officers and employees by the Successor under the 2017 Incentive Plan, subsequent to emergence from Chapter 11 bankruptcy, generally have a vesting period over three years in equal installments from the date of grant, except that (i) the RSUs granted to directors vest over one year and (ii) a portion of the RSUs granted to our CEO in March 2018 are performance based and vest on the third anniversary of the date of grant, based on our performance as measured against a two-year operating cash flow target. The following table sets forth a summary of our restricted stock unit activity: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at April1, 2016 (Predecessor) $ 49.17 89,639 61.75 156,851 Vested 49.39 (76,006 ) — — Cancelled/forfeited 49.62 (13,450 ) 61.75 (156,851 ) Non-vested balance at March 31, 2017 (Predecessor) 54.48 183 — — Vested 54.48 (183 ) — — Non-vested balance at July 31, 2017 (Predecessor) — — — — Granted 24.40 1,203,379 — — Cancelled/forfeited 24.15 (45,733 ) — — Non-vested balance at December 31, 2017 (Successor) 24.41 1,157,646 — — Granted 24.58 455,063 26.04 63,365 Vested 24.84 (503,677 ) — — Cancelled/forfeited 27.15 (27,948 ) — — Non-vested balance at December 31, 2018 (Successor) $ 24.21 1,081,084 26.04 63,365 Restrictions on 559,608 time-based units outstanding at December 31, 2018 will lapse during fiscal 2019. Restricted stock unit compensation expense and grant date fair value are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of restricted stock units vested $ 12,513 — 10 3,754 Restricted stock unit compensation expense 13,504 3,731 2 2,425 As of December 31, 2018, total unrecognized RSU compensation costs totaled approximately $22.6 million, or $17.1 million net of tax which will be recognized over a weighted average period of two years, compared to $24.5 million, $18.2 million net of tax, at December 31, 2017. No RSU compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized RSU compensation costs will be affected by any future restricted stock unit grants and by the separation of an employee who has received RSUs that are unvested as of their separation date. There were no modifications to the RSUs during the year ended March 31, 2017, the nine months ended December 31, 2017 or the year ended December 31, 2018. Forfeitures are recognized as an adjustment to compensation expense for all RSUs in the same period as the forfeitures occur. Phantom Stock Plan The Predecessor provided a Phantom Stock Plan (PSP) to provide additional incentive compensation to key employees including officers. Participants in the PSP had the right to receive the value of a share of common stock in cash at vesting. Participants had no voting or other rights as a shareholder. The phantom shares generally had a three year vesting period from the grant date provided the employee remained employed during the vesting period. If dividends are declared, participants received dividend equivalents at the same rate as dividends on our common stock. As a result of the restructuring, on the Effective Date, (i) all phantom units held by officers were cancelled for no value and (ii) all outstanding phantom stock units held by non-officer employees were converted in accordance with the conversion ratio for common stock provided in the Plan, which resulted in the cancellation of the Predecessor phantom stock units in exchange for Successor phantom stock units (including Series A and B warrant phantom units). No new awards have been issued under the Phantom Stock Plan since April 1, 2016. The following table sets forth a summary of our phantom stock activity: Weighted-average Grant-Date Fair Value Time Based Shares Weighted-average Grant-Date Fair Value Series A Warrants Weighted-average Grant-Date Fair Value Series B Warrants Non-vested balance at April 1, 2016 (Predecessor) $ 10.83 1,599,829 Vested 12.29 (585,426 ) Cancelled/forfeited 13.52 (68,253 ) Non-vested balance at March 31, 2017 (Predecessor) $ 9.74 946,150 Cancelled (A) 9.70 (484,446 ) Forfeited 10.08 (16,866 ) Non-vested balance at July 31, 2017 (Predecessor) (B) $ 9.77 444,838 Issuance of Successor phantom stock at August 1, 2017(B) 308.19 14,160 1.00 22,963 0.98 24,824 Cancelled/forfeited 307.31 (634 ) 1.00 (1,029 ) 0.98 (1,112 ) Non-vested balance at December 31, 2017 (Successor) $ 308.24 13,526 1.00 21,934 0.98 23,712 Vested 360.14 (8,223 ) 1.00 (13,009 ) 0.98 (14,064 ) Cancelled (A) 240.39 (786 ) 1.00 (1,275 ) 0.98 (1,379 ) Non-vested balance at December 31, 2018 (Successor) $ 226.50 4,517 1.00 7,650 2.94 8,269 (A) Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. (B) Upon emergence from Chapter 11 bankruptcy, all outstanding phantom stock units held by non-officer employees were converted by the same conversion ratio applied to the common shares upon emergence. Every 31.4143 phantom stock units converted into one phantom stock unit post emergence which is valued to the new common stock. In addition, each post emergence phantom stock unit received 1.6216 phantom series A warrants and 1.7531 phantom series B warrants. Both warrant series have time-based vesting and follow the vesting schedule of the underlying phantom stock unit. Restrictions on 4,517 time-based shares will lapse in calendar 2019. The fair value of the non-vested phantom shares at December 31, 2018 is $19.13 per unit, for time-based phantom shares, $1.67 for phantom series A warrants, and $1.40 for phantom series B warrants. Phantom stock compensation expense and grant date fair value of phantom stock vested are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of phantom stock vested $ 2,957 — — 7,118 Phantom stock compensation expense 214 94 68 467 As of December 31, 2018, total unrecognized phantom stock compensation costs amounted to $0.03 million, or $0.01 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 In previous years, we provided a Cash-based Performance Plan as additional incentive compensation to company officers. 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. Approximately 0.2 million and 7.7 million units, representing all outstanding plan units, at a weighted average grant date fair value of $1.16 were cancelled or forfeited during the twelve months ended March 31, 2017 and the four month period ended July 31, 2017. There are no outstanding cash-based performance units at December 31, 2018 and 2017. There were no modifications to the cash-based performance plan units during the four month period ended July 31, 2017 or the year ended March 31, 2017. Cash-based performance unit compensation expense was a $2.0 million credit in the four months ended July 31, 2017 and a $0.8 million charge in the twelve months ended March 31, 2017. Non-Employee Board of Directors Deferred Stock Unit Plan We provided a Deferred Stock Unit Plan to our non-employee directors. A stock unit represented the right to receive from us the equivalent value of one share of our common stock in cash. The liability for this plan was adjusted quarterly to reflect the value of the units at the respective quarter end Tidewater stock price. Payment of the value of the stock unit granted could be made upon the earlier of 15 days after the participant ceases to be a director or upon a change of control. The participants could elect to receive annual installments, lump sum, or a distribution commencing on an anniversary of the grant date. Each member of the Predecessor board was deemed to have resigned from the board on the Effective Date which triggered payout status for all outstanding deferred stock units. All outstanding deferred stock units under this plan were revalued to reflect the value of the units based on Tidewater’s July 31, 2017 pre-emergence stock price and were paid according to the participants’ respective payment elections. No new awards have been issued under the Deferred Stock Unit Plan since April 1, 2016. The following table sets forth a summary of our deferred stock unit activity: Weighted-average Grant-Date Fair Value Number Of Units Balance at April1, 2016 (Predecessor) $ 23.58 363,630 Retirement distribution in the twelve month period ended March 31, 2017 6.83 (12,792 ) Balance at March 31, 2017 (Predecessor) 24.19 350,838 Retirement distribution for the four month period ended July 31, 2017 24.19 (350,838 ) Balance at July 31, 2017 (Predecessor) — — Deferred stock unit compensation expense, which is reflected in general and administrative expenses was a credit of $0.1 million in the four month period ended July 31, 2017 and a $2.0 million credit in the year ended March 31, 2017. Non-Employee Board of Directors Deferred Cash Award Plan For the year ended March 31, 2017, we provided a Deferred Cash Award Plan to our non-employee directors granting a cash award having an aggregate value of $97,750. The plan awarded cash to the participants which earns interest quarterly based on the 10-year Treasury note rate plus 1.5%. For the cash award granted, the participant could elect to receive annual installments or a lump sum distribution. Each member of the predecessor board was deemed to have resigned from the board on the Effective Date by operation of the Plan, which triggered payout status for all deferred cash awards. As a result, the deferred cash awards were paid according to upon the participants’ respective payment elections. No new awards have been issued under the Deferred Cash Award Plan since March 31, 2017. Deferred cash award expense was $0.01 million in the four month period ended July 31, 2017 and $1 million in the year ended March 31, 2017. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (13) STOCKHOLDERS’ EQUITY Common Stock The number of authorized and issued common stock and preferred stock are as follows: Successor December 31, December 31, 2018 2017 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.001 Common stock shares issued 36,978,280 22,115,916 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 No shares were repurchased during the twelve months ended December 31, 2018, the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the twelve months ended March 31, 2017. Dividend Program There were no dividends declared during the twelve months ended December 31, 2018, the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the twelve months ended March 31, 2017. Warrants During 2017, we issued 11,543,814 New Creditor Warrants upon emergence from bankruptcy to General Unsecured Creditors and for unresolved sale leaseback claims. In addition, 2,432,432 Series A Warrants and 2,629,657 Series B Warrants were issued to the holders of Predecessor stock with exercise prices of $57.06 and $62.28, respectively. As of December 31, 2018, we had 2,220,857 shares of common stock issuable upon the exercise of the New Creditor Warrants. No Series A Warrants or Series B Warrants have been exercised. In conjunction with the merger with GulfMark, approximately 2.3 million $0.01 Creditor Warrants (“GLF Creditor Warrants”) and approximately 0.8 million $100 Equity Warrants (“GLF Equity Warrants”) were assumed from GulfMark with each warrant becoming exercisable for 1.10 shares of Tidewater common stock on substantially the same terms and conditions as provided in the warrant agreements governing the GLF Creditor Warrants and the GLF Equity Warrants. As of December 31, 2018, we had 2,189,709 shares of common stock issuable upon the exercise of the GLF Creditor Warrants. No GLF Equity Warrants have been exercised. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax, are as follows: Successor For the year ended December 31, 2018 (in thousands) Balance at 12/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 12/31/18 Available for sale securities 256 (660 ) 404 (256 ) — Pension/Post-retirement benefits (403 ) 4,133 (1,536 ) 2,597 2,194 Total (147 ) 3,473 (1,132 ) 2,341 2,194 Successor Period from August 1, 2017 through December 31, 2017 (in thousands) Balance at 7/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 12/31/17 Available for sale securities — 87 169 256 256 Pension/Post-retirement benefits — (403 ) — (403 ) (403 ) Total — (316 ) 169 (147 ) (147 ) Predecessor Period from April 1, 2017 through July 31, 2017 (in thousands) Balance at 3/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 7/31/17 Available for sale securities (95 ) 57 106 163 68 Currency translation adjustment (9,811 ) — — — (9,811 ) Pension/Post-retirement benefits (438 ) (2,598 ) — (2,598 ) (3,036 ) Total (10,344 ) (2,541 ) 106 (2,435 ) (12,779 ) Predecessor For the year ended March 31, 2017 (in thousands) 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 (208 ) (265 ) 378 113 (95 ) Currency translation adjustment (9,811 ) — — — (9,811 ) Pension/Post-retirement benefits 4,683 (5,121 ) — (5,121 ) (438 ) Interest rate swap (1,530 ) — 1,530 1,530 — Total (6,866 ) (5,386 ) 1,908 (3,478 ) (10,344 ) The following table summarizes the reclassifications from accumulated other comprehensive loss to the consolidated statement of income: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended Affected line item in the (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 consolidated statements of income Retiree medical plan $ (1,536 ) — — — Interest income and other, net Realized gains on available for sale securities 404 169 106 582 Interest and other debt costs Interest rate swap — — — 2,353 Interest and other debt costs Total pre-tax amounts (1,132 ) 169 106 2,935 Tax effect — — — 1,027 Total gains for the period, net of tax $ (1,132 ) 169 106 1,908 During the year ended March 31, 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, was recognized as interest expense in accordance with ASC 815. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | (14) EARNINGS PER SHARE The components of basic and diluted earnings per share, are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except share and per share data) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net loss available to common shareholders $ (171,517 ) (39,266 ) (1,646,909 ) (660,118 ) Weighted average outstanding shares of common stock, basic (A) 26,589,883 21,539,143 47,121,330 47,071,066 Dilutive effect of options, warrants and restricted stock awards and units — — — — Weighted average common stock and equivalents 26,589,883 21,539,143 47,121,330 47,071,066 Loss per share, basic (B) $ (6.45 ) (1.82 ) (34.95 ) (14.02 ) Loss per share, diluted (C) $ (6.45 ) (1.82 ) (34.95 ) (14.02 ) Additional information: Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (D) 5,282,574 7,869,553 — 1,233 (A) Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor). (B) We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (C) We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. (D) For the twelve months ended December 31, 2018 and period from August 1, 2017 through December 31, 2017, we also had 5,923,399 and 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the periods, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (15) COMMITMENTS AND CONTINGENCIES Lease Commitments As of December 31, 2018, we had long-term operating leases for office space, automobiles, temporary residences and office equipment. Aggregate operating lease expenses are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Lease expenses: Office and other leases $ 3,840 1,861 1,697 5,132 Vessel operating leases — 1,215 6,166 33,766 Total lease expense $ 3,840 3,076 7,863 38,898 Future minimum rental commitments under these lease agreements are as follows: Fiscal year ending (In thousands) Minimum Rental Commitments 2019 $ 3,511 2020 2,804 2021 2,501 2022 2,455 2023 1,734 Thereafter 2,495 Total future lease commitments $ 15,500 Compensation Commitments Change of control agreements exist with certain of our officers whereby each receives certain compensation and benefits in the event that their employment is terminated for certain reasons during a one- or two-year protected period following a change in control subsequent to January 1, 2019. The maximum amount of cash compensation that could be paid under the agreements, based on present salary levels, is approximately $25 million. Currency Devaluation and Fluctuation Risk Due to our international operations, we are 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 we are 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, we attempt to contract a significant majority of our services in U.S. dollars. In addition, we attempt 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. We continually monitor the currency exchange risks associated with all contracts not denominated in U.S. dollars. Legal Proceedings Arbitral Award for the Taking of Our Venezuelan Operations Committees formed under the rules of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) have awarded two of our subsidiaries compensation for the expropriation of the investments of the two subsidiaries by the Bolivarian Republic of Venezuela. The nature of the investments expropriated and the progress of the ICSID proceeding were previously reported by us in prior filings. The final aggregate award is $58.1 million as of December 31, 2018, and accrues interest at approximately $0.6 million per quarter. The committees’ decisions are not subject to any further ICSID review, appeal or other substantive proceeding or any stay of enforcement. We are 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 initial steps, we have had the award recognized and entered as a judgment by each of (a) the United States District Court for the District of Columbia and (b) the High Court of Justice of England and Wales. Even with the recognition by the courts in the United States and the United Kingdom, we recognize that collection of the award presents significant practical challenges. We are 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 our financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS AND DIS
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND DISCLOSURES | (16) FAIR VALUE MEASUREMENTS AND DISCLOSURES Assets and Liabilities Measured at Fair Value on a Recurring Basis Other Financial Instruments We primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. We periodically utilize 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 our exposure to foreign currency exchange risk and interest rate risk. We enter into derivative instruments only to the extent considered necessary to address our risk management objectives and do 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 Our 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. We did not have any foreign currency spot contracts as of December 31, 2018 and 2017. 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 counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. At December 31, 2018 and 2017, we had no forward contracts outstanding. The following table provides the fair value hierarchy for our other financial instruments measured as of December 31, 2018: Successor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 327,542 327,542 — — Total fair value of assets $ 327,542 327,542 — — The following table provides the fair value hierarchy for our other financial instruments measured as of December 31, 2017: Successor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 399,322 399,322 — — Total fair value of assets $ 399,322 399,322 — — |
GAIN ON DISPOSITION OF ASSETS,
GAIN ON DISPOSITION OF ASSETS, NET | 12 Months Ended |
Dec. 31, 2018 | |
Gain Loss On Disposition Of Assets [Abstract] | |
GAIN ON DISPOSITION OF ASSETS, NET | (17) GAIN ON DISPOSITION OF ASSETS, NET We seek opportunities to dispose our 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 our vessels are sold to buyers with whom we do not compete in the offshore energy industry. The number of vessels disposed along with the gain on the dispositions, are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except number of vessels disposed) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Gain (loss) on vessels disposed $ 10,935 (163 ) 509 (102 ) Number of vessels disposed 38 11 7 12 Inc luded in gain on dispositions of assets, net for the period from August 1, 2017 through December 31, 2017 are gains on the sale of the company’s eight ROVs of $7.1 million. The eight ROVs represent substantially all of the company’s subsea assets which had a net book value immediately prior to the sale of $15.7 million. Included in other operating revenues for the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the year ended March 31, 2017 were $2.5 million, $0.8 million and $3.2 million, respectively, of revenues related to the company’s subsea business. Inc luded in gain on dispositions of assets, net for the period from April 1, 2017 through July 31, 2017 are amortized gains on sale/leaseback transactions of $3.0 million which reflects gains recognized through the Petition Date of May 17, 2017. Unamortized deferred gains as of the Petition Date of $105.9 million were credited to reorganization items as a result of the lease rejections. Please refer to Note (4) for additional information regarding our rejection of our sale leaseback vessels in conjunction with the Plan. Included in gain on dispositions of assets, net for the year ended March 31, 2017 |
SEGMENT INFORMATION, GEOGRAPHIC
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | (18) Operating business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. During calendar year 2018 our Africa/Europe segment was split as a result of management realignment such that our operations in Europe and Mediterranean Sea regions and our West Africa regions are now separately reported segments. As such, we now disclose these new segments as Europe/Mediterranean Sea and West Africa, respectively. Our Americas and Middle East/Asia Pacific segments are not affected by this change. This new segment alignment is consistent with how our chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. Prior year amounts have also 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. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our brokered vessels and other miscellaneous marine-related businesses. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Revenues: Vessel revenues: Americas $ 118,534 45,784 40,848 239,843 Middle East/Asia Pacific 80,195 39,845 36,313 114,618 Europe/Mediterranean Sea 56,263 19,895 15,466 42,667 West Africa 142,214 66,360 53,970 186,688 397,206 171,884 146,597 583,816 Other operating revenues 9,314 6,869 4,772 17,795 $ 406,520 178,753 151,369 601,611 Vessel operating profit (loss): Americas $ 8,860 (1,599 ) (22,549 ) 18,873 Middle East/Asia Pacific (4,417 ) 451 (1,434 ) (25,310 ) Europe/Mediterranean Sea (9,359 ) (1,497 ) (12,680 ) (26,733 ) West Africa 7,240 2,308 (8,828 ) (24,662 ) 2,324 (337 ) (45,491 ) (57,832 ) Other operating profit (loss) 3,742 1,614 876 (1,548 ) 6,066 1,277 (44,615 ) (59,380 ) Corporate expenses (42,972 ) (14,989 ) (18,246 ) (57,845 ) Gain on asset dispositions, net 10,624 6,616 3,561 24,099 Impairment of due from affiliate (20,083 ) Asset impairments (61,132 ) (16,777 ) (184,748 ) (484,727 ) Operating loss (107,497 ) (23,873 ) (244,048 ) (577,853 ) Foreign exchange gain (loss) 106 (407 ) (3,181 ) (1,638 ) Equity in net earnings (losses) of unconsolidated companies (18,864 ) 2,130 4,786 5,710 Interest income and other, net 11,294 2,771 2,384 5,193 Reorganization items — (4,299 ) (1,396,905 ) — Loss on debt extinguishment (8,119 ) — — — Interest and other debt costs (30,439 ) (13,009 ) (11,179 ) (75,026 ) Loss before income taxes $ (153,519 ) (36,687 ) (1,648,143 ) (643,614 ) Depreciation and amortization: Americas $ 16,047 5,767 13,945 48,814 Middle East/Asia Pacific 11,871 4,716 9,967 40,849 Europe/Mediterranean Sea 11,385 2,794 9,060 26,538 West Africa 16,612 6,067 12,632 44,204 Other 21 827 1,139 4,430 Corporate 2,357 166 704 2,456 $ 58,293 20,337 47,447 167,291 Additions to properties and equipment: Americas $ 3,771 144 27 93 Middle East/Asia Pacific 2,982 2,596 1,042 1,612 Europe/Mediterranean Sea 185 — — — West Africa 10,135 195 375 743 Corporate 4,318 6,899 821 28,099 $ 21,391 9,834 2,265 30,547 Total assets (B): Americas $ 380,168 164,958 714,891 779,778 Middle East/Asia Pacific 233,611 48,268 424,896 583,385 Europe/Mediterranean Sea 316,524 171,156 597,819 588,519 West Africa 483,234 864,300 1,277,552 1,308,836 Other 7,440 2,443 20,392 21,580 Investments in and advances to unconsolidated companies 1,039 29,216 49,367 45,115 Corporate (C) 405,723 479,254 799,752 863,486 $ 1,827,739 1,759,595 3,884,669 4,190,699 (A) Included in corporate expenses for the twelve months ended December 31, 2018 were $13.2 million of merger and integration costs related to the merger with GulfMark Offshore, Inc. Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 are included in reorganization items. Included in corporate general and administrative expenses for the period four month period April 1, 2017 through July 31, 2017 (Predecessor) and year ended March 31, 2017 (Predecessor) were $6.7 million and $29 million of restructuring-related professional service costs, respectively. (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 our international marine operations in any one country are not material. (C) Included in Corporate are vessels currently under construction which had 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. There were no vessels under construction at December 31, 2018. At December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were 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: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Revenue by vessel class: (In thousands): % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue Americas fleet: Deepwater $ 79,791 20 % 26,860 16 % 21,617 15 % 171,334 29 % Towing-supply 29,107 7 % 13,835 8 % 15,021 10 % 56,561 10 % Other 9,636 2 % 5,089 3 % 4,210 3 % 11,948 2 % Total $ 118,534 30 % 45,784 27 % 40,848 28 % 239,843 41 % Middle East/Asia Pacific fleet: Deepwater $ 35,479 9 % 14,792 9 % 13,368 9 % 35,526 6 % Towing-supply 44,722 10 % 25,053 14 % 22,945 16 % 79,092 13 % Other (6 ) — — — — — — — Total $ 80,195 20 % 39,845 23 % 36,313 25 % 114,618 19 % Europe/Mediterranean Sea fleet: Deepwater $ 53,134 12 % 18,204 10 % 11,620 8 % 39,492 7 % Towing-supply 3,129 1 % 1,691 1 % 3,846 3 % 2,659 1 % Other — — — — — — 516 <1% Total $ 56,263 13 % 19,895 11 % 15,466 11 % 42,667 8 % West Africa fleet: Deepwater $ 58,641 14 % 24,131 13 % 18,126 12 % 62,882 11 % Towing-supply 68,072 17 % 33,806 20 % 31,297 21 % 100,073 17 % Other 15,501 4 % 8,423 5 % 4,547 3 % 23,733 4 % Total $ 142,214 36 % 66,360 39 % 53,970 36 % 186,688 32 % Worldwide fleet: Deepwater $ 227,045 57 % 83,987 49 % 64,731 44 % 309,234 53 % Towing-supply 145,030 37 % 74,385 43 % 73,109 50 % 238,385 41 % Other 25,131 6 % 13,512 8 % 8,757 6 % 36,197 6 % Total $ 397,206 100 % 171,884 100 % 146,597 100 % 583,816 100 % The following table discloses our customers that accounted for 10% or more of total revenues: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Chevron Corporation 15.0 % 17.4 % 17.5 % 16.3 % Freeport McMoRan (A) — — — 11.3 % Saudi Aramco 8.3 % 10.1 % 11.7 % 10.0 % (A) A significant portion of this customer’s year ended March 31, 2017 revenue was the result of the early termination of a long-term vessel charter contract. |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | (19) QUARTERLY FINANCIAL DATA (UNAUDITED) Selected financial information for interim periods, is as follows: Successor Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, June 30, September 30, December 31, (In thousands except per share data) 2018 2018 2018 2018 Year Ended December 31, 2018 Revenues $ 91,493 105,601 99,192 110,234 Impairment of due from affiliate included in operating loss — — — (20,083 ) Asset impairments included in operating loss (6,186 ) (1,215 ) (16,853 ) (36,878 ) Operating income (loss) (12,194 ) (140 ) (25,086 ) (70,077 ) Net loss attributable to Tidewater Inc. (39,172 ) (10,940 ) (30,896 ) (90,509 ) Basic loss per share attributable to Tidewater Inc. $ (1.67 ) (.44 ) (1.16 ) (2.83 ) Diluted loss per share attributable to Tidewater Inc. $ (1.67 ) (.44 ) (1.16 ) (2.83 ) Successor Predecessor Period from Period from Quarter Ended August 1, 2017 July 1, 2017 Quarter Ended December 31, through through June 30, (In thousands except per share data) 2017 September 30, 2017 July 31, 2017 2017 Nine Month Transition Period Ended December 31, 2017 Revenues $ 104,453 74,300 36,263 115,106 Asset impairments included in operating loss (16,777 ) — (21,325 ) (163,423 ) Operating income (loss) (18,091 ) (5,782 ) (38,674 ) (205,374 ) Net loss attributable to Tidewater Inc. (23,573 ) (15,693 ) (1,122,475 ) (524,434 ) Basic loss per share attributable to Tidewater Inc. $ (1.02 ) (.81 ) (23.82 ) (11.13 ) Diluted loss per share attributable to Tidewater Inc. $ (1.02 ) (.81 ) (23.82 ) (11.13 ) |
ASSET IMPAIRMENTS
ASSET IMPAIRMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (20) ASSET IMPAIRMENTS 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. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Number of vessels impaired during the period 56 5 79 132 Number of ROVs impaired during the period — — — 8 Amount of impairment incurred (A) $ 61,132 $ 16,777 184,748 484,727 (A) The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. Impairments incurred since July 2017 are the result of our customers' reduction in offshore exploration and production expenditures caused by the ongoing and sustained low levels of crude oil and natural gas prices as well as our efforts to reduce the oversupply of vessels which currently exists in the offshore supply vessel market through the scrapping of vessels. Please refer to Note (1) for a discussion of our accounting policy for accounting for the impairment of long-lived assets. |
