Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-KT | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TDW | ||
Entity Registrant Name | TIDEWATER INC | ||
Entity Central Index Key | 98,222 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 23,658,153 | ||
Entity Public Float | $ 33,822,170 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 432,035 | |
Restricted cash | 21,300 | |
Trade and other receivables, less allowance for doubtful accounts of $1,800 and $16,165 as of December 31, 2017 and March 31, 2017, respectively | 114,184 | |
Due from affiliate | 230,315 | |
Marine operating supplies | 28,220 | |
Other current assets | 19,130 | |
Total current assets | 845,184 | |
Investments in, at equity, and advances to unconsolidated companies | 29,216 | |
Net properties and equipment | 837,520 | |
Deferred drydocking and survey costs | 3,208 | |
Other assets | 31,052 | |
Total assets | 1,746,180 | |
Current liabilities: | ||
Accounts payable | 38,497 | |
Accrued expenses | 54,806 | |
Due to affiliate | 99,448 | |
Accrued property and liability losses | 2,585 | |
Current portion of long-term debt | 5,103 | |
Other current liabilities | 19,693 | |
Total current liabilities | 220,132 | |
Long-term debt | 443,057 | |
Accrued property and liability losses | 2,471 | |
Other liabilities and deferred credits | 58,576 | |
Commitments and Contingencies (Note (14)) | ||
Equity: | ||
Common stock, value | 22 | |
Additional paid-in capital | 1,059,120 | |
Retained (deficit) earnings | (39,266) | |
Accumulated other comprehensive loss | (147) | |
Total stockholders’ equity | 1,019,729 | |
Noncontrolling interests | 2,215 | |
Total equity | 1,021,944 | |
Total liabilities and equity | $ 1,746,180 | |
Predecessor | ||
Current assets: | ||
Cash and cash equivalents | $ 706,404 | |
Trade and other receivables, less allowance for doubtful accounts of $1,800 and $16,165 as of December 31, 2017 and March 31, 2017, respectively | 123,262 | |
Due from affiliate | 262,652 | |
Marine operating supplies | 30,560 | |
Other current assets | 18,409 | |
Total current assets | 1,141,287 | |
Investments in, at equity, and advances to unconsolidated companies | 45,115 | |
Net properties and equipment | 2,864,762 | |
Other assets | 139,535 | |
Total assets | 4,190,699 | |
Current liabilities: | ||
Accounts payable | 31,599 | |
Accrued expenses | 78,121 | |
Due to affiliate | 132,857 | |
Accrued property and liability losses | 3,583 | |
Current portion of long-term debt | 2,034,124 | |
Other current liabilities | 48,429 | |
Total current liabilities | 2,328,713 | |
Deferred income taxes | 46,013 | |
Accrued property and liability losses | 10,209 | |
Other liabilities and deferred credits | 154,705 | |
Commitments and Contingencies (Note (14)) | ||
Equity: | ||
Common stock, value | 4,712 | |
Additional paid-in capital | 165,221 | |
Retained (deficit) earnings | 1,475,329 | |
Accumulated other comprehensive loss | (10,344) | |
Total stockholders’ equity | 1,634,918 | |
Noncontrolling interests | 16,141 | |
Total equity | 1,651,059 | |
Total liabilities and equity | $ 4,190,699 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Allowance for doubtful accounts | $ 1,800 | |
Common stock, par value | $ 0.001 | |
Common stock, shares authorized | 125,000,000 | |
Common stock, shares issued | 22,115,916 | |
Common stock, shares outstanding | 22,115,916 | |
Predecessor | ||
Allowance for doubtful accounts | $ 16,165 | |
Common stock, par value | $ 0.10 | |
Common stock, shares authorized | 125,000,000 | |
Common stock, shares issued | 47,121,304 | |
Common stock, shares outstanding | 47,121,304 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Revenues: | ||||
Vessel revenues | $ 171,884 | |||
Other operating revenues | 6,869 | |||
Total revenues | 178,753 | |||
Costs and expenses: | ||||
Vessel operating costs | 120,502 | |||
Costs of other operating revenues | 3,792 | |||
General and administrative | 46,619 | |||
Vessel operating leases | 1,215 | |||
Depreciation and amortization | 20,337 | |||
Gain on asset dispositions, net | (6,616) | |||
Asset impairments | [1] | 16,777 | ||
Total costs and expenses | 202,626 | |||
Operating loss | (23,873) | |||
Other income (expenses): | ||||
Foreign exchange loss | (407) | |||
Equity in net earnings of unconsolidated companies | 2,130 | |||
Interest income and other, net | 2,771 | |||
Reorganization items | (4,299) | |||
Interest and other debt costs, net | (13,009) | |||
Total other income (expenses) | (12,814) | |||
Loss before income taxes | (36,687) | |||
Income tax (benefit) expense | 2,039 | |||
Net loss | (38,726) | |||
Less: Net income attributable to noncontrolling interests | 540 | |||
Net loss attributable to Tidewater Inc. | $ (39,266) | |||
Basic loss per common share | [2] | $ (1.82) | ||
Diluted loss per common share | [3] | $ (1.82) | ||
Weighted average common shares outstanding | [4] | 21,539,143 | ||
Adjusted weighted average common shares | 21,539,143 | |||
Predecessor | ||||
Revenues: | ||||
Vessel revenues | $ 146,597 | $ 583,816 | ||
Other operating revenues | 4,772 | 17,795 | ||
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) | ||
Asset impairments | [1] | 184,748 | 484,727 | |
Total costs and expenses | 395,417 | 1,179,464 | ||
Operating loss | (244,048) | (577,853) | ||
Other income (expenses): | ||||
Foreign exchange loss | (3,181) | (1,638) | ||
Equity in net earnings 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 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 | ||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. | |||
[2] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||
[3] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | |||
[4] | Basic weighted average shares outstanding includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor). |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Net loss | $ (38,726) | ||
Other comprehensive income (loss): | |||
Unrealized gains (losses) on available for sale securities, net of tax of $0, 0 and $61, respectively | 256 | ||
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0 and ($927), respectively | (1,582) | ||
Change in pension plan minimum liability, net of tax of $0, $0 and $215, respectively | (357) | ||
Change in other benefit plan minimum liability, net of tax of $0, $0 and ($2,046), respectively | 1,536 | ||
Total comprehensive loss | $ (38,873) | ||
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 and $61, respectively | 163 | 113 | |
Change in loss on derivative contract, net of tax of $0, $0 and $823, respectively | 1,530 | ||
Change in supplemental executive retirement plan pension liability, net of tax of $0, $0 and ($927), respectively | (536) | (1,721) | |
Change in pension plan minimum liability, net of tax of $0, $0 and $215, respectively | (594) | 399 | |
Change in other benefit plan minimum liability, net of tax of $0, $0 and ($2,046), respectively | (1,468) | (3,799) | |
Total comprehensive loss | $ (1,649,344) | $ (653,489) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Unrealized gains (losses) on available-for-sale securities, tax | $ 0 | ||
Change in loss on derivative contract, tax | 0 | ||
Change in supplemental executive retirement plan pension liability, tax | 0 | ||
Change in Pension Plan minimum liability, tax | 0 | ||
Change in Other Benefit Plan minimum liability, tax | $ 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 | Common stock | Additional paid- in capital | Retained earnings (deficit) | Accumulated other comprehensive loss | Non controlling interest |
Balance (Predecessor) at Mar. 31, 2016 | $ 2,305,554 | $ 4,707 | $ 166,604 | $ 2,135,075 | $ (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 | 1,651,059 | 4,712 | 165,221 | 1,475,329 | (10,344) | 16,141 |
Balance (Predecessor) at Mar. 31, 2017 | 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 | 2,161 | 4,712 | 166,867 | (171,580) | (12,779) | 14,941 |
Balance at Jul. 31, 2017 | 1,057,084 | 18 | 1,055,391 | 0 | 1,675 | |
Cancellation of Predecessor equity | Predecessor | (486) | (4,712) | (166,867) | 171,580 | 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 |
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 | Mar. 31, 2017 | ||
Operating activities: | ||||
Net loss | $ (38,726) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 20,131 | |||
Amortization of deferred drydocking and survey costs | 206 | |||
Amortization of debt premiums and discounts | (715) | |||
Gain on asset dispositions, net | (6,616) | |||
Asset impairments | [1] | 16,777 | ||
Changes in investments in, at equity, and advances to unconsolidated companies | (4,531) | |||
Compensation expense – stock based | 3,731 | |||
Changes in operating assets and liabilities, net: | ||||
Trade and other receivables | 2,312 | |||
Changes in due to/from affiliate, net | (2,373) | |||
Marine operating supplies | 1,229 | |||
Other current assets | 10,305 | |||
Accounts payable | (1,259) | |||
Accrued expenses | (24,896) | |||
Accrued property and liability losses | (176) | |||
Other current liabilities | (4,026) | |||
Other liabilities and deferred credits | (1,089) | |||
Other, net | (5,830) | |||
Net cash provided by (used in) operating activities | (35,546) | |||
Cash flows from investing activities: | ||||
Proceeds from sales of assets | 32,742 | |||
Additions to properties and equipment | (9,834) | |||
Net cash provided by investing activities | 22,908 | |||
Cash flows from financing activities: | ||||
Principal payments on long-term debt | (1,176) | |||
Cash payments to General Unsecured Creditors | (93,719) | |||
Cash received for issuance of common stock | 2 | |||
Net cash used in financing activities | (94,893) | |||
Net change in cash, cash equivalents and restricted cash | (107,531) | |||
Cash, cash equivalents and restricted cash at beginning of period | 560,866 | |||
Cash, cash equivalents and restricted cash at end of period | $ 560,866 | 453,335 | ||
Cash paid during the year for: | ||||
Interest, net of amounts capitalized | 8,223 | |||
Income taxes | 4,654 | |||
Predecessor | ||||
Operating activities: | ||||
Net loss | (1,646,909) | $ (650,011) | ||
Adjustments to reconcile net loss to net cash provided by 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) | ||
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 (benefit) 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 vessel 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 period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) Nature of Operations The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Change to Fiscal Year End On September 12, 2017, the Board of Directors approved changing the company’s fiscal year from a fiscal year ending on March 31 to a fiscal year ending on December 31, beginning with the period ending December 31, 2017. This Transition Report on Form 10-K covers the period from April 1, 2017 to December 31, 2017, which is the period between the close of the company’s immediately prior fiscal year and the opening date of the company’s newly selected fiscal year. Fresh Start Accounting Upon emergence from Chapter 11 bankruptcy, the company adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) 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 the financial position and results of operations of the company through July 31, 2017. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates. Cash Equivalents The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Restricted Cash The company considers 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 the company’s 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 are 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 the company’s 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 recertification 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 recertification of vessels are deferred and amortized over 30 months on a straight-line basis. The company’s previous policy (Predecessor) was to expense vessel recertification costs in the period incurred. Maintenance costs incurred at the time of the recertification drydocking that are not related to the recertification 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 Predecessor December 31, March 31, (In thousands) 2017 2017 Properties and equipment: Vessels and related equipment $ 850,268 $ 3,407,760 Other properties and equipment 5,710 69,670 855,978 3,477,430 Less accumulated depreciation and amortization 18,458 612,668 Net properties and equipment $ 837,520 $ 2,864,762 Successor Predecessor December 31, March 31, 2017 2017 Number Of Vessels (B) Carrying Value Number Of Vessels (B) Carrying Value (In (In Owned vessels in active service 138 $ 632,978 143 $ 1,990,049 Stacked vessels 89 189,710 101 793,606 Marine equipment and other assets under construction 9,501 53,611 Other property and equipment (A) 5,331 27,496 Totals 227 $ 837,520 244 $ 2,864,762 (A) Other property and equipment at March 31, 2017 includes eight remotely operated vehicles, all of which were sold in December 2017. (B) Vessel count excludes vessels operated under sale leaseback agreements. The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at December 31, 2017 and March 31, 2017 had an average age of 11.0 and 11.5 years, respectively. All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. Impairment of Long-Lived Assets The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. If an asset group fails the undiscounted cash flow test, management derives the fair value of the asset group by estimating the fair value for each vessel in the group, considering items such as age, vessel class supply and demand, and recent sales of similar vessels among other factors and for vessels with more significant carrying values we may obtain third-party appraisals for use by management in determining a vessel’s fair value. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average 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 have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels not expected to return to active service whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For vessels with more significant carrying values, we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers for use in our determination of fair value estimates. The company records an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. Refer to Note (19) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for a discussion on asset impairments. Accrued Property and Liability Losses The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered payable: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Accrued property and liability losses $ 5,056 13,792 Pension and Other Postretirement Benefits The company follows the provisions of ASC 715, , The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (8) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for a complete discussion on compensation – retirement benefits. Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes Revenue Recognition The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (ranging from three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major 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 the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. Earnings Per Share The company follows ASC 260, Earnings Per Share Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and may at times require prepayments or other forms of collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. Stock-Based Compensation The company follows ASC 718, Compensation – Stock Compensation Comprehensive Income The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income Derivative Instruments and Hedging Activities The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. Fair Value Measurements The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data Subsequent Events The company evaluates subsequent events through the time of our filing on the date we issue financial statements. Accounting Pronouncements From time to time new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-7, 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. This new guidance was effective for the company in January 2018. The adoption of this guidance requires a retrospective approach and is not expected to have a material effect on the company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which is intended to reduce the diversity in practice related to the presentation of restricted cash in the statement of cash flows. This new guidance is effective for the company in January 2018. The company has early adopted this standard as of December 2017. The company has applied this guidance on a retrospective basis without material impact on its prior year 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. This new guidance is effective for the company in January 2018. The adoption of this guidance requires a modified retrospective approach In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230 to add or clarify guidance on the classification of certain specific types of cash receipts in the statement of cash flows with the intent of reducing diversity in practice. This new guidance is effective for the company in January 2018. The adoption of this guidance requires a retrospective approach and is not expected to have a material effect on the company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under this new guidance an entity recognizes all excess tax benefits and deficiencies as income tax expense or benefit in the income statement. The company adopted this new guidance in April 2017. The adoption of this guidance did not have a material effect on the company’s consolidated financial statements. 