TRANSITION PERIOD COMPARATIVE D
TRANSITION PERIOD COMPARATIVE DATA | 12 Months Ended |
Dec. 31, 2018 | |
Income Statement [Abstract] | |
TRANSITION PERIOD COMPARATIVE DATA | (21) TRANSITION PERIOD DATA The following table presents certain financial information for the nine-month periods ended December 31, 2017 and 2016, respectively: Successor Predecessor Period from Period from Nine month August 1, 2017 April 1, 2017 period ended through through December 31, 2016 (In thousands, except share and per share data) December 31, 2017 July 31, 2017 (unaudited) Revenues $ 178,753 151,369 440,862 Operating loss (23,873 ) (244,048 ) (508,513 ) Loss before income taxes (36,687 ) (1,648,143 ) (558,359 ) Income tax (benefit) expense 2,039 (1,234 ) 4,680 Net loss attributable to Tidewater Inc. (39,266 ) (1,646,909 ) (565,263 ) Basic loss per common share (1.82 ) (34.95 ) (12.01 ) Diluted loss per common share (1.82 ) (34.95 ) (12.01 ) Weighted average common shares outstanding 21,539,143 47,121,330 47,067,887 Dilutive effect of stock options and restricted stock — — — Adjusted average common shares outstanding 21,539,143 47,121,330 47,067,887 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | TIDEWATER INC. AND SUBSIDIARIES Valuation and Qualifying Accounts (In thousands) Description Balance at Beginning of period Additions at Cost Deductions Balance at End of Period Year Ended March 31, 2017 (Predecessor) Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 11,450 5,348 633 16,165 Period from April 1, 2017 through July 31, 2017 (Predecessor) Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 16,165 — 16,165 (A) — Period from August 1, 2017 through December 31, 2017 (Successor) Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ — 1,800 — 1,800 Year Ended December 31, 2018 (Successor) Deducted in balance sheet from trade accounts receivables: Allowance for doubtful accounts $ 1,800 900 — 2,700 (A) Approximately $15.4 million was deducted from the allowance for doubtful accounts in conjunction with the application of fresh-start accounting upon emergence from Chapter 11 bankruptcy. |
NATURE OF OPERATIONS AND SUMM_2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations We provide 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. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we are able to charge for these services (day-rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on the respective levels of supply and demand for crude oil and natural gas and the future outlook for such levels. Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. |
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. |
Change to Fiscal Year End | Change to Fiscal Year End In 2017 the Board of Directors approved changing our fiscal year to end on December 31. These financial statements include the period from April 1, 2017 to December 31, 2017, which is the period between the close of our then immediately prior fiscal year and the opening date of our newly selected fiscal year. |
Fresh Start Accounting | Fresh Start Accounting Upon emergence from Chapter 11 bankruptcy, we adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification No. 852, "Reorganizations" " ," References to "Successor" or "Successor Company" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017. References to "Predecessor" or "Predecessor Company" relate to our financial position and results of operations of through July 31, 2017. |
Business Combinations | Business Combination On November 15, 2018 (the “Merger Date”) we completed our business combination with GulfMark Offshore, Inc. Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. The estimated fair values of certain assets and liabilities require judgments and assumptions. Adjustments might be made to these estimates during the measurement period subsequent to the Merger Date. These adjustments could be material. Refer to Note (2), “Business Combination” for further details on the impact of this business combination on our consolidated financial statements. |
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 recorded 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, 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 We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds. |
Marine Operating Supplies | Marine Operating Supplies Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value. |
Properties and Equipment | Properties and Equipment Depreciation and Amortization Properties and equipment were stated at their fair market values upon emergence from Chapter 11 bankruptcy in accordance with fresh-start accounting. Upon emergence from Chapter 11 bankruptcy, the Successor Company, to better reflect the current offshore supply vessel market, updated the estimated useful lives for and the assumed salvage values for certain vessels. Depreciation is computed primarily on the straight-line basis beginning with the date construction is completed, with salvage values of 7.5% for marine equipment, using estimated useful lives of 10 - 20 years for marine equipment (from date of construction) and 3 - 10 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. Maintenance and Repairs The majority of our vessels require certification inspections twice in every five year period. Concurrent with emergence from Chapter 11 bankruptcy, the Successor Company adopted a new policy for the recognition of the costs of planned major maintenance activities incurred to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies. These costs include drydocking and survey costs necessary to maintain certifications. These certification costs are typically incurred while the vessel is in drydock and may be incurred concurrent with other vessel maintenance and improvement activities. Costs related to the certification of vessels are deferred and amortized over 30 months on a straight-line basis. The Predecessor policy was to expense vessel certification costs in the period incurred. Maintenance costs incurred at the time of the recertification drydocking that are not related to the certification of the vessel are expensed as incurred. Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. 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. Net Properties and Equipment The following are summaries of net properties and equipment: Successor December 31, December 31, (In thousands) 2018 2017 Properties and equipment: Vessels and related equipment $ 1,144,028 $ 863,683 Other properties and equipment 7,455 5,710 1,151,483 869,393 Less accumulated depreciation and amortization 61,626 18,458 Net properties and equipment $ 1,089,857 $ 850,935 Successor December 31, December 31, 2018 2017 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 165 $ 914,044 138 $ 646,393 Stacked vessels 92 169,037 89 189,710 Marine equipment and other assets under construction 795 9,501 Other property and equipment 5,981 5,331 Totals 257 $ 1,089,857 227 $ 850,935 We consider a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed. We reduce operating costs by stacking vessels when we do 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 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 our utilization statistics. Stacked vessels at December 31, 2018 and 2017 had an average age of 9.8 and 11.0 years, respectively. All vessels are classified in the consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review the vessels in our 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 estimate cash flows based upon historical data adjusted for our 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, we estimate the fair value of each asset group and compare such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), to the carrying value of each asset group in order to determine if impairment exists. We derive the fair value of the asset group by estimating the fair value of 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 day rates, and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates change considerably as market conditions change. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Our 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. In addition to the periodic review of our active long-lived assets for impairment when circumstances warrant, we also review our stacked vessels not expected to return to active service for impairment whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. We estimate the fair value of each vessel not expected to return to active service, considered Level 3, as defined by ASC 820, by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service and actual recent sales of similar vessels. 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. We record an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. Refer to Note (20) for a discussion on asset impairments. |
Accrued Property and Liability Losses | Accrued Property and Liability Losses Effective July 1, 2018, we ceased self-insuring claims through our insurance subsidiary, which no longer insures our vessels and crews. Insurance coverage is now provided by third party insurers. Until June 30, 2018, our insurance subsidiary established 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 our 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 payable: Successor December 31, December 31, (In thousands) 2018 2017 Accrued property and liability losses $ 6,849 5,056 |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We follow the provisions of ASC 715, , Our 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. We consider a number of factors in developing 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. For the long-term rate of return, we developed assumptions 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 reflect the theoretical rate at which liabilities could be settled in the bond market at December 31, 2018 using use the equivalent single discount rate based on the results of the bond matching of the Plan’s expected plan benefit cash flows. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes |
Revenue Recognition | Revenue Recognition Our primary source of revenue is derived from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer term contracts at times include escalation clauses to recover specific additional costs. There are no material differences in the cost structure of our contracts because 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 repairs carried out during drydockings, 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 our 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 our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. |
Earnings Per Share | Earnings Per Share We report both basic earnings per share and diluted earnings per share. The calculation of basic earnings per share is computed based on the weighted average number of shares of common stock outstanding and shares issuable upon the exercise of Creditor Warrants held by U.S. citizens. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis. |
Concentrations of Credit Risk | Concentrations of Credit Risk Our 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. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may at times require prepayments or other forms of collateral. We maintain an allowance for doubtful accounts for potential losses based on expected collectability and do not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on our financial position, results of operations, or cash flows. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based awards. |
Comprehensive Loss | Comprehensive Loss We report total comprehensive loss and its components. Accumulated other comprehensive loss is comprised of unrealized gains and losses on available-for-sale securities and any minimum pension liability for our U.S. and Norwegian Defined Benefits Pension Plan. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We periodically utilize 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 our exposure to foreign currency exchange risk and interest rate risk. We record derivative financial instruments in our 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. We formally document, 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. |
Fair Value Measurements | Fair Value Measurements We follow 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 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements From time to time new accounting pronouncements are issued by the FASB that we adopt 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 our consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-7, 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. We adopted this new guidance in January 2018. The adoption of this guidance required a retrospective approach and did not have a material effect on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, which removes the prohibition in ASC 740 against the immediate recognition of the current and deferred income tax effects of intra-entity transfers of assets other than inventory. We adopted this new guidance in January 2018. The adoption of this guidance required a modified retrospective approach On May 10, 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718) — Scope of Modification Accounting, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. We adopted this new guidance in January 1, 2018. The adoption of this guidance was applied prospectively and did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes prior revenue recognition guidance and provides a five-step recognition framework that required entities to recognize the amount of revenue to which it expects to be entitled for the transfer of goods and services. We adopted this new revenue standard in January 2018 using the modified retrospective approach. We have determined that mobilization revenue (fees paid by a customer for the relocation of a vessel prior to the start of a charter contract) should be recorded as a liability and be recognized on a straight-line basis over the life of the vessel’s charter. The adoption of this standard on January 1, 2018, did not result in an adjustment to the beginning accumulated deficit. T he necessary changes to the company’s business processes, systems and controls to support recognition and disclosure of this ASU have been implemented. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases, which amended guidance for lease arrangements in order to increase transparency and comparability by providing additional information to users of financial statements regarding an entity's leasing activities. Under this lease standard, we believe that our charter hire contracts contain a lease component. Additionally, for transactions in which we are considered a lessee, we will recognize lease assets and lease liabilities on the balance sheet for our portfolio of leases upon adoption. In July 2018 the FASB issued ASU 2018-11 to provide certain practical expedients, which (i) provide a new transition method to apply the new lease requirements at the beginning of the period of adoption using a cumulative effect adjustment, (ii) allow lessors to not separate lease and non-lease components, and (iii) allow us to account for the combined component as a single performance obligation entirely in accordance with Topic 606 if the non-lease component is the predominant element of the combined component. We adopted this new guidance in January 2019 and will use the cumulative effect adjustment approach for adoption and are continuing to evaluate the impact of adopting this guidance on our consolidated financial statements. We will qualify for the above-mentioned practical expedients for our revenue generating activities and will continue to recognize revenue in accordance with Topic 606 in 2019 and beyond. Additionally, we expect to recognize lease assets and lease liabilities ranging between $4.5 million to $6 million on our 2019 balance sheet. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses, which introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (i) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (ii) loan commitments and certain other off-balance sheet credit exposures, (iii) debt securities and other financial assets measured at fair value through other comprehensive income and (iv) beneficial interests in securitized financial assets. This update is effective for annual and interim periods beginning after January 1, 2020. We are currently evaluating the effect the standard may have on our consolidated financial statements and related disclosures. On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement: - Changes to The Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for annual and interim periods beginning after January 1, 2020, with early adoption permitted. We are currently evaluating the effect the standard may have on our consolidated financial statement disclosures. In August 2018 the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, which modifies the disclosure requirements for employers that sponsor defined benefit plans or other postretirement plans. This ASU removes certain disclosures that no longer are considered cost beneficial, clarifies the specific requirements of certain other disclosures, and adds disclosure requirements identified as relevant. The guidance is effective for annual and interim periods beginning after December 15, 2020 with early adoption permitted. We are currently evaluating the effect the standard may have on our consolidated financial statement disclosures. |
NATURE OF OPERATIONS AND SUMM_3
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summaries of Net Properties and Equipment | The following are summaries of net properties and equipment: Successor December 31, December 31, (In thousands) 2018 2017 Properties and equipment: Vessels and related equipment $ 1,144,028 $ 863,683 Other properties and equipment 7,455 5,710 1,151,483 869,393 Less accumulated depreciation and amortization 61,626 18,458 Net properties and equipment $ 1,089,857 $ 850,935 Successor December 31, December 31, 2018 2017 Number Of Vessels Carrying Value Number Of Vessels Carrying Value (In (In Owned vessels in active service 165 $ 914,044 138 $ 646,393 Stacked vessels 92 169,037 89 189,710 Marine equipment and other assets under construction 795 9,501 Other property and equipment 5,981 5,331 Totals 257 $ 1,089,857 227 $ 850,935 |
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 payable: Successor December 31, December 31, (In thousands) 2018 2017 Accrued property and liability losses $ 6,849 5,056 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Provisional Amounts for Assets Acquired and Liabilities Assumed | The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows: Estimated Fair (In thousands) Value Assets: Current assets $ 77,942 Property and equipment 360,701 Other assets 779 Liabilities: Current liabilities 33,881 Long term debt 100,000 Other liabilities 20,049 Net assets acquired $ 285,492 |
Summary of Pro Forma Impact of Merger | The following unaudited supplemental pro forma results present consolidated information as if the business combination was completed on August 1, 2017. The pro forma results include, among others, (i) a reduction in depreciation expense for adjustments to property and equipment and (ii) a reduction in interest expense resulting from the extinguishment of the GulfMark Term Loan Facility. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the business combination. Successor Period from Twelve Months August 1, 2017 (Unaudited) Ended through (in millions, except per share amounts) December 31, 2018 December 31, 2017 Revenues $ 500,118 223,254 Net loss (196,057 ) (13,088 ) Basic loss per common share (5.66 ) (0.44 ) Diluted loss per common share (5.66 ) (0.44 ) |
FRESH-START ACCOUNTING (Tables)
FRESH-START ACCOUNTING (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fresh Start Balance Sheet [Abstract] | |
Reconciliation of Enterprise Value to Estimated Fair Value of Successor's Common Stock | The following table reconciles our Enterprise Value to the estimated fair value of the Successor’s common stock as of July 31, 2017: (In thousands) July 31, 2017 Enterprise Value $ 1,050,000 Add: Cash and cash equivalents 560,866 Less: Amounts due to General Unsecured Creditors (102,193 ) Less: Fair value of debt (451,589 ) Less: Fair value of New Creditor, Series A and B warrants (299,045 ) Less: Fair value of noncontrolling interests (1,675 ) Fair Value of Successor common stock $ 756,364 |
Reconciliation of Enterprise Value to its Reorganization Value | The following table reconciles our Enterprise Value to our Reorganization Value as of July 31, 2017: July 31, 2017 Enterprise Value $ 1,050,000 Add: Cash and cash equivalents 560,866 Less: Amounts payable to General Unsecured Creditors (102,193 ) Add: Other working capital liabilities 439,377 Reorganization value of Successor assets $ 1,948,050 |
Summary of Consolidated Balance Sheet | The following presents the effects on our consolidated balance sheet due to the reorganization and fresh-start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including our assumptions and methods used to determine fair value for our assets and liabilities. (In thousands) As of July 31, 2017 Predecessor Company Reorganization Adjustments Fresh-Start Adjustments Successor Company ASSETS Current Assets Cash and cash equivalents $ 683,673 (122,807 ) (1 ) - 560,866 Trade and other receivables, net 116,976 - (480 ) (10 ) 116,496 Due from affiliate 252,393 - - 252,393 Marine operating supplies 30,495 - 1,594 (11 ) 32,089 Other current assets 33,243 (12,438 ) (2 ) (278 ) (12 ) 20,527 Total current assets 1,116,780 (135,245 ) 836 982,371 Investments in, at equity, and advances to unconsolidated companies 49,367 - (24,683 ) (13 ) 24,684 Net properties and equipment 2,625,848 - (1,731,257 ) (14 ) 894,591 Other assets 92,674 - (46,270 ) (15 ) 46,404 Total assets $ 3,884,669 (135,245 ) (1,801,374 ) 1,948,050 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 39,757 - - 39,757 Accrued expenses 71,824 - (160 ) (16 ) 71,664 Due to affiliate 123,899 - - 123,899 Accrued property and liability losses 2,761 - - 2,761 Current portion of long-term debt 10,409 (5,204 ) (3 ) - 5,205 Other current liabilities 20,483 102,193 (4 ) (963 ) (17 ) 121,713 Total current liabilities 269,133 96,989 (1,123 ) 364,999 Long-term debt 80,233 355,204 (5 ) 10,946 (18 ) 446,383 Deferred income taxes - - - - Accrued property and liability losses 2,789 - - 2,789 Other liabilities and deferred credits 80,902 - (4,107 ) (17 ) 76,795 Liabilities subject to compromise 2,326,122 (2,326,122 ) (6 ) - - Total liabilities 2,759,179 (1,873,929 ) 5,716 890,966 Commitments and Contingencies Equity: - Common stock (Predecessor) 4,712 (4,712 ) (7 ) - - Additional paid-in capital (Predecessor) 166,867 (166,867 ) (7 ) - - Common stock (Successor) - 18 (8 ) - 18 Additional paid-in capital (Successor) - 1,055,391 (8 ) - 1,055,391 Retained earnings 951,749 854,854 (9 ) (1,806,603 ) (19 ) - Accumulated other comprehensive loss (12,779 ) - 12,779 (20 ) - Total stockholders' equity 1,110,549 1,738,684 (1,793,824 ) 1,055,409 Noncontrolling interests 14,941 - (13,266 ) (21 ) 1,675 Total equity 1,125,490 1,738,684 (1,807,090 ) 1,057,084 Total liabilities and equity $ 3,884,669 (135,245 ) (1,801,374 ) 1,948,050 Reorganization Adjustments (1) The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan as previously described. (In thousands) Payment made to holders of General Unsecured Claims upon emergence $ 122,807 Amounts payable to holders of General Unsecured Claims at July 31, 2017 102,193 Total payments pursuant to the Plan $ 225,000 Based on the terms contemplated in the Plan, we would have had $458.7 million of cash upon emergence subsequent to the full payment of the $225 million. (2) Represents the recognition of expenses paid prior to the Effective Date of $12.4 million for Plan support and other reorganization-related professional fees. (3) Reflects the reclassification from current to long-term of $5.2 million of Troms Offshore debt, consistent with the terms of the amended Troms Offshore credit agreement. (4) Reflects the establishment of a liability related to the unpaid pro rata cash distribution to the General Unsecured Claims. (5) Reflects the issuance of the $350 million Secured Notes to the General Unsecured Creditors as provided for in the Plan and the reclassification from current to long-term of $5.2 million of Troms Offshore debt (see (3) above). (6) Gain on settlement of liabilities subject to compromise is as follows: (In thousands) Revolving Credit Facility $ (600,000 ) Term Loan Facility (300,000 ) September 2013 senior unsecured notes (500,000 ) August 2011 senior unsecured notes (165,000 ) September 2010 senior unsecured notes (382,500 ) Accrued interest payable (23,736 ) Make-whole provision - Senior notes (94,726 ) Lessor claims - sale leaseback agreements (260,160 ) Total liabilities subject to compromise $ (2,326,122 ) Fair value of equity and warrants issued to General Unsecured Creditors 983,482 Issuance of 8% Secured Notes 350,000 Cash payment to General Unsecured Creditors 122,807 Amounts payable to General Unsecured Creditors 102,193 Gain on settlement of Liabilities subject to compromise $ (767,640 ) (7) Reflects the cancellation of Predecessor's equity to retained earnings. (8) Represents the issuance of Successor equity. The Successor issued approximately 18.5 million shares of New Common Stock including approximately 17.0 million shares of New Common Stock to General Unsecured Creditors and 1.5 million to holders of Predecessor stock. Approximately 7.7 million New Creditor Warrants were issued upon emergence to the General Unsecured Creditors and approximately 3.9 million New Creditor Warrants were reserved for with respect to the unresolved sale leaseback claims. Additionally, 2.4 million Series A Warrants and 2.6 million Series B Warrants were issued to the holders of Predecessor stock with exercise prices of $57.06 and $62.28, respectively. Based on a Black-Scholes-Merton valuation and an estimated fair value of the underlying New Common Stock of $25 per share, the value of each New Creditor Warrant was estimated at $25, the value of each Series A Warrant was estimated at $2.27 and the value of each Series B Warrant was estimated at $1.88. The table below reflects the components of Additional paid-in capital (Successor) upon emergence: (In thousands) Additional paid-in capital attributable to common shares $ 756,346 Series A Warrants (2,432,432 Warrants at $1.88 per warrant) 5,510 Series B Warrants (2,629,657 Warrants at $2.27 per warrant) 4,945 Issued Creditor Warrants (7,684,453 Warrants at $25 per warrant) 192,108 Reserved Creditor Warrants (3,859,361 Warrants at $25 per warrant) 96,482 Fair Value of Successor additional paid-in capital $ 1,055,391 (9) Reflects the cumulative effect of the reorganization adjustments discussed above. Fresh-start Accounting Adjustments (10) Represents fair value adjustments on outstanding warranty claims. (11) Reflects the adjustment to record fuel inventory held as marine and operating supplies at fair value. (12) Reflects adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting. (13) Reflects the adjustment to decrease the carrying value of our equity method investments to their estimated fair values which were determined using a discounted cash flow analysis. (14) In estimating the fair value of the vessels and related equipment, we used a combination of discounted cash flow method (income approach), the guideline public company method (market approach) and vessel specific liquidation value analyses. A discount rate of 12% was used for the discounted cash flow method. In estimating the fair value of the other property and equipment, we used a combination of asset, income, and market-based approaches. (15) Reflects fair value adjustments of (i) $41.7 million to reduce the carrying value of a vessel under construction that is currently the subject of an arbitration proceeding in the United States and (ii) $3.8 million to reduce the carrying value of a receivable related to a vessel under construction in Brazil, which is also the subject of pending arbitration (the carrying value of receivable after such fair value adjustment is approximately $1.8 million). Also reflects adjustments to deferred tax items of $0.8 million as a result of the change in vessel values from the application of fresh-start accounting. (16) Reflects the write-off of deferred rent liabilities and an increase in a market-value based fuel related liabilities in Brazil. (17) Reflects the write-off of $1.3 million of accrued losses in excess of investment related to an unconsolidated subsidiary, an unrecognized deferred gain on the sale of a vessel to an unconsolidated subsidiary of $3.8 million, $0.4 million of which was reflected as current and adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting of which $0.9 million is current and $1.3 million is long-term. Offsetting these items is the recognition of an intangible liability of approximately $2.1 million, $0.4 million of which is recorded as current, to adjust our office lease contracts to fair value as of July 31, 2017. The intangible liability will be amortized over the remaining life of the contracts through 2023. (18) Reflects a $15.4 million premium recorded in relation to the $350 million Secured Notes, an aggregate $5.4 million discount recorded in relation to the modified Troms Offshore borrowings, and the write-off of historical unamortized debt issuance costs related to the Troms Offshore borrowings of $0.9 million. (19) Reflects the cumulative effects of the fresh-start accounting adjustments. (20) Represents the elimination of Predecessor accumulated other comprehensive loss. (21) Reflects a $13.3 million adjustment to decrease the carrying value of the noncontrolling interests to the estimated fair value. |
REORGANIZATION ITEMS (Tables)
REORGANIZATION ITEMS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reorganization Items [Abstract] | |
Summary of Components Included in Reorganization Items | The following tables summarize the components included in “Reorganization items”: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Gain on settlement of liabilities subject to compromise $ — (767,640 ) Fresh start adjustments — 1,820,018 Debt, sale leaseback and other reorganization items 1,631 316,504 Reorganization-related professional fees 2,668 28,023 Loss on reorganization items $ 4,299 1,396,905 |
INVESTMENT IN UNCONSOLIDATED _2
INVESTMENT IN UNCONSOLIDATED COMPANIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 were as follows: Successor Percentage December 31, December 31, (In thousands) Ownership 2018 2017 Sonatide Marine, Ltd. (Angola) 49% $ — 26,935 DTDW Holdings, Ltd. (Nigeria) 40% 1,033 2,281 GulfMark Marine, Ltd. (Trinidad) 49% 6 — Investments in, at equity, and advances to unconsolidated companies $ 1,039 29,216 |
Schedule of Balances with Unconsolidated Affiliates | We maintained the following balances with their unconsolidated affiliates as of December 31, 2018 and December 31, 2017: Successor December 31, December 31, (in thousands) 2018 2017 Due from related parties: Sonatide (Angola) $ 109,176 230,315 DTDW (Nigeria) 23,775 33,353 Due to related parties: Sonatide (Angola) $ 29,347 99,448 DTDW (Nigeria) 5,625 9,645 Due from related parties, net of due to related parties $ 97,979 154,575 |
Schedule of Amounts Due from Affiliate | Amounts due from Sonatide Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Ended through through (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 Due from Sonatide at beginning of year $ 230,315 252,393 262,652 Revenue earned by the company through Sonatide 56,916 40,303 34,397 Less amounts received from Sonatide (76,878 ) (28,264 ) (21,019 ) Less amounts used to offset Due to Sonatide obligations (A) (78,993 ) (33,607 ) (21,453 ) Less impairment of due from affiliate (20,083 ) — — Other (2,101 ) (510 ) (2,184 ) $ 109,176 230,315 252,393 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Schedule of Amounts Due to Affiliate | Amounts due to Sonatide Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 December 31, through through (In thousands) 2018 December 31, 2017 July 31, 2017 Due to Sonatide at beginning of year $ 99,448 123,899 132,857 Plus commissions payable to Sonatide 5,502 3,928 3,330 Plus amounts paid by Sonatide on behalf of the company 14,778 12,044 9,458 Less commissions paid to Sonatide (13,906 ) (5,023 ) — Less amounts used to offset Due from Sonatide obligations (A) (78,993 ) (33,607 ) (21,453 ) Other 2,518 (1,793 ) (293 ) $ 29,347 $ 99,448 123,899 (A) We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Losses Before Income Taxes Derived from United States and Non-U.S. Operations | Losses before income taxes derived from United States and non-U.S. operations are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Non-U.S. $ (99,607 ) (5,137 ) (1,603,788 ) (498,931 ) United States (53,912 ) (31,550 ) (44,355 ) (144,683 ) $ (153,519 ) (36,687 ) (1,648,143 ) (643,614 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following: U.S. (In thousands) Federal State International Total Year Ended March 31, 2017 (Predecessor) Current $ (842 ) 17 9,422 8,597 Deferred (2,200 ) — — (2,200 ) $ (3,042 ) 17 9,422 6,397 Period from April 1, 2017 through July 31, 2017 (Predecessor) Current $ (822 ) 3 5,128 4,309 Deferred (5,543 ) — — (5,543 ) $ (6,365 ) 3 5,128 (1,234 ) Period from August 1, 2017 through December 31, 2017 (Successor) Current $ 11 — 2,028 2,039 Deferred — — — — $ 11 — 2,028 2,039 Year Ended December 31, 2018 (Successor) Current $ 962 — 16,718 17,680 Deferred 531 250 (209 ) 572 $ 1,493 250 16,509 18,252 |
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 21% for periods beginning January 1, 2018 and 35% for periods ending prior to January 1, 2018 to pre-tax earnings as a result of the following: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Ended through through (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 Computed “expected” tax benefit $ (32,239 ) (12,840 ) (576,850 ) Increase (reduction) resulting from: Foreign income taxed at different rates 20,917 1,767 448,805 Uncertain tax positions 2,264 (3,219 ) 4,674 Chapter 11 reorganization — — 50,428 Nondeductible transaction costs 1,091 — 2,628 Transition tax — 15,120 — Valuation allowance – deferred tax assets 38,778 (28,387 ) 69,278 Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions — 11 (822 ) Foreign taxes 13,012 845 (1,342 ) State taxes 246 — 3 Return to accrual (28,176 ) 835 668 162(m) - Executive compensation 2,818 — — Other, net (459 ) 646 1,296 Remeasurement of deferred taxes — 27,261 — $ 18,252 2,039 (1,234 ) |
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 are as follows: Successor December 31, December 31, (In thousands) 2018 2017 Deferred tax assets: Accrued employee benefit plan costs $ 7,607 5,838 Stock based compensation 786 230 Net operating loss and tax credit carryforwards 102,190 3,941 Restructuring fees not currently deductible for tax purposes 3,113 3,982 Depreciation and amortization — 29,160 Other 8,826 3,070 Gross deferred tax assets 122,522 46,221 Less valuation allowance (106,447 ) (43,218 ) Net deferred tax assets 16,075 3,003 Deferred tax liabilities: Depreciation and amortization (11,149 ) — Section 1245 recapture (2,891 ) (2,131 ) Other (3,553 ) (872 ) Gross deferred tax liabilities (17,593 ) (3,003 ) Net deferred tax assets (liabilities) $ (1,518 ) — |
Schedule of Uncertain Tax Positions and Income Tax Payable | Our balance sheet reflects the following in accordance with ASC 740, Income Taxes Successor December 31, December 31, (In thousands) 2018 2017 Tax liabilities for uncertain tax positions $ 43,790 31,694 Income tax payable 9,387 12,492 Income tax (receivable) (9,245 ) (8,442 ) |
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) are as follows: (In thousands) Balance at April 1, 2016 (Predecessor) $ 401,375 Additions based on tax positions related to the current year 551 Settlement and lapse of statute of limitations (1,108 ) Balance at March 31, 2017 (Predecessor) $ 400,818 Additions based on tax positions related to the current year 2,050 Settlement and lapse of statute of limitations — Balance at July 31, 2017 (Predecessor) $ 402,868 (In thousands) Balance at August 1, 2017 (Successor) $ 402,868 Additions based on tax positions related to the current year 170 Additions based on tax positions related to a prior year 2,578 Settlement and lapse of statute of limitations (1,045 ) Reductions based on tax positions related to a prior year — Balance at December 31, 2017 (Successor) $ 404,571 Additions from GulfMark business combination 8,857 Additions based on tax positions related to the current year — Additions based on tax positions related to a prior year 6,903 Settlement and lapse of statute of limitations (2,953 ) Reductions based on tax positions related to a prior year (18,086 ) Balance at December 31, 2018 (Successor) (A) $ 399,292 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Debt Outstanding Based On Stated Maturities | The following table summarizes debt outstanding based on stated maturities: Successor December 31, December 31, (In thousands) 2018 2017 Secured notes: 8.00% Secured notes due August 2022 $ 349,954 350,000 Troms Offshore borrowings: NOK denominated notes due May 2024 12,241 14,054 NOK denominated notes due January 2026 22,988 25,965 USD denominated notes due January 2027 22,116 23,345 USD denominated notes due April 2027 24,157 25,463 $ 431,456 438,827 Debt premium and discount, net 7,548 9,333 Less: Current portion of long-term debt (8,568 ) (5,103 ) Total long-term debt $ 430,436 443,057 |
Debt Costs | Interest and debt costs incurred, net of interest capitalized are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Interest and debt costs incurred, net of interest capitalized $ 30,439 13,009 11,179 75,026 Interest costs capitalized 521 101 601 4,829 Total interest and debt costs $ 30,960 13,110 11,780 79,855 |
Troms Offshore Supply AS | |
Summary of Debt Outstanding Based On Stated Maturities | A summary of NOK denominated Troms Offshore borrowings outstanding and their U.S. dollar equivalents is as follows: Successor December 31, December 31, (In thousands) 2018 2017 Notes due January 2026 NOK denominated 200,000 212,500 U.S. dollar equivalent $ 22,988 25,965 Fair value in U.S. dollar equivalent (Level 2) 22,988 25,850 Notes due May 2024 NOK denominated 106,500 115,020 U.S. dollar equivalent $ 12,241 14,054 Fair value in U.S. dollar equivalent (Level 2) 12,239 14,013 |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of U.S. dollar denominated Troms Offshore borrowings outstanding is as follows: Successor December 31, December 31, (In thousands) 2018 2017 Notes due April 2027 Amount outstanding $ 24,157 25,463 Fair value of debt outstanding (Level 2) 24,157 25,427 Notes due January 2027 Amount outstanding $ 22,116 23,345 Fair value of debt outstanding (Level 2) 22,115 23,251 |
EMPLOYEE RETIREMENT PLANS (Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Carrying Value of Trust Assets and Obligations Under Supplemental Plan | The following table summarizes the carrying value of the trust assets and obligations under the supplemental plan: Successor December 31, December 31, (In thousands) 2018 2017 Investments held in Rabbi Trust $ 18 8,908 Obligations under the supplemental plan 21,413 32,508 |
Schedule of Unrealized (Loss) Gains in Carrying Value of Trust Assets | The following table summarizes the unrealized (loss) gains in carrying value of the trust assets: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Unrealized gain (loss) in carrying value of trust assets $ — 256 82 (95 ) Unrealized loss in carrying value of trust assets are net of income tax expense of — — — (223 ) |
Schedule of Asset Allocations | The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Successor Successor Actual as of Actual as of Target December 31, 2018 December 31, 2017 U.S. Pension plan: Equity securities — 2 % — Debt securities 100 % 91 % 98 % Cash and other — 7 % 2 % Total 100 % 100 % 100 % |
Fair Value Hierarchy of Plan Assets | The fair value hierarchy for the pension plans assets measured at fair value as of December 31, 2018 (Successor), 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: Equity securities: $ 900 900 — — — Debt securities: Government securities 4,044 4,044 — — — Corporate debt securities 47,667 684 46,983 — — Cash and cash equivalents 1,214 717 497 — — Other 2,384 — 2,384 — — Total $ 56,209 6,345 49,864 — — Accrued income 581 581 — — — Total fair value of plan assets $ 56,790 6,926 49,864 — — The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of December 31, 2017 (Successor): (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 $ 4,238 4,238 — — — Collateralized mortgage securities 1,032 — 1,032 — — Corporate debt securities 49,420 — 49,420 — — Cash and cash equivalents 834 219 615 — — Other 1,404 172 1,232 — — Total $ 56,928 4,629 52,299 — — Accrued income 608 608 — — — Total fair value of plan assets $ 57,536 5,237 52,299 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,599 3,599 — — — Foreign stock 183 183 — — — American depository receipts 1,429 1,429 — — — Preferred American depository receipts 12 12 — — — Real estate investment trusts 72 72 — — — Debt securities: Government debt securities 1,692 851 841 — — Open ended mutual funds 1,676 — — — 1,676 Cash and cash equivalents 246 27 170 — 49 Total $ 8,909 6,173 1,011 — 1,725 Other pending transactions (1 ) (1 ) — — — Total fair value of plan assets $ 8,908 6,172 1,011 — 1,725 |
Change in Plan Assets and Obligations | Changes in plan assets and obligations 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”), are as follows: Pension Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 103,443 101,490 97,941 95,830 Increase in benefit obligation due to business combination 5,474 — — — Service cost 294 546 393 1,182 Interest cost 3,605 1,599 1,313 3,814 Plan curtailment — (432 ) — — Benefits paid (5,467 ) (2,059 ) (1,610 ) (4,895 ) Actuarial (gain) loss (A) (8,105 ) 2,322 3,322 2,082 Settlement (8,885 ) — — — Foreign currency exchange rate changes (112 ) (23 ) 131 (72 ) Benefit obligation at end of the period 90,247 103,443 101,490 97,941 Change in plan assets: Fair value of plan assets at beginning of the period $ 57,536 58,148 57,146 57,174 Increase in plan assets due to business combination 5,463 — — — Actual return (2,128 ) 1,182 2,138 577 Expected return 112 32 16 51 Actuarial loss (275 ) (217 ) (109 ) (148 ) Administrative expenses (36 ) (15 ) (7 ) (27 ) Plan curtailment — (100 ) — — Employer contributions 10,546 625 435 4,465 Benefits paid (5,467 ) (2,059 ) (1,610 ) (4,895 ) Settlement (8,885 ) — — — Foreign currency exchange rate changes (76 ) (60 ) 139 (51 ) Fair value of plan assets at end of the period 56,790 57,536 58,148 57,146 Payroll tax unrecognized in benefit obligation at end of the period 84 76 91 83 Unfunded status at end of the period $ (33,541 ) (45,983 ) (43,433 ) (40,878 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (1,380 ) (10,731 ) (1,791 ) (1,791 ) Noncurrent liabilities (32,161 ) (35,252 ) (41,642 ) (39,087 ) Net amount recognized $ (33,541 ) (45,983 ) (43,433 ) (40,878 ) (A) The actuarial gain in the twelve months ended December 31, 2018 was primarily attributable to an increase in the discount rate. Other Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 2,924 4,817 4,811 5,573 Service cost 61 29 23 81 Interest cost 117 75 64 201 Participant contributions 218 65 58 411 Plan amendment (2,954 ) (1,861 ) — — Benefits paid (595 ) (526 ) (346 ) (1,170 ) Actuarial (gain) loss 229 325 207 (285 ) Benefit obligation at end of the period — 2,924 4,817 4,811 Change in plan assets: Fair value of plan assets at beginning of the period $ — — — — Employer contributions 377 461 288 759 Participant contributions 218 65 58 411 Benefits paid (595 ) (526 ) (346 ) (1,170 ) Fair value of plan assets at end of the period — — — — Unfunded status at end of the period $ — (2,924 ) (4,817 ) (4,811 ) Net amount recognized in the balance sheet consists of: Current liabilities $ — (282 ) (418 ) (418 ) Noncurrent liabilities — (2,642 ) (4,399 ) (4,393 ) Net amount recognized $ — (2,924 ) (4,817 ) (4,811 ) |
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): Successor Predecessor December 31, December 31, (In thousands) 2018 2017 Projected benefit obligation $ 90,247 103,443 Accumulated benefit obligation 89,024 101,287 Fair value of plan assets 56,790 57,536 |
Schedule of Net Periodic Benefit Cost | Net periodic benefit cost for the pension plans and the supplemental plan include the following components: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 294 546 393 1,182 Interest cost 3,605 1,599 1,313 3,814 Expected return on plan assets (2,042 ) (882 ) (691 ) (2,246 ) Administrational expenses 36 19 3 28 Payroll tax of net pension costs 42 29 — 56 Amortization of net actuarial losses 30 131 — 32 Recognized actuarial loss — — 748 1,785 Curtailment (gain) loss 335 (99 ) — — Net periodic pension cost $ 2,300 1,343 1,766 4,651 |
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 include the following components: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 61 29 23 81 Interest cost 117 75 64 201 Amortization of prior service cost (299 ) — (927 ) (4,346 ) Recognized actuarial (gain) 42 — (335 ) (1,138 ) Net curtailment gain (4,005 ) — — — Net periodic postretirement benefit $ (4,084 ) 104 (1,175 ) (5,202 ) |
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 include the following components: Pension Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ (3,441 ) 1,939 1,877 3,821 Fresh-start accounting fair value adjustment — — (22,333 ) — Amortization of net (loss) gain — — (748 ) (1,785 ) Settlement recognized (335 ) — — — Total recognized in other comprehensive (income) loss, before tax $ (3,776 ) 1,939 (21,204 ) 2,036 Net of tax (3,776 ) 1,939 (21,204 ) 1,323 Other Benefits Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 229 325 207 (285 ) Prior service (cost) credit — (1,861 ) — — Amortization of prior service (cost) credit 1,861 — 927 4,346 Fresh-start accounting fair value adjustment — — 19,055 — Amortization of net (loss) gain (554 ) — 335 1,138 Total recognized in other comprehensive (income) loss, before tax $ 1,536 (1,536 ) 20,524 5,199 Net of tax 1,536 (1,536 ) 20,524 3,379 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized as a component of accumulated other comprehensive income (loss) are as follows: Twelve Months Ended December 31, 2018 (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ 3,798 — Settlement/curtailment 335 — Pre-tax amount included in accumulated other comprehensive (loss) income $ 4,133 — |
Schedule of Assumptions | Assumptions used to determine net benefit obligations are as follows: Pension Benefits Other Benefits Successor Successor 2018 2017 2018 2017 Discount rate 4.50 % 3.80 % N/A 3.80 % Rates of annual increase in compensation levels N/A N/A N/A N/A Assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Benefits Successor Successor 2018 2017 2018 2017 Discount rate 3.80 % 3.90 % N/A 3.90 % Expected long-term rate of return on assets 3.60 % 3.70 % N/A N/A Rates of annual increase in compensation levels N/A 3.00 % N/A N/A |
Schedule of Expected Benefit Payments | Based upon the assumptions used to measure our qualified pension benefit obligations at December 31, 2018, including pension benefits attributable to estimated future employee service, we expect that benefits to be paid over the next ten years will be as follows: Year ending December 31, (In thousands) Pension Benefits 2019 $ 6,314 2020 6,286 2021 6,251 2022 6,222 2023 6,199 2024 – 2028 31,307 Total 10-year estimated future benefit payments $ 62,579 |
Number of Tidewater Common Stock Shares, Series A Warrants and Series B Warrants Held | The plan held the following number of shares of Tidewater common stock, series A warrants and series B warrants: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Number of shares of Tidewater common stock held by 401(k) plan 7,075 8,074 264,504 291,957 Number of shares of Tidewater Series A warrants held by 401(k) plan — 9,030 — — Number of shares of Tidewater Series B warrants held by 401(k) plan — 9,762 — — |
Plan 401 k | |
Amounts Charged to Expense Related to Contribution Plans | The amounts charged to expense related to the above defined contribution plans are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Defined contribution plans expense, net of forfeitures $ 3 854 871 2,660 Defined contribution plans forfeitures 152 83 79 149 |
Multinational Retirement Plan | |
Amounts Charged to Expense Related to Contribution Plans | The amounts charged to expense related to the multinational retirement plan contributions are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Multinational plan expense $ — 81 67 260 |
OTHER CURRENT ASSETS, OTHER A_2
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Current Assets Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
Schedule of Other Current Assets | A summary of other current assets as of December 31, is as follows: Successor (In thousands) 2018 2017 Deposits $ 1,413 1,780 Investments held in rabbi trust (A) 18 8,908 Prepaid expenses 10,405 8,442 $ 11,836 19,130 (A) We converted substantially all investments held in the rabbi trust to cash to fund a lump sum benefit to the former CEO in May 2018. Refer to Note (10) for more information regarding this payment |
Schedule of Other Assets | A summary of other assets as of December 31, is as follows: Successor (In thousands) 2018 2017 Recoverable insurance losses $ 4,056 2,405 Investments held for savings plans 4,807 6,583 Long-term deposits 16,848 16,217 Deferred tax asset 395 — Other 5,220 5,847 $ 31,326 31,052 |
Schedule of Accrued Expenses | A summary of accrued expenses as of December 31, is as follows: Successor (In thousands) 2018 2017 Payroll and related payables $ 17,447 17,344 Commissions payable (B) 1,990 1,898 Accrued vessel expenses 29,534 27,222 Accrued interest expense 5,985 6,036 Other accrued expenses (C) 6,828 2,306 $ 61,784 54,806 (B) Excludes $28.0 million and $36.4 million of commissions due to Sonatide at December 31, 2018 and 2017, respectively. These amounts are included in amounts due to affiliates. (C) Includes $1.5 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland |
Schedule of Other Current Liabilities | A summary of other current liabilities as of December 31, is as follows: Successor (In thousands) 2018 2017 Taxes payable $ 13,167 10,326 Amounts payable to holders of General Unsecured Claims (D) — 8,474 Other 5,199 893 $ 18,366 19,693 (D) Remaining payable to holders of General Unsecured Claims which was paid in January 2018. |
Schedule of Other Liabilities And Deferred Credits | A summary of other liabilities and deferred credits as of December 31, is as follows: Successor (In thousands) 2018 2017 Postretirement benefits liability $ — 2,642 Pension liabilities 33,124 36,614 Liability for uncertain tax positions 43,790 23,043 Deferred tax liability 1,913 — Other (E) 11,075 9,692 $ 89,902 71,991 (E) Includes $3.8 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland. |
STOCK-BASED COMPENSATION AND _2
STOCK-BASED COMPENSATION AND INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Shares of common stock reserved for issuance under the plans 3,973,228 3,048,877 — 1,900,769 Shares of common stock available for future grants 2,325,102 1,891,231 — 505,221 |
Effect on Basic and Diluted Earnings Per Share, and Stock Option Compensation Expense | Stock option compensation expense along with the effect on basic and diluted earnings per share are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except per share data) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Stock option compensation expense $ — — 1,644 745 Basic loss per share increased by — — 0.02 0.02 Diluted loss per share increased by — — 0.02 0.02 |
Summary of Deferred Stock Unit Activity | The following table sets forth a summary of our deferred stock unit activity: Weighted-average Grant-Date Fair Value Number Of Units Balance at April1, 2016 (Predecessor) $ 23.58 363,630 Retirement distribution in the twelve month period ended March 31, 2017 6.83 (12,792 ) Balance at March 31, 2017 (Predecessor) 24.19 350,838 Retirement distribution for the four month period ended July 31, 2017 24.19 (350,838 ) Balance at July 31, 2017 (Predecessor) — — |
Restricted Stock Units (RSUs) | |
Summary Of Restricted Stock Unit Activity | The following table sets forth a summary of our restricted stock unit activity: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at April1, 2016 (Predecessor) $ 49.17 89,639 61.75 156,851 Vested 49.39 (76,006 ) — — Cancelled/forfeited 49.62 (13,450 ) 61.75 (156,851 ) Non-vested balance at March 31, 2017 (Predecessor) 54.48 183 — — Vested 54.48 (183 ) — — Non-vested balance at July 31, 2017 (Predecessor) — — — — Granted 24.40 1,203,379 — — Cancelled/forfeited 24.15 (45,733 ) — — Non-vested balance at December 31, 2017 (Successor) 24.41 1,157,646 — — Granted 24.58 455,063 26.04 63,365 Vested 24.84 (503,677 ) — — Cancelled/forfeited 27.15 (27,948 ) — — Non-vested balance at December 31, 2018 (Successor) $ 24.21 1,081,084 26.04 63,365 |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Restricted stock unit compensation expense and grant date fair value are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of restricted stock units vested $ 12,513 — 10 3,754 Restricted stock unit compensation expense 13,504 3,731 2 2,425 |
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 are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of phantom stock vested $ 2,957 — — 7,118 Phantom stock compensation expense 214 94 68 467 |
Summary of Phantom Stock Activity | The following table sets forth a summary of our phantom stock activity: Weighted-average Grant-Date Fair Value Time Based Shares Weighted-average Grant-Date Fair Value Series A Warrants Weighted-average Grant-Date Fair Value Series B Warrants Non-vested balance at April 1, 2016 (Predecessor) $ 10.83 1,599,829 Vested 12.29 (585,426 ) Cancelled/forfeited 13.52 (68,253 ) Non-vested balance at March 31, 2017 (Predecessor) $ 9.74 946,150 Cancelled (A) 9.70 (484,446 ) Forfeited 10.08 (16,866 ) Non-vested balance at July 31, 2017 (Predecessor) (B) $ 9.77 444,838 Issuance of Successor phantom stock at August 1, 2017(B) 308.19 14,160 1.00 22,963 0.98 24,824 Cancelled/forfeited 307.31 (634 ) 1.00 (1,029 ) 0.98 (1,112 ) Non-vested balance at December 31, 2017 (Successor) $ 308.24 13,526 1.00 21,934 0.98 23,712 Vested 360.14 (8,223 ) 1.00 (13,009 ) 0.98 (14,064 ) Cancelled (A) 240.39 (786 ) 1.00 (1,275 ) 0.98 (1,379 ) Non-vested balance at December 31, 2018 (Successor) $ 226.50 4,517 1.00 7,650 2.94 8,269 (A) Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. (B) Upon emergence from Chapter 11 bankruptcy, all outstanding phantom stock units held by non-officer employees were converted by the same conversion ratio applied to the common shares upon emergence. Every 31.4143 phantom stock units converted into one phantom stock unit post emergence which is valued to the new common stock. In addition, each post emergence phantom stock unit received 1.6216 phantom series A warrants and 1.7531 phantom series B warrants. Both warrant series have time-based vesting and follow the vesting schedule of the underlying phantom stock unit. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Number of Authorized and Issued Common Stock and Preferred Stock | The number of authorized and issued common stock and preferred stock are as follows: Successor December 31, December 31, 2018 2017 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.001 Common stock shares issued 36,978,280 22,115,916 Preferred stock shares authorized 3,000,000 3,000,000 Preferred stock par value No par No par Preferred stock shares issued — — |
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax, are as follows: Successor For the year ended December 31, 2018 (in thousands) Balance at 12/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 12/31/18 Available for sale securities 256 (660 ) 404 (256 ) — Pension/Post-retirement benefits (403 ) 4,133 (1,536 ) 2,597 2,194 Total (147 ) 3,473 (1,132 ) 2,341 2,194 Successor Period from August 1, 2017 through December 31, 2017 (in thousands) Balance at 7/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 12/31/17 Available for sale securities — 87 169 256 256 Pension/Post-retirement benefits — (403 ) — (403 ) (403 ) Total — (316 ) 169 (147 ) (147 ) Predecessor Period from April 1, 2017 through July 31, 2017 (in thousands) Balance at 3/31/17 Gains/(losses) recognized in OCI Reclasses from OCI to net income Net period OCI Remaining balance 7/31/17 Available for sale securities (95 ) 57 106 163 68 Currency translation adjustment (9,811 ) — — — (9,811 ) Pension/Post-retirement benefits (438 ) (2,598 ) — (2,598 ) (3,036 ) Total (10,344 ) (2,541 ) 106 (2,435 ) (12,779 ) Predecessor For the year ended March 31, 2017 (in thousands) 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 (208 ) (265 ) 378 113 (95 ) Currency translation adjustment (9,811 ) — — — (9,811 ) Pension/Post-retirement benefits 4,683 (5,121 ) — (5,121 ) (438 ) Interest rate swap (1,530 ) — 1,530 1,530 — Total (6,866 ) (5,386 ) 1,908 (3,478 ) (10,344 ) |