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. The revised guidance requires reporting entities to recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. Additionally, the company’s vessel contracts may contain a lease component and if so the company would then recognize a portion of its revenue related to that contract as lease revenue. Non-lease components will be recognized in accordance with ASU 2014-09. The new guidance is effective for the company in January 2019. The company expects to use the modified retrospective approach for adoption and is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities be classified as non-current on the balance sheet. No prior periods would be retrospectively adjusted. The company adopted this new guidance in April 2017. The adoption of this guidance did not have a material effect on the company’s 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 will require entities to recognize the amount of revenue to which it expects to be entitled for the transfer of goods and services. This new revenue standard will be effective for the company in January 2018 and will be adopted using the modified retrospective approach. The company has determined that in instances where mobilization revenue (fees paid by a customer for the relocation of a vessel prior to the start of a charter contract) is a component of vessel charter contracts, the company should defer that revenue as a liability and recognize it consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the life of the vessel’s charter. The company has also evaluated the impact of adopting this standard on January 1, 2018, and determined that there would be an immaterial adjustment to the beginning accumulated deficit for deferred mobilization and demobilization revenue. T he necessary changes to the company’s business processes, systems and controls to support recognition and disclosure of this ASU upon adoption on January 1, 2018 have been implemented. |
CHAPTER 11 PROCEEDINGS AND EMER
CHAPTER 11 PROCEEDINGS AND EMERGENCE | 9 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
CHAPTER 11 PROCEEDINGS AND EMERGENCE | (2) CHAPTER 11 PROCEEDINGS AND EMERGENCE On July 31, 2017, the company and certain of its subsidiaries that had been named as additional debtors in the Chapter 11 proceedings emerged from bankruptcy after successfully completing its 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 the Petition Date to the Effective Date, the Debtors operated as "debtors-in-possession" in accordance with applicable provisions of the Bankruptcy Code. The company operated in the ordinary course of business pursuant to motions filed by the Debtors and granted by the Bankruptcy Court. Upon emergence of the company from bankruptcy: • The lenders under the company’s 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 the company 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 “New Secured Notes”). • The company’s existing shares of common stock were cancelled. Existing common stockholders of the company 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 the company’s subsidiaries to engage in U.S. coastwise trade, the number of shares of the company’s 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 the company 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 the company’s business. Generally, the New Creditor Warrants are exercisable immediately at a nominal exercise price, subject to restrictions contained in the Warrant Agreement between the company and the warrant agent regarding the New Creditor Warrants designed to assure the company’s continuing eligibility to engage in coastwise trade under the Jones Act that prohibit the exercise of such warrants where such exercise would cause the total number of shares held by non-U.S. citizens to exceed 24%. The company has established, under its charter and through Depository Trust Corporation (DTC), appropriate measures to assure compliance with these ownership limitations. • The undisputed claims of other unsecured creditors such as customers, employees, and vendors, were paid in full in the ordinary course of business (except as otherwise agreed among the parties). As of July 31, 2017, the date of the company’s emergence from Chapter 11 bankruptcy (the “Effective Date”), the company 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 New 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. The company 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 | 9 Months Ended |
Dec. 31, 2017 | |
Fresh Start Balance Sheet [Abstract] | |
FRESH-START ACCOUNTING | (3) FRESH-START ACCOUNTING Upon the company's emergence from Chapter 11 bankruptcy, the company 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 (2), "Chapter 11 Proceedings and Emergence," for the terms of the Plan. Fresh-start accounting requires the company to present its assets, liabilities, and equity as if it 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 the company’s consolidated financial statements and resulted in the company 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, the company was 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 the company's individual assets and liabilities based on their estimated fair values. Enterprise value, which is the basis for deriving Reorganization Value, represents the estimated fair value of an entity’s capital structure which generally consists of long term debt and shareholders’ equity. The Successor’s enterprise value was $1.050 billion, which is the mid-point of the range included in the disclosure statement of the Plan of $850 million to $1.250 billion. This enterprise value was the basis for deriving equity value of $1.055 billion, which is within the range of $743 million to $1.143 billion also included in the disclosure statement of the Plan. Fair values are inherently subject to significant uncertainties and contingencies beyond the company’s control. Accordingly, there can be no assurance that the estimates, assumptions, valuations, appraisals and financial projections will be realized, and actual results could vary materially. Moreover, the market value of the company’s common stock subsequent to its emergence from bankruptcy may differ materially from the equity valuation derived for accounting purposes. For purposes of estimating the fair value of the company's vessels the company 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, the company used a combination of asset, income, and market-based approaches. See further discussion below in the "Fresh-start accounting adjustments" Although the company believes 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 the company’s 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 the company’s Enterprise Value to its 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 425,962 Reorganization value of Successor assets $ 1,934,635 Consolidated Balance Sheet The following presents the effects on the company's 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 the company's assumptions and methods used to determine fair value for its 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 - (1,744,672 ) (14 ) 881,176 Other assets 92,674 - (46,270 ) (15 ) 46,404 Total assets $ 3,884,669 (135,245 ) (1,814,789 ) 1,934,635 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 67,487 - (4,107 ) (17 ) 63,380 Liabilities subject to compromise 2,326,122 (2,326,122 ) (6 ) - - Total liabilities 2,745,764 (1,873,929 ) 5,716 877,551 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 965,164 854,854 (9 ) (1,820,018 ) (19 ) - Accumulated other comprehensive loss (12,779 ) - 12,779 (20 ) - Total stockholders' equity 1,123,964 1,738,684 (1,807,239 ) 1,055,409 Noncontrolling interests 14,941 - (13,266 ) (21 ) 1,675 Total equity 1,138,905 1,738,684 (1,820,505 ) 1,057,084 Total liabilities and equity $ 3,884,669 (135,245 ) (1,814,789 ) 1,934,635 Reorganization Adjustments (1) The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan described in Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K. (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, the company 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 New 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% New 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 the company's 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, the company 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, the company 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 the company's 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 New 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 | 9 Months Ended |
Dec. 31, 2017 | |
Reorganizations [Abstract] | |
REORGANIZATION ITEMS | (4) REORGANIZATION ITEMS ASC 852 requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. The company uses “Reorganization items” on its consolidated statements of earnings (loss) 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 | 9 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED COMPANIES | (5) INVESTMENT IN UNCONSOLIDATED COMPANIES Investments in unconsolidated affiliates, generally 50% or less owned partnerships and corporations, are accounted for by the equity method. Under the equity method, the assets and liabilities of the unconsolidated joint venture companies are not consolidated in the company’s consolidated balance sheet. Investments in, at equity, and advances to unconsolidated joint venture companies were as follows: Successor Predecessor Percentage December 31, March 31, (In thousands) Ownership 2017 2017 Sonatide Marine, Ltd. (Angola) 49% $ 26,935 45,115 DTDW Holdings, Ltd. (Nigeria) 40% 2,281 — Investments in, at equity, and advances to unconsolidated companies $ 29,216 45,115 As a result of fresh-start accounting the company’s 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 the company’s investment balance and the company’s 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 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | (6) INCOME TAXES We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Earnings before income taxes derived from United States and non-U.S. operations are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Non-U.S. $ (5,137 ) (1,603,788 ) (498,931 ) United States (31,550 ) (44,355 ) (144,683 ) $ (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 The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Computed “expected” tax expense $ (12,840 ) (576,850 ) (225,265 ) Increase (reduction) resulting from: Foreign income taxed at different rates 1,767 448,805 232,904 Uncertain tax positions (3,219 ) 4,674 3,007 Chapter 11 reorganization — 50,428 — Nondeductible transaction costs — 2,628 Transition tax 15,120 — 5,587 Valuation allowance – deferred tax assets (28,387 ) 69,278 (2,377 ) Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions 11 (822 ) (3,860 ) Foreign taxes 845 (1,342 ) (928 ) State taxes — 3 11 Other, net 1,481 1,964 — Remeasurement of deferred taxes 27,261 — (2,682 ) $ 2,039 (1,234 ) 6,397 ASU 2016-06 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. This accounting standard became effective for periods beginning on or after January 1, 2018. 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 the company’s Chapter 11 reorganization, the remaining unamortized balances associated with previous vessel transfers were reduced to zero as of December 31, 2017. In addition, any remaining U.S. vessels were pledged as collateral in accordance with the company’s revised debt agreements. Therefore, the company does not intend to execute intercompany vessel transfers in the near future and does not anticipate that the adoption of ASU 2016-06 will have a material impact on the financial statements. The effective tax rate applicable to pre-tax earnings is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Effective tax rate applicable to pre-tax earnings (5.50 %) 0.10 % (0.99 %) 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 Predecessor December 31, March 31, (In thousands) 2017 2017 Deferred tax assets: Accrued employee benefit plan costs $ 5,838 18,241 Stock based compensation 230 2,940 Net operating loss and tax credit carryforwards 3,941 14,693 Restructuring fees not currently deductible for tax purposes 3,982 — Depreciation and amortization 29,160 — Other 3,070 5,587 Gross deferred tax assets 46,221 41,461 Less valuation allowance (43,218 ) (2,327 ) Net deferred tax assets 3,003 39,134 Deferred tax liabilities: Basis difference in partnership (716 ) (17,322 ) Depreciation and amortization — (27,355 ) Section 1245 recapture (2,131 ) Other (156 ) — Gross deferred tax liabilities (3,003 ) (44,677 ) Net deferred tax assets (liabilities) $ — (5,543 ) In July 2017 the company 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)(G). 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, the company was not required to recognize this COD income currently as taxable income. Instead, the company’s 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 was approximately $806 million, of which $518 million impacted net operating losses and depreciable assets. Approximately $288 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 $47 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 $37 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 $10 million of excess COD income. The actual reduction in tax attributes does not occur until the first day of the company’s tax year subsequent to the date of emergence, or January 1, 2018. As of December 31, 2017 and March 31, 2017 the company had federal net operating loss (“NOL”) carryforwards of $215.6 million and $47.6 million, respectively. The NOL as of December 31, 2017 will be reduced by approximately $201.1 million as of January 1, 2018 in association with the company’s Chapter 11 reorganization as discussed above. The company also had foreign tax credits in the amount of $2.3 million and $2.3 million as of December 31, 2017 and March 31, 2017, respectively. The company expects its foreign tax credits will expire from 2026 to 2027. 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. The company’s 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 the value of the company as of the emergence date. The ownership changes and resulting annual limitation will result in no expiration of net operating losses and other tax attributes generated prior to the emergence date. Management assesses the available positive and negative evidence to estimate whether sufficient future U.S. taxable income will be generated to permit the use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss for financial reporting purposes of domestic corporations that was incurred over the three-year period ended December 31, 2017. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth and tax planning strategies. On the basis of this evaluation, a valuation allowance of $2.3 million as of March 31, 2017 was recorded against the company’s deferred tax asset associated with foreign tax credits as they are more likely than not to be unrealized. For the nine month period ended December 31, 2017, a valuation allowance of $43.2 was recorded against the company’s net deferred tax asset. The increase in the valuation allowance was attributable to the net operating losses generated in the current period combined with the impact of the company’s Chapter 11 reorganization which resulted in the company’s net deferred tax asset position as of December 31, 2017. The amount of the deferred tax asset considered realizable, however, 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 the company’s projections for growth and/or tax planning strategies. The company has 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 nine month period ended December 31, 2017, there is an unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries estimated to be approximately $4 million. While an assessment of the impact of the 2017 Tax Cuts and Jobs Act is still in progress, provisionally the company maintains that its investment in foreign subsidiaries and associated reinvestment of their cumulative earnings is permanent in duration. The company has the following foreign tax credit carry-forwards that expire in 2022: Successor December 31, (In thousands) 2017 Foreign tax credit carry-forwards $ 2,327 The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Tax liabilities for uncertain tax positions $ 18,279 11,751 Income tax payable 4,050 13,936 Included in the liability balances for uncertain tax positions above are $9.8 million of penalties and interest. The tax liabilities for uncertain tax positions are primarily attributable to a permanent establishment issue related to a foreign joint venture. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities. Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized are as follows: Successor December 31, (In thousands) 2017 Unrecognized tax benefit related to state tax issues $ 12,425 Interest receivable on unrecognized tax benefit related to state tax issues 54 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) $ 17,648 Additions based on tax positions related to the current year 4,853 Settlement and lapse of statute of limitations (1,108 ) Balance at March 31, 2017 (Predecessor) $ 21,393 Balance at April 1, 2017 (Predecessor) $ 21,393 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) $ 23,443 Balance at August 1, 2017 (Successor) $ 23,443 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 (2,864 ) Balance at December 31, 2017 (Successor) $ 22,282 With limited exceptions, the company is no longer subject to tax audits by United States (U.S.) federal, state, local or foreign taxing authorities for fiscal years prior to March 2014. The company has ongoing examinations by various state and foreign tax authorities and does not believe that the results of these examinations will have a material adverse effect on the company’s financial position or results of operations. 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. As of December 31, 2017, the company has not completed its accounting for the tax effects of enactment of the Tax Legislation. The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118, or SAB 118, to address the accounting and reporting of the Tax Act. SAB 118 allows companies to take a reasonable period, which should not extend beyond one year from enactment of the Tax Act, to measure and recognize the effects of the new tax law. In accordance with SAB 118, the company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that the company’s accounting for certain income tax effects of the Tax Act is incomplete but is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If the company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. For various reasons discussed further below, the company has not yet completed the accounting for the income tax effects of certain elements of the Tax Act. If the company is able to make reasonable estimates of the effects of elements for which the analysis is not yet complete, provisional adjustments were recorded. If the company is not able to make reasonable estimates of the impact of certain elements, no adjustments related to those elements were recorded and the company has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect before the Tax Act The company’s accounting for the following elements of the Tax Act is incomplete. However, the company was able to make reasonable estimates of certain effects and, therefore, recorded provisional adjustments as follows: Reduction of US federal corporate tax rate : The Tax Act reduces the corporate tax rate to 21 percent effective January 1, 2018. Therefore, the company has made a reasonable estimate of the effects on existing deferred tax balances and recognized a provisional reduction of approximately $27.3 million in the company’s net deferred tax assets before consideration of the valuation allowance. The company recorded the adjustment during the fourth quarter of 2017; however, because of an offsetting change in our valuation allowance, there was no net impact to net income during 2017 as a result of this provision. While we were able to make a reasonable estimate of the impact of the reduction in corporate rate, it may be affected by other analyses related to the Tax Act, including, but not limited to, our calculation of the one-time transition tax. One Time Transition Tax: The deemed repatriation transition tax is a tax on previously untaxed accumulated and current earnings and profits (E&P) of certain of our foreign subsidiaries. To determine the amount of the transition tax, we must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries. We were able to make a reasonable estimate of the one-time transition tax and recognized a provisional deemed dividend inclusion of $43.2 million in the US current taxable income calculation. This dividend reduced the company’s net operating loss generated in the current period by an equal and offsetting amount. As the company’s net operating losses generated in the current year were significantly larger in size than the deemed dividend, the impact was a reduction to the company’s net deferred tax assets which was completely offset with a change to the valuation allowance. Therefore, this provision did not have an impact on the company’s net income during 2017. The company is still analyzing certain aspects of the Tax Act and refining its calculations, including performing a detailed historical study on the E&P amounts used in calculating the impact of the one-time transition tax. The results of this study could potentially give rise to a new deemed dividend amount associated with the one-time transition tax which would also impact the Company’s net deferred tax asset balances and the related remeasurement of those balances. The company will complete this analysis within the measurement period in accordance with SAB 118. The company continues to evaluate the impacts of the newly enacted global intangible low-taxed income (“GILTI”) provisions which subject the company’s foreign earnings to a minimum level of tax. Because of the complexities of the new legislation, the company has not elected an accounting policy for GILTI at this time. Recent FASB guidance indicates that accounting for GILTI either as part of deferred taxes or as a period cost are both acceptable methods. Once further information is gathered and interpretation and analysis of the tax legislation evolves, the company will make an appropriate accounting method election. The base erosion anti-abuse tax (“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. We are in the process of analyzing the impact of the BEAT provision but currently do not expect it will have a material impact on our provision for income tax. |
INDEBTEDNESS
INDEBTEDNESS | 9 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
INDEBTEDNESS | (7) Summary of Debt Outstanding per Stated Maturities The following table summarizes debt outstanding based on stated maturities: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Bank loan agreement: Bank term loan due July 2019 $ — 300,000 Revolving line of credit due July 2019 — 600,000 September 2010 senior notes: 3.90% September 2010 senior notes due December 2017 — 44,500 3.95% September 2010 senior notes due December 2017 — 25,000 4.12% September 2010 senior notes due December 2018 — 25,000 4.17% September 2010 senior notes due December 2018 — 25,000 4.33% September 2010 senior notes due December 2019 — 50,000 4.51% September 2010 senior notes due December 2020 — 100,000 4.56% September 2010 senior notes due December 2020 — 65,000 4.61% September 2010 senior notes due December 2022 — 48,000 August 2011 senior notes: 4.06% August 2011 senior notes due March 2019 — 50,000 4.54% August 2011 senior notes due June 2021 — 65,000 4.64% August 2011 senior notes due June 2021 — 50,000 September 2013 senior notes: 4.26% September 2013 senior notes due November 2020 — 123,000 5.01% September 2013 senior notes due November 2023 — 250,000 5.16% September 2013 senior notes due November 2025 — 127,000 New secured notes: 8.00% New secured notes due August 2022 350,000 — New secured notes - premium 14,329 — Troms Offshore borrowings: NOK denominated notes due May 2024 14,054 14,864 NOK denominated notes due May 2024 - premium 115 — NOK denominated notes due January 2026 25,965 26,167 NOK denominated notes due January 2026 - discount (1,586 ) — USD denominated notes due January 2027 23,345 24,573 USD denominated notes due January 2027 - discount (1,678 ) — USD denominated notes due April 2027 25,463 27,421 USD denominated notes due April 2027 - discount (1,847 ) — $ 448,160 2,040,525 Less: Deferred debt issue costs — 6,401 Less: Current portion of long-term debt 5,103 2,034,124 Total long-term debt $ 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. New Secured Notes On July 31, 2017, pursuant to the terms of the Plan, the company entered into an indenture (the “Indenture”) by and among the company, 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 the company’s new 8.00% Senior Secured Notes due 2022 (the “New Secured Notes”). The New Secured Notes will mature on August 1, 2022. Interest on the New Secured Notes will accrue at a rate of 8.00% per annum payable quarterly in arrears on February 1, May 1, August 1, and November 1 of each year in cash, beginning November 1, 2017. The New Secured Notes are secured by substantially all of the assets of the company and its Guarantors. The New Secured Notes have minimum interest coverage requirement (EBITDA/Interest), for which compliance will first be measured for the twelve months ending 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 New 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 New 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 Collateral of the company or the Guarantors that is sold, transferred or otherwise disposed of by the company 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. The company is obligated to offer to repurchase the New Secured Notes at par in amounts that generally approximate 65% of asset sale proceeds as defined in the Indenture. The company maintains a restricted cash account to accumulate the net proceeds of each qualified asset sale. Per the terms of the Indenture, the company is required to offer to repurchase within 60 days of the accumulation of $10 million in the account In accordance with SEC tender offer rules, noteholders have a minimum of 20 days to respond. In the event the holders of the New Secured Notes do not accept the company’s offer to repurchase the notes the accumulated cash would become available to the company for its general use. As of December 31, 2017, the fair value (Level 2) of the New Secured Notes was $359.8 million. 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 originally 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, 2017, $25.5 million is outstanding under this agreement. In March 2015, Troms Offshore entered into a $29.5 million, U.S. dollar denominated, 12 year borrowing agreement originally scheduled to mature in January 2027. 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, 2017, $23.3 million is outstanding under this agreement. A summary of U.S. dollar denominated Troms Offshore borrowings outstanding is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 May 2015 notes Amount outstanding $ 25,463 27,421 Fair value of debt outstanding (Level 2) 25,427 27,395 March 2015 notes Amount outstanding $ 23,345 24,573 Fair value of debt outstanding (Level 2) 23,251 24,544 In January 2014, Troms Offshore entered into a 300 million Norwegian kroner (NOK) denominated, 12 year borrowing agreement originally 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, 2017, 212.5 million NOK (approximately $26 million) is outstanding under this agreement. In May 2012, Troms Offshore entered into a 204.4 million NOK denominated borrowing agreement originally scheduled to mature in May 2024. 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, 2017, 115 million NOK (approximately $14.1 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 Predecessor December 31, March 31, (In thousands) 2017 2017 January 2014 notes: NOK denominated 212,500 225,000 U.S. dollar equivalent $ 25,965 26,167 Fair value in U.S. dollar equivalent (Level 2) 25,850 26,133 May 2012 notes: NOK denominated 115,020 127,800 U.S. dollar equivalent $ 14,054 14,864 Fair value in U.S. dollar equivalent (Level 2) 14,013 14,793 At March 31, 2017, the company failed to meet certain covenants contained in the Bank Loan Agreement, the Troms Offshore Debt agreement, and the September 2013 Senior Notes, which resulted in covenant noncompliance that would have allowed the respective lenders and/or the noteholders to declare us to be in default under each of the Funded Debt Agreements, and accelerate the indebtedness thereunder. To avoid an acceleration of indebtedness of these agreements (and potentially the August 2011 and September 2010 Senior Notes) the company negotiated and obtained limited waivers from the necessary lenders and noteholders. When the final waiver expired in accordance with its terms on April 7, 2017, negotiations regarding the terms of the company’s restructuring were substantially complete. As a result of the above, all of the company’s debt was classified as current on its Consolidated Balance Sheet at March 31, 2017. Bank Loan Agreement In May 2015, the company amended and extended its existing bank loan agreement. The amended bank loan agreement was scheduled to mature in June 2019 (the “Maturity Date”) and provides for a $900 million, five-year credit facility (“credit facility”) consisting of a (i) $600 million revolving credit facility (the “revolver”) and a (ii) $300 million term loan facility (“term loan”). The company had $300 million in term loan borrowings and $600 million of revolver borrowings outstanding at March 31, 2017, which had an estimated fair market value of $168 million and $336 million, respectively. In accordance with the Plan, on the Effective Date all outstanding obligations under the revolver and term loan were cancelled. Refer to Note (2) “Chapter 11 Proceedings and Emergence” for further discussion of the terms of the company’s Chapter 11 bankruptcy and emergence. Senior Notes The determination of fair value included an estimated credit spread between our long term debt and treasuries with similar matching expirations. The credit spread was determined based on comparable publicly traded companies in the oilfield service segment with similar credit ratings. These estimated fair values were based on Level 2 inputs. September 2013 Senior Notes On September 30, 2013, the company executed a note purchase agreement for $500 million and issued $300 million of senior unsecured notes to a group of institutional investors. The company issued the remaining $200 million of senior unsecured notes on November 15, 2013. In accordance with the Plan, on the Effective Date all outstanding obligations under the September 2013 Senior Notes were cancelled. Refer to Note (2) “Chapter 11 Proceedings and Emergence” for further discussion of the terms of the company’s Chapter 11 bankruptcy and emergence. A summary of these notes is as follows: Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 500,000 Weighted average remaining life in years — 6.4 Weighted average coupon rate on notes outstanding — 4.86 % Fair value of debt outstanding — 280,000 August 2011 Senior Notes On August 15, 2011, the company issued $165 million of senior unsecured notes to a group of institutional investors. In accordance with the Plan, on the Effective Date all outstanding obligations under the August 2011 Senior Notes were cancelled. Refer to Note (2) “Chapter 11 Proceedings and Emergence” for further discussion of the terms of the company’s Chapter 11 bankruptcy and emergence. A