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Consolidated Statement of Income | The following table summarizes the reclassifications from accumulated other comprehensive loss to the consolidated statement of income: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended Affected line item in the (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 consolidated statements of income Retiree medical plan $ (1,536 ) — — — Interest income and other, net Realized gains on available for sale securities 404 169 106 582 Interest and other debt costs Interest rate swap — — — 2,353 Interest and other debt costs Total pre-tax amounts (1,132 ) 169 106 2,935 Tax effect — — — 1,027 Total gains for the period, net of tax $ (1,132 ) 169 106 1,908 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per share, are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except share and per share data) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Net loss available to common shareholders $ (171,517 ) (39,266 ) (1,646,909 ) (660,118 ) Weighted average outstanding shares of common stock, basic (A) 26,589,883 21,539,143 47,121,330 47,071,066 Dilutive effect of options, warrants and restricted stock awards and units — — — — Weighted average common stock and equivalents 26,589,883 21,539,143 47,121,330 47,071,066 Loss per share, basic (B) $ (6.45 ) (1.82 ) (34.95 ) (14.02 ) Loss per share, diluted (C) $ (6.45 ) (1.82 ) (34.95 ) (14.02 ) Additional information: Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period (D) 5,282,574 7,869,553 — 1,233 (A) Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor). (B) We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (C) We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. (D) For the twelve months ended December 31, 2018 and period from August 1, 2017 through December 31, 2017, we also had 5,923,399 and 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the periods, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Aggregate Operating Lease Expenses | As of December 31, 2018, we had long-term operating leases for office space, automobiles, temporary residences and office equipment. Aggregate operating lease expenses are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Lease expenses: Office and other leases $ 3,840 1,861 1,697 5,132 Vessel operating leases — 1,215 6,166 33,766 Total lease expense $ 3,840 3,076 7,863 38,898 |
Summary of Future Minimum Rental Commitments | Future minimum rental commitments under these lease agreements are as follows: Fiscal year ending (In thousands) Minimum Rental Commitments 2019 $ 3,511 2020 2,804 2021 2,501 2022 2,455 2023 1,734 Thereafter 2,495 Total future lease commitments $ 15,500 |
FAIR VALUE MEASUREMENTS AND D_2
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Other Financial Instruments Measured | The following table provides the fair value hierarchy for our other financial instruments measured as of December 31, 2018: Successor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 327,542 327,542 — — Total fair value of assets $ 327,542 327,542 — — The following table provides the fair value hierarchy for our other financial instruments measured as of December 31, 2017: Successor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 399,322 399,322 — — Total fair value of assets $ 399,322 399,322 — — |
GAIN ON DISPOSITION OF ASSETS_2
GAIN ON DISPOSITION OF ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, are as follows: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands, except number of vessels disposed) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Gain (loss) on vessels disposed $ 10,935 (163 ) 509 (102 ) Number of vessels disposed 38 11 7 12 |
SEGMENT INFORMATION, GEOGRAPH_2
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our brokered vessels and other miscellaneous marine-related businesses. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Revenues: Vessel revenues: Americas $ 118,534 45,784 40,848 239,843 Middle East/Asia Pacific 80,195 39,845 36,313 114,618 Europe/Mediterranean Sea 56,263 19,895 15,466 42,667 West Africa 142,214 66,360 53,970 186,688 397,206 171,884 146,597 583,816 Other operating revenues 9,314 6,869 4,772 17,795 $ 406,520 178,753 151,369 601,611 Vessel operating profit (loss): Americas $ 8,860 (1,599 ) (22,549 ) 18,873 Middle East/Asia Pacific (4,417 ) 451 (1,434 ) (25,310 ) Europe/Mediterranean Sea (9,359 ) (1,497 ) (12,680 ) (26,733 ) West Africa 7,240 2,308 (8,828 ) (24,662 ) 2,324 (337 ) (45,491 ) (57,832 ) Other operating profit (loss) 3,742 1,614 876 (1,548 ) 6,066 1,277 (44,615 ) (59,380 ) Corporate expenses (42,972 ) (14,989 ) (18,246 ) (57,845 ) Gain on asset dispositions, net 10,624 6,616 3,561 24,099 Impairment of due from affiliate (20,083 ) Asset impairments (61,132 ) (16,777 ) (184,748 ) (484,727 ) Operating loss (107,497 ) (23,873 ) (244,048 ) (577,853 ) Foreign exchange gain (loss) 106 (407 ) (3,181 ) (1,638 ) Equity in net earnings (losses) of unconsolidated companies (18,864 ) 2,130 4,786 5,710 Interest income and other, net 11,294 2,771 2,384 5,193 Reorganization items — (4,299 ) (1,396,905 ) — Loss on debt extinguishment (8,119 ) — — — Interest and other debt costs (30,439 ) (13,009 ) (11,179 ) (75,026 ) Loss before income taxes $ (153,519 ) (36,687 ) (1,648,143 ) (643,614 ) Depreciation and amortization: Americas $ 16,047 5,767 13,945 48,814 Middle East/Asia Pacific 11,871 4,716 9,967 40,849 Europe/Mediterranean Sea 11,385 2,794 9,060 26,538 West Africa 16,612 6,067 12,632 44,204 Other 21 827 1,139 4,430 Corporate 2,357 166 704 2,456 $ 58,293 20,337 47,447 167,291 Additions to properties and equipment: Americas $ 3,771 144 27 93 Middle East/Asia Pacific 2,982 2,596 1,042 1,612 Europe/Mediterranean Sea 185 — — — West Africa 10,135 195 375 743 Corporate 4,318 6,899 821 28,099 $ 21,391 9,834 2,265 30,547 Total assets (B): Americas $ 380,168 164,958 714,891 779,778 Middle East/Asia Pacific 233,611 48,268 424,896 583,385 Europe/Mediterranean Sea 316,524 171,156 597,819 588,519 West Africa 483,234 864,300 1,277,552 1,308,836 Other 7,440 2,443 20,392 21,580 Investments in and advances to unconsolidated companies 1,039 29,216 49,367 45,115 Corporate (C) 405,723 479,254 799,752 863,486 $ 1,827,739 1,759,595 3,884,669 4,190,699 (A) Included in corporate expenses for the twelve months ended December 31, 2018 were $13.2 million of merger and integration costs related to the merger with GulfMark Offshore, Inc. Restructuring-related professional services costs for the five month period from August 1, 2017 through December 31, 2017 are included in reorganization items. Included in corporate general and administrative expenses for the period four month period April 1, 2017 through July 31, 2017 (Predecessor) and year ended March 31, 2017 (Predecessor) were $6.7 million and $29 million of restructuring-related professional service costs, respectively. (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 our international marine operations in any one country are not material. (C) Included in Corporate are vessels currently under construction which had 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. There were no vessels under construction at December 31, 2018. At December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were included in Corporate. |
Schedule of Segment Reporting Information, Revenue by Vessel Class | The following table discloses the amount of revenue by segment, and in total for the worldwide fleet, along with the respective percentage of total vessel revenue: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Revenue by vessel class: (In thousands): % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue Americas fleet: Deepwater $ 79,791 20 % 26,860 16 % 21,617 15 % 171,334 29 % Towing-supply 29,107 7 % 13,835 8 % 15,021 10 % 56,561 10 % Other 9,636 2 % 5,089 3 % 4,210 3 % 11,948 2 % Total $ 118,534 30 % 45,784 27 % 40,848 28 % 239,843 41 % Middle East/Asia Pacific fleet: Deepwater $ 35,479 9 % 14,792 9 % 13,368 9 % 35,526 6 % Towing-supply 44,722 10 % 25,053 14 % 22,945 16 % 79,092 13 % Other (6 ) — — — — — — — Total $ 80,195 20 % 39,845 23 % 36,313 25 % 114,618 19 % Europe/Mediterranean Sea fleet: Deepwater $ 53,134 12 % 18,204 10 % 11,620 8 % 39,492 7 % Towing-supply 3,129 1 % 1,691 1 % 3,846 3 % 2,659 1 % Other — — — — — — 516 <1% Total $ 56,263 13 % 19,895 11 % 15,466 11 % 42,667 8 % West Africa fleet: Deepwater $ 58,641 14 % 24,131 13 % 18,126 12 % 62,882 11 % Towing-supply 68,072 17 % 33,806 20 % 31,297 21 % 100,073 17 % Other 15,501 4 % 8,423 5 % 4,547 3 % 23,733 4 % Total $ 142,214 36 % 66,360 39 % 53,970 36 % 186,688 32 % Worldwide fleet: Deepwater $ 227,045 57 % 83,987 49 % 64,731 44 % 309,234 53 % Towing-supply 145,030 37 % 74,385 43 % 73,109 50 % 238,385 41 % Other 25,131 6 % 13,512 8 % 8,757 6 % 36,197 6 % Total $ 397,206 100 % 171,884 100 % 146,597 100 % 583,816 100 % |
Entity Wide Major Customer Amount | The following table discloses our customers that accounted for 10% or more of total revenues: Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Chevron Corporation 15.0 % 17.4 % 17.5 % 16.3 % Freeport McMoRan (A) — — — 11.3 % Saudi Aramco 8.3 % 10.1 % 11.7 % 10.0 % (A) A significant portion of this customer’s year ended March 31, 2017 revenue was the result of the early termination of a long-term vessel charter contract. |
QUARTERLY FINANCIAL DATA (UNA_2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected financial information for interim periods, is as follows: Successor Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, June 30, September 30, December 31, (In thousands except per share data) 2018 2018 2018 2018 Year Ended December 31, 2018 Revenues $ 91,493 105,601 99,192 110,234 Impairment of due from affiliate included in operating loss — — — (20,083 ) Asset impairments included in operating loss (6,186 ) (1,215 ) (16,853 ) (36,878 ) Operating income (loss) (12,194 ) (140 ) (25,086 ) (70,077 ) Net loss attributable to Tidewater Inc. (39,172 ) (10,940 ) (30,896 ) (90,509 ) Basic loss per share attributable to Tidewater Inc. $ (1.67 ) (.44 ) (1.16 ) (2.83 ) Diluted loss per share attributable to Tidewater Inc. $ (1.67 ) (.44 ) (1.16 ) (2.83 ) Successor Predecessor Period from Period from Quarter Ended August 1, 2017 July 1, 2017 Quarter Ended December 31, through through June 30, (In thousands except per share data) 2017 September 30, 2017 July 31, 2017 2017 Nine Month Transition Period Ended December 31, 2017 Revenues $ 104,453 74,300 36,263 115,106 Asset impairments included in operating loss (16,777 ) — (21,325 ) (163,423 ) Operating income (loss) (18,091 ) (5,782 ) (38,674 ) (205,374 ) Net loss attributable to Tidewater Inc. (23,573 ) (15,693 ) (1,122,475 ) (524,434 ) Basic loss per share attributable to Tidewater Inc. $ (1.02 ) (.81 ) (23.82 ) (11.13 ) Diluted loss per share attributable to Tidewater Inc. $ (1.02 ) (.81 ) (23.82 ) (11.13 ) |
ASSET IMPAIRMENTS (Tables)
ASSET IMPAIRMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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. Successor Predecessor Period from Period from Twelve Months August 1, 2017 April 1, 2017 Twelve Months Ended through through Ended (In thousands) December 31, 2018 December 31, 2017 July 31, 2017 March 31, 2017 Number of vessels impaired during the period 56 5 79 132 Number of ROVs impaired during the period — — — 8 Amount of impairment incurred (A) $ 61,132 $ 16,777 184,748 484,727 (A) The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. |
TRANSITION PERIOD COMPARATIVE_2
TRANSITION PERIOD COMPARATIVE DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Statement [Abstract] | |
Schedule of Transition Period Comparable Data | The following table presents certain financial information for the nine-month periods ended December 31, 2017 and 2016, respectively: Successor Predecessor Period from Period from Nine month August 1, 2017 April 1, 2017 period ended through through December 31, 2016 (In thousands, except share and per share data) December 31, 2017 July 31, 2017 (unaudited) Revenues $ 178,753 151,369 440,862 Operating loss (23,873 ) (244,048 ) (508,513 ) Loss before income taxes (36,687 ) (1,648,143 ) (558,359 ) Income tax (benefit) expense 2,039 (1,234 ) 4,680 Net loss attributable to Tidewater Inc. (39,266 ) (1,646,909 ) (565,263 ) Basic loss per common share (1.82 ) (34.95 ) (12.01 ) Diluted loss per common share (1.82 ) (34.95 ) (12.01 ) Weighted average common shares outstanding 21,539,143 47,121,330 47,067,887 Dilutive effect of stock options and restricted stock — — — Adjusted average common shares outstanding 21,539,143 47,121,330 47,067,887 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Extended useful life, months | 30 months | ||
Inspection interval | The majority of our vessels require certification inspections twice in every five year period | ||
Subsequent Event | Accounting Standards Update 2016-06 | |||
Property, Plant and Equipment [Line Items] | |||
Lease assets | $ 4.5 | ||
Lease liabilities | $ 6 | ||
Marine Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of salvage values | 7.50% | ||
Stacked Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment average age | 9 years 9 months 18 days | 11 years | |
Minimum | Marine Equipment | From Date of Construction | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives, years | 10 years | ||
Minimum | Other Property Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives, years | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Highly liquid investments, maturities | 3 months | ||
Maximum | Marine Equipment | From Date of Construction | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives, years | 20 years | ||
Maximum | Other Property Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives, years | 10 years |
Summary of Net Properties and E
Summary of Net Properties and Equipment (Detail) $ in Thousands | Dec. 31, 2018USD ($)Vessel | Dec. 31, 2017USD ($)Vessel |
Property, Plant and Equipment [Line Items] | ||
Vessels and related equipment | $ 1,144,028 | $ 863,683 |
Other properties and equipment | 7,455 | 5,710 |
Properties and equipment, gross | 1,151,483 | 869,393 |
Less accumulated depreciation and amortization | 61,626 | 18,458 |
Net properties and equipment | $ 1,089,857 | $ 850,935 |
Number Of Vessels | Vessel | 257 | 227 |
Owned Vessels in Active Service | ||
Property, Plant and Equipment [Line Items] | ||
Net properties and equipment | $ 914,044 | $ 646,393 |
Number Of Vessels | Vessel | 165 | 138 |
Stacked Vessels | ||
Property, Plant and Equipment [Line Items] | ||
Net properties and equipment | $ 169,037 | $ 189,710 |
Number Of Vessels | Vessel | 92 | 89 |
Marine Equipment and Other Assets Under Construction | ||
Property, Plant and Equipment [Line Items] | ||
Net properties and equipment | $ 795 | $ 9,501 |
Other Property Plant and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Net properties and equipment | $ 5,981 | $ 5,331 |
Schedule of Accrued Property an
Schedule of Accrued Property and Liability Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued property and liability losses | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued property and liability losses | $ 6,849 | $ 5,056 |
Business Combination - Addition
Business Combination - Additional Information (Detail) $ in Thousands | 5 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Vessel | |
Business Acquisition [Line Items] | ||
Total revenues | $ 178,753 | $ 406,520 |
Net loss | $ (38,726) | (171,771) |
GulfMark Term Loan Facility | ||
Business Acquisition [Line Items] | ||
Outstanding term loan facility | 100,000 | |
Repayment of outstanding term loan facility | 72,000 | |
GulfMark Term Loan Facility | GulfMark | ||
Business Acquisition [Line Items] | ||
Repayment of outstanding term loan facility | $ 28,000 | |
GulfMark | ||
Business Acquisition [Line Items] | ||
Business acquisition, name of acquired entity | GulfMark Offshore, Inc. | |
Business acquisition, effective date of acquisition | Nov. 15, 2018 | |
Business acquisition, date of acquisition agreement | Jul. 15, 2018 | |
Total revenues | $ 12,700 | |
Net loss | $ 30,600 | |
Business combination, stock conversion ratio | 1.10 | |
Business combination, purchase consideration | $ 385,500 | |
Number of property and equipment acquired in business combination | Vessel | 65 | |
Property and equipment acquired in business combination | $ 360,701 | |
Estimated remaining useful lives property and equipment | 1 to 18 years | |
Original remaining useful lives property and equipment | 20 years | |
GulfMark | GulfMark Term Loan Facility | General and Administrative Expense | ||
Business Acquisition [Line Items] | ||
Business combination related costs | $ 9,000 |
Summary of Provisional Amounts
Summary of Provisional Amounts for Assets Acquired and Liabilities Assumed (Detail) - GulfMark $ in Thousands | Dec. 31, 2018USD ($) |
Assets: | |
Current assets | $ 77,942 |
Property and equipment | 360,701 |
Other assets | 779 |
Liabilities: | |
Current liabilities | 33,881 |
Long term debt | 100,000 |
Other liabilities | 20,049 |
Net assets acquired | $ 285,492 |
Summary of Pro Forma Impact of
Summary of Pro Forma Impact of Merger (Detail) - GulfMark - USD ($) $ / shares in Units, $ in Millions | 5 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenues | $ 223,254 | $ 500,118 |
Net loss | $ (13,088) | $ (196,057) |
Basic loss per common share | $ (0.44) | $ (5.66) |
Diluted loss per common share | $ (0.44) | $ (5.66) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - Vessel Mobilization | Dec. 31, 2018USD ($) |
Disaggregation of Revenue [Line Items] | |
Deferred costs included within other current assets | $ 1,600,000 |
Contract liabilities/deferred revenue | $ 0 |
Chapter 11 Proceedings and Em_2
Chapter 11 Proceedings and Emergence - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017USD ($)Vessel$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)shares | Aug. 01, 2017 | |
Reorganizations [Line Items] | ||||
Number of vessels leased | Vessel | 16 | |||
Claims paid in cash | $ 225,000 | |||
Percentage of common equity | 95.00% | |||
Bankruptcy claims, percentage of common equity issued to existing stockholders | 5.00% | |||
Purchase warrant exercise period | 6 years | |||
Warrants issued | shares | 924,125 | 2,547 | ||
Plan of Reorganization | ||||
Reorganizations [Line Items] | ||||
Settlement agreement description | We successfully reached agreement with the Sale Leaseback Parties between August and November 2017. | |||
Claims settled amount | $ 233,600 | |||
Remainder period one of emergence consideration withheld to be paid month and year | 2017-12 | |||
Remainder period two of emergence consideration withheld to be paid month and year | 2018-01 | |||
Plan of Reorganization | Predecessor | ||||
Reorganizations [Line Items] | ||||
Additional sale leaseback claims | $ 260,200 | |||
Series A Warrants | ||||
Reorganizations [Line Items] | ||||
Warrants issued | shares | 2,400,000 | |||
Nominal exercise price of warrants | $ / shares | $ 57.06 | |||
Series B Warrants | ||||
Reorganizations [Line Items] | ||||
Warrants issued | shares | 2,600,000 | |||
Nominal exercise price of warrants | $ / shares | $ 62.28 | |||
Minimum | Non-U.S. Citizens | ||||
Reorganizations [Line Items] | ||||
Ownership percentage of common stock | 24.00% | |||
Minimum | Non-U.S. Citizens | New Creditor Warrant | ||||
Reorganizations [Line Items] | ||||
Ownership percentage of common stock | 24.00% | |||
Maximum | Non-U.S. Citizens | ||||
Reorganizations [Line Items] | ||||
Ownership percentage of common stock | 25.00% | |||
8.00% New Secured Notes Due August 2022 | ||||
Reorganizations [Line Items] | ||||
Debt instrument fixed interest rate | 8.00% | |||
Debt instrument maturity year | 2,022 | 2,022 | ||
Aggregate principal amount | $ 350,000 | $ 350,000 |
Fresh-Start Accounting - Additi
Fresh-Start Accounting - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jul. 31, 2017 | |
Fresh Start Accounting [Line Items] | ||
Enterprise value of successor entity | $ 1,050,000 | |
Enterprise value for deriving equity value | 1,055,000 | |
Minimum | ||
Fresh Start Accounting [Line Items] | ||
Enterprise value of successor entity | 850,000 | |
Enterprise value for deriving equity value | 743,000 | |
Maximum | ||
Fresh Start Accounting [Line Items] | ||
Enterprise value of successor entity | 1,250,000 | |
Enterprise value for deriving equity value | $ 1,143,000 | |
Plan of Reorganization | ||
Fresh Start Accounting [Line Items] | ||
Fresh start adjustment, description | Upon our emergence from Chapter 11 bankruptcy, we qualified for and adopted fresh-start accounting in accordance with the provisions set forth in ASC 852 as (i) holders of existing shares of the Predecessor immediately before the Effective Date received less than 50 percent of the voting shares of the Successor entity and (ii) the reorganization value of the Successor was less than its post-petition liabilities and estimated allowed claims immediately before the Effective Date. | |
Predecessor shareholders percentage of voting shares of successor entity | 50.00% | |
Percentage of weighted average cost of capital | 12.00% |
Reconciliation of Enterprise Va
Reconciliation of Enterprise Value to Estimated Fair Value of Successor's Common Stock (Detail) $ in Thousands | Jul. 31, 2017USD ($) |
Reorganizations [Abstract] | |
Enterprise Value | $ 1,050,000 |
Add: Cash and cash equivalents | 560,866 |
Less: Amounts due to General Unsecured Creditors | (102,193) |
Less: Fair value of debt | (451,589) |
Less: Fair value of New Creditor, Series A and B warrants | (299,045) |
Less: Fair value of noncontrolling interests | (1,675) |
Fair Value of Successor common stock | $ 756,364 |
Reconciliation of Enterprise _2
Reconciliation of Enterprise Value to its Reorganization Value (Detail) $ in Thousands | Jul. 31, 2017USD ($) |
Reorganizations [Abstract] | |
Enterprise Value | $ 1,050,000 |
Add: Cash and cash equivalents | 560,866 |
Less: Amounts due to General Unsecured Creditors | (102,193) |
Add: Other working capital liabilities | 439,377 |
Total value of Successor assets | $ 1,948,050 |
Summary of Consolidated Balance
Summary of Consolidated Balance Sheet (Detail) $ in Thousands | Jul. 31, 2017USD ($) | |
Current Assets | ||
Trade and other receivables, net | $ (480) | [1] |
Marine operating supplies | 1,594 | [2] |
Other current assets | (278) | [3] |
Total current assets | 836 | |
Investments in, at equity, and advances to unconsolidated companies | (24,683) | [4] |
Net properties and equipment | (1,731,257) | [5] |
Other assets | (46,270) | [6] |
Total assets | (1,801,374) | |
Current liabilities | ||
Accrued expenses | (160) | [7] |
Other current liabilities | (963) | [8] |
Total current liabilities | (1,123) | |
Long-term debt | 10,946 | [9] |
Other liabilities and deferred credits | (4,107) | [8] |
Total liabilities | 5,716 | |
Equity: | ||
Retained earnings | (1,806,603) | [10] |
Accumulated other comprehensive loss | 12,779 | [11] |
Total stockholders' equity | (1,793,824) | |
Noncontrolling interests | (13,266) | [12] |
Total equity | (1,807,090) | |
Total liabilities and equity | (1,801,374) | |
Current Assets | ||
Cash and cash equivalents | 560,866 | |
Total value of Successor assets | 1,948,050 | |
Current liabilities | ||
Accounts payable | 102,193 | |
Total current liabilities | 439,377 | |
Long-term debt | 451,589 | |
Equity: | ||
Common stock (Successor) | 756,364 | |
Predecessor | ||
Current Assets | ||
Cash and cash equivalents | 683,673 | |
Trade and other receivables, net | 116,976 | |
Due from affiliate | 252,393 | |
Marine operating supplies | 30,495 | |
Other current assets | 33,243 | |
Total current assets | 1,116,780 | |
Investments in, at equity, and advances to unconsolidated companies | 49,367 | |
Net properties and equipment | 2,625,848 | |
Other assets | 92,674 | |
Total assets | 3,884,669 | |
Current liabilities | ||
Accounts payable | 39,757 | |
Accrued expenses | 71,824 | |
Due to affiliate | 123,899 | |
Accrued property and liability losses | 2,761 | |
Current portion of long-term debt | 10,409 | |
Other current liabilities | 20,483 | |
Total current liabilities | 269,133 | |
Long-term debt | 80,233 | |
Accrued property and liability losses | 2,789 | |
Other liabilities and deferred credits | 80,902 | |
Liabilities subject to compromise | 2,326,122 | |
Total liabilities | 2,759,179 | |
Equity: | ||
Common stock (Predecessor) | 4,712 | |
Additional paid-in capital (Predecessor) | 166,867 | |
Retained earnings | 951,749 | |
Accumulated other comprehensive loss | (12,779) | |
Total stockholders' equity | 1,110,549 | |
Noncontrolling interests | 14,941 | |
Total equity | 1,125,490 | |
Total liabilities and equity | 3,884,669 | |
Reorganization Adjustments | ||
Current Assets | ||
Cash and cash equivalents | (122,807) | [13] |
Other current assets | (12,438) | [14] |
Total current assets | (135,245) | |
Total assets | (135,245) | |
Current liabilities | ||
Current portion of long-term debt | (5,204) | [15] |
Other current liabilities | 102,193 | [16] |
Total current liabilities | 96,989 | |
Long-term debt | 355,204 | [17] |
Liabilities subject to compromise | (2,326,122) | [18] |
Total liabilities | (1,873,929) | |
Equity: | ||
Retained earnings | 854,854 | [19] |
Total stockholders' equity | 1,738,684 | |
Total equity | 1,738,684 | |
Common stock (Predecessor) | (4,712) | [20] |
Additional paid-in capital (Predecessor) | (166,867) | [20] |
Common stock (Successor) | 18 | [21] |
Additional paid-in capital (Successor) | 1,055,391 | [21] |
Total liabilities and equity | (135,245) | |
Successor | ||
Current Assets | ||
Cash and cash equivalents | 560,866 | |
Trade and other receivables, net | 116,496 | |
Due from affiliate | 252,393 | |
Marine operating supplies | 32,089 | |
Other current assets | 20,527 | |
Total current assets | 982,371 | |
Investments in, at equity, and advances to unconsolidated companies | 24,684 | |
Net properties and equipment | 894,591 | |
Other assets | 46,404 | |
Total value of Successor assets | 1,948,050 | |
Current liabilities | ||
Accounts payable | 39,757 | |
Accrued expenses | 71,664 | |
Due to affiliate | 123,899 | |
Accrued property and liability losses | 2,761 | |
Current portion of long-term debt | 5,205 | |
Other current liabilities | 121,713 | |
Total current liabilities | 364,999 | |
Long-term debt | 446,383 | |
Accrued property and liability losses | 2,789 | |
Other liabilities and deferred credits | 76,795 | |
Total liabilities | 890,966 | |
Equity: | ||
Common stock (Successor) | 18 | |
Additional paid-in capital (Successor) | 1,055,391 | |
Total stockholders' equity | 1,055,409 | |
Noncontrolling interests | 1,675 | |
Total equity | 1,057,084 | |
Total liabilities and equity | $ 1,948,050 | |
[1] | Represents fair value adjustments on outstanding warranty claims. | |
[2] | Reflects the adjustment to record fuel inventory held as marine and operating supplies at fair value. | |
[3] | Reflects adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting. | |
[4] | Reflects the adjustment to decrease the carrying value of our equity method investments to their estimated fair values which were determined using a discounted cash flow analysis. | |
[5] | In estimating the fair value of the vessels and related equipment, we used a combination of discounted cash flow method (income approach), the guideline public company method (market approach) and vessel specific liquidation value analyses. A discount rate of 12% was used for the discounted cash flow method. In estimating the fair value of the other property and equipment, we used a combination of asset, income, and market-based approaches. | |
[6] | Reflects fair value adjustments of (i) $41.7 million to reduce the carrying value of a vessel under construction that is currently the subject of an arbitration proceeding in the United States and (ii) $3.8 million to reduce the carrying value of a receivable related to a vessel under construction in Brazil, which is also the subject of pending arbitration (the carrying value of receivable after such fair value adjustment is approximately $1.8 million). Also reflects adjustments to deferred tax items of $0.8 million as a result of the change in vessel values from the application of fresh-start accounting. | |
[7] | Reflects the write-off of deferred rent liabilities and an increase in a market-value based fuel related liabilities in Brazil. | |
[8] | Reflects the write-off of $1.3 million of accrued losses in excess of investment related to an unconsolidated subsidiary, an unrecognized deferred gain on the sale of a vessel to an unconsolidated subsidiary of $3.8 million, $0.4 million of which was reflected as current and adjustments to deferred tax items as a result of the change in vessel values from the application of fresh-start accounting of which $0.9 million is current and $1.3 million is long-term. Offsetting these items is the recognition of an intangible liability of approximately $2.1 million, $0.4 million of which is recorded as current, to adjust our office lease contracts to fair value as of July 31, 2017. The intangible liability will be amortized over the remaining life of the contracts through 2023. | |
[9] | Reflects a $15.4 million premium recorded in relation to the $350 million Secured Notes, an aggregate $5.4 million discount recorded in relation to the modified Troms Offshore borrowings, and the write-off of historical unamortized debt issuance costs related to the Troms Offshore borrowings of $0.9 million. | |
[10] | Reflects the cumulative effects of the fresh-start accounting adjustments. | |
[11] | Represents the elimination of Predecessor accumulated other comprehensive loss. | |
[12] | Reflects a $13.3 million adjustment to decrease the carrying value of the noncontrolling interests to the estimated fair value. | |
[13] | Reorganization Adjustments The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan as previously described. (In thousands) Payment made to holders of General Unsecured Claims upon emergence$ 122,807 Amounts payable to holders of General Unsecured Claims at July 31, 2017 102,193 Total payments pursuant to the Plan$ 225,000 | |
[14] | Represents the recognition of expenses paid prior to the Effective Date of $12.4 million for Plan support and other reorganization-related professional fees. | |
[15] | Reflects the reclassification from current to long-term of $5.2 million of Troms Offshore debt, consistent with the terms of the amended Troms Offshore credit agreement. | |