summary of these notes is as follows: Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 165,000 Weighted average remaining life in years — 3.6 Weighted average coupon rate on notes outstanding — 4.42 % Fair value of debt outstanding — 92,400 September 2010 Senior Notes In fiscal 2011, the company completed the sale of $425 million of senior unsecured notes. The multiple series of these notes were originally issued with maturities ranging from five to 12 years. In accordance with the Plan, on the Effective Date all outstanding obligations under the September 2010 Senior Notes were cancelled. Refer to Note (2) “Chapter 11 Proceedings and Emergence” for further discussion of the terms of the company’s Chapter 11 bankruptcy and emergence. A summary of these notes is as follows: Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 382,500 Weighted average remaining life in years — 3.1 Weighted average coupon rate on notes outstanding — 4.35 % Fair value of debt outstanding — 214,200 Debt Costs The company capitalizes a portion of its interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred, net of interest capitalized are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Interest and debt costs incurred, net of interest capitalized $ 13,009 11,179 75,026 Interest costs capitalized 101 601 4,829 Total interest and debt costs $ 13,110 11,780 79,855 |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 9 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE RETIREMENT PLANS | (8) U.S. Defined Benefit Pension Plan The company has a defined benefit pension plan (pension plan) that covers certain U.S. citizen employees and other employees who are permanent residents of the United States. Benefits are based on years of service and employee compensation. In December 2009, the Board of Directors amended the pension plan to discontinue the accrual of benefits once the plan was frozen on December 31, 2010. On that date, previously accrued pension benefits under the pension plan were frozen for the approximately 60 active employees who participated in the plan. As of December 31, 2017, approximately 30 active employees are covered by this plan. This change did not affect benefits earned by participants prior to January 1, 2011. Active employees who previously accrued benefits under the pension plan continue to accrue benefits as participants in the company’s defined contribution retirement plan effective January 1, 2011. The transfer of employee benefits from a defined benefit pension plan to a defined contribution plan provided the company with more predictable retirement plan costs and cash flows. The company’s future benefit obligations and requirements for cash contributions for the frozen pension plan have also been reduced. Losses associated with the curtailment of the pension plan were immaterial. The company did not contribute to the defined benefit plan during the nine-month period ended December 31, 2017. The company contributed $3 million to the defined benefit pension plan during the twelve-month period ended March 31, 2017 and did not contribute to the plan during 2016. The company does not believe a contribution will be necessary during calendar 2018. Supplemental Executive Retirement Plan The company also offers a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under the company’s tax-qualified pension plan. A Rabbi Trust has been established for the benefit of participants in the supplemental plan. The Rabbi Trust assets, which are invested in a variety of marketable securities (but not Tidewater stock) are recorded at fair value with unrealized gains or losses included in other comprehensive income. Effective March 4, 2010, the supplemental plan was closed to new participation. The supplemental plan is a non-qualified plan and, as such, the company is not required to make contributions to the supplemental plan. The company contributed $0.1 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, the company announced that Jeffrey M. Platt had retired from his position as the Company’s President and Chief Executive Officer and resigned as a member of the Company’s board of directors (the “Board”), effective October 15, 2017. As a result of Mr. Platt’s retirement, he is expected to receive in April 2018 an approximate $9.6 million lump sum distribution in settlement of his supplemental executive retirement plan obligation. A settlement loss, which is currently estimated to be $0.5 million, will be recorded at the time of distribution. The company elected to sell its equity investments held in the rabbi trust in February 2018 in order to preserve the value of such investment in cash to be used in connection with the payment to the former CEO. In December 2017, in an attempt to reduce costs, the Board of Directors amended the supplement 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 approximately four 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 the sole discretion of the company. Investments held in a Rabbi Trust in the supplemental plan are 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 Predecessor December 31, March 31, (In thousands) 2017 2017 Investments held in Rabbi Trust $ 8,908 8,759 Obligations under the supplemental plan 32,508 29,108 The following table summarizes the unrealized (loss) gains in carrying value of the trust assets: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) 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 (other stockholders’ equity). To the extent that trust assets are liquidated to fund benefit payments, gains or losses, if any, will be recognized at that time. The company’s obligations under the supplemental plan are included in ‘accrued expenses’ and ‘other liabilities and deferred credits’ on the consolidated balance sheet. Postretirement Benefit Plan Qualified retired employees currently are covered by a program which provides limited health care and life insurance benefits. Costs of the program are based on actuarially determined amounts and are accrued over the period from the date of hire to the full eligibility date of employees who are expected to qualify for these benefits. This plan is funded through payments as benefits are required. The company eliminated the life insurance portion of its post retirement benefit effective January 1, 2018, resulting in a $1.9 million reduction in benefit obligations. Effective November 20, 2015, the company eliminated its post-65 medical coverage for all current and future retirees effective January 1, 2017. The medical coverage remains unchanged for participants under age 65. This plan amendment resulted in an additional net periodic postretirement benefit of $2 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. The company is obligated to adequately fund the trust. For the pension plan assets, the company has the following primary investment objectives: (1) closely match the cash flows from the plan’s investments from interest payments and maturities with the payment obligations from the plan’s liabilities; (2) closely match the duration of plan assets with the duration of plan liabilities and (3) enhance the plan’s investment returns without taking on undue risk by industries, maturities or geographies of the underlying investment holdings. 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. The company’s policy for the pension plan is to contribute no less than the minimum required contribution by law and no more than the maximum deductible amount. The plan does not invest in Tidewater stock. Supplemental Plan The investment policy of the supplemental plan is to assess the historical returns and risk associated with alternative investment strategies to achieve an expected rate of return on plan assets. The objectives of the plan are designed to maximize total returns within prudent parameters of risk for a retirement plan of this type. The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: Minimum Expected Rate of Return on Plan Assets Maximum Expected Rate of Return on Plan Assets Equity securities 5% 7% Debt securities 1% 3% Cash and cash equivalents 0% 1% Whereas fluctuating rates of return are characteristic of the securities markets, the investment objective of the supplemental plan is to achieve investment returns sufficient to meet the actuarial assumptions. This is defined as an investment return greater than the current actuarial discount rate assumption of 3.80%, which is subject to annual upward or downward revisions . The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: Minimum Market Value Objective for Plan Assets Maximum Market Value Objective for Plan Assets Equity securities 55% 75% Debt securities 25% 45% Percentage of debt securities allowed in below investment grade bonds 0% 20% Cash and cash equivalents 0% 10% Equity holdings shall be restricted to issues of corporations that are actively traded on the major U.S. exchanges and NASDAQ. Debt security investments may include all securities issued by the U.S. Treasury or other federal agencies and investment grade corporate bonds. When a particular asset class exceeds its minimum or maximum allocation ranges, rebalancing will be addressed upon review of the quarterly performance reports and as cash contributions and withdrawals are made. U.S. Pension and Supplemental Plan Asset Allocations The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Successor Predecessor Actual as of Actual as of Target December 31, 2017 March 31, 2017 U.S. Pension plan: Equity securities — — — Debt securities 100 % 98 % 98 % Cash and other — 2 % 2 % Total 100 % 100 % 100 % Supplemental plan: Equity securities 65 % 59 % 59 % Debt securities 35 % 38 % 37 % Cash and other — 3 % 4 % Total 100 % 100 % 100 % Significant Concentration Risks U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of December 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. The pension plan assets are primarily invested in debt securities. In the event that plan assets exceed the estimated plan liabilities for the pension plan, up to two times the difference between the plan assets and plan liabilities may be invested in equity securities, and so long as equities do not exceed 15% of the market value of the assets. Investments in foreign securities are restricted to American Depository Receipts (ADR) and stocks listed on the U.S. stock exchanges and may not exceed 10% of the equity portfolio. The current diversification policy for the supplemental plan sets forth that equity securities in any single industry sector shall not exceed 25% of the equity portfolio market value and shall not exceed 10% of the market value of the equity portfolio for equity holdings in any single corporation. Additionally, debt securities should be diversified between issuers within each sector with no one issuer comprising more than 10% of the aggregate fixed income portfolio, excluding issues of the U.S. Treasury or other federal agencies. Fair Value of Pension Plans and Supplemental Plan Assets Tidewater’s plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, with the exception of investments for which fair value is measured using the net asset value per share expedient. The fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of December 31, 2017 (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: 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 The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2017 (Predecessor): (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,770 3,770 — — — Collateralized mortgage securities 2,537 — 2,537 — — Corporate debt securities 47,871 — 47,871 — — Cash and cash equivalents 989 345 644 — — Other 1,298 100 1,198 — — Total $ 56,465 4,215 52,250 — — Accrued income 681 681 — — — Total fair value of plan assets $ 57,146 4,896 52,250 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,561 3,561 — — — Foreign stock 132 132 — — — American depository receipts 1,387 1,387 — — — Preferred American depository receipts 20 20 — — — Real estate investment trusts 76 76 — — — Debt securities: Government debt securities 1,613 832 781 — — Open ended mutual funds 1,648 — — — 1,648 Cash and cash equivalents 323 15 236 — 72 Total $ 8,760 6,023 1,017 — 1,720 Other pending transactions — — — — — Total fair value of plan assets $ 8,760 6,023 1,017 — 1,720 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 101,490 97,941 95,830 Service cost 546 393 1,182 Interest cost 1,599 1,313 3,814 Plan curtailment (432 ) — Benefits paid (2,059 ) (1,610 ) (4,895 ) Actuarial (gain) loss 2,322 3,322 2,082 Foreign currency exchange rate changes (23 ) 131 (72 ) Benefit obligation at end of the period 103,443 101,490 97,941 Change in plan assets: Fair value of plan assets at beginning of the period $ 58,148 57,146 57,174 Actual return 1,182 2,138 577 Expected return 32 16 51 Actuarial loss (217 ) (109 ) (148 ) Administrative expenses (15 ) (7 ) (27 ) Plan curtailment (100 ) — — Employer contributions 625 435 4,465 Benefits paid (2,059 ) (1,610 ) (4,895 ) Foreign currency exchange rate changes (60 ) 139 (51 ) Fair value of plan assets at end of the period 57,536 58,148 57,146 Payroll tax unrecognized in benefit obligation at end of the period 76 91 83 Unfunded status at end of the period $ (45,983 ) (43,433 ) (40,878 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (10,731 ) (1,791 ) (1,791 ) Noncurrent liabilities (35,252 ) (41,642 ) (39,087 ) Net amount recognized $ (45,983 ) (43,433 ) (40,878 ) Other Benefits Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 4,817 4,811 5,573 Service cost 29 23 81 Interest cost 75 64 201 Participant contributions 65 58 411 Plan amendment (1,861 ) — — Benefits paid (526 ) (346 ) (1,170 ) Actuarial (gain) loss 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 461 288 759 Participant contributions 65 58 411 Benefits paid (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 the projected benefit obligation and accumulated benefit obligation for the pension plans: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Projected benefit obligation $ 103,443 97,941 Accumulated benefit obligation 101,287 94,467 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, March 31, (In thousands) 2017 2017 Projected benefit obligation $ 103,443 97,941 Accumulated benefit obligation 101,287 94,467 Fair value of plan assets 57,536 57,146 Net periodic benefit cost for the pension plans and the supplemental plan include the following components: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 546 393 1,182 Interest cost 1,599 1,313 3,814 Expected return on plan assets (882 ) (691 ) (2,246 ) Administrational expenses 19 3 28 Payroll tax of net pension costs 29 — 56 Amortization of net actuarial losses 131 — 32 Recognized actuarial loss — 748 1,785 Curtailment gain (99 ) — — Net periodic pension cost $ 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 29 23 81 Interest cost 75 64 201 Amortization of prior service cost — (927 ) (4,346 ) Recognized actuarial (gain) — (335 ) (1,138 ) Net periodic postretirement benefit $ 104 (1,175 ) (5,202 ) 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 1,939 1,877 3,821 Fresh-start accounting fair value adjustment — (22,333 ) — Amortization of net (loss) gain — (748 ) (1,785 ) Total recognized in other comprehensive (income) loss, before tax $ 1,939 (21,204 ) 2,036 Net of tax 1,939 (21,204 ) 1,323 Other Benefits Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 325 207 (285 ) Prior service (cost) credit (1,861 ) — — Amortization of prior service (cost) credit — 927 4,346 Fresh-start accounting fair value adjustment — 19,055 — Amortization of net (loss) gain — 335 1,138 Total recognized in other comprehensive (income) loss, before tax $ (1,536 ) 20,524 5,199 Net of tax (1,536 ) 20,524 3,379 Amounts recognized as a component of accumulated other comprehensive income (loss) are as follows: Pension Benefits Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Unrecognized actuarial (loss) gain $ (1,939 ) — Pre-tax amount included in accumulated other comprehensive (loss) income $ (1,939 ) — Other Benefits Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Unrecognized actuarial (loss) gain $ (325 ) — Unrecognized prior service credit (cost) 1,861 — Pre-tax amount included in accumulated other comprehensive (loss) income $ 1,536 — The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ — 299 Unrecognized prior service credit (cost) — (5 ) Assumptions used to determine net benefit obligations are as follows: Pension Benefits Other Benefits Successor Predecessor Successor Predecessor December 31, March 31, December 31, March 31, 2017 2017 2017 2017 Discount rate 3.80 % 4.25 % 3.80 % 4.25 % Rates of annual increase in compensation levels N/A 3.00 % N/A N/A Assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Benefits Successor Predecessor Successor Predecessor December 31, March 31, December 31, March 31, 2017 2017 2017 2017 Discount rate 3.90 % 4.15 % 3.90 % 4.00 % Expected long-term rate of return on assets 3.70 % 4.10 % N/A N/A Rates of annual increase in compensation levels 3.00 % 3.00 % N/A N/A To develop the expected long-term rate of return on assets assumption, the company considered the current level of expected returns on various asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected return on plan assets assumption for the portfolio. Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at December 31, 2017, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: (In thousands) Year ending December 31, Pension Benefits Other Benefits 2018 $ 15,350 282 2019 5,812 301 2020 5,877 311 2021 5,966 302 2022 5,978 287 2023 – 2027 30,440 1,212 Total 10-year estimated future benefit payments $ 69,423 2,695 Health Care Cost Trends The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at December 31, 2017 for pre-65 medical and prescription drug coverage, including expected future trend rates. Pre-65 Year ending December 31, 2017: Accumulated postretirement benefit obligation 7.60 % Net periodic postretirement benefit obligation 7.60 % Ultimate health care cost trend 4.54 % Ultimate year health care cost trend rate is achieved 2038 Year ending December 31, 2018: Net periodic postretirement benefit obligation 7.45 % A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of December 31: (In thousands) 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ 10,715 9,603 Aggregate service and interest cost 208,009 188,345 Defined Contribution Plans Prior to February 2013, the company maintained the below two defined contribution plans. The plans were merged in February 2013 to provide administrative efficiencies, potential savings on service provider fees and to simplify the participant experience. Following the merger, the provisions of the two plans remained substantially similar with the exception of cost neutral changes that were approved to simplify the administration of the combined plan. Retirement Contributions All eligible U.S. fleet personnel, along with all new eligible employees of the company hired after December 31, 1995 are eligible to receive retirement contributions. Effective January 1, 2011, the active employees who participated in the now frozen defined benefit pension plan also became eligible for retirement contributions. This benefit is noncontributory by the employee, but the company contributes, in cash, 3% of an eligible employee’s compensation to a trust on behalf of the employees. The active employees who participated in the frozen defined benefit pension plan may receive an additional 1% to 8% depending on age and years of service. Company contributions vest over five years. The company ceased contributing to the employee retirement plan effective January 1, 2018. Any future employer contributions to this plan will be determined at the discretion of the company. 401(k) Savings Contribution Upon meeting various citizenship, age and service requirements, employees are eligible to participate in a defined contribution savings plan and can contribute from 2% to 75% of their base salary to an employee benefit trust. Effective January 1, 2016, the company matches, in cash, 50% of the first 8% of eligible compensation deferred by the employee. Prior to January 1, 2016, the company matched, with company stock, 50% of the first 8% of eligible compensation deferred by the employee. Company contributions vest over five years. Effective January 1, 2018, the company 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 the discretion of the company. 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Number of shares of Tidewater common stock held by 401(k) plan 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Defined contribution plans expense, net of forfeitures $ 854 871 2,660 Defined contribution plans forfeitures 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, the company 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 the company 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 the company 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. The company ceased contributing restoration compensation to eligible employees effective January 1, 2018. Any future contributions to this plan will be determined at the discretion of the company. The company also provides retirement benefits to its eligible non-U.S. citizen employees working outside their respective country of origin. Effective December 1, 2015, the company amended its existing multinational savings plan to a self-directed multinational defined contribution retirement plan (multinational retirement plan). The company subsequently removed approximately $6.4 million of plan assets and liabilities from the other assets and other liabilities and deferred credits section of the consolidated balance sheets. 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. The company matched, in cash, 50% of the first 6% of eligible compensation deferred by the employee which vests over five years. Prior to the amendment of this plan, participants could contribute 1% to 15% of their base salary and the company matched, in cash, 50% of the first 6% of eligible compensation deferred by the employee. This former plan’s company contributions vested over six years. The company ceased contributing to this retirement plan effective January 1, 2018. Any future contributions to this plan will be determined at the discretion of the company. The amounts charged to expense related to the multinational retirement plan and multinational savings plan contributions are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Multinational plan expense $ 81 67 260 The company also has a defined benefit pension plan that covers certain Norway citizen employees and other employees who are permanent residents of Norway. Benefits are based on years of service and employee compensation. As of December 31, 2017, approximately 90 active employees are covered by this plan. The company contributed a respective 2.7 million NOK and 3.6 million NOK (approximately $0.3 million and $0.4 million, respectively) to the defined benefit pension plan during the nine-month period ended December 31, 2017 and the year ended March 31, 2017, respectively. The company expects to contribute approximately 3 million NOK, or $0.4 million during calendar 2018. The preceding fair value hierarchy tables and pension plan assets and obligations tables include the Norway pension plan. The company also provides certain benefits programs which are maintained in several other countries that provide retirement income for covered employees. |
OTHER CURRENT ASSETS, OTHER ASS
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS | 9 Months Ended |
Dec. 31, 2017 | |
Other Current Assets Other Assets Accrued Expenses Other Current Liabilities And Other Non Current Liabilities And Deferred Credits [Abstract] | |
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS | (9) OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS A summary of other current assets is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Deposits $ 1,780 3,057 Reorganization related retainer payments 50 3,938 Investments held in rabbi trust (A) 8,908 — Prepaid expenses 8,392 11,414 $ 19,130 18,409 (A) The company plans to liquidate the rabbi trust (valued at $8.9 million as of December 31, 2017) in advance of paying a lump sum benefit to the former CEO in April 2018 of $9.6 million. A summary of other assets is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Recoverable insurance losses $ 2,405 10,142 Deferred income tax assets — 39,134 Investments held for savings plans and SERP 6,583 14,835 Accumulated costs of rejected vessel (B) — 48,382 Long-term deposits 16,217 15,162 Other 5,847 11,880 $ 31,052 139,535 (B) Refer to Note (14) of Notes to Consolidated Financial Statements included in Item 8 of this Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. A summary of accrued expenses is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Payroll and related payables (C) $ 17,344 10,465 Commissions payable (D) 1,898 2,143 Accrued vessel expenses 27,222 41,580 Accrued interest expense (E) 6,036 15,021 Other accrued expenses 2,306 8,912 $ 54,806 78,121 (C) Includes a $9.6 million payable related to a lump sum payment to the former CEO which is expected to be paid in April 2018. (D) Excludes $36.4 million and $34.7 million of commissions due to Sonatide at December 31, 2017 and March 31, 2017, respectively. These amounts are included in amounts due to affiliates. (E) Accrued interest as of De cember 31, 2017, reflects the company’s post-restructuring capital structure which includes debt of $448.2 million A summary of other current liabilities is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Taxes payable $ 10,326 23,497 Deferred gain on vessel sales - current (F) — 23,798 Amounts payable to holders of General Unsecured Claims (G) 8,474 — Other 893 1,134 $ 19,693 48,429 (F) Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” (G) Remaining payable to holders of General Unsecured Claims which was paid in January 2018. A summary of other liabilities and deferred credits is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Postretirement benefits liability $ 2,642 4,394 Pension liabilities 36,614 40,339 Deferred gain on vessel sales (H) — 88,923 Other 19,320 21,049 $ 58,576 154,705 (H) Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” |
STOCK-BASED COMPENSATION AND IN
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | 9 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK-BASED COMPENSATION AND INCENTIVE PLANS | (10) STOCK-BASED COMPENSATION AND INCENTIVE PLANS The company believes its stock-based compensation and incentive plans are critical to its operations and productivity. Granted under the company’s long-term incentive plans and with the authority of the Compensation Committee of the Board of Directors, the company’s employee stock option, restricted stock awards, restricted stock units (that settle in Tidewater common stock), phantom stock, and cash-based performance awards, are intended to attract, retain and provide incentives for talented employees, including officers and non-employee directors, and to align stockholder and employee interests. The long-term incentive plans allow the company to grant, on a discretionary basis, both incentive and non-qualified stock options, as well as, time and/or performance-based restricted stock and restricted stock unit awards. As discussed in greater detail under Item 7 under the heading, “Reorganization and Chapter 11 Proceedings,” the company and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy protection on May 17, 2017 to effectuate a restructuring pursuant to a Plan. As a result of the Restructuring, all of the company’s 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 the company’s 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. In addition, 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. As of December 31, 2017, the 2017 Plan is the company’s only equity incentive plan and the only type of awards outstanding under the 2017 Plan are 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Shares of common stock reserved for issuance under the plans 3,048,877 — 1,900,769 Shares of common stock available for future grants 1,891,231 — 505,221 Stock Option Awards In previous years, the company has 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, 2017. Under the terms of the plans, stock options are granted with an exercise price equal to the stock’s closing fair market value on the date of grant. Generally, options granted vest annually over a three-year vesting period measured from the date of grant. Options not previously exercised expire at the earlier of either three months after termination of the grantee’s employment or ten years after the date of grant. Upon retirement, unvested stock options are forfeited. The retiree has two years post retirement to exercise vested options. All of the stock options are classified as equity awards. The company uses the Black-Scholes option-pricing model to determine the fair value of options granted and to calculate the share-based compensation expense. Stock options were granted in the year ended March 31, 2016 and 2015 but not during the year ended March 31, 2017 or through the nine-month transition period ended December 31, 2017. The fair value and assumptions used for the stock options issued during the years ended March 31, 2016 and 2015 are as follows: 2016 2015 Weighted average fair value of stock options granted $ 3.34 $ 5.54 Risk-free interest rate 1.62 % 1.82 % Expected dividend yield 0.0 % 0.0 % Expected stock price volatility 45 % 30 % Expected stock option life 6.5 years 6.5 years The following table sets forth a summary of stock option activity of the company: Weighted-average Exercise Price Number of Shares Outstanding at March 31, 2016 (Predecessor) $ 31.73 1,777,124 Granted — — Exercised — — Expired or cancelled/forfeited 44.86 (381,576 ) Outstanding at March 31, 2017 (Predecessor) 28.14 1,395,548 Granted — — Exercised — — Expired or cancelled/forfeited 28.14 (1,395,548 ) Outstanding at July 31, 2017 (Predecessor) — — Granted — — Exercised — — Expired or cancelled/forfeited — — Outstanding at December 31, 2017 (Successor) $ — — Prior to emergence from chapter 11 bankruptcy, all outstanding stock options were cancelled. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” Additional information regarding stock options is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except number of stock options and weighted average price) December 31, 2017 July 31, 2017 March 31, 2017 Intrinsic value of options exercised — — — Number of stock options vested — — 266,311 Fair value of stock options vested $ — — 1,185 Number of options exercisable — — 999,849 Weighted average exercise price of options exercisable $ — — 34.36 Stock option compensation expense along with the reduction effect on basic and diluted earnings per share are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except per share data) 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 company has granted restricted stock units (RSUs) to key employees, including officers and non-employee directors, under the company’s incentive plan, which provides for the granting of restricted stock units to officers, non-employee directors and key employees. The company awards time-based units, where each unit represents the right to receive, at the end of a vesting period, one unrestricted share of Tidewater common stock with no exercise price. The company also awards performance-based RSUs, where each unit represents the right to receive, at the end of a vesting period, up to two shares of Tidewater common stock with no exercise price. Vesting of the various performance-based restricted stock units is based on metrics such as a three year Total Shareholder Return (TSR) as measured against a three year TSR of a defined peer group and Return on Total Capital (ROTC) for the company over a three year performance period. The company uses assumptions underlying the Black-Scholes methodology to produce a Monte Carlo simulation model to value the TSR performance-based restricted stock units. The fair value of the ROTC performance-based RSUs and time-based RSUs is based on the market price of our common stock on the date of grant. The restrictions on the time-based RSUs 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 the company meets specific targets as defined. During the restricted period, the RSUs may not be transferred or encumbered, but the recipient has the right to receive dividend equivalents on the restricted stock units, but there are no voting rights until the units vest. If dividends are declared, dividend equivalents are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. Restricted stock unit compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. All outstanding unvested restricted stock awards granted under the predecessor incentive plans vested prior to emergence from chapter 11 bankruptcy. RSUs granted 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 one year from July 31, 2017 and (ii) the RSUs granted to Larry T. Rigdon under his employment agreement for his service as the former interim president and CEO vest quarterly in equal installments from January 16, 2018 over a one year period. The following table sets forth a summary of restricted stock unit activity of the company: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at March 31, 2016 (Predecessor) $ 49.17 89,639 61.75 156,851 Granted — — — — 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 — — Granted — — — — Vested 54.48 (183 ) — — Cancelled/forfeited — — — — Non-vested balance at July 31, 2017 (Predecessor) — — — — Granted 24.40 1,203,379 — — Vested — — — — Cancelled/forfeited 24.15 (45,733 ) — — Non-vested balance at December 31, 2017 (Successor) $ 24.41 1,157,646 — — Restrictions on 418,301 time-based units outstanding at December 31, 2017 will lapse during fiscal 2018. Restricted stock unit compensation expense and grant date fair value are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of restricted stock units vested $ — 10 3,754 Restricted stock unit compensation expense 3,731 2 2,425 As of December 31, 2017, total unrecognized restricted stock unit compensation costs amounted to approximately $24.5 million, or $18.2 million net of tax. No restricted stock unit compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized restricted stock unit compensation costs will be affected by any future restricted stock unit grants and by the separation of an employee from the company who has received restricted stock units that are unvested as of their separation date. There were no modifications to the restricted stock units during the year ended March 31, 2017 and the nine months ended December 31, 2017. Phantom Stock Plan The company provides a Phantom Stock Plan to provide additional incentive compensation to key employees including officers of the company. The plan awards phantom stock units to participants who have the right to receive the value of a share of common stock in cash from the company. Participants have no voting or other rights as a shareholder with respect to any common stock as a result of participation in the phantom stock plan. The phantom shares generally have a three year vesting period from the grant date of the award provided the employee remains employed by the company during the vesting period. If dividends are declared, participants receive dividend equivalents at the same rate as dividends on the company’s common stock. As a result of the restructuring, on the Effective Date, (i) all phantom units held by officers of the company were cancelled for no value as agreed between the company and each officer 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 March 31, 2016. The following table sets forth a summary of phantom stock activity of the company: 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 March 31, 2016 (Predecessor) $ 10.83 1,599,829 Granted — — Vested 12.29 (585,426 ) Cancelled/forfeited 13.52 (68,253 ) Non-vested balance at March 31, 2017 (Predecessor) 9.74 946,150 Granted — — Vested — — '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 (B) 308.19 14,160 1.00 22,963 0.98 24,824 Balance at August 1, 2017 — — Granted — — Vested — — 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 (A) Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” (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. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” Restrictions on 34,525 time-based shares will lapse in calendar 2018. The fair value of the non-vested phantom shares at December 31, 2017 is $24.40 per unit, for time-based phantom shares, $2.38 for phantom series A warrants, and $2.08 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of phantom stock vested $ — — 7,118 Phantom stock compensation expense 94 68 467 As of December 31, 2017, total unrecognized phantom stock compensation costs amounted to $0.3 million, or $0.2 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, the company provided a Cash-based Performance Plan as additional incentive compensation to officers of the company. The plan awards units equal to cash to participants where each unit represents the right to receive, at the end of a vesting period, up to two dollars. Vesting of the various cash-based performance units (CBU) is based on metrics such as a three year TSR as measured against a three year TSR of a defined peer group and ROTC for the company over a three year performance period. The company uses assumptions underlying the Black-Scholes methodology to produce a Monte Carlo simulation model to value the TSR cash-based performance units. The fair value of the ROTC CBUs is based on the market price of our common stock on the date of grant less dividends associated with the ROTC component. The CBUs do not receive dividend equivalents. The restrictions on the CBUs lapse if the company meets specific targets as defined. Cash-based performance unit compensation costs are recognized on a straight-line basis over the vesting period, and are net of forfeitures. As a result of the restructuring all outstanding CBUs were cancelled for no value as agreed between the company and the holder. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” The following table sets forth a summary of cash-based performance plan unit activity of the company: Weighted-average Grant-Date Fair Value Performance Based Units Non-vested balance at March 31, 2016 (Predecessor) $ 1.16 7,913,716 Granted — — Vested — — Cancelled/forfeited 1.15 (179,991 ) Non-vested balance at March 31, 2017 (Predecessor) 1.16 7,733,725 Granted — — Vested — — Cancelled/forfeited 1.16 (7,733,725 ) Non-vested balance at July 31, 2017 (Predecessor) — — There are no outstanding cash-based performance units at December 31, 2017. Cash-based performance unit compensation expense and grant date fair value are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of cash-based performance units vested $ — — — Cash-based performance unit compensation expense — (1,975 ) 761 No cash-based performance plan compensation costs were capitalized as part of the costs of an asset. There were no modifications to the cash-based performance plan units during four-month period ended July 31, 2017 or the year ended March 31, 2017. Non-Employee Board of Directors Deferred Stock Unit Plan The company provided a Deferred Stock Unit Plan to its non-employee directors through the year ended March 31, 2016. The plan provided each non-employee director an annual grant of stock units having an aggregate value of $115,000 beginning in the year ended March 31, 2013 and $100,000 prior to the year ended March 31, 2013 on the date of grant. Deferred stock units were fully vested at the time of grant. If dividends were declared, dividend equivalents were paid on the stock units at the same rate as dividends on the company’s common stock and were re-invested as additional stock units. A stock unit represented the right to receive from the company the equivalent value of one share of company’s 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 the date that is 15 days following the date the participant ceases to be a director for any reason or upon a change of control of the company. The participants could elect to receive annual installments, lump sum, or a distribution commencing on an anniversary of the grant date, whichever is earlier. As noted previously, 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 outstanding deferred stock units. As a result, 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. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” The following table sets forth a summary of deferred stock unit activity of the company: Weighted-average Grant-Date Fair Value Number Of Units Balance at March 31, 2016 (Predecessor) $ 23.58 363,630 Dividend equivalents reinvested — — Retirement distribution 6.83 (12,792 ) Granted — — Balance at March 31, 2017 (Predecessor) 24.19 350,838 Dividend equivalents reinvested — — Retirement distribution 24.19 (350,838 ) Granted — — Balance at July 31, 2017 (Predecessor) — — Deferred stock unit compensation expense, which is reflected in general and administrative expenses, is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Deferred stock units compensation expense (benefit) $ — (68 ) (1,987 ) Non-Employee Board of Directors Deferred Cash Award Plan For the year ended March 31, 2017, the company provided a Deferred Cash Award Plan to its non-employee directors. The plan provided that each non-employee director was granted a cash award having an aggregate value of $97,750. The plan 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. Participants also had the option of electing a distribution made upon the earlier of the date that is 15 days following the date the participant ceased to be a director or upon a change of control of the company or distribution date commencing on an anniversary of the grant date, whichever is earlier. As noted previously, 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. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” No new awards have been issued under the Deferred Stock Unit Plan since March 31, 2017. Deferred cash award expense, which is reflected in general and administrative expenses, is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Deferred cash award expense $ — 12 978 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (11) STOCKHOLDERS’ EQUITY Common Stock The number of authorized and issued common stock and preferred stock are as follows: Successor Predecessor December 31, March 31, 2017 2017 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.10 Common stock shares issued 22,115,916 47,121,304 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 by the company during the year ended March 31, 2017, or the nine month transition period ended December 31, 2017. Dividend Program There were no dividends declared by the company during the year ended March 31, 2017, or the nine month transition period ended December 31, 2017. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive income by component, net of tax, are as follows: 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 August 1, 2017 April 1, 2017 through through Year Ended Affected line item in the (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 consolidated statements of income Realized gains on available for sale securities $ 169 106 582 Interest income and other, net Interest rate swap — — 2,353 Interest and other debt costs Total pre-tax amounts 169 106 2,935 Tax effect — — 1,027 Total gains for the period, net of tax $ 169 106 1,908 During the quarter 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. Refer to Note (7) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K, was recognized as interest expense in accordance with ASC 815. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | (12) EARNINGS PER SHARE The components of basic and diluted earnings per share, are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except share and per share data) December 31, 2017 July 31, 2017 March 31, 2017 Net loss available to common shareholders $ (39,266 ) (1,646,909 ) (660,118 ) Weighted average outstanding shares of common stock, basic (A) 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 21,539,143 47,121,330 47,071,066 Loss per share, basic (B) $ (1.82 ) (34.95 ) (14.02 ) Loss per share, diluted (C) $ (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) 7,869,553 — 1,233 (A) Basic weighted average shares outstanding includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor). (B) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (C) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. (D) For the period from August 1, 2017 through December 31, 2017, the company also had 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the period. |
SALE_LEASEBACK ARRANGEMENTS
SALE/LEASEBACK ARRANGEMENTS | 9 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
SALE/LEASEBACK ARRANGEMENTS | (13) SALE LEASBACK ARRANGEMENTS Please refer to Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form In connection with the restructuring contemplated by the Plan, the Debtors filed a motion seeking to reject all Sale Leaseback Agreements (the rejection damage claims related thereto, the “Sale Leaseback Claims”). Pursuant to an order by the Bankruptcy Court in May 2017, the Sale Leaseback Agreements for all 16 leased vessels were rejected. As of July 31, 2017, the Effective Date, the company 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 New 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. The company 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. Included in gain on asset dispositions, net for the period April 1, 2017 through July 31, 2017 (Predecessor), are $3 million of deferred gains from sale leaseback transactions 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (14) COMMITMENTS AND CONTINGENCIES Compensation Commitments Change of control agreements exist with certain of the company’s officers whereby each receives certain compensation and benefits in the event that their employment is terminated for certain reasons during a one- or two-year protected period following a change in control of the company subsequent to January 1, 2018. The maximum amount of cash compensation that could be paid under the agreements, based on present salary levels, is approximately $68 million. Vessel Commitments The company has successfully replaced substantially all of the older vessels in its fleet with fewer, larger and more efficient vessels that have a more extensive range of capabilities. These efforts are expected to continue with the delivery of the remaining vessel currently under construction. The company anticipates that it will use some portion of its available cash, or future operating cash flows in order to fund current and any future commitments in connection with the completion of the fleet renewal and modernization program. The company has previously reported that it was in a dispute with a U.S. shipyard over the construction of two 5,400 deadweight ton (DWT) deepwater platform supply vessels (PSVs). During the quarter ended March 31, 2017, the company rejected the delivery of the first PSV under construction and withheld the final contractual milestone payment. In March 2017, the shipyard filed a notice of arbitration alleging that the company was (a) in breach of contract because of its rejection of the first PSV and (b) in anticipatory breach of contract based on the shipyard's expectation that the company would reject delivery of the second PSV under construction. Further details of that dispute have been disclosed by the company in prior filings. The parties engaged in settlement negotiations and have resolved all outstanding disputes related to both vessels. The company and the shipyard entered into a settlement agreement effective November 22, 2017 to resolve all outstanding disputes associated with these vessels. Delivery of the first PSV occurred in November 2017. The final installment for the first PSV was $4.3 million (after deduction of a contractual deadweight credit). With respect to the second PSV, the company agreed to reimburse the shipyard for approximately $0.7 million of costs and expenses of third party vendors to complete construction. The second PSV, for which the vessel under construction was recorded at its estimated fair value of $7 million in conjunction with fresh start accounting as of July 31, 2017, is expected to be delivered in July 2018. The remaining installment payment for the second PSV and other related costs to complete the vessel, including the reimbursement obligation, in total, are estimated to be $4.5 million. As part of the overall settlement, the shipyard provided the company with a $0.3 million drydock credit for any future drydocking services to be provided by the shipyard to the company. The company has experienced substantial delay with one fast supply boat under construction in Brazil that was originally scheduled to be delivered in September 2009. On April 5, 2011, pursuant to the vessel construction contract, the company sent the subject shipyard a letter initiating arbitration in order to resolve disputes of such matters as the shipyard’s failure to achieve payment milestones, its failure to follow the construction schedule, and its failure to timely deliver the vessel. The company has suspended construction on the vessel