[16] | Reflects the establishment of a liability related to the unpaid pro rata cash distribution to the General Unsecured Claims. | |
[17] | Reflects the issuance of the $350 million Secured Notes to the General Unsecured Creditors as provided for in the Plan and the reclassification from current to long-term of $5.2 million of Troms Offshore debt (see (3) above). | |
[18] | Gain on settlement of liabilities subject to compromise is as follows: (In thousands) Revolving Credit Facility$ (600,000) Term Loan Facility (300,000) September 2013 senior unsecured notes (500,000) August 2011 senior unsecured notes (165,000) September 2010 senior unsecured notes (382,500) Accrued interest payable (23,736) Make-whole provision - Senior notes (94,726) Lessor claims - sale leaseback agreements (260,160) Total liabilities subject to compromise$ (2,326,122) Fair value of equity and warrants issued to General Unsecured Creditors 983,482 Issuance of 8% Secured Notes 350,000 Cash payment to General Unsecured Creditors 122,807 Amounts payable to General Unsecured Creditors102,193 Gain on settlement of Liabilities subject to compromise$ (767,640) | |
[19] | Reflects the cumulative effect of the reorganization adjustments discussed above. | |
[20] | Reflects the cancellation of Predecessor's equity to retained earnings. | |
[21] | Represents the issuance of Successor equity. The Successor issued approximately 18.5 million shares of New Common Stock including approximately 17.0 million shares of New Common Stock to General Unsecured Creditors and 1.5 million to holders of Predecessor stock. Approximately 7.7 million New Creditor Warrants were issued upon emergence to the General Unsecured Creditors and approximately 3.9 million New Creditor Warrants were reserved for with respect to the unresolved sale leaseback claims. Additionally, 2.4 million Series A Warrants and 2.6 million Series B Warrants were issued to the holders of Predecessor stock with exercise prices of $57.06 and $62.28, respectively. Based on a Black-Scholes-Merton valuation and an estimated fair value of the underlying New Common Stock of $25 per share, the value of each New Creditor Warrant was estimated at $25, the value of each Series A Warrant was estimated at $2.27 and the value of each Series B Warrant was estimated at $1.88. The table below reflects the components of Additional paid-in capital (Successor) upon emergence: (In thousands) Additional paid-in capital attributable to common shares $756,346 Series A Warrants (2,432,432 Warrants at $1.88 per warrant) 5,510 Series B Warrants (2,629,657 Warrants at $2.27 per warrant) 4,945 Issued Creditor Warrants (7,684,453 Warrants at $25 per warrant) 192,108 Reserved Creditor Warrants (3,859,361 Warrants at $25 per warrant) 96,482 Fair Value of Successor additional paid-in capital $1,055,391 |
Summary of Consolidated Balan_2
Summary of Consolidated Balance Sheet (Parenthetical) (Detail) $ / shares in Units, $ in Thousands | Jul. 31, 2017USD ($)$ / sharesshares | Jul. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Fresh Start Accounting [Line Items] | |||||
Amounts payable to holders of General Unsecured Claims at July 31, 2017 | $ 102,193 | $ 102,193 | |||
Total payments pursuant to the Plan | 225,000 | 225,000 | |||
Postconfirmation cash upon full payment | 458,700 | 458,700 | |||
Amount outstanding | $ (431,456) | $ (438,827) | |||
Warrants issued | shares | 2,547 | 924,125 | |||
Additional paid-in capital | $ 1,352,388 | $ 1,059,120 | |||
Reduction in carrying value of receivable related to vessel | [1] | 480 | 480 | ||
Decrease in Noncontrolling interests | [2] | $ 13,266 | $ 13,266 | ||
Series A Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,400,000 | 2,400,000 | |||
Nominal exercise price of warrants | $ / shares | $ 57.06 | $ 57.06 | |||
Series B Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,600,000 | 2,600,000 | |||
Nominal exercise price of warrants | $ / shares | $ 62.28 | $ 62.28 | |||
Predecessor | |||||
Fresh Start Accounting [Line Items] | |||||
Reclassification from current to long-term | $ 10,409 | $ 10,409 | |||
Gain on settlement of Liabilities subject to compromise | (767,640) | ||||
Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Carrying value of receivable after fair value adjustment | $ 116,496 | $ 116,496 | |||
Reorganization Adjustments | |||||
Fresh Start Accounting [Line Items] | |||||
Shares issued | shares | 18,500,000 | ||||
Reorganization Adjustments | Common stock | |||||
Fresh Start Accounting [Line Items] | |||||
Per share value | $ / shares | $ 25 | $ 25 | |||
Reorganization Adjustments | Predecessor | |||||
Fresh Start Accounting [Line Items] | |||||
Shares issued | shares | 1,500,000 | ||||
Reorganization Adjustments | Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Additional paid-in capital | $ 756,346 | $ 756,346 | |||
Fair Value of Successor additional paid-in capital | 1,055,391 | 1,055,391 | |||
Reorganization Adjustments | Successor | Series A Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 5,510 | 5,510 | |||
Reorganization Adjustments | Successor | Series B Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 4,945 | 4,945 | |||
Reorganization Adjustments | Successor | Issued Creditor Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 192,108 | 192,108 | |||
Reorganization Adjustments | Successor | Reserved Creditor Warrants | |||||
Fresh Start Accounting [Line Items] | |||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | $ 96,482 | $ 96,482 | |||
Reorganization Adjustments | New Creditor Warrant | |||||
Fresh Start Accounting [Line Items] | |||||
Nominal exercise price of warrants | $ / shares | $ 25 | $ 25 | |||
Reorganization Adjustments | Series A | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,400,000 | 2,400,000 | |||
Nominal exercise price of warrants | $ / shares | $ 2.27 | $ 2.27 | |||
Reorganization Adjustments | Series A | Predecessor | |||||
Fresh Start Accounting [Line Items] | |||||
Nominal exercise price of warrants | $ / shares | $ 57.06 | $ 57.06 | |||
Reorganization Adjustments | Series A | Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,432,432 | 2,432,432 | |||
Nominal exercise price of warrants | $ / shares | $ 1.88 | $ 1.88 | |||
Reorganization Adjustments | Series B | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,600,000 | 2,600,000 | |||
Nominal exercise price of warrants | $ / shares | $ 1.88 | $ 1.88 | |||
Reorganization Adjustments | Series B | Predecessor | |||||
Fresh Start Accounting [Line Items] | |||||
Nominal exercise price of warrants | $ / shares | $ 62.28 | $ 62.28 | |||
Reorganization Adjustments | Series B | Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 2,629,657 | 2,629,657 | |||
Nominal exercise price of warrants | $ / shares | $ 2.27 | $ 2.27 | |||
Reorganization Adjustments | Issued Creditor Warrants | Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 7,684,453 | 7,684,453 | |||
Nominal exercise price of warrants | $ / shares | $ 25 | $ 25 | |||
Reorganization Adjustments | Reserved Creditor Warrants | Successor | |||||
Fresh Start Accounting [Line Items] | |||||
Warrants issued | shares | 3,859,361 | 3,859,361 | |||
Nominal exercise price of warrants | $ / shares | $ 25 | $ 25 | |||
Fresh-start Accounting Adjustments | |||||
Fresh Start Accounting [Line Items] | |||||
Write-off of accrued losses | $ 1,300 | $ 1,300 | |||
Intangible liability | 2,100 | 2,100 | |||
Current intangible liability | $ 400 | 400 | |||
Amortization of intangible liability contract | 2,023 | ||||
Write-off of deferred rent and unrecognized deferred gain | $ 3,800 | 3,800 | |||
Write-off of current deferred rent and unrecognized deferred gain | 400 | 400 | |||
Fresh-start accounting deferred tax current | 900 | 900 | |||
Fresh-start accounting deferred tax long-term | 1,300 | 1,300 | |||
Write-off of unamortized debt issuance costs | 900 | ||||
Decrease in Noncontrolling interests | 13,300 | 13,300 | |||
Fresh-start Accounting Adjustments | Reclassification of Construction in Progress to Other Non-Current Assets | |||||
Fresh Start Accounting [Line Items] | |||||
Fresh-start accounting deferred tax | 800 | 800 | |||
Fresh-start Accounting Adjustments | Reclassification of Construction in Progress to Other Non-Current Assets | United States | |||||
Fresh Start Accounting [Line Items] | |||||
Reduction in carrying value of vessel | 41,700 | 41,700 | |||
Fresh-start Accounting Adjustments | Reclassification of Construction in Progress to Other Non-Current Assets | Brazil | |||||
Fresh Start Accounting [Line Items] | |||||
Reduction in carrying value of receivable related to vessel | 3,800 | 3,800 | |||
Carrying value of receivable after fair value adjustment | $ 1,800 | $ 1,800 | |||
Fresh-start Accounting Adjustments | Measurement Input, Discount Rate | |||||
Fresh Start Accounting [Line Items] | |||||
Fair value discount rate | 0.12 | 0.12 | |||
Senior Notes | Fresh-start Accounting Adjustments | Troms Offshore Supply AS | |||||
Fresh Start Accounting [Line Items] | |||||
Aggregate discount recorded | $ 5,400 | $ 5,400 | |||
General Unsecured Creditors | Reorganization Adjustments | |||||
Fresh Start Accounting [Line Items] | |||||
Shares issued | shares | 17,000,000 | ||||
General Unsecured Creditors | Reorganization Adjustments | New Creditor Warrant | |||||
Fresh Start Accounting [Line Items] | |||||
Shares issued | shares | 7,700,000 | ||||
Unresolved Sale Leaseback Claim | Reorganization Adjustments | New Creditor Warrant | |||||
Fresh Start Accounting [Line Items] | |||||
Shares issued | shares | 3,900,000 | ||||
8.00% New Secured Notes Due August 2022 | |||||
Fresh Start Accounting [Line Items] | |||||
Aggregate principal amount | $ 350,000 | 350,000 | 350,000 | ||
New secured notes | $ 349,954 | $ 350,000 | |||
8.00% New Secured Notes Due August 2022 | Fresh-start Accounting Adjustments | |||||
Fresh Start Accounting [Line Items] | |||||
New secured notes | 15,400 | 15,400 | |||
Premium recorded | 350,000 | 350,000 | |||
Restatement Adjustment | |||||
Fresh Start Accounting [Line Items] | |||||
Payment made to holders of General Unsecured Claims upon emergence | 122,807 | 122,807 | |||
Amounts payable to holders of General Unsecured Claims at July 31, 2017 | 102,193 | 102,193 | |||
Total payments pursuant to the Plan | 225,000 | 225,000 | |||
Prepaid expenses recognized prior to effective date | 12,400 | ||||
Accrued interest payable | (23,736) | (23,736) | |||
Lessor claims - sale leaseback agreements | (260,160) | (260,160) | |||
Total liabilities subject to compromise | (2,326,122) | (2,326,122) | |||
Fair value of equity and warrants issued to General Unsecured Creditors | 983,482 | 983,482 | |||
Gain on settlement of Liabilities subject to compromise | (767,640) | ||||
Restatement Adjustment | Term Loan Facility | |||||
Fresh Start Accounting [Line Items] | |||||
Amount outstanding | (300,000) | (300,000) | |||
Restatement Adjustment | September 2013 Senior Unsecured Notes | |||||
Fresh Start Accounting [Line Items] | |||||
Aggregate debt outstanding | (500,000) | (500,000) | |||
Restatement Adjustment | August 2011 Senior Unsecured Notes | |||||
Fresh Start Accounting [Line Items] | |||||
Aggregate debt outstanding | (165,000) | (165,000) | |||
Restatement Adjustment | September 2010 Senior Unsecured Notes | |||||
Fresh Start Accounting [Line Items] | |||||
Aggregate debt outstanding | (382,500) | (382,500) | |||
Restatement Adjustment | Senior Notes | |||||
Fresh Start Accounting [Line Items] | |||||
Make-whole provision - Senior notes | (94,726) | (94,726) | |||
Restatement Adjustment | Revolving Credit Facility | |||||
Fresh Start Accounting [Line Items] | |||||
Outstanding borrowing | (600,000) | (600,000) | |||
Restatement Adjustment | 8.00% New Secured Notes Due August 2022 | |||||
Fresh Start Accounting [Line Items] | |||||
Reclassification from current to long-term | 5,200 | 5,200 | |||
Aggregate principal amount | $ 350,000 | $ 350,000 | |||
[1] | Represents fair value adjustments on outstanding warranty claims. | ||||
[2] | Reflects a $13.3 million adjustment to decrease the carrying value of the noncontrolling interests to the estimated fair value. |
Summary of Components Included
Summary of Components Included in Reorganization Items (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | |
Reorganizations [Line Items] | ||
Debt, sale leaseback and other reorganization items | $ 1,631 | |
Reorganization-related professional fees | 2,668 | |
Loss on reorganization items | $ 4,299 | |
Predecessor | ||
Reorganizations [Line Items] | ||
Gain on settlement of Liabilities subject to compromise | $ (767,640) | |
Fresh start adjustments | 1,820,018 | |
Debt, sale leaseback and other reorganization items | 316,504 | |
Reorganization-related professional fees | 28,023 | |
Loss on reorganization items | $ 1,396,905 |
Investment in Unconsolidated _3
Investment in Unconsolidated Companies - Additional Information (Detail) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)VesselKz / $ | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($)VesselKz / $ | Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)VesselKz / $ | Dec. 31, 2017USD ($)VesselKz / $ | Dec. 31, 2018USD ($)VesselKz / $ | Mar. 31, 2017USD ($)Vessel | ||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Fresh-start adjustment equity method investment | [1] | $ (24,683,000) | |||||||||||
Fresh-start adjustment, period | 10 years | ||||||||||||
Due from affiliate | $ 132,951,000 | $ 230,315,000 | $ 230,315,000 | $ 230,315,000 | $ 132,951,000 | ||||||||
Impairments Charges | 36,878,000 | $ 16,853,000 | $ 1,215,000 | $ 6,186,000 | 16,777,000 | 16,777,000 | [2] | 61,132,000 | [2] | ||||
Due to affiliate | 34,972,000 | 99,448,000 | 99,448,000 | 99,448,000 | 34,972,000 | ||||||||
Commissions payable | [3] | $ 1,990,000 | $ 1,898,000 | $ 1,898,000 | $ 1,898,000 | $ 1,990,000 | |||||||
Number of vessels operating | Vessel | 257 | 227 | 227 | 227 | 257 | ||||||||
Total revenues | $ 178,753,000 | $ 406,520,000 | |||||||||||
Investments in, at equity, and advances to unconsolidated companies | $ 1,039,000 | $ 29,216,000 | 29,216,000 | $ 29,216,000 | 1,039,000 | ||||||||
DTDW Holdings, Ltd. | NIGERIA | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Due from related party | 23,775,000 | 33,353,000 | 33,353,000 | 33,353,000 | 23,775,000 | ||||||||
Due to related party | $ 5,625,000 | 9,645,000 | 9,645,000 | 9,645,000 | $ 5,625,000 | ||||||||
Trade and Other Receivables, Net | DTDW Holdings, Ltd. | NIGERIA | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Due from related party | 33,400,000 | 33,400,000 | 33,400,000 | ||||||||||
Accounts Payable | DTDW Holdings, Ltd. | NIGERIA | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Due to related party | $ 9,600,000 | $ 9,600,000 | $ 9,600,000 | ||||||||||
Sonatide Marine, Ltd. | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage in unconsolidated affiliates | 49.00% | 49.00% | 49.00% | 49.00% | 49.00% | ||||||||
Fresh-start adjustment equity method investment | $ 27,700,000 | $ 27,700,000 | |||||||||||
Due from affiliate | 109,176,000 | $ 230,315,000 | 252,393,000 | $ 230,315,000 | $ 230,315,000 | 109,176,000 | |||||||
Due from affiliate current net after offsetting due to affiliate and before Impairment | 100,000,000 | 100,000,000 | |||||||||||
Cash | 58,000,000 | 58,000,000 | |||||||||||
Working capital to satisfy net due from affiliate | 75,000,000 | 75,000,000 | |||||||||||
Impairments Charges | $ 20,000,000 | ||||||||||||
Percentage of devaluation of currency | 84.00% | ||||||||||||
Due to affiliate | 29,347,000 | 99,448,000 | $ 123,899,000 | 99,448,000 | 99,448,000 | $ 29,347,000 | |||||||
Commissions payable | $ 28,000,000 | $ 28,000,000 | |||||||||||
Number of vessels operating | Vessel | 4 | 4 | |||||||||||
Number of vessels stacked | Vessel | 2 | 2 | |||||||||||
Investments in, at equity, and advances to unconsolidated companies | $ 0 | $ 27,000,000 | $ 27,000,000 | $ 27,000,000 | $ 0 | ||||||||
Sonatide Marine, Ltd. | Angola, Kwanza | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Cash | $ 20,000,000 | $ 20,000,000 | |||||||||||
Foreign currency exchange rate | Kz / $ | 309 | 168 | 168 | 168 | 309 | ||||||||
Sonatide Marine, Ltd. | Trade Accounts Receivable | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Net trade accounts receivable | $ 23,000,000 | $ 23,000,000 | |||||||||||
Sonatide Marine, Ltd. | ANGOLA | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Number of vessels operating | Vessel | 37 | 43 | 50 | 43 | 43 | 37 | 58 | ||||||
Number of vessels stacked | Vessel | 16 | 16 | 21 | 16 | 16 | 16 | 20 | ||||||
Total revenues | $ 34,000,000 | $ 34,000,000 | $ 59,000,000 | $ 127,000,000 | |||||||||
Percentage of Angolan operation revenue | 23.00% | 20.00% | 15.00% | 22.00% | |||||||||
DTDW Holdings, Ltd. | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage in unconsolidated affiliates | 40.00% | 40.00% | |||||||||||
Fresh-start adjustment equity method investment | $ 4,200,000 | $ 4,200,000 | |||||||||||
Sonatide | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Commissions payable | 28,000,000 | $ 36,400,000 | $ 36,400,000 | $ 36,400,000 | 28,000,000 | ||||||||
Investments in, at equity, and advances to unconsolidated companies | $ 0 | 0 | |||||||||||
Dividend received | $ 12,000,000 | ||||||||||||
Maximum | Sonatide Marine Ltd and DTDW Holdings Ltd. | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Ownership percentage in unconsolidated affiliates | 50.00% | 50.00% | |||||||||||
[1] | Reflects the adjustment to decrease the carrying value of our equity method investments to their estimated fair values which were determined using a discounted cash flow analysis. | ||||||||||||
[2] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. | ||||||||||||
[3] | Excludes $28.0 million and $36.4 million of commissions due to Sonatide at December 31, 2018 and 2017, respectively. These amounts are included in amounts due to affiliates. |
Investment in Unconsolidated _4
Investment in Unconsolidated Companies (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Sonatide Marine, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in unconsolidated affiliates | 49.00% | 49.00% |
Investments in, at equity, and advances to unconsolidated companies | $ 26,935 | |
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 | $ 1,033 | 2,281 |
GulfMark 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 | $ 6 | |
Sonatide Marine Ltd and DTDW Holdings Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in, at equity, and advances to unconsolidated companies | $ 1,039 | $ 29,216 |
Schedule of Balances with Uncon
Schedule of Balances with Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Due to related parties: | ||
Due from related parties, net of due to related parties | $ 97,979 | $ 154,575 |
Sonatide Marine, Ltd. | ANGOLA | ||
Due from related parties: | ||
Total due from related parties | 109,176 | 230,315 |
Due to related parties: | ||
Total due to related parties | 29,347 | 99,448 |
DTDW Holdings, Ltd. | NIGERIA | ||
Due from related parties: | ||
Total due from related parties | 23,775 | 33,353 |
Due to related parties: | ||
Total due to related parties | $ 5,625 | $ 9,645 |
Schedule of Amounts Due from Af
Schedule of Amounts Due from Affiliate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Begining balance | $ 230,315 | ||||
Less impairment of due from affiliate | $ (20,083) | (20,083) | |||
Ending balance | 132,951 | $ 230,315 | 132,951 | ||
Sonatide Marine, Ltd. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Begining balance | 252,393 | 230,315 | |||
Revenue earned by the company through Sonatide | 40,303 | 56,916 | |||
Less amounts received from Sonatide | (28,264) | (76,878) | |||
Less amounts used to offset Due to Sonatide obligations | [1] | (33,607) | (78,993) | ||
Less impairment of due from affiliate | (20,083) | ||||
Other | (510) | (2,101) | |||
Ending balance | $ 109,176 | $ 252,393 | 230,315 | $ 109,176 | |
Predecessor | Sonatide Marine, Ltd. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Begining balance | 262,652 | $ 252,393 | |||
Revenue earned by the company through Sonatide | 34,397 | ||||
Less amounts received from Sonatide | (21,019) | ||||
Less amounts used to offset Due to Sonatide obligations | [1] | (21,453) | |||
Other | (2,184) | ||||
Ending balance | $ 252,393 | ||||
[1] | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Schedule of Amounts Due to Affi
Schedule of Amounts Due to Affiliate (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Begining balance | $ 99,448 | |||
Ending balance | $ 99,448 | 34,972 | ||
Sonatide Marine, Ltd. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Begining balance | 123,899 | 99,448 | ||
Plus commissions payable to Sonatide | 3,928 | 5,502 | ||
Plus amounts paid by Sonatide on behalf of the company | 12,044 | 14,778 | ||
Less commissions paid to Sonatide | (5,023) | (13,906) | ||
Less amounts used to offset Due from Sonatide obligations | [1] | (33,607) | (78,993) | |
Other | (1,793) | 2,518 | ||
Ending balance | $ 123,899 | 99,448 | $ 29,347 | |
Predecessor | Sonatide Marine, Ltd. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Begining balance | 132,857 | $ 123,899 | ||
Plus commissions payable to Sonatide | 3,330 | |||
Plus amounts paid by Sonatide on behalf of the company | 9,458 | |||
Less amounts used to offset Due from Sonatide obligations | [1] | (21,453) | ||
Other | (293) | |||
Ending balance | $ 123,899 | |||
[1] | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture. |
Schedule of Losses Before Incom
Schedule of Losses Before Income Taxes Derived from United States and Non-U.S Operation (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items] | ||||
Losses before income taxes, Non-U.S | $ (5,137) | $ (99,607) | ||
Losses before income taxes, Non-U.S | (31,550) | (53,912) | ||
Total pre-tax amounts | $ (36,687) | $ (153,519) | ||
Predecessor | ||||
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items] | ||||
Losses before income taxes, Non-U.S | $ (1,603,788) | $ (498,931) | ||
Losses before income taxes, Non-U.S | (44,355) | (144,683) | ||
Total pre-tax amounts | $ (1,648,143) | $ (643,614) |
Schedule of Income Tax Expense
Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | |||||
Current, Federal, Income tax expense (benefit) | $ 11 | $ 962 | |||
Deferred, Federal, Income tax expense (benefit) | 531 | ||||
Federal, Income tax expense (benefit) | 11 | 1,493 | |||
Current, State, Income tax expense (benefit) | 0 | 0 | |||
Deferred, State, Income tax expense (benefit) | 0 | 250 | |||
State, Income tax expense (benefit) | 0 | 250 | |||
Current, International, Income tax expense (benefit) | 2,028 | 16,718 | |||
Deferred, International, Income tax expense (benefit) | (209) | ||||
International, Income tax expense (benefit) | 2,028 | 16,509 | |||
Current, Total, Income tax expense (benefit) | 2,039 | 17,680 | |||
Deferred, Total, Income tax expense (benefit) | 572 | ||||
Income tax expense (benefit), Total | $ 2,039 | $ 18,252 | |||
Predecessor | |||||
Reconciliation Of Provision Of Income Taxes [Line Items] | |||||
Current, Federal, Income tax expense (benefit) | $ (822) | $ (842) | |||
Deferred, Federal, Income tax expense (benefit) | (5,543) | (2,200) | |||
Federal, Income tax expense (benefit) | (6,365) | (3,042) | |||
Current, State, Income tax expense (benefit) | 3 | 17 | |||
Deferred, State, Income tax expense (benefit) | 0 | 0 | |||
State, Income tax expense (benefit) | 3 | 17 | |||
Current, International, Income tax expense (benefit) | 5,128 | 9,422 | |||
International, Income tax expense (benefit) | 5,128 | 9,422 | |||
Current, Total, Income tax expense (benefit) | 4,309 | 8,597 | |||
Deferred, Total, Income tax expense (benefit) | (5,543) | (2,200) | |||
Income tax expense (benefit), Total | $ (1,234) | $ 4,680 | $ 6,397 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Nov. 15, 2018 | |
Income Tax [Line Items] | |||||
Federal statutory tax rate | 21.00% | 35.00% | |||
Net deferred liabilities | $ 1,000,000 | ||||
Cancellation of indebtedness (COD) income | $ 853,000,000 | ||||
Total amount of reduction of tax attributes | 718,000,000 | ||||
Net operating losses and depreciable assets | 358,000,000 | ||||
Attribute reduction in stock of foreign subsidiaries | 330,000,000 | ||||
Excess COD income attributed to subsidiaries | 122,000,000 | ||||
Deferred tax recognized on excess COD income | 14,000,000 | ||||
Valuation allowance | $ 106,447,000 | $ 43,218,000 | |||
Unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries estimated amount | 5,000,000 | 4,000,000 | |||
Income tax penalties and interest | 21,600,000 | 9,800,000 | |||
Recognized provisional deemed dividend | 43,200,000 | ||||
Reduction in net deferred tax asset | 27,300,000 | ||||
Net impact in income loss | 0 | ||||
Global intangible low taxed income recognized | $ 0 | ||||
Internal Revenue Service (IRS) | |||||
Income Tax [Line Items] | |||||
Balance sheet components restated from amount previously reported to reflect uncertain tax position | 13,400,000 | ||||
Predecessor | Internal Revenue Service (IRS) | |||||
Income Tax [Line Items] | |||||
Cumulative impact of error on income inclusion as prior period adjustment to retained earnings | 13,400,000 | ||||
Scenario Plan | |||||
Income Tax [Line Items] | |||||
Federal statutory tax rate | 21.00% | ||||
Federal NOL | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | $ 225,000,000 | ||||
Foreign NOL | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | 124,000,000 | ||||
Tax credit | $ 13,000,000 | 2,000,000 | |||
Tax credit year expire, start year | 2,022 | ||||
Tax credit year expire, end year | 2,027 | ||||
Net operating loss carry forwards expiration period | 2,025 | ||||
Tax credit | $ 374,000,000 | ||||
Domestic Subsidiaries | |||||
Income Tax [Line Items] | |||||
Excess COD income attributed to subsidiaries | 136,000,000 | ||||
Deferred tax recognized on excess COD income | $ 0 | ||||
Intercompany Vessel Sales | |||||
Income Tax [Line Items] | |||||
Remaining unamortized amount | $ 0 |
Schedule of Tax Rate Applicable
Schedule of Tax Rate Applicable to Pre-Tax Earning, U.S. Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | |
Reconciliation Of Statutory Federal Tax Rate [Line Items] | |||||
Computed “expected” tax benefit | $ (12,840) | $ (32,239) | |||
Foreign income taxed at different rates | 1,767 | 20,917 | |||
Uncertain tax positions | (3,219) | 2,264 | |||
Nondeductible transaction costs | 1,091 | ||||
Transition tax | 15,120 | ||||
Valuation allowance – deferred tax assets | (28,387) | 38,778 | |||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | 11 | ||||
Foreign taxes | 845 | 13,012 | |||
State taxes | 246 | ||||
Return to accrual | 835 | (28,176) | |||
162(m) - Executive compensation | 2,818 | ||||
Other, net | 646 | (459) | |||
Remeasurement of deferred taxes | 27,261 | ||||
Income tax expense (benefit), Total | $ 2,039 | $ 18,252 | |||
Predecessor | |||||
Reconciliation Of Statutory Federal Tax Rate [Line Items] | |||||
Computed “expected” tax benefit | $ (576,850) | ||||
Foreign income taxed at different rates | 448,805 | ||||
Uncertain tax positions | 4,674 | ||||
Chapter 11 reorganization | 50,428 | ||||
Nondeductible transaction costs | 2,628 | ||||
Valuation allowance – deferred tax assets | 69,278 | ||||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | (822) | ||||
Foreign taxes | (1,342) | ||||
State taxes | 3 | ||||
Return to accrual | 668 | ||||
Other, net | 1,296 | ||||
Income tax expense (benefit), Total | $ (1,234) | $ 4,680 | $ 6,397 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Accrued employee benefit plan costs | $ 7,607 | $ 5,838 |
Stock based compensation | 786 | 230 |
Net operating loss and tax credit carryforwards | 102,190 | 3,941 |
Restructuring fees not currently deductible for tax purposes | 3,113 | 3,982 |
Depreciation and amortization | 29,160 | |
Other | 8,826 | 3,070 |
Gross deferred tax assets | 122,522 | 46,221 |
Less valuation allowance | (106,447) | (43,218) |
Net deferred tax assets | 16,075 | 3,003 |
Depreciation and amortization | (11,149) | |
Section 1245 recapture | (2,891) | (2,131) |
Other | (3,553) | (872) |
Gross deferred tax liabilities | (17,593) | $ (3,003) |
Net deferred tax assets (liabilities) | $ (1,518) |
Schedule of Uncertain Tax Posit
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Tax liabilities for uncertain tax positions | $ 43,790 | $ 31,694 |
Income tax payable | 9,387 | 12,492 |
Income tax (receivable) | $ (9,245) | $ (8,442) |
Schedule of Reconciliation of U
Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Schedule Of Unrecognized Tax Benefits [Line Items] | ||||
Begining Balance | $ 402,868 | $ 404,571 | ||
Additions based on tax positions related to the current year | 170 | |||
Additions based on tax positions related to a prior year | 2,578 | 6,903 | ||
Settlement and lapse of statute of limitations | (1,045) | (2,953) | ||
Reductions based on tax positions related to a prior year | (18,086) | |||
Ending Balance | $ 402,868 | 404,571 | 399,292 | |
Predecessor | ||||
Schedule Of Unrecognized Tax Benefits [Line Items] | ||||
Begining Balance | 400,818 | $ 402,868 | $ 401,375 | |
Additions based on tax positions related to the current year | 2,050 | 551 | ||
Settlement and lapse of statute of limitations | (1,108) | |||
Ending Balance | $ 402,868 | $ 400,818 | ||
GulfMark | ||||
Schedule Of Unrecognized Tax Benefits [Line Items] | ||||