and both parties continue to pursue arbitration. During 2016 the company reclassified the remaining accumulated costs of $5.6 million from construction in progress to other assets as an insurance receivable. In conjunction with the company’s bankruptcy emergence and application of fresh-start accounting as of July 31, 2017 a valuation analysis was performed to assess the likelihood and extent of the recovery of the disputed amount and as a result, the remaining insurance receivable has been valued at $1.8 million as of July 31, 2017 and December 31, 2017. The company generally requires shipyards to provide third party credit support in the event that vessels are not completed and delivered timely and in accordance with the terms of the shipbuilding contracts. That third party credit support typically guarantees the return of amounts paid by the company and generally takes the form of refundment guarantees or standby letters of credit issued by major financial institutions generally located in the country of the shipyard. While the company seeks to minimize its shipyard credit risk by requiring these instruments, the ultimate return of amounts paid by the company in the event of shipyard default is still subject to the creditworthiness of the shipyard and the provider of the credit support, as well as the company’s ability to successfully pursue legal action to compel payment of these instruments. When third party credit support that is acceptable to the company is not available or cost effective, the company endeavors to limit its credit risk by minimizing pre-delivery payments and through other contract terms with the shipyard. Sonatide Joint Venture The company has previously disclosed the significant financial and operational challenges that it confronts with respect to its substantial operations in Angola, as well as steps that the company has taken to address or mitigate those risks. Most of the company’s attention has been focused in three areas: reducing the net receivable balance due to the company from Sonatide, its Angolan joint venture with Sonangol, for vessel services; reducing the foreign currency risk created by virtue of provisions of Angolan law that require that payment for a significant portion of the services provided by Sonatide be paid in Angolan kwanza; and optimizing opportunities, consistent with Angolan law, for services provided by the company to be paid for directly in U.S. dollars. These challenges, and the company’s efforts to respond, continue. Amounts due from Sonatide (Due from affiliate in the consolidated balance sheets) at December 31, 2017 and March 31, 2017 of approximately $230 million and $263 million, respectively, represent cash received by Sonatide from customers and due to the company, amounts due from customers that are expected to be remitted to the company through Sonatide and costs incurred by the company on behalf of Sonatide. Approximately $44 million of the balance at December 31, 2017 represents invoiced but unpaid vessel revenue related to services performed by the company through the Sonatide joint venture. Remaining amounts due to the company from Sonatide are, in part, supported by approximately $81 million of cash (primarily denominated in Angolan kwanzas) held by Sonatide that is pending conversion into U.S. dollars and the subsequent expatriation of such funds. In addition, the company owes Sonatide the aggregate sum of approximately $99 million, including $36 million in commissions payable by the company to Sonatide. The company monitors the aggregate amounts due from Sonatide relative to the amounts due to Sonatide. For the period from April 1, 2017 through July 31, 2017, the company collected (primarily through Sonatide) approximately $22 million from its Angolan operations. Of the $22 million collected, approximately $19 million were U.S. dollars received by Sonatide on behalf of the company or U.S. dollars received directly by the company from customers. The balance of $3 million collected reflects Sonatide’s conversion of Angolan kwanza into U.S. dollars and the subsequent expatriation of the dollars and payment to the company. The company also reduced the net due from affiliate and due to affiliate balances by approximately $21 million during the year ended March 31, 2017 through netting transactions based on an agreement with the joint venture. For the period from August 1, 2017 through December 31, 2017, the company collected (primarily through Sonatide) approximately $21 million from its Angolan operations. Of the $21 million collected, approximately $20 million were U.S. dollars received by Sonatide on behalf of the company or U.S. dollars received directly by the company from customers. The balance of $1 million collected reflects Sonatide’s conversion of Angolan kwanza into U.S. dollars and the subsequent expatriation of the dollars and payment to the company. The company also reduced the net due from affiliate and due to affiliate balances by approximately $33 million during the period from August 1, 2017 through December 31, 2017 through netting transactions based on an agreement with the joint venture. The company believes that the process for converting Angolan kwanzas continues to function, but the relative scarcity of U.S. dollars in Angola continues to hinder the conversion process. Sonatide continues to press the commercial banks with which it has relationships to increase the amount of U.S. dollars that are made available to Sonatide. For the period from April 1, 2017 through July 31, 2017, the company’s Angolan operations generated vessel revenues of approximately $34 million, or 23%, of its 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 period from August 1, 2017 through December 31, 2017, the company’s Angolan operations generated vessel revenues of approximately $34 million, or 20%, of its 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 twelve months ended March 31, 2017, the company’s Angolan operations generated vessel revenues of approximately $127 million, or 22%, of consolidated vessel revenue, from an average of approximately 58 company-owned vessels (20 of which were stacked on average during the twelve months ended March 31, 2017). Sonatide owns seven vessels (four of which are currently stacked) and certain other assets, in addition to earning commission from company-owned vessels marketed through the Sonatide joint venture (owned 49% by the company). As of December 31, 2017 and March 31, 2017, the carrying value of the company’s investment in the Sonatide joint venture, which is included in “Investments in, at equity, and advances to unconsolidated companies,” was approximately $27 million and $45 million, respectively. As a result of fresh-start accounting the company’s investment in Sonatide was assigned a fair value based on the discounted cash flows of Sonatide’s operations. This resulted in a difference between the carrying value of the company’s investment balance and the company’s share of the net assets of the joint venture companies as of July 31, 2017 of approximately $28 million which will be amortized over ten years. Management continues to explore ways to profitably participate in the Angolan market while evaluating opportunities to reduce the overall level of exposure to the increased risks that the company believes characterize the Angolan market. Included among mitigating measures taken by the company to address these risks is the redeployment of vessels from time to time to other markets. Redeployment of vessels to and from Angola during the period from April 1, 2017 through July 31, 2017, during the period from August 1, 2017 through December 31, 2017, and year ended March 31, 2017 has resulted in a net three, three and 22 vessels transferred out of Angola, respectively. Brazilian Customs In April 2011, two Brazilian subsidiaries of the company were company After consultation with its Brazilian tax advisors, the company believes that the assessment is without legal justification and that the Macae Customs Office has misinterpreted applicable Brazilian law on duties and customs. The company is vigorously contesting these fines (which it has neither paid nor accrued ). Based and deposited 6 million Brazilian reais (approximately $1.8 million as of December 31, 2017) with the court. The 6 million Brazilian reais deposit represents the amount of the award and the substantial interest that would be due if the company did not prevail in this court action. The court action is in its initial stages. Repairs to U.S. Flagged Vessels Operating Abroad During fiscal 2015 the company became aware that it may have had compliance deficiencies in documenting and declaring upon re-entry to the U.S. certain foreign purchases for or repairs to U.S. flagged vessels while they were working outside of the U.S. When a U.S. flagged vessel operates abroad, certain foreign purchases for or repairs made to the U.S. flagged vessel while it is outside of the U.S. are subject to declaration with U.S. Customs and Border Protection (CBP) upon re-entry to the U.S. and are subject to 50% vessel repair duty. During our examination of our filings made in or prior to fiscal 2015 with CBP, we determined that it was necessary to file amended forms with CBP to supplement previous filings. We have amended several vessel repair entries with CBP and have paid additional vessel repair duties and interest associated with these amended forms. We continue to review and evaluate the return of other U.S. flagged vessels to the U.S. to determine whether it is necessary to adjust our responses in any of those instances. To the extent that further evaluation requires us to file amended entries for additional vessels, we do not yet know the final magnitude of duties, civil penalties, fines and interest associated with amending the entries for these vessels. It is also possible that CBP may seek to impose civil penalties, fines or interest in connection with amended forms already submitted. Currency Devaluation and Fluctuation Risk Due to the company’s international operations, the company is exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that the company is at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, the company attempts to contract a significant majority of its services in U.S. dollars. In addition, the company attempts to minimize the financial impact of these risks by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. The company continually monitors the currency exchange risks associated with all contracts not denominated in U.S. dollars. Discussions related to the company’s Angolan operations are disclosed in Note (14) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K. Legal Proceedings Arbitral Award for the Taking of the Company’s Venezuelan Operations On December 27, 2016, the annulment committee formed under the rules of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) issued a decision on the Bolivarian Republic of Venezuela’s (“Venezuela”) application to annul the award rendered by an ICSID tribunal on March 13, 2015. As previously reported, the award granted two subsidiaries of the Company (the “Claimants”) compensation for Venezuela’s expropriation of their investments in that country. The nature of the investments expropriated and the progress of the ICSID proceeding were previously reported by the company in prior filings. The annulment committee’s decision reduced the total compensation awarded to the Claimants to $36.4 million. That compensation is accruing interest at an annual rate of 4.5% compounded quarterly from May 8, 2009 to the date of payment of that amount ($17.1 million as of December 31, 2017). The annulment committee also left undisturbed the portion of the award that granted the Claimants $2.5 million in legal fees and other costs related to the arbitration. The reduction of $10 million in compensation from the earlier award of $46.4 million represents that portion of the tribunal’s award that the annulment committee determined had not been properly explained by the tribunal’s analysis. The final aggregate award is therefore $56.1 million as of December 31, 2017. The award for that amount is immediately enforceable and not subject to any further stay of enforcement. The annulment committee’s decision is not subject to any further ICSID review, appeal or other substantive proceeding. The company is committed to taking appropriate steps to enforce and collect the award, which is enforceable in any of the 150 member states that are party to the ICSID Convention. As an initial step, the company had the award recognized and entered in March 2015 as a judgment by the United States District Court for the Southern District of New York. A recent federal court of appeals decision resulted in that judgment being vacated for reasons related to service of process. The company has already initiated a separate court action in Washington, D.C. using a different service of process method and expects to be successful in having the award recognized in the Washington, D.C. court. In addition, the award has been recognized and entered in November 2016 as a final judgment of the High Court of Justice of England and Wales. Even with the likely eventual recognition of the award in the United States and the current recognition by the court in the United Kingdom, the company recognizes that collection of the award may present significant practical challenges. The company is accounting for this matter as a gain contingency, and will record any such gain in future periods if and when the contingency is resolved, in accordance with ASC 450 Contingencies . Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on the company’s financial position, results of operations, or cash flows. |
FAIR VALUE MEASUREMENTS AND DIS
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND DISCLOSURES | (15) FAIR VALUE MEASUREMENTS AND DISCLOSURES Assets and Liabilities Measured at Fair Value on a Recurring Basis Other Financial Instruments The company’s primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities, currency commitments, or to lock in desired interest rates. These transactions are generally spot or forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company enters into derivative instruments only to the extent considered necessary to address its risk management objectives and does not use derivative contracts for speculative purposes. The derivative instruments are recorded at fair value using quoted prices and quotes obtainable from the counterparties to the derivative instruments. Cash Equivalents The company’s cash equivalents, which are securities with maturities less than 90 days, are held in money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. Spot Derivatives . Spot derivative financial instruments are short-term in nature and generally settle within two business days. The fair value of spot derivatives approximates the carrying value due to the short-term nature of this instrument, and as a result, no gains or losses are recognized. The company did not have any foreign currency spot contracts as of December 31, 2017. The company had six outstanding foreign exchange spot contracts at March 31, 2017, which had a notional value of $1.5 million the last of which settled April 4, 2017. Forward Derivatives . Forward derivative financial instruments are generally longer-term in nature but generally do not exceed one year. The accounting for gains or losses on forward contracts is dependent on the nature of the risk being hedged and the effectiveness of the hedge. Forward contracts are valued using counterparty quotations, and we validate the information obtained from the counterparties in calculating the ultimate fair values using the market approach and obtaining broker quotations. As such, these derivative contracts are classified as Level 2. At December 31, 2017 and March 31, 2017, the company had no remaining forward contracts outstanding. The combined change in fair value of the Norwegian kroner (NOK) forward contracts settled during the twelve months ended March 31, 2017 was $0.7 million, all of which was recorded as a foreign exchange loss because the forward contracts did not qualify as hedge instruments. All changes in the fair value of the settled forward contracts were recorded in earnings. The following table provides the fair value hierarchy for the company’s 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 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2017: Predecessor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 664,412 664,412 — — Total fair value of assets $ 664,412 664,412 — — |