Additions from GulfMark business combination | $ 8,857 |
Summary of Debt Outstanding Bas
Summary of Debt Outstanding Based On Stated Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt [Line Items] | ||
Amount outstanding | $ 431,456 | $ 438,827 |
Debt premium and discount, net | 7,548 | 9,333 |
Less: Current portion of long-term debt | (8,568) | (5,103) |
Total long-term debt | 430,436 | 443,057 |
8.00% Secured Notes Due August 2022 | ||
Debt [Line Items] | ||
Secured notes | 349,954 | 350,000 |
Norwegian Kroner Denominated Notes Due May 2024 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 12,241 | 14,054 |
Norwegian Kroner Denominated Notes Due January 2026 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 22,988 | 25,965 |
United States Dollar Denominated Notes Due January 2027 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 22,116 | 23,345 |
United States Dollar Denominated Notes Due April 2027 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | $ 24,157 | $ 25,463 |
Summary of Debt Outstanding B_2
Summary of Debt Outstanding Based On Stated Maturities (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
8.00% Secured Notes Due August 2022 | |
Debt [Line Items] | |
Debt instrument interest rate | 8.00% |
Debt Instrument Maturity Period | August 2,022 |
Norwegian Kroner Denominated Notes Due May 2024 | Troms Offshore Supply AS | |
Debt [Line Items] | |
Debt Instrument Maturity Period | May 2,024 |
Norwegian Kroner Denominated Notes Due January 2026 | Troms Offshore Supply AS | |
Debt [Line Items] | |
Debt Instrument Maturity Period | January 2,026 |
United States Dollar Denominated Notes Due January 2027 | Troms Offshore Supply AS | |
Debt [Line Items] | |
Debt Instrument Maturity Period | January 2,027 |
United States Dollar Denominated Notes Due April 2027 | Troms Offshore Supply AS | |
Debt [Line Items] | |
Debt Instrument Maturity Period | April 2,027 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) | Jul. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2018 | Jan. 01, 2019 | Mar. 01, 2018 | Feb. 01, 2018 | Dec. 31, 2017 |
Debt [Line Items] | |||||||
Restricted cash | $ 25,953,000 | $ 21,300,000 | |||||
Cash from acquisition used for repayment of debt | 43,806,000 | ||||||
Loss on early extinguishment of debt | (8,119,000) | ||||||
GulfMark | Term Loan Facility | |||||||
Debt [Line Items] | |||||||
Cash from acquisition used for repayment of debt | 37,700,000 | ||||||
Cash on hand used for repayment of debt | 72,000,000 | ||||||
Repayment of outstanding debt | 100,000,000 | ||||||
Loss on early extinguishment of debt | 8,100,000 | ||||||
Borrowing capacity terminated amount | 25,000,000 | ||||||
Offer | Senior Notes | Maximum | |||||||
Debt [Line Items] | |||||||
Aggregate principal amount | $ 25,400,000 | $ 24,700,000 | |||||
8.00% New Secured Notes Due August 2022 | |||||||
Debt [Line Items] | |||||||
Debt instrument interest rate | 8.00% | ||||||
Aggregate principal amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||
Debt instrument maturity year | 2,022 | 2,022 | |||||
8.00% New Secured Notes Due August 2022 | Offer | |||||||
Debt [Line Items] | |||||||
Percentage of proceeds from Asset Sales, net of commission paid | 65.00% | ||||||
8.00% New Secured Notes Due August 2022 | Level 2 | |||||||
Debt [Line Items] | |||||||
Fair value of debt outstanding | $ 359,400,000 | ||||||
8.00% New Secured Notes Due August 2022 | Plan of Reorganization | |||||||
Debt [Line Items] | |||||||
Debt instrument maturity date | Aug. 1, 2022 | ||||||
Debt instrument interest term | Interest on the Secured Notes accrues at a rate of 8.00% per annum and are payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year in cash, beginning November 1, 2017. | ||||||
Debt instrument frequency of periodic payment of interest | quarterly | ||||||
Debt Instrument default description | The Secured Notes have quarterly minimum trailing twelve months interest coverage requirement that begins June 30, 2019. Minimum liquidity requirements and other covenants are set forth in the Indenture and are in effect from July 31, 2017. The Indenture also contains certain customary events of default and a make-whole provision. | ||||||
Debt instrument collateral description | the Secured Notes and the guarantees by the Guarantors will be secured by the Collateral (as defined in the Indenture) pursuant to the terms of the Indenture and the related security documents. The Trustee’s liens upon the Collateral and the right of the holders of the Secured Notes to the benefits and proceeds of the Trustee’s liens on the Collateral will terminate and be discharged in certain circumstances described in the Indenture, including: (i) upon satisfaction and discharge of the Indenture in accordance with the terms thereof; or (ii) as to any of our Collateral or the Guarantors that is sold, transferred or otherwise disposed of by us or the Guarantors in a transaction or other circumstance that complies with the terms of the Indenture, at the time of such sale, transfer or other disposition. | ||||||
Tendered Notes | |||||||
Debt [Line Items] | |||||||
Aggregate principal amount | $ 46,023 | ||||||
Tendered Notes | Subsequent Event | |||||||
Debt [Line Items] | |||||||
Aggregate principal amount | $ 160,000 |
Indebtedness - Senior Debt Note
Indebtedness - Senior Debt Notes - Additional Information (Detail) kr in Thousands, $ in Thousands | Jul. 31, 2017Vessel | May 27, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 31, 2014NOK (kr) | May 31, 2012NOK (kr) | Dec. 31, 2018USD ($) | Dec. 31, 2018NOK (kr) | Dec. 31, 2017USD ($) | Dec. 31, 2017NOK (kr) |
Debt [Line Items] | |||||||||
Debt instrument outstanding amount | $ 431,456 | $ 438,827 | |||||||
Notes Due May 2024 | |||||||||
Debt [Line Items] | |||||||||
Debt instrument maturity, month and year | 2024-05 | ||||||||
Aggregate principal amount | kr | kr 204,400 | ||||||||
Indebtedness rate | 1.25% | ||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||
Total capitalization rate | 6.13% | ||||||||
Debt instrument outstanding amount | 12,200 | kr 106,500 | |||||||
Debt instrument fixed interest rate | 3.88% | ||||||||
Troms Offshore Supply AS | Notes Due April 2027 | |||||||||
Debt [Line Items] | |||||||||
Debt instrument maturity, month and year | 2027-04 | ||||||||
Aggregate principal amount | $ 31,300 | ||||||||
Debt instrument bearing floating interest rate | 2.92% | ||||||||
Indebtedness rate | 1.00% | ||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||
Total capitalization rate | 4.92% | ||||||||
Debt instrument outstanding amount | 24,200 | ||||||||
Troms Offshore Supply AS | Notes Due January 2027 | |||||||||
Debt [Line Items] | |||||||||
Debt instrument maturity, month and year | 2027-01 | ||||||||
Aggregate principal amount | $ 29,500 | ||||||||
Debt instrument bearing floating interest rate | 2.91% | ||||||||
Indebtedness rate | 1.00% | ||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||
Total capitalization rate | 4.91% | ||||||||
Debt instrument outstanding amount | 22,100 | ||||||||
Troms Offshore Supply AS | Notes Due January 2026 | |||||||||
Debt [Line Items] | |||||||||
Debt instrument maturity, month and year | 2026-01 | ||||||||
Aggregate principal amount | kr | kr 300,000 | ||||||||
Indebtedness rate | 1.25% | ||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||
Total capitalization rate | 4.56% | ||||||||
Debt instrument outstanding amount | 22,988 | 200,000 | 25,965 | kr 212,500 | |||||
Troms Offshore Supply AS | Notes Due January 2026 | Minimum | |||||||||
Debt [Line Items] | |||||||||
Debt instrument bearing floating interest rate | 2.31% | ||||||||
Troms Offshore Supply AS | Notes Due May 2024 | |||||||||
Debt [Line Items] | |||||||||
Debt instrument outstanding amount | $ 12,241 | kr 106,500 | $ 14,054 | kr 115,020 | |||||
Troms Offshore Supply AS | Plan of Reorganization | Senior Notes | |||||||||
Debt [Line Items] | |||||||||
Plan effective date | Jul. 31, 2017 | ||||||||
Modification description of debt instrument | (i) reduce by 50% the required principal payments due from the Effective Date through March 31, 2019, (ii) modestly increase the interest rates on amounts outstanding through April 2023, and (iii) provide for security and additional guarantees, including (a) mortgages on six vessels and related assignments of earnings and insurances, (b) share pledges by Troms Offshore and certain subsidiaries of Troms Offshore, and (c) guarantees by certain subsidiaries of Troms Offshore. | ||||||||
Percentage of required principal payments due from effective date | 50.00% | ||||||||
Number of vessels mortgaged | Vessel | 6 |
Schedule of Aggregate Amount of
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt [Line Items] | ||
Amount outstanding | $ 431,456 | $ 438,827 |
Troms Offshore Supply AS | Notes Due April 2027 | ||
Debt [Line Items] | ||
Amount outstanding | 24,157 | 25,463 |
Fair value of debt outstanding | 24,157 | 25,427 |
Troms Offshore Supply AS | Notes Due January 2027 | ||
Debt [Line Items] | ||
Amount outstanding | 22,116 | 23,345 |
Fair value of debt outstanding | $ 22,115 | $ 23,251 |
Summary of Norwegian Kroner (NO
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) kr in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018NOK (kr) | Dec. 31, 2017USD ($) | Dec. 31, 2017NOK (kr) |
Debt [Line Items] | ||||
Amount outstanding | $ 431,456 | $ 438,827 | ||
Notes Due May 2024 | ||||
Debt [Line Items] | ||||
Amount outstanding | 12,200 | kr 106,500 | ||
Troms Offshore Supply AS | Notes Due January 2026 | ||||
Debt [Line Items] | ||||
Amount outstanding | 22,988 | 200,000 | 25,965 | kr 212,500 |
Fair value of debt outstanding | 22,988 | 25,850 | ||
Troms Offshore Supply AS | Notes Due May 2024 | ||||
Debt [Line Items] | ||||
Amount outstanding | 12,241 | kr 106,500 | 14,054 | kr 115,020 |
Fair value of debt outstanding | $ 12,239 | $ 14,013 |
Summary of Norwegian Kroner (_2
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) - Troms Offshore Supply AS | 5 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Notes Due January 2026 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | January 2,026 | January 2,026 |
Notes Due May 2024 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | May 2,024 | May 2,024 |
Debt Costs (Detail)
Debt Costs (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Debt [Line Items] | ||||
Interest and debt costs incurred, net of interest capitalized | $ 13,009 | $ 30,439 | ||
Interest costs capitalized | 101 | 521 | ||
Total interest and debt costs | $ 13,110 | $ 30,960 | ||
Predecessor | ||||
Debt [Line Items] | ||||
Interest and debt costs incurred, net of interest capitalized | $ 11,179 | $ 75,026 | ||
Interest costs capitalized | 601 | 4,829 | ||
Total interest and debt costs | $ 11,780 | $ 79,855 |
Employee Retirement Plans - Add
Employee Retirement Plans - Additional Information (Detail) kr in Millions | Jan. 02, 2016 | Dec. 31, 2015 | Dec. 01, 2015 | Apr. 30, 2018USD ($) | Dec. 31, 2010Person | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019NOK (kr) | Dec. 31, 2018USD ($)Person | Dec. 31, 2018NOK (kr)Person | Dec. 31, 2017USD ($) | Dec. 31, 2017NOK (kr) | Mar. 31, 2017USD ($) | Mar. 31, 2017NOK (kr) | Jan. 01, 2019USD ($) |
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 | 20 | 20 | |||||||||||||
Cash and cash equivalents | $ 432,035,000 | $ 371,791,000 | $ 432,035,000 | ||||||||||||
Defined benefit plan, significant concentrations of risk | U.S. Plans The pension plan assets are periodically evaluated for concentration risks. As of December 31, 2018, we did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | U.S. Plans The pension plan assets are periodically evaluated for concentration risks. As of December 31, 2018, we 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% | |||||||||||||
Unrecognized actuarial (loss) gain | $ 0 | ||||||||||||||
Unrecognized prior service credit (cost) | $ 0 | ||||||||||||||
Defined contribution plan, description | Effective January 1, 2018, we no longer provides a matching of 50% of the first 8% of eligible compensation in an attempt to reduce costs. | Effective January 1, 2018, we no longer provides a matching of 50% of the first 8% of eligible compensation in an attempt to reduce costs. | |||||||||||||
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% | ||||||||||||||
Percentage of defined plan, maximum employee contribution | 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 | ||||||||||||||
Percentage of defined plan, minimum employee contribution | 1.00% | ||||||||||||||
Percentage of defined plan, maximum employee contribution | 50.00% | ||||||||||||||
Percentage of defined plan, company contribution match, cash | 50.00% | ||||||||||||||
Percentage of defined plan, company contribution match, employee deferred compensation | 6.00% | ||||||||||||||
Norway?s Defined Benefit Pension Plan | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Number of employers still remains in defined benefit plan | Person | 175 | 175 | |||||||||||||
Defined benefit plan, employer contributions | $ 200,000 | kr 1.9 | $ 300,000 | kr 2.7 | $ 400,000 | kr 3.6 | |||||||||
Norway?s Defined Benefit Pension Plan | Scenario Forecast | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Defined benefit plan, employer contributions | $ 500,000 | kr 4.3 | |||||||||||||
Norway?s Defined Benefit Pension Plan | GulfMark | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Number of employers still remains in defined benefit plan | Person | 106 | 106 | |||||||||||||
Merchant Navy Officers Pension Fund | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Multi-employer retirement fund accrued liability | $ 800,000 | ||||||||||||||
Merchant Navy Ratings Pension Fund | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Multi-employer retirement fund accrued liability | 600,000 | ||||||||||||||
Multi-employer retirement fund expected accrued liability | 200,000 | ||||||||||||||
Pension Plans, Defined Benefit | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Defined benefit plan, employer contributions | 0 | 0 | 3,000,000 | ||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Defined benefit plan, employer contributions | $ 100,000 | 900,000 | 200,000 | ||||||||||||
Cash and cash equivalents | 18,000 | ||||||||||||||
Supplemental Executive Retirement Plan | President, and Chief Executive Officer | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Settlement of distribution | $ 8,900,000 | ||||||||||||||
Settlement loss | $ (300,000) | ||||||||||||||
Postretirement Benefit Plan | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Postretirement benefit plan obligations reduction | $ 1,900,000 | ||||||||||||||
Additional estimated net periodic benefit | $ 2,000,000 | ||||||||||||||
Postretirement Benefit Plan | Subsequent Event | |||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||
Gain on termination of post retirement benefit plan | $ 4,000,000 |
Schedule of Carrying Value of T
Schedule of Carrying Value of Trust Assets and Obligations Under Supplemental Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Investments held in Rabbi Trust | [1] | $ 18 | $ 8,908 |
Obligations under the supplemental plan | $ 21,413 | $ 32,508 | |
[1] | We converted substantially all investments held in the rabbi trust to cash to fund a lump sum benefit to the former CEO in May 2018. Refer to Note (10) for more information regarding this payment |
Schedule of Unrealized (Loss) G
Schedule of Unrealized (Loss) Gains in Carrying Value of Trust Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jul. 31, 2017 | Mar. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrealized gain (loss) in carrying value of trust assets | $ 256 | ||
Predecessor | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrealized gain (loss) in carrying value of trust assets | $ 82 | $ (95) | |
Unrealized loss in carrying value of trust assets are net of income tax expense of | $ (223) |
Schedule of Asset Allocation (D
Schedule of Asset Allocation (Detail) - United States | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 2.00% | |
Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 91.00% | 98.00% |
Cash and Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 7.00% | 2.00% |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 56,790 | |
Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 56,209 | $ 56,928 |
Accrued income | 581 | 608 |
Total fair value of plan assets | 56,790 | 57,536 |
Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 8,909 | |
Other pending transactions | (1) | |
Total fair value of plan assets | 8,908 | |
Supplemental Executive Retirement Plan | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,725 | |
Total fair value of plan assets | 1,725 | |
Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 6,345 | 4,629 |
Accrued income | 581 | 608 |
Total fair value of plan assets | 6,926 | 5,237 |
Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 6,173 | |
Other pending transactions | (1) | |
Total fair value of plan assets | 6,172 | |
Level 2 | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 49,864 | 52,299 |
Total fair value of plan assets | 49,864 | 52,299 |
Level 2 | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,011 | |
Total fair value of plan assets | 1,011 | |
US Government Agencies Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 4,044 | 4,238 |
US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,692 | |
US Government Agencies Debt Securities | Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 4,044 | 4,238 |
US Government Agencies Debt Securities | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 851 | |
US Government Agencies Debt Securities | Level 2 | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 841 | |
Collateralized mortgage securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,032 | |
Collateralized mortgage securities | Level 2 | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,032 | |
Corporate Debt Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 47,667 | 49,420 |
Corporate Debt Securities | Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 684 | |
Corporate Debt Securities | Level 2 | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 46,983 | 49,420 |
Cash and Cash Equivalents | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,214 | 834 |
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 246 | |
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 49 | |
Cash and Cash Equivalents | Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 717 | 219 |
Cash and Cash Equivalents | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 27 | |
Cash and Cash Equivalents | Level 2 | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 497 | 615 |
Cash and Cash Equivalents | Level 2 | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 170 | |
Other | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 2,384 | 1,404 |
Other | Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 172 | |
Other | Level 2 | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 2,384 | 1,232 |
Equity Securities | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 900 | |
Equity Securities | Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 900 | |
Common stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 3,599 | |
Common stock | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 3,599 | |
Foreign Stock | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 183 | |
Foreign Stock | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 183 | |
American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,429 | |
American Depository Receipts | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,429 | |
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 12 | |
Preferred American Depository Receipts | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 12 | |
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 72 | |
Real Estate Investment Trusts | Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 72 | |
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 1,676 | |
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | Measured At Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 1,676 |
Change in Plan Assets and Oblig
Change in Plan Assets and Obligations (Detail) - USD ($) | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Benefit obligation at end of the period | $ 90,247,000 | |||||
Fair value of plan assets at end of the period | 56,790,000 | |||||
Predecessor | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Benefit obligation at end of the period | $ 103,443,000 | $ 103,443,000 | ||||
Fair value of plan assets at end of the period | 57,536,000 | 57,536,000 | ||||
Pension Plans, Defined Benefit | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Employer contributions | 0 | 0 | $ 3,000,000 | |||
Fair value of plan assets at end of the period | 56,928,000 | 56,928,000 | 56,209,000 | |||
Current liabilities | (10,731,000) | (10,731,000) | (1,380,000) | |||
Noncurrent liabilities | (35,252,000) | (35,252,000) | (32,161,000) | |||
Net amount recognized | (45,983,000) | (45,983,000) | (33,541,000) | |||
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] | ||||||
Increase in benefit obligation and plan assets due to business combination | 5,463,000 | |||||
Actuarial (gain) loss | (217,000) | (275,000) | ||||
Settlement | (8,885,000) | |||||
Fair value of plan assets at beginning of the period | 58,148,000 | 57,536,000 | ||||
Actual return | 1,182,000 | (2,128,000) | ||||
Expected return | 32,000 | 112,000 | ||||
Administrative expenses | (15,000) | (36,000) | ||||
Plan curtailment | (100,000) | |||||
Employer contributions | 625,000 | 10,546,000 | ||||
Benefits paid | (2,059,000) | (5,467,000) | ||||
Foreign currency exchange rate changes | (60,000) | (76,000) | ||||
Fair value of plan assets at end of the period | 57,536,000 | 57,536,000 | 56,790,000 | |||
Payroll tax unrecognized in benefit obligation at end of the period | 76,000 | 76,000 | 84,000 | |||
Unfunded status at end of the period | (45,983,000) | (33,541,000) | ||||
Pension Plans, Defined Benefit | Predecessor | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Actuarial (gain) loss | $ 748,000 | 1,785,000 | ||||
Current liabilities | (1,791,000) | (1,791,000) | ||||
Noncurrent liabilities | (41,642,000) | (39,087,000) | ||||
Net amount recognized | (43,433,000) | (40,878,000) | ||||
Pension Plans, Defined Benefit | Predecessor | Change In Plan Assets | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Actuarial (gain) loss | (109,000) | (148,000) | ||||
Fair value of plan assets at beginning of the period | 57,146,000 | 57,146,000 | 57,174,000 | |||
Actual return | 2,138,000 | 577,000 | ||||
Expected return | 16,000 | 51,000 | ||||
Administrative expenses | (7,000) | (27,000) | ||||
Employer contributions | 435,000 | 4,465,000 | ||||
Benefits paid | (1,610,000) | (4,895,000) | ||||
Foreign currency exchange rate changes | 139,000 | (51,000) | ||||
Fair value of plan assets at end of the period | 58,148,000 | 57,146,000 | ||||
Payroll tax unrecognized in benefit obligation at end of the period | 91,000 | 83,000 | ||||
Unfunded status at end of the period | (43,433,000) | (40,878,000) | ||||
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 the period | 101,490,000 | 103,443,000 | ||||
Increase in benefit obligation and plan assets due to business combination | 5,474,000 | |||||
Service cost | 546,000 | 294,000 | ||||
Interest cost | 1,599,000 | 3,605,000 | ||||
Plan curtailment | (432,000) | |||||
Benefits paid | (2,059,000) | (5,467,000) | ||||
Actuarial (gain) loss | [1] | 2,322,000 | (8,105,000) | |||
Settlement | (8,885,000) | |||||
Foreign currency exchange rate changes | (23,000) | (112,000) | ||||
Benefit obligation at end of the period | 103,443,000 | 103,443,000 | 90,247,000 | |||
Pension Plans, Defined Benefit | Change in Benefit Obligations | Predecessor | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Benefit obligation at beginning of the period | 97,941,000 | 97,941,000 | 95,830,000 | |||
Service cost | 393,000 | 1,182,000 | ||||
Interest cost | 1,313,000 | 3,814,000 | ||||
Benefits paid | (1,610,000) | (4,895,000) | ||||
Actuarial (gain) loss | [1] | 3,322,000 | 2,082,000 | |||
Foreign currency exchange rate changes | 131,000 | (72,000) | ||||
Benefit obligation at end of the period | 101,490,000 | 97,941,000 | ||||
Other Pension Plan | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Actuarial (gain) loss | 554,000 | |||||
Current liabilities | (282,000) | (282,000) | ||||
Noncurrent liabilities | (2,642,000) | (2,642,000) | ||||
Net amount recognized | (2,924,000) | (2,924,000) | ||||
Other Pension Plan | Change In Plan Assets | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Employer contributions | 461,000 | 377,000 | ||||
Participant contributions | 65,000 | 218,000 | ||||
Benefits paid | (526,000) | (595,000) | ||||
Unfunded status at end of the period | (2,924,000) | |||||
Other Pension Plan | Predecessor | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Actuarial (gain) loss | (335,000) | (1,138,000) | ||||
Current liabilities | (418,000) | (418,000) | ||||
Noncurrent liabilities | (4,399,000) | (4,393,000) | ||||
Net amount recognized | (4,817,000) | (4,811,000) | ||||
Other Pension Plan | Predecessor | Change In Plan Assets | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Employer contributions | 288,000 | 759,000 | ||||
Participant contributions | 58,000 | 411,000 | ||||
Benefits paid | (346,000) | (1,170,000) | ||||
Unfunded status at end of the period | (4,817,000) | (4,811,000) | ||||
Other Pension Plan | 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 the period | 4,817,000 | 2,924,000 | ||||
Service cost | 29,000 | 61,000 | ||||
Interest cost | 75,000 | 117,000 | ||||
Participant contributions | 65,000 | 218,000 | ||||
Plan amendment | (1,861,000) | (2,954,000) | ||||
Benefits paid | (526,000) | (595,000) | ||||
Actuarial (gain) loss | 325,000 | $ 229,000 | ||||
Benefit obligation at end of the period | $ 2,924,000 | 2,924,000 | ||||
Other Pension Plan | Change in Benefit Obligations | Predecessor | ||||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||||
Benefit obligation at beginning of the period | 4,811,000 | $ 4,811,000 | 5,573,000 | |||
Service cost | 23,000 | 81,000 | ||||
Interest cost | 64,000 | 201,000 | ||||
Participant contributions | 58,000 | 411,000 | ||||
Benefits paid | (346,000) | (1,170,000) | ||||
Actuarial (gain) loss | 207,000 | (285,000) | ||||
Benefit obligation at end of the period | $ 4,817,000 | $ 4,811,000 | ||||
[1] | The actuarial gain in the twelve months ended December 31, 2018 was primarily attributable to an increase in the discount rate. |
Schedule of Accumulated Benefit
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Pension Plans With Accumulated And Projected Benefit Obligations In Excess Of Plan Assets [Line Items] | ||
Projected benefit obligation | $ 90,247 | |
Accumulated benefit obligation | 89,024 | |
Fair value of plan assets | $ 56,790 | |
Predecessor | ||
Schedule Of Pension Plans With Accumulated And Projected Benefit Obligations In Excess Of Plan Assets [Line Items] | ||
Projected benefit obligation | $ 103,443 | |
Accumulated benefit obligation | 101,287 | |
Fair value of plan assets | $ 57,536 |
Schedule of Net Periodic Benefi
Schedule of Net Periodic Benefit Cost (Detail) - Pension Plan And Supplemental Plan - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 546 | $ 294 | ||
Interest cost | 1,599 | 3,605 | ||
Expected return on plan assets | (882) | (2,042) | ||
Administrational expenses | 19 | 36 | ||
Payroll tax of net pension costs | 29 | 42 | ||
Amortization of net actuarial losses | 131 | 30 | ||
Curtailment (gain) loss | (99) | 335 | ||
Net periodic pension cost | $ 1,343 | $ 2,300 | ||
Predecessor | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 393 | $ 1,182 | ||
Interest cost | 1,313 | 3,814 | ||
Expected return on plan assets | (691) | (2,246) | ||
Administrational expenses | 3 | 28 | ||
Payroll tax of net pension costs | 56 | |||
Amortization of net actuarial losses | 32 | |||
Recognized actuarial loss | 748 | 1,785 | ||
Net periodic pension cost | $ 1,766 | $ 4,651 |
Schedule of Net Periodic Bene_2
Schedule of Net Periodic Benefit Cost for Postretirement Health Care and Life Insurance Plan (Detail) - Other Benefits - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 29 | $ 61 | ||
Interest cost | 75 | 117 | ||
Amortization of prior service cost | (299) | |||
Recognized actuarial (gain) | 42 | |||
Net curtailment gain | 4,005 | |||
Net periodic pension cost | $ 104 | $ (4,084) | ||
Predecessor | ||||
Net Period Benefit Cost Assumptions [Line Items] | ||||
Service cost | $ 23 | $ 81 | ||
Interest cost | 64 | 201 | ||
Amortization of prior service cost | (927) | (4,346) | ||
Recognized actuarial (gain) | (335) | (1,138) | ||
Net periodic pension cost | $ (1,175) | $ (5,202) |
Schedule of Other Changes in Pl
Schedule of Other Changes in Plan Assets and Benefit Obligation Recognized (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
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 | $ 1,939 | $ (3,441) | ||
Curtailment (gain) loss | (335) | |||
Total recognized in other comprehensive (income) loss, before tax | 1,939 | (3,776) | ||
Net of tax | 1,939 | (3,776) | ||
Pension Plans, Defined Benefit | Predecessor | ||||
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 | $ 1,877 | $ 3,821 | ||
Fresh-start accounting fair value adjustment | (22,333) | |||
Recognized actuarial loss | (748) | (1,785) | ||
Total recognized in other comprehensive (income) loss, before tax | (21,204) | 2,036 | ||
Net of tax | (21,204) | 1,323 | ||
Other Pension Plan | ||||
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 | 325 | 229 | ||
Prior service (cost) credit | (1,861) | |||
Amortization of prior service cost | 1,861 | |||
Recognized actuarial loss | (554) | |||
Total recognized in other comprehensive (income) loss, before tax | (1,536) | 1,536 | ||
Net of tax | $ (1,536) | $ 1,536 | ||
Other Pension Plan | Predecessor | ||||
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 | 207 | (285) | ||
Amortization of prior service cost | 927 | 4,346 | ||
Fresh-start accounting fair value adjustment | 19,055 | |||
Recognized actuarial loss | 335 | 1,138 | ||
Total recognized in other comprehensive (income) loss, before tax | 20,524 | 5,199 | ||
Net of tax | $ 20,524 | $ 3,379 |
Schedule of Amounts Recognized
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - Pension Plans, Defined Benefit $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | $ 3,798 |
Settlement/curtailment | 335 |
Pre-tax amount included in accumulated other comprehensive (loss) income | $ 4,133 |
Schedule of Assumptions, Net Be
Schedule of Assumptions, Net Benefit Obligation (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.50% | 3.80% |
Rates of annual increase in compensation levels | 3.00% | |
Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% |
Schedule of Assumptions, Net Pe
Schedule of Assumptions, Net Periodic Benefit Costs (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 3.90% |
Expected long-term rate of return on assets | 3.60% | 3.70% |
Rates of annual increase in compensation levels | 3.00% | |
Other Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% |
Schedule of Expected Benefit Pa
Schedule of Expected Benefit Payments (Detail) - Pension Plans, Defined Benefit $ in Thousands | Dec. 31, 2018USD ($) |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,019 | $ 6,314 |
2,020 | 6,286 |
2,021 | 6,251 |
2,022 | 6,222 |
2,023 | 6,199 |
2024 – 2028 | 31,307 |
Total 10-year estimated future benefit payments | $ 62,579 |
Number of Tidewater Common Stoc
Number of Tidewater Common Stock Shares, Series A Warrants and Series B Warrants Held by Plan (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Mar. 31, 2017 |
Defined Contribution Plan Disclosure [Line Items] | ||||
Number of shares of Tidewater common stock held by 401(k) plan | 7,075 | |||
Warrants issued | 2,547 | 924,125 | ||
Defined Contribution Savings Plan 401k | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Number of shares of Tidewater common stock held by 401(k) plan | 8,074 | |||
Defined Contribution Savings Plan 401k | Predecessor | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Number of shares of Tidewater common stock held by 401(k) plan | 264,504 | 291,957 | ||
Defined Contribution Savings Plan 401k | Series A Warrants | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Warrants issued | 9,030 | |||
Defined Contribution Savings Plan 401k | Series B | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Warrants issued | 9,762 |
Amounts Charged to Expense Rela
Amounts Charged to Expense Related to Defined Contribution Plans (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans expense, net of forfeitures | $ 3 | |||
Defined contribution plans forfeitures | $ 152 | |||
Defined Contribution Savings Plan 401k | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans expense, net of forfeitures | $ 854 | |||
Defined contribution plans forfeitures | $ 83 | |||
Defined Contribution Savings Plan 401k | Predecessor | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plans expense, net of forfeitures | $ 871 | $ 2,660 | ||
Defined contribution plans forfeitures | $ 79 | $ 149 |
Amounts Changed to Expense Rela
Amounts Changed to Expense Related to Continue Plans (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multinational plan expense | $ 81 | ||
Predecessor | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multinational plan expense | $ 67 | $ 260 |
Schedule of Other Current Asset
Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | |||
Deposits | $ 1,413 | $ 1,780 | |
Investments held in rabbi trust | [1] | 18 | 8,908 |
Prepaid expenses | 10,405 | 8,442 | |
Total other current assets | $ 11,836 | $ 19,130 | |
[1] | We converted substantially all investments held in the rabbi trust to cash to fund a lump sum benefit to the former CEO in May 2018. Refer to Note (10) for more information regarding this payment |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Noncurrent [Abstract] | ||
Recoverable insurance losses | $ 4,056 | $ 2,405 |
Investments held for savings plans | 4,807 | 6,583 |
Long-term deposits | 16,848 | 16,217 |
Deferred tax asset | 395 | |
Other | 5,220 | 5,847 |
Total other assets | $ 31,326 | $ 31,052 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities Current [Abstract] | |||
Payroll and related payables | $ 17,447 | $ 17,344 | |
Commissions payable | [1] | 1,990 | 1,898 |
Accrued vessel expenses | 29,534 | 27,222 | |
Accrued interest expense | 5,985 | 6,036 | |
Other accrued expenses | [2] | 6,828 | 2,306 |
Accrued expenses | $ 61,784 | $ 54,806 | |
[1] | Excludes $28.0 million and $36.4 million of commissions due to Sonatide at December 31, 2018 and 2017, respectively. These amounts are included in amounts due to affiliates. | ||
[2] | Includes $1.5 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland |
Schedule of Accrued Expenses (P
Schedule of Accrued Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | [1] | $ 1,990 | $ 1,898 |
Other accrued expenses | [2] | 6,828 | 2,306 |
Sonatide joint venture | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | 28,000 | $ 36,400 | |
St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland | |||
Schedule of Accrued Liabilities [Line Items] | |||
Other accrued expenses | 1,500 | ||
Charge incurred on abandonment of office leases | $ 5,500 | ||
[1] | Excludes $28.0 million and $36.4 million of commissions due to Sonatide at December 31, 2018 and 2017, respectively. These amounts are included in amounts due to affiliates. | ||
[2] | Includes $1.5 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Current [Abstract] | |||
Taxes payable | $ 13,167 | $ 10,326 | |
Amounts payable to holders of General Unsecured Claims | [1] | 8,474 | |
Other | 5,199 | 893 | |
Other current liabilities | $ 18,366 | $ 19,693 | |
[1] | Remaining payable to holders of General Unsecured Claims which was paid in January 2018 |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Credits and Other Liabilities [Abstract] | |||
Postretirement benefits liability | $ 2,642 | ||
Pension liabilities | $ 33,124 | 36,614 | |
Liability for uncertain tax positions | 43,790 | 23,043 | |
Deferred tax liability | 1,913 | ||
Other | [1] | 11,075 | 9,692 |
Other liabilities and deferred credits | $ 89,902 | $ 71,991 | |
[1] | Includes $3.8 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland. |
Schedule of Other Liabilities_2
Schedule of Other Liabilities and Deferred Credits (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Accrued Liabilities [Line Items] | |||
Other | [1] | $ 11,075 | $ 9,692 |
St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland | |||
Schedule of Accrued Liabilities [Line Items] | |||
Other | 3,800 | ||
Charge incurred on abandonment of office leases | $ 5,500 | ||
[1] | Includes $3.8 million as of December 31, 2018 related to a $5.5 million charge incurred during the twelve months ended December 31, 2018 relating to the abandonment of office leases for duplicate facilities in St. Rose and New Orleans, Louisiana, Houston Texas and Aberdeen, Scotland. |
Schedule of Common Stock Shares
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Shares of common stock reserved for issuance under the plans | 3,973,228 | 3,048,877 | |
Shares of common stock available for future grants | 2,325,102 | 1,891,231 | |
Predecessor | |||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | |||
Shares of common stock reserved for issuance under the plans | 1,900,769 | ||
Shares of common stock available for future grants | 505,221 |
Stock-Based Compensation and _3
Stock-Based Compensation and Incentive Plans - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2018 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Option awards outstanding | 0 | 0 | 0 | 0 | |||||
Number of stock options vested | 266,000 | 266,000 | |||||||
Fair value of stock options vested | $ 1,200,000 | ||||||||
Number of options exercisable | 1,000,000 | 1,000,000 | |||||||
Weighted average exercise price of options exercisable | $ 34.36 | $ 34.36 | |||||||
Director stock payment period | 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% | ||||||||
Deferred cash award expense | $ 10,000 | $ 1,000,000 | |||||||
Deferred Stock Unit | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Compensation expense (benefit) | $ 100,000 | 2,000,000 | |||||||
Director | Deferred Cash Award | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Value of cash awards granted | $ 97,750 | $ 97,750 | |||||||
2017 Stock Incentive Plan | Plan of Reorganization | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
General vesting period, years | 3 years | ||||||||
Deferred Stock Unit Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
New awards have been issued | 0 | 0 | |||||||
Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Option expiration period | 3 months | ||||||||
Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Option expiration period | 10 years | ||||||||
Stock Options | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Option awards outstanding | 1,395,548 | ||||||||
General vesting period, years | 3 years | ||||||||
Post retirement period to exercise vested options | 2 years | ||||||||
Stock options granted | 0 | 0 | 0 | ||||||
Weighted average exercise price | $ 28.14 | ||||||||
Restricted Stock Units (RSUs) | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Total unrecognized stock compensation costs | $ 24,500,000 | $ 24,500,000 | $ 22,600,000 | $ 24,500,000 | |||||
Unrecognized compensation costs, weighted-average recognition period | 2 years | ||||||||
Total unrecognized stock compensation costs, net of tax | 18,200,000 | $ 18,200,000 | $ 17,100,000 | $ 18,200,000 | |||||
Compensation expense | 3,731,000 | $ 13,504,000 | |||||||
Restricted Stock Units (RSUs) | Time Based Restricted Stock Awards | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share based compensation outstanding number | 559,608 | ||||||||
Restricted Stock Units (RSUs) | 2017 Stock Incentive Plan | Plan of Reorganization | Director | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
General vesting period, years | 1 year | ||||||||
Restricted Stock Units (RSUs) | 2017 Stock Incentive Plan | Plan of Reorganization | CEO | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
General vesting period, years | 3 years | ||||||||
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 | $ 30,000 | ||||||||
Total unrecognized stock compensation costs, net of tax | $ 10,000 | ||||||||
New awards issued | 0 | ||||||||
Compensation expense | $ 94,000 | $ 214,000 | |||||||
Phantom Stock Plan | Series A Warrants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | $ 1 | $ 1 | $ 1 | $ 1 | |||||
Number of units outstanding | 21,934 | 21,934 | 7,650 | 21,934 | |||||
Phantom Stock Plan | Series B Warrants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | $ 0.98 | $ 0.98 | $ 2.94 | $ 0.98 | |||||
Number of units outstanding | 23,712 | 23,712 | 8,269 | 23,712 | |||||
Phantom Stock Plan | Time Based Restricted Stock Awards | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share based compensation outstanding number | 4,517 | ||||||||
Fair value of non-vested shares | $ 308.24 | $ 308.24 | $ 226.50 | $ 308.24 | |||||
Number of units outstanding | 13,526 | 13,526 | 4,517 | 13,526 | |||||
Phantom Stock Plan | Non-Vested Shares | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | $ 19.13 | ||||||||
Phantom Stock Plan | Non-Vested Shares | Series A Warrants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | 1.67 | ||||||||
Phantom Stock Plan | Non-Vested Shares | Series B Warrants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | $ 1.40 | ||||||||
Cash-based Performance Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Fair value of non-vested shares | $ 1.16 | $ 1.16 | |||||||
Number of units outstanding | 0.2 | 7.7 | 0 | 0 | 0 | 0 | 0.2 | ||
Compensation expense | $ 2,000,000 | $ 800,000 |
Schedule of Stock Option Compen
Schedule of Stock Option Compensation Expense (Detail) - Predecessor - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option compensation expense | $ 1,644 | $ 745 |
Basic loss per share increased by | $ 0.02 | $ 0.02 |
Diluted loss per share increased by | $ 0.02 | $ 0.02 |
Summary of Restricted Stock Act
Summary of Restricted Stock Activity (Detail) - $ / shares | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 24.19 | $ 23.58 | ||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | |||
Number of Shares Beginning Balance Outstanding | 350,838 | 363,630 | ||
Number of Shares Ending Balance Outstanding | 350,838 | |||
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 | $ 24.41 | |||
Weighted-average Grant-Date Fair Value, Granted | $ 24.40 | 24.58 | ||
Weighted-average Grant-Date Fair Value, Vested | 24.84 | |||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 24.15 | 27.15 | ||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.41 | $ 24.21 | ||
Number of Shares Beginning Balance Outstanding | 1,157,646 | |||
Number of Shares, Granted | 1,203,379 | 455,063 | ||
Number of Shares, Vested | (503,677) | |||
Number of Shares, Cancelled/forfeited | (45,733) | (27,948) | ||
Number of Shares Ending Balance Outstanding | 1,157,646 | 1,081,084 | ||
Restricted Stock Units (RSUs) | Time Based Shares | Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 54.48 | $ 49.17 | ||
Weighted-average Grant-Date Fair Value, Vested | $ 54.48 | 49.39 | ||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 49.62 | |||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 54.48 | |||
Number of Shares Beginning Balance Outstanding | 183 | 89,639 | ||
Number of Shares, Vested | (183) | (76,006) | ||
Number of Shares, Cancelled/forfeited | (13,450) | |||
Number of Shares Ending Balance Outstanding | 183 | |||
Restricted Stock Units (RSUs) | Performance Based Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average Grant-Date Fair Value, Granted | $ 26.04 | |||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 26.04 | |||
Number of Shares, Granted | 63,365 | |||
Number of Shares Ending Balance Outstanding | 63,365 | |||
Restricted Stock Units (RSUs) | Performance Based Shares | Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 61.75 | |||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | $ 61.75 | |||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | ||||
Number of Shares Beginning Balance Outstanding | 156,851 | |||
Number of Shares, Cancelled/forfeited | (156,851) | |||
Number of Shares Ending Balance Outstanding |
Schedule of Restricted Stock Un
Schedule of Restricted Stock Unit Compensation Expense And Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 1,644 | $ 745 | ||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair value of stock vested | $ 12,513 | |||
Compensation expense | $ 3,731 | $ 13,504 | ||
Restricted Stock Units (RSUs) | Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair value of stock vested | 10 | 3,754 | ||
Compensation expense | $ 2 | $ 2,425 |
Summary of Phantom Stock Activi
Summary of Phantom Stock Activity (Detail) - $ / shares | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||||
Predecessor | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 24.19 | $ 23.58 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | ||||||
Number of Shares Beginning Balance Outstanding | 350,838 | 363,630 | |||||
Number of Shares Ending Balance Outstanding | 350,838 | ||||||
Phantom Stock Plan | Series A Warrants | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 1 | ||||||
Weighted-average Grant-Date Fair Value, Issuance of Successor phantom stock | [1] | $ 1 | |||||
Weighted-average Grant-Date Fair Value, Vested | 1 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 1 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | 1 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 1 | $ 1 | |||||
Number of Shares Beginning Balance Outstanding | 21,934 | ||||||
Number of Shares, Issuance of Successor phantom stock | [1] | 22,963 | |||||
Number of Shares, Vested | (13,009) | ||||||
Number of Shares, Cancelled/forfeited | (1,029) | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | (1,275) | |||||
Number of Shares Ending Balance Outstanding | 21,934 | 7,650 | |||||
Phantom Stock Plan | Series B Warrants | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 0.98 | ||||||
Weighted-average Grant-Date Fair Value, Issuance of Successor phantom stock | [1] | $ 0.98 | |||||
Weighted-average Grant-Date Fair Value, Vested | 0.98 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 0.98 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | 0.98 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 0.98 | $ 2.94 | |||||
Number of Shares Beginning Balance Outstanding | 23,712 | ||||||
Number of Shares, Issuance of Successor phantom stock | [1] | 24,824 | |||||
Number of Shares, Vested | (14,064) | ||||||
Number of Shares, Cancelled/forfeited | (1,112) | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | (1,379) | |||||
Number of Shares Ending Balance Outstanding | 23,712 | 8,269 | |||||
Phantom Stock Plan | Time Based Restricted Stock Awards | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 308.24 | ||||||
Weighted-average Grant-Date Fair Value, Issuance of Successor phantom stock | [1] | $ 308.19 | |||||
Weighted-average Grant-Date Fair Value, Vested | 360.14 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 307.31 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | 240.39 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 308.24 | $ 226.50 | |||||
Number of Shares Beginning Balance Outstanding | 13,526 | ||||||
Number of Shares, Issuance of Successor phantom stock | [1] | 14,160 | |||||
Number of Shares, Vested | (8,223) | ||||||
Number of Shares, Cancelled/forfeited | (634) | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | (786) | |||||
Number of Shares Ending Balance Outstanding | 13,526 | 4,517 | |||||
Phantom Stock Plan | Time Based Restricted Stock Awards | Predecessor | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 9.74 | $ 9.77 | [1] | $ 10.83 | |||
Weighted-average Grant-Date Fair Value, Vested | 12.29 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 13.52 | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | 9.70 | |||||
Weighted-average Grant-Date Fair Value, forfeited | 10.08 | ||||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 9.77 | [1] | $ 9.74 | ||||
Number of Shares Beginning Balance Outstanding | 946,150 | 444,838 | [1] | 1,599,829 | |||
Number of Shares, Vested | (585,426) | ||||||
Number of Shares, Cancelled/forfeited | (68,253) | ||||||
Weighted-average Grant-Date Fair Value, Cancelled | [2] | (484,446) | |||||
Weighted-average Grant-Date Fair Value, forfeited | (16,866) | ||||||
Number of Shares Ending Balance Outstanding | 444,838 | [1] | 946,150 | ||||
[1] | Upon emergence from Chapter 11 bankruptcy, all outstanding phantom stock units held by non-officer employees were converted by the same conversion ratio applied to the common shares upon emergence. Every 31.4143 phantom stock units converted into one phantom stock unit post emergence which is valued to the new common stock. In addition, each post emergence phantom stock unit received 1.6216 phantom series A warrants and 1.7531 phantom series B warrants. Both warrant series have time-based vesting and follow the vesting schedule of the underlying phantom stock unit. | ||||||
[2] | Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. |
Summary of Phantom Stock Acti_2
Summary of Phantom Stock Activity (Parenthetical) (Detail) - Phantom Stock Plan - Plan of Reorganization | 1 Months Ended |
Jul. 31, 2017shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Conversion ratio | 0.0318 |
Series A Warrants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unit received on conversion | 1.6216 |
Series B Warrants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unit received on conversion | 1.7531 |
Schedule of Phantom Stock Compe
Schedule of Phantom Stock Compensation Expense And Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 1,644 | $ 745 | ||
Phantom Stock Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair value of stock vested | $ 2,957 | |||
Compensation expense | $ 94 | $ 214 | ||
Phantom Stock Plan | Predecessor | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant date fair value of stock vested | 7,118 | |||
Compensation expense | $ 68 | $ 467 |
Summary of Deferred Stock Unit
Summary of Deferred Stock Unit Activity (Detail) - $ / shares | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | ||
Weighted-average Grant-Date Fair Value, Retirement distribution | $ 24.19 | $ 6.83 |
Number of Shares, Retirement distribution | (350,838) | (12,792) |
Predecessor | ||
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items] | ||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 24.19 | $ 23.58 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | |
Number of Shares Beginning Balance Outstanding | 350,838 | 363,630 |
Number of Shares Ending Balance Outstanding | 350,838 |
Schedule of Authorized And Issu
Schedule of Authorized And Issued Common Stock And Preferred Stock (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Stockholders Equity Note [Abstract] | ||
Common stock shares authorized | 125,000,000 | 125,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares issued | 36,978,280 | 22,115,916 |
Preferred stock shares authorized | 3,000,000 | 3,000,000 |
Preferred stock par value |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, U_pure in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)shares | |
Stockholders Equity Note [Line Items] | ||||
Shares repurchased during period, shares | 0 | 0 | 0 | 0 |
Dividends declared | $ | $ 0 | $ 0 | $ 0 | $ 0 |
New creditors Warrant Issued | 11,543,814 | 2,220,857 | ||
Warrant exercisable conversion ratio | 1,100 | |||
September 2010 Senior Unsecured Notes | ||||
Stockholders Equity Note [Line Items] | ||||
Remaining other comprehensive loss related to interest rate, swap after-tax | $ | 1,300,000 | |||
Remaining other comprehensive loss related to interest rate, swap pre-tax | $ | $ 2,400,000 | |||
Creditor Warrants | ||||
Stockholders Equity Note [Line Items] | ||||
Nominal exercise price of warrants | $ / shares | $ 0.01 | |||
Stock issued during period, Value | $ | $ 2,300,000 | |||
Stock issued during period, shares, acquisitions | 2,189,709 | |||
Equity Warrants | ||||
Stockholders Equity Note [Line Items] | ||||
Nominal exercise price of warrants | $ / shares | $ 100 | |||
Stock issued during period, Value | $ | $ 800,000 | |||
Stock issued during period, shares, acquisitions | 0 | |||
Series A Warrants | ||||
Stockholders Equity Note [Line Items] | ||||
New creditors Warrant Issued | 2,432,432 | 0 | ||
Nominal exercise price of warrants | $ / shares | $ 57,060,000 | |||
Series B Warrants | ||||
Stockholders Equity Note [Line Items] | ||||
New creditors Warrant Issued | 2,629,657 | 0 | ||
Nominal exercise price of warrants | $ / shares | $ 62,280,000 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 1,057,084 | $ 1,021,944 | ||
Balance | $ 1,057,084 | 1,021,944 | 1,144,923 | |
Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 1,637,644 | (11,254) | $ 2,292,139 | |
Balance | (11,254) | 1,637,644 | ||
Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 0 | 256 | ||
Gains/(losses) recognized in OCI | 87 | (660) | ||
Reclasses from OCI to net income | 169 | 404 | ||
Net period OCI | 256 | (256) | ||
Balance | 0 | 256 | 0 | |
Available for Sale Securities | Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (95) | 68 | (208) | |
Gains/(losses) recognized in OCI | 57 | (265) | ||
Reclasses from OCI to net income | 106 | 378 | ||
Net period OCI | 163 | 113 | ||
Balance | 68 | (95) | ||
Pension/Post-retirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 0 | (403) | ||
Gains/(losses) recognized in OCI | (403) | 4,133 | ||
Reclasses from OCI to net income | 0 | (1,536) | ||
Net period OCI | (403) | 2,597 | ||
Balance | 0 | (403) | 2,194 | |
Pension/Post-retirement Benefits | Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (438) | (3,036) | 4,683 | |
Gains/(losses) recognized in OCI | (2,598) | (5,121) | ||
Reclasses from OCI to net income | 0 | 0 | ||
Net period OCI | (2,598) | (5,121) | ||
Balance | (3,036) | (438) | ||
Accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 0 | (147) | ||
Gains/(losses) recognized in OCI | (316) | 3,473 | ||
Reclasses from OCI to net income | 169 | (1,132) | ||
Net period OCI | (147) | 2,341 | ||
Balance | 0 | (147) | $ 2,194 | |
Accumulated other comprehensive loss | Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (10,344) | (12,779) | (6,866) | |
Gains/(losses) recognized in OCI | (2,541) | (5,386) | ||
Reclasses from OCI to net income | 106 | 1,908 | ||
Net period OCI | (2,435) | (3,478) | ||
Balance | (12,779) | (10,344) | ||
Currency Translation Adjustment | Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (9,811) | $ (9,811) | (9,811) | |
Gains/(losses) recognized in OCI | 0 | 0 | ||
Reclasses from OCI to net income | 0 | 0 | ||
Net period OCI | 0 | 0 | ||
Balance | (9,811) | (9,811) | ||
Interest Rate Swaps | Predecessor | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 0 | (1,530) | ||
Gains/(losses) recognized in OCI | 0 | |||
Reclasses from OCI to net income | 1,530 | |||
Net period OCI | 1,530 | |||
Balance | $ 0 |
Reclassifications from Accumula
Reclassifications from Accumulated Other Comprehensive Income (Loss) to Consolidated Statement of Income (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest income and other, net | $ 2,771 | $ 11,294 | |||||||||||
Interest and debt costs incurred, net of interest capitalized | 13,009 | 30,439 | |||||||||||
Loss before income taxes | (36,687) | (153,519) | |||||||||||
Tax effect | 2,039 | 18,252 | |||||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (90,509) | $ (30,896) | $ (10,940) | $ (39,172) | $ (23,573) | (39,266) | (171,517) | |||||
Predecessor | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest income and other, net | $ 2,384 | $ 5,193 | |||||||||||
Interest and debt costs incurred, net of interest capitalized | 11,179 | 75,026 | |||||||||||
Loss before income taxes | (1,648,143) | $ (558,359) | (643,614) | ||||||||||
Tax effect | (1,234) | 4,680 | 6,397 | ||||||||||
Net loss attributable to Tidewater Inc. | $ (1,122,475) | $ (524,434) | (1,646,909) | $ (565,263) | (660,118) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Loss before income taxes | 169 | (1,132) | |||||||||||
Net loss attributable to Tidewater Inc. | 169 | (1,132) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Realized Gains on Available for Sale Securities | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ (169) | (404) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Retiree Medical Plan | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest income and other, net | $ (1,536) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Loss before income taxes | 106 | 2,935 | |||||||||||
Tax effect | 1,027 | ||||||||||||
Net loss attributable to Tidewater Inc. | 106 | 1,908 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Realized Gains on Available for Sale Securities | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ (106) | (582) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Interest Rate Swaps | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Interest and debt costs incurred, net of interest capitalized | $ 2,353 |
Components of Basic and Diluted
Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | ||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||||
Net loss available to common shareholders | $ (15,693) | $ (90,509) | $ (30,896) | $ (10,940) | $ (39,172) | $ (23,573) | $ (39,266) | $ (171,517) | ||||||||||
Weighted average outstanding shares of common stock, basic | [1] | 21,539,143 | 26,589,883 | |||||||||||||||
Weighted average common stock and equivalents | 21,539,143 | 26,589,883 | ||||||||||||||||
Loss per share, basic | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [2] | $ (6.45) | [2] | ||||||||
Loss per share, diluted | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [3] | $ (6.45) | [3] | ||||||||
In-the-money Options, Warrants and Restricted Stock Awards and Units | ||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||||
Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period | [4] | 7,869,553 | 5,282,574 | |||||||||||||||
Predecessor | ||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||||
Net loss available to common shareholders | $ (1,122,475) | $ (524,434) | $ (1,646,909) | $ (565,263) | $ (660,118) | |||||||||||||
Weighted average outstanding shares of common stock, basic | 47,121,330 | [1] | 47,067,887 | 47,071,066 | [1] | |||||||||||||
Weighted average common stock and equivalents | 47,121,330 | 47,067,887 | 47,071,066 | |||||||||||||||
Loss per share, basic | $ (23.82) | $ (11.13) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | |||||||||||
Loss per share, diluted | $ (23.82) | $ (11.13) | $ (34.95) | [3] | $ (12.01) | $ (14.02) | [3] | |||||||||||
Predecessor | In-the-money Options, Warrants and Restricted Stock Awards and Units | ||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||||
Incremental "in-the-money" options, warrants, and restricted stock awards and units outstanding at the end of the period | [4] | 1,233 | ||||||||||||||||
[1] | Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor). | |||||||||||||||||
[2] | We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||||||
[3] | We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | |||||||||||||||||
[4] | For the twelve months ended December 31, 2018 and period from August 1, 2017 through December 31, 2017, we also had 5,923,399 and 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the periods, respectively. |
Components of Basic and Dilut_2
Components of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Shares issuable upon exercise of warrants | 2,547 | 924,125 |
Out-of-the-money Warrants | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Warrants outstanding | 5,923,399 | 5,062,089 |
Summary of Aggregate Operating
Summary of Aggregate Operating Lease Expenses (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Other Commitments [Line Items] | ||||
Total lease expense | $ 3,076 | $ 3,840 | ||
Office and other leases | ||||
Other Commitments [Line Items] | ||||
Total lease expense | 1,861 | $ 3,840 | ||
Vessel operating leases | ||||
Other Commitments [Line Items] | ||||
Total lease expense | $ 1,215 | |||
Predecessor | ||||
Other Commitments [Line Items] | ||||
Total lease expense | $ 7,863 | $ 38,898 | ||
Predecessor | Office and other leases | ||||
Other Commitments [Line Items] | ||||
Total lease expense | 1,697 | 5,132 | ||
Predecessor | Vessel operating leases | ||||
Other Commitments [Line Items] | ||||
Total lease expense | $ 6,166 | $ 33,766 |
Summary of Future Minimum Renta
Summary of Future Minimum Rental Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2,019 | $ 3,511 |
2,020 | 2,804 |
2,021 | 2,501 |
2,022 | 2,455 |
2,023 | 1,734 |
Thereafter | 2,495 |
Total future lease commitments | $ 15,500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Cash compensation on termination of employment, maximum | $ 25 |
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 | 12 Months Ended |
Dec. 31, 2018USD ($)Subsidiary | |
Commitments And Contingencies Disclosure [Line Items] | |
Number of subsidiaries awarded grant | Subsidiary | 2 |
Compensation awarded to the claimants | $ 58.1 |
Litigation settlement accrual interest | $ 0.6 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Additional Information (Detail) - Contract | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Cash equivalents maturity period, days | 90 days | |
Number of contracts outstanding | 0 | 0 |
Schedule of Fair Value Other Fi
Schedule of Fair Value Other Financial Instruments Measured (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 327,542 | $ 399,322 |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 327,542 | 399,322 |
Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 327,542 | 399,322 |
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 | $ 327,542 | $ 399,322 |
Schedule of Gain on Disposition
Schedule of Gain on Disposition of Assets (Detail) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2018USD ($)Vessel | Mar. 31, 2017USD ($)Vessel | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain (loss) on vessels disposed | $ 6,616 | $ 10,624 | ||
Number of vessels disposed | Vessel | 11 | 38 | ||
Predecessor | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain (loss) on vessels disposed | $ 3,561 | $ 24,099 | ||
Number of vessels disposed | Vessel | 7 | 12 | ||
Vessels | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain (loss) on vessels disposed | $ (163) | $ 10,935 | ||
Vessels | Predecessor | ||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | ||||
Gain (loss) on vessels disposed | $ 509 | $ (102) |
Gain on Disposition of Assets_3
Gain on Disposition of Assets, Net - Additional Information (Detail) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($)Vehicle | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Number of ROVs disposed | Vehicle | 8 | ||||
Gain on dispositions of assets | $ 6,616 | $ 10,624 | |||
Net properties and equipment | 850,935 | $ 850,935 | $ 1,089,857 | ||
Unamortized deferred gains credited to reorganization items on account of lease rejections | $ 105,900 | ||||
Date of petition for bankruptcy | May 17, 2017 | ||||
Subsea Business | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Other operating revenues | 2,500 | ||||
Predecessor | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Gain on dispositions of assets | $ 3,561 | $ 24,099 | |||
Amortized gains on sale/leaseback transactions | 3,000 | 23,400 | |||
Predecessor | Subsea Business | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Other operating revenues | 800 | $ 3,200 | |||
ROVs | |||||
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||||
Gain on dispositions of assets | $ 7,100 | ||||
Net properties and equipment | $ 15,700 |
Segment Information, Geograph_3
Segment Information, Geographical Data and Major Customers (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | $ 178,753 | $ 406,520 | ||||||||||||||||
Operating profit (loss) | 1,277 | 6,066 | ||||||||||||||||
Corporate expenses | (14,989) | (42,972) | ||||||||||||||||
Gain on asset dispositions, net | 6,616 | 10,624 | ||||||||||||||||
Impairment of due from affiliate | $ (20,083) | (20,083) | ||||||||||||||||
Asset impairments | (36,878) | $ (16,853) | $ (1,215) | $ (6,186) | $ (16,777) | (16,777) | [1] | (61,132) | [1] | |||||||||
Operating loss | $ (5,782) | (70,077) | $ (25,086) | $ (140) | $ (12,194) | (18,091) | (23,873) | (107,497) | ||||||||||
Foreign exchange gain (loss) | (407) | 106 | ||||||||||||||||
Equity in net earnings (losses) of unconsolidated companies | 2,130 | (18,864) | ||||||||||||||||
Interest income and other, net | 2,771 | 11,294 | ||||||||||||||||
Reorganization items | (4,299) | |||||||||||||||||
Loss on early extinguishment of debt | (8,119) | |||||||||||||||||
Interest and other debt costs | (13,009) | (30,439) | ||||||||||||||||
Loss before income taxes | (36,687) | (153,519) | ||||||||||||||||
Depreciation and amortization | 20,337 | 58,293 | ||||||||||||||||
Additions to properties and equipment | 9,834 | 21,391 | ||||||||||||||||
Assets | 1,827,739 | 1,759,595 | 1,759,595 | 1,827,739 | ||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 1,039 | 29,216 | 29,216 | 1,039 | ||||||||||||||
All Other Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | 1,614 | 3,742 | ||||||||||||||||
Depreciation and amortization | 827 | 21 | ||||||||||||||||
Assets | 7,440 | 2,443 | 2,443 | 7,440 | ||||||||||||||
Operating Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (337) | 2,324 | ||||||||||||||||
Operating Segments | Americas | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (1,599) | 8,860 | ||||||||||||||||
Depreciation and amortization | 5,767 | 16,047 | ||||||||||||||||
Additions to properties and equipment | 144 | 3,771 | ||||||||||||||||
Assets | [2] | 380,168 | 164,958 | 164,958 | 380,168 | |||||||||||||
Operating Segments | Middle East/Asia Pacific | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | 451 | (4,417) | ||||||||||||||||
Depreciation and amortization | 4,716 | 11,871 | ||||||||||||||||
Additions to properties and equipment | 2,596 | 2,982 | ||||||||||||||||
Assets | [2] | 233,611 | 48,268 | 48,268 | 233,611 | |||||||||||||
Operating Segments | Europe/Mediterranean Sea | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (1,497) | (9,359) | ||||||||||||||||
Depreciation and amortization | 2,794 | 11,385 | ||||||||||||||||
Additions to properties and equipment | 185 | |||||||||||||||||
Assets | [2] | 316,524 | 171,156 | 171,156 | 316,524 | |||||||||||||
Operating Segments | West Africa Segment | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | 2,308 | 7,240 | ||||||||||||||||
Depreciation and amortization | 6,067 | 16,612 | ||||||||||||||||
Additions to properties and equipment | 195 | 10,135 | ||||||||||||||||
Assets | [2] | 483,234 | 864,300 | 864,300 | 483,234 | |||||||||||||
Corporate | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Depreciation and amortization | 166 | 2,357 | ||||||||||||||||
Additions to properties and equipment | 6,899 | 4,318 | ||||||||||||||||
Assets | [3] | $ 405,723 | $ 479,254 | 479,254 | 405,723 | |||||||||||||
Service | Operating Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 171,884 | 397,206 | ||||||||||||||||
Service | Operating Segments | Americas | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 45,784 | 118,534 | ||||||||||||||||
Service | Operating Segments | Middle East/Asia Pacific | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 39,845 | 80,195 | ||||||||||||||||
Service | Operating Segments | Europe/Mediterranean Sea | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 19,895 | 56,263 | ||||||||||||||||
Service | Operating Segments | West Africa Segment | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 66,360 | 142,214 | ||||||||||||||||
Other Operating Revenues | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | $ 6,869 | $ 9,314 | ||||||||||||||||
Predecessor | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | $ 151,369 | $ 440,862 | $ 601,611 | |||||||||||||||
Operating profit (loss) | (44,615) | (59,380) | ||||||||||||||||
Corporate expenses | (18,246) | (57,845) | ||||||||||||||||
Gain on asset dispositions, net | 3,561 | 24,099 | ||||||||||||||||
Asset impairments | $ (21,325) | $ (163,423) | (184,748) | [1] | (484,727) | [1] | ||||||||||||
Operating loss | (38,674) | $ (205,374) | (244,048) | (508,513) | (577,853) | |||||||||||||
Foreign exchange gain (loss) | (3,181) | (1,638) | ||||||||||||||||
Equity in net earnings (losses) of unconsolidated companies | 4,786 | 5,710 | ||||||||||||||||
Interest income and other, net | 2,384 | 5,193 | ||||||||||||||||
Reorganization items | (1,396,905) | |||||||||||||||||
Interest and other debt costs | (11,179) | (75,026) | ||||||||||||||||
Loss before income taxes | (1,648,143) | $ (558,359) | (643,614) | |||||||||||||||
Depreciation and amortization | 47,447 | 167,291 | ||||||||||||||||
Additions to properties and equipment | 2,265 | 30,547 | ||||||||||||||||
Assets | 3,884,669 | 3,884,669 | 4,190,699 | |||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 49,367 | 49,367 | 45,115 | |||||||||||||||
Predecessor | All Other Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | 876 | (1,548) | ||||||||||||||||
Depreciation and amortization | 1,139 | 4,430 | ||||||||||||||||
Assets | 20,392 | 20,392 | 21,580 | |||||||||||||||
Predecessor | Operating Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (45,491) | (57,832) | ||||||||||||||||
Predecessor | Operating Segments | Americas | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (22,549) | 18,873 | ||||||||||||||||
Depreciation and amortization | 13,945 | 48,814 | ||||||||||||||||
Additions to properties and equipment | 27 | 93 | ||||||||||||||||
Assets | [2] | 714,891 | 714,891 | 779,778 | ||||||||||||||
Predecessor | Operating Segments | Middle East/Asia Pacific | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (1,434) | (25,310) | ||||||||||||||||
Depreciation and amortization | 9,967 | 40,849 | ||||||||||||||||
Additions to properties and equipment | 1,042 | 1,612 | ||||||||||||||||
Assets | [2] | 424,896 | 424,896 | 583,385 | ||||||||||||||
Predecessor | Operating Segments | Europe/Mediterranean Sea | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (12,680) | (26,733) | ||||||||||||||||
Depreciation and amortization | 9,060 | 26,538 | ||||||||||||||||
Assets | [2] | 597,819 | 597,819 | 588,519 | ||||||||||||||
Predecessor | Operating Segments | West Africa Segment | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Operating profit (loss) | (8,828) | (24,662) | ||||||||||||||||
Depreciation and amortization | 12,632 | 44,204 | ||||||||||||||||
Additions to properties and equipment | 375 | 743 | ||||||||||||||||
Assets | [2] | 1,277,552 | 1,277,552 | 1,308,836 | ||||||||||||||
Predecessor | Corporate | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Depreciation and amortization | 704 | 2,456 | ||||||||||||||||
Additions to properties and equipment | 821 | 28,099 | ||||||||||||||||
Assets | [3] | $ 799,752 | 799,752 | 863,486 | ||||||||||||||
Predecessor | Service | Operating Segments | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 146,597 | 583,816 | ||||||||||||||||
Predecessor | Service | Operating Segments | Americas | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 40,848 | 239,843 | ||||||||||||||||
Predecessor | Service | Operating Segments | Middle East/Asia Pacific | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 36,313 | 114,618 | ||||||||||||||||
Predecessor | Service | Operating Segments | Europe/Mediterranean Sea | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 15,466 | 42,667 | ||||||||||||||||
Predecessor | Service | Operating Segments | West Africa Segment | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 53,970 | 186,688 | ||||||||||||||||
Predecessor | Other Operating Revenues | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | $ 4,772 | $ 17,795 | ||||||||||||||||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. | |||||||||||||||||
[2] | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to our international marine operations in any one country are not material. | |||||||||||||||||
[3] | Included in Corporate are vessels currently under construction which had 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. There were no vessels under construction at December 31, 2018. At December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were included in Corporate. |
Segment Information, Geograph_4
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Mar. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 |
Segment Reporting Information [Line Items] | ||||||||
General and administrative expenses | $ 46,619,000 | $ 110,023,000 | ||||||
Construction costs | $ 0 | $ 9,300 | ||||||
Predecessor | ||||||||
Segment Reporting Information [Line Items] | ||||||||
General and administrative expenses | $ 41,832,000 | $ 145,879,000 | ||||||
Construction costs | $ 47,500 | $ 52,400 | ||||||
Corporate | GulfMark | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Merger and integration costs | $ 13,200,000 | |||||||
Corporate | Predecessor | Troms Offshore Supply AS | ||||||||
Segment Reporting Information [Line Items] | ||||||||
General and administrative expenses | $ 6,700,000 | $ 29,000,000 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | |
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 178,753 | $ 406,520 | |||
Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 151,369 | $ 440,862 | $ 601,611 | ||
Americas Fleet Deepwater vessels | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 26,860 | $ 79,791 | |||
Percentage of Vessel revenue | 16.00% | 20.00% | |||
Americas Fleet Deepwater vessels | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 21,617 | $ 171,334 | |||
Percentage of Vessel revenue | 15.00% | 29.00% | |||
Americas Fleet Towing-Supply/supply | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 13,835 | $ 29,107 | |||
Percentage of Vessel revenue | 8.00% | 7.00% | |||
Americas Fleet Towing-Supply/supply | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 15,021 | $ 56,561 | |||
Percentage of Vessel revenue | 10.00% | 10.00% | |||
Americas Fleet Other | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 5,089 | $ 9,636 | |||
Percentage of Vessel revenue | 3.00% | 2.00% | |||
Americas Fleet Other | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 4,210 | $ 11,948 | |||
Percentage of Vessel revenue | 3.00% | 2.00% | |||
Americas Fleet | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 45,784 | $ 118,534 | |||
Percentage of Vessel revenue | 27.00% | 30.00% | |||
Americas Fleet | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 40,848 | $ 239,843 | |||
Percentage of Vessel revenue | 28.00% | 41.00% | |||
Middle East/Asia Pacific Fleet Deepwater vessels | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 14,792 | $ 35,479 | |||
Percentage of Vessel revenue | 9.00% | 9.00% | |||
Middle East/Asia Pacific Fleet Deepwater vessels | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 13,368 | $ 35,526 | |||
Percentage of Vessel revenue | 9.00% | 6.00% | |||
Middle East/Asia Pacific Fleet Towing-Supply/supply | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 25,053 | $ 44,722 | |||
Percentage of Vessel revenue | 14.00% | 10.00% | |||
Middle East/Asia Pacific Fleet Towing-Supply/supply | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 22,945 | $ 79,092 | |||
Percentage of Vessel revenue | 16.00% | 13.00% | |||
Middle East/Asia Pacific Fleet Other | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ (6) | ||||
Middle East/Asia Pacific Fleet | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 39,845 | $ 80,195 | |||
Percentage of Vessel revenue | 23.00% | 20.00% | |||
Middle East/Asia Pacific Fleet | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 36,313 | $ 114,618 | |||
Percentage of Vessel revenue | 25.00% | 19.00% | |||
Europe/Mediterranean Sea fleet Deepwater vessals | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 18,204 | $ 53,134 | |||
Percentage of Vessel revenue | 10.00% | 12.00% | |||
Europe/Mediterranean Sea fleet Deepwater vessals | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 11,620 | $ 39,492 | |||
Percentage of Vessel revenue | 8.00% | 7.00% | |||
Africa/Europe Fleet Deepwater vessels | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 24,131 | $ 58,641 | |||
Percentage of Vessel revenue | 13.00% | 14.00% | |||
Africa/Europe Fleet Deepwater vessels | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 18,126 | $ 62,882 | |||
Percentage of Vessel revenue | 12.00% | 11.00% | |||
Europe/Mediterranean Sea fleet Towing-Supply | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 1,691 | $ 3,129 | |||
Percentage of Vessel revenue | 1.00% | 1.00% | |||
Europe/Mediterranean Sea fleet Towing-Supply | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 3,846 | $ 2,659 | |||
Percentage of Vessel revenue | 3.00% | ||||
Africa/Europe Fleet Towing-Supply/supply | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 33,806 | $ 68,072 | |||
Percentage of Vessel revenue | 20.00% | 17.00% | |||
Africa/Europe Fleet Towing-Supply/supply | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 31,297 | $ 100,073 | |||
Percentage of Vessel revenue | 21.00% | 17.00% | |||
Europe/Mediterranean Sea fleet Other | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 516 | ||||
Europe/Mediterranean Sea fleet Other | Predecessor | Maximum | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Percentage of Vessel revenue | 1.00% | ||||
Africa And Europe Fleet Other | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 8,423 | $ 15,501 | |||
Percentage of Vessel revenue | 5.00% | 4.00% | |||
Africa And Europe Fleet Other | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 4,547 | $ 23,733 | |||
Percentage of Vessel revenue | 3.00% | 4.00% | |||
Europe/Mediterranean Sea fleet: | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 19,895 | $ 56,263 | |||
Percentage of Vessel revenue | 11.00% | 13.00% | |||
Europe/Mediterranean Sea fleet: | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 15,466 | $ 42,667 | |||
Percentage of Vessel revenue | 11.00% | 8.00% | |||
Africa/Europe Fleet | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 66,360 | $ 142,214 | |||
Percentage of Vessel revenue | 39.00% | 36.00% | |||
Africa/Europe Fleet | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 53,970 | $ 186,688 | |||
Percentage of Vessel revenue | 36.00% | 32.00% | |||
Worldwide Fleet Deepwater vessels | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 83,987 | $ 227,045 | |||
Percentage of Vessel revenue | 49.00% | 57.00% | |||
Worldwide Fleet Deepwater vessels | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 64,731 | $ 309,234 | |||
Percentage of Vessel revenue | 44.00% | 53.00% | |||
Worldwide Fleet Towing-Supply/supply | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 74,385 | $ 145,030 | |||
Percentage of Vessel revenue | 43.00% | 37.00% | |||
Worldwide Fleet Towing-Supply/supply | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 73,109 | $ 238,385 | |||
Percentage of Vessel revenue | 50.00% | 41.00% | |||
Worldwide Fleet Other | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 13,512 | $ 25,131 | |||
Percentage of Vessel revenue | 8.00% | 6.00% | |||
Worldwide Fleet Other | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 8,757 | $ 36,197 | |||
Percentage of Vessel revenue | 6.00% | 6.00% | |||
Worldwide Fleet | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 171,884 | $ 397,206 | |||
Percentage of Vessel revenue | 100.00% | 100.00% | |||
Worldwide Fleet | Predecessor | |||||
Segment and Geographic Distribution of Operations [Line Items] | |||||
Vessel revenues | $ 146,597 | $ 583,816 | |||
Percentage of Vessel revenue | 100.00% | 100.00% |
Disclosure of Accounted Total R
Disclosure of Accounted Total Revenues Percentage (Detail) - Sales Revenue, Net - Customer Concentration Risk | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||
Predecessor | |||||
Entity Wide Revenue Major Customer [Line Items] | |||||
Total revenue percentage | [1] | 11.30% | |||
Chevron Corporation | |||||
Entity Wide Revenue Major Customer [Line Items] | |||||
Total revenue percentage | 17.40% | 15.00% | |||
Chevron Corporation | Predecessor | |||||
Entity Wide Revenue Major Customer [Line Items] | |||||
Total revenue percentage | 17.50% | 16.30% | |||
Saudi Aramco | |||||
Entity Wide Revenue Major Customer [Line Items] | |||||
Total revenue percentage | 10.10% | 8.30% | |||
Saudi Aramco | Predecessor | |||||
Entity Wide Revenue Major Customer [Line Items] | |||||
Total revenue percentage | 11.70% | 10.00% | |||
[1] | A significant portion of this customer’s year ended March 31, 2017 revenue was the result of the early termination of a long-term vessel charter contract. |
Selected Financial Information
Selected Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | |||||
Quarterly Financial Data [Line Items] | |||||||||||||||||
Revenues | $ 74,300 | $ 110,234 | $ 99,192 | $ 105,601 | $ 91,493 | $ 104,453 | |||||||||||
Impairment of due from affiliate | (20,083) | $ (20,083) | |||||||||||||||
Asset impairments included in operating loss | (36,878) | (16,853) | (1,215) | (6,186) | (16,777) | $ (16,777) | [1] | (61,132) | [1] | ||||||||
Operating income (loss) | (5,782) | (70,077) | (25,086) | (140) | (12,194) | (18,091) | (23,873) | (107,497) | |||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (90,509) | $ (30,896) | $ (10,940) | $ (39,172) | $ (23,573) | $ (39,266) | $ (171,517) | |||||||||
Basic loss per share attributable to Tidewater Inc. | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [2] | $ (6.45) | [2] | |||||||
Diluted loss per share attributable to Tidewater Inc. | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [3] | $ (6.45) | [3] | |||||||
Predecessor | |||||||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||
Revenues | $ 36,263 | $ 115,106 | |||||||||||||||
Asset impairments included in operating loss | (21,325) | (163,423) | $ (184,748) | [1] | $ (484,727) | [1] | |||||||||||
Operating income (loss) | (38,674) | (205,374) | (244,048) | $ (508,513) | (577,853) | ||||||||||||
Net loss attributable to Tidewater Inc. | $ (1,122,475) | $ (524,434) | $ (1,646,909) | $ (565,263) | $ (660,118) | ||||||||||||
Basic loss per share attributable to Tidewater Inc. | $ (23.82) | $ (11.13) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | ||||||||||
Diluted loss per share attributable to Tidewater Inc. | $ (23.82) | $ (11.13) | $ (34.95) | [3] | $ (12.01) | $ (14.02) | [3] | ||||||||||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. | ||||||||||||||||
[2] | We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | ||||||||||||||||
[3] | We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. |
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 | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2018USD ($)Vessel | Mar. 31, 2017USD ($)VesselVehicle | |||||
Schedule of Vessels Impaired and Amount of Impairment Incurred [Line Items] | |||||||||||||||
Number of vessels impaired during the period | Vessel | 5 | 56 | |||||||||||||
Amount of impairment incurred | $ | $ 36,878 | $ 16,853 | $ 1,215 | $ 6,186 | $ 16,777 | $ 16,777 | [1] | $ 61,132 | [1] | ||||||
Predecessor | |||||||||||||||
Schedule of Vessels Impaired and Amount of Impairment Incurred [Line Items] | |||||||||||||||
Number of vessels impaired during the period | Vessel | 79 | 132 | |||||||||||||
Number of ROVs impaired during the period | Vehicle | 8 | ||||||||||||||
Amount of impairment incurred | $ | $ 21,325 | $ 163,423 | $ 184,748 | [1] | $ 484,727 | [1] | |||||||||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. |
Summary of Vessels and ROVs I_2
Summary of Vessels and ROVs Impaired, Amount of Impairment Incurred and Combined Fair Value of Assets after Impairment Charges (Parenthetical) (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |||
Schedule of Vessels Impaired and Amount of Impairment Incurred [Line Items] | |||||||||||
Impairments Charges | $ 36,878,000 | $ 16,853,000 | $ 1,215,000 | $ 6,186,000 | $ 16,777,000 | $ 16,777,000 | [1] | $ 61,132,000 | [1] | ||
Inventory and Other Non-vessel Assets | |||||||||||
Schedule of Vessels Impaired and Amount of Impairment Incurred [Line Items] | |||||||||||
Impairments Charges | $ 2,300,000 | $ 3,500,000 | $ 2,200,000 | ||||||||
Non-vessel Assets | |||||||||||
Schedule of Vessels Impaired and Amount of Impairment Incurred [Line Items] | |||||||||||
Impairments Charges | $ 0 | ||||||||||
[1] | The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017. |
Schedule of Financial Informati
Schedule of Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Mar. 31, 2017 | ||||||
Transition Period Comparative Data [Line Items] | ||||||||||||||||||
Revenues | $ 178,753 | $ 406,520 | ||||||||||||||||
Operating loss | $ (5,782) | $ (70,077) | $ (25,086) | $ (140) | $ (12,194) | $ (18,091) | (23,873) | (107,497) | ||||||||||
Loss before income taxes | (36,687) | (153,519) | ||||||||||||||||
Income tax (benefit) expense | 2,039 | 18,252 | ||||||||||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (90,509) | $ (30,896) | $ (10,940) | $ (39,172) | $ (23,573) | $ (39,266) | $ (171,517) | ||||||||||
Basic loss per common share | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [1] | $ (6.45) | [1] | ||||||||
Diluted loss per common share | $ (0.81) | $ (2.83) | $ (1.16) | $ (0.44) | $ (1.67) | $ (1.02) | $ (1.82) | [2] | $ (6.45) | [2] | ||||||||
Weighted average common shares outstanding | [3] | 21,539,143 | 26,589,883 | |||||||||||||||
Weighted average common stock and equivalents | 21,539,143 | 26,589,883 | ||||||||||||||||
Predecessor | ||||||||||||||||||
Transition Period Comparative Data [Line Items] | ||||||||||||||||||
Revenues | $ 151,369 | $ 440,862 | $ 601,611 | |||||||||||||||
Operating loss | $ (38,674) | $ (205,374) | (244,048) | (508,513) | (577,853) | |||||||||||||
Loss before income taxes | (1,648,143) | (558,359) | (643,614) | |||||||||||||||
Income tax (benefit) expense | (1,234) | 4,680 | 6,397 | |||||||||||||||
Net loss attributable to Tidewater Inc. | $ (1,122,475) | $ (524,434) | $ (1,646,909) | $ (565,263) | $ (660,118) | |||||||||||||
Basic loss per common share | $ (23.82) | $ (11.13) | $ (34.95) | [1] | $ (12.01) | $ (14.02) | [1] | |||||||||||
Diluted loss per common share | $ (23.82) | $ (11.13) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | |||||||||||
Weighted average common shares outstanding | 47,121,330 | [3] | 47,067,887 | 47,071,066 | [3] | |||||||||||||
Weighted average common stock and equivalents | 47,121,330 | 47,067,887 | 47,071,066 | |||||||||||||||
[1] | We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||||||
[2] | We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | |||||||||||||||||
[3] | Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor). |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at Beginning of Period | $ 1,800 | ||||
Additions at Cost | $ 1,800 | 900 | |||
Balance at End of Period | $ 1,800 | $ 2,700 | |||
Predecessor | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at Beginning of Period | $ 16,165 | $ 11,450 | |||
Additions at Cost | 5,348 | ||||
Deductions | $ 16,165 | [1] | 633 | ||
Balance at End of Period | $ 16,165 | ||||
[1] | Approximately $15.4 million was deducted from the allowance for doubtful accounts in conjunction with the application of fresh-start accounting upon emergence from Chapter 11 bankruptcy |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Parenthetical) (Detail) $ in Millions | 4 Months Ended |
Jul. 31, 2017USD ($) | |
Fresh-start Accounting Adjustments | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Deductions from allowance for doubtful accounts | $ 15.4 |