GAIN ON DISPOSITION OF ASSETS,
GAIN ON DISPOSITION OF ASSETS, NET | 12 Months Ended |
Mar. 31, 2017 | |
Gain Loss On Disposition Of Assets [Abstract] | |
GAIN ON DISPOSITION OF ASSETS, NET | (16) GAIN ON DISPOSITION OF ASSETS, NET The company seeks opportunities to dispose its older vessels when market conditions warrant and opportunities arise. As such, vessel dispositions vary from year to year, and gains on sales of assets may also fluctuate significantly from period to period. The majority of the company’s vessels are sold to buyers who do not compete with the company in the offshore energy industry. The number of vessels disposed along with the gain on the dispositions, are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except number of vessels disposed) December 31, 2017 July 31, 2017 March 31, 2017 Gain (loss) on vessels disposed $ (163 ) 509 (102 ) Number of vessels disposed 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 (13) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for additional information regarding the company’s rejection of its 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 | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS | (17) SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS The company follows the disclosure requirements of ASC 280, Segment Reporting. The company previously managed and measured business performance in four distinct operating segments: Americas, Asia/Pacific, Middle East and Africa/Europe. In conjunction with the company’s emergence from bankruptcy on July 31, 2017 the company combined operations in its legacy Middle East and Asia/Pacific segments into a single Middle East/Asia Pacific segment. The company’s Americas and Africa/Europe segments were not affected by this change. This new segment alignment is consistent with how the company’s chief operating decision maker reviews operating results for the purposes of allocating resources and assessing performance. The Predecessor period from April 1, 2017 through July 31, 2017, and the year ended March 31, 2017 have been recast to conform to the new segment alignment. The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Revenues: Vessel revenues: Americas $ 45,784 40,848 239,843 Middle East/Asia Pacific 39,845 36,313 114,618 Africa/Europe 86,255 69,436 229,355 171,884 146,597 583,816 Other operating revenues 6,869 4,772 17,795 $ 178,753 151,369 601,611 Vessel operating profit (loss): Americas $ (1,599 ) (22,549 ) 18,873 Middle East/Asia Pacific 451 (1,434 ) (25,310 ) Africa/Europe 811 (21,508 ) (51,395 ) (337 ) (45,491 ) (57,832 ) Other operating profit (loss) 1,614 876 (1,548 ) 1,277 (44,615 ) (59,380 ) Corporate general and administrative expenses (A) (14,823 ) (17,542 ) (55,389 ) Corporate depreciation (166 ) (704 ) (2,456 ) Corporate expenses (14,989 ) (18,246 ) (57,845 ) Gain on asset dispositions, net 6,616 3,561 24,099 Asset impairments (16,777 ) (184,748 ) (484,727 ) Operating loss (23,873 ) (244,048 ) (577,853 ) Foreign exchange loss (407 ) (3,181 ) (1,638 ) Equity in net earnings of unconsolidated companies 2,130 4,786 5,710 Interest income and other, net 2,771 2,384 5,193 Reorganization items (4,299 ) (1,396,905 ) — Interest and other debt costs (13,009 ) (11,179 ) (75,026 ) Loss before income taxes $ (36,687 ) (1,648,143 ) (643,614 ) Depreciation and amortization: Americas $ 5,767 13,945 48,814 Middle East/Asia Pacific 4,716 9,967 40,849 Africa/Europe 8,861 21,692 70,742 19,344 45,604 160,405 Other 827 1,139 4,430 Corporate 166 704 2,456 $ 20,337 47,447 167,291 Additions to properties and equipment: Americas $ 144 27 93 Middle East/Asia Pacific 2,596 1,042 1,612 Africa/Europe 195 375 743 2,935 1,444 2,448 Corporate 6,899 821 28,099 $ 9,834 2,265 30,547 Total assets (B): Americas $ 164,958 714,891 779,778 Middle East/Asia Pacific 48,268 424,896 583,385 Africa/Europe 1,035,456 1,875,371 1,897,355 1,248,682 3,015,158 3,260,518 Other 2,443 20,392 21,580 1,251,125 3,035,550 3,282,098 Investments in and advances to unconsolidated companies 29,216 49,367 45,115 1,280,341 3,084,917 3,327,213 Corporate (C) 465,839 799,752 863,486 $ 1,746,180 3,884,669 4,190,699 (A) 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 the company’s 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. 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Revenue by vessel class: (In thousands): % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue Americas fleet: Deepwater $ 26,860 16 % 21,617 15 % 171,334 29 % Towing-supply 13,835 8 % 15,021 10 % 56,561 10 % Other 5,089 3 % 4,210 3 % 11,948 2 % Total $ 45,784 27 % 40,848 28 % 239,843 41 % Middle East/Asia Pacific fleet: Deepwater $ 14,792 9 % 13,368 9 % 35,526 6 % Towing-supply 25,053 14 % 22,945 16 % 79,092 13 % Other — — — — — — Total $ 39,845 23 % 36,313 25 % 114,618 19 % Africa/Europe fleet: Deepwater $ 42,335 24 % 29,746 20 % 102,374 18 % Towing-supply 35,497 21 % 35,143 24 % 102,732 18 % Other 8,423 5 % 4,547 3 % 24,249 4 % Total $ 86,255 50 % 69,436 47 % 229,355 40 % Worldwide fleet: Deepwater $ 83,987 49 % 64,731 44 % 309,234 53 % Towing-supply 74,385 43 % 73,109 50 % 238,385 41 % Other 13,512 8 % 8,757 6 % 36,197 6 % Total $ 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Chevron Corporation 17.4 % 17.5 % 16.3 % Freeport McMoRan (A) — — 11.3 % Saudi Aramco 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
QUARTERLY FINANCIAL DATA | 9 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | (18) QUARTERLY FINANCIAL DATA (UNAUDITED) Selected financial information for interim periods, is as follows: 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 Operating income (loss) (B) (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 ) Predecessor Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, September 30, December 31, March 31, (In thousands except per share data) 2016 2016 2016 2017 Year Ended March 31, 2017 Revenues (A) $ 167,925 143,722 129,215 160,749 Operating income (loss) (B) (66,135 ) (155,344 ) (287,034 ) (69,340 ) Net loss attributable to Tidewater Inc. (89,097 ) (178,490 ) (297,676 ) (94,855 ) Basic loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Diluted loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) (A) Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. (B) Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, are as follows: Successor Predecessor Period from Period from Quarter Ended August 1, 2017 July 1, 2017 Quarter Ended December 31, through through June 30, (In thousands) 2017 September 30, 2017 July 31, 2017 2017 Nine Month Transition Period Ended December 31, 2017: Asset impairments $ 16,777 — 21,325 163,423 Predecessor Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, September 30, December 31, March 31, (In thousands except per share data) 2016 2016 2016 2017 Year Ended March 31, 2017 Asset impairments $ 36,886 129,562 253,422 64,857 |
ASSET IMPAIRMENTS
ASSET IMPAIRMENTS | 9 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
ASSET IMPAIRMENTS | (19) ASSET IMPAIRMENTS Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, and actual recent sales of similar vessels, among others. For vessels with more significant carrying values, we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers for use in our determination of fair value estimates. Due in part to the modernization of the company’s fleet, more vessels that are being stacked are newer vessels that are expected to return to active service. Stacked vessels expected to return to active service are generally newer vessels, have similar capabilities and likelihood of future active service as other currently operating vessels, are generally current with classification societies in regards to their regulatory certification status, and are being actively marketed. Stacked vessels expected to return to service are evaluated for impairment as part of their assigned active asset group and not individually. The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. Similar to stacked vessels, management obtains estimates of the fair values of the active vessels from third party appraisers or brokers for use in determining fair value estimates. During the five month period from August 1, 2017 through December 31, 2017 (Successor), the company recognized $14.4 million of impairment charges on five vessels that were stacked. The fair value of vessels in the stacked fleet incurring impairment during the period from August 1, 2017 through December 31, 2017 (Successor) was $8.8 million (after having recorded impairment charges). During the five month period from August 1, 2017 through December 31, 2017 (Successor), there were no impairments related to active vessels. During the four month period from April 1, 2017 through July 31, 2017 (Predecessor), the company recognized $157.8 million of impairment charges on 73 vessels that were stacked. The fair value of vessels in the stacked fleet incurring impairment during the period from April 1, 2017 through July 31, 2017 (Predecessor) was $505.6 million (after having recorded impairment charges). During the four month period from April 1, 2017 through July 31, 2017 (Predecessor), the company recognized $26.9 million of impairments on six vessels in the active fleet. The fair value of vessels in the active fleet incurring impairment during the period from April 1, 2017 through July 31, 2017 (Predecessor) 2017 was $66.2 million (after having recorded 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Number of vessels impaired during the period 5 79 132 Number of ROVs impaired during the period — — 8 Amount of impairment incurred (A) $ 16,777 184,748 484,727 Combined fair value of assets incurring impairment after having recorded impairment charges 8,763 571,821 933,068 (A) The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. Please refer to Note (1) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for a discussion of the company’s accounting policy for accounting for the impairment of long-lived assets. |
TRANSITION PERIOD COMPARATIVE D
TRANSITION PERIOD COMPARATIVE DATA | 9 Months Ended |
Dec. 31, 2017 | |
Income Statement [Abstract] | |
TRANSITION PERIOD COMPARATIVE DATA | (20) TRANSITION PERIOD COMPARATIVE DATA The following table presents certain financial information for the nine months 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | ( 21) SUBSEQUENT EVENTS Angolan Kwanza Devaluation In January and February 2018, the exchange rate of the Angolan kwanza versus the U.S. dollar devalued from a ratio of approximately 168 to 1 to a ratio of approximately 213 to 1, or approximately 27%. Depending on Angolan kwanza denominated balance sheet account balances at December 31, 2017, Sonatide could recognize a further exchange loss estimated to be approximately $28 million. The company would recognize 49% of the total foreign exchange loss recorded by Sonatide, or approximately $14 million through equity in net earnings (losses) of unconsolidated companies. New Secured Notes Tender Offer On February 2, 2018, the company commenced an offer to purchase (the “Offer”) up to $24,700,276 aggregate principal amount (the “Offer Amount”) of its outstanding 8.00% senior secured notes due 2022 (the “Notes”) for cash. The Offer expired at 5:00 p.m., New York City time on March 6, 2018. The Offer was made pursuant to Section 4.04 of that certain indenture dated as of July 31, 2017, among the company, each of the guarantors party thereto, and Wilmington Trust, National Association, as Trustee and Collateral Agent (the “Indenture”) governing the Notes, which requires the company to make cash offers to the registered or beneficial holders (the “Holders” and each, a “Holder”) of the Notes within 60 days of the date that the net proceeds realized by the company from Asset Sales (as defined in the Indenture) exceed $10 million (the “Asset Sale Threshold”). The Notes were issued on July 31, 2017. Since the issuance of the Notes, the company conducted certain Asset Sales. On December 19, 2017, the aggregate net proceeds realized from such Asset Sales exceeded the Asset Sale Threshold, which triggered the obligation under the Indenture for the company to commence the Offer. On March 7, 2018, we purchased $46,023 aggregate principal amount of the Notes that were validly tendered and not withdrawn in accordance with the terms and conditions of the Offer. Holders who timely and validly tendered their Notes received consideration of $1.00 per $1.00 principal amount of Notes, plus accrued and unpaid interest on those Notes to, but excluding the settlement date, in accordance with the terms of the Offer. The aggregate principal amount of tendered and accepted Notes was less than the Offer Amount. Cash in an amount equal to the difference between the Offer Amount and the principal amount of the Notes accepted for tender (or $24.7 million), is now available for use by the company in any manner not prohibited by the Indenture. If, after the date of the last offer to purchase Notes from Holders, excess proceeds from Asset Sales by the company once again exceed the Asset Sale Threshold, the company will be required to conduct an offer to purchase Notes from the Holders within 60 days of the date the Asset Sale Threshold was exceeded; however, the company is not required to conduct an offer to purchase Notes from Holders earlier than six months after the last offer to purchase. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 9 Months Ended |
Dec. 31, 2017 | |
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 (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 SUMM31
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. The company’s revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet. Like other energy service companies, the level of the company’s business activity is driven by the level of drilling and exploration activity by our customers. Our customers’ activity, in turn, is dependent on crude oil and natural gas prices, which fluctuate depending on respective levels of supply and demand for crude oil and natural gas. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation. |
Change to Fiscal Year End | Change to Fiscal Year End On September 12, 2017, the Board of Directors approved changing the company’s fiscal year from a fiscal year ending on March 31 to a fiscal year ending on December 31, beginning with the period ending December 31, 2017. This Transition Report on Form 10-K covers the period from April 1, 2017 to December 31, 2017, which is the period between the close of the company’s immediately prior fiscal year and the opening date of the company’s newly selected fiscal year. |
Fresh Start Accounting | Fresh Start Accounting Upon emergence from Chapter 11 bankruptcy, the company adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) 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 the financial position and results of operations of the company through July 31, 2017. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for doubtful accounts, useful lives of property and equipment, income tax provisions, impairments, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the particular circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates. |
Cash Equivalents | Cash Equivalents The company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Restricted Cash | Restricted Cash The company considers 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 the company’s 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 are 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 the company’s 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 recertification 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 recertification of vessels are deferred and amortized over 30 months on a straight-line basis. The company’s previous policy (Predecessor) was to expense vessel recertification costs in the period incurred. Maintenance costs incurred at the time of the recertification drydocking that are not related to the recertification 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 Predecessor December 31, March 31, (In thousands) 2017 2017 Properties and equipment: Vessels and related equipment $ 850,268 $ 3,407,760 Other properties and equipment 5,710 69,670 855,978 3,477,430 Less accumulated depreciation and amortization 18,458 612,668 Net properties and equipment $ 837,520 $ 2,864,762 Successor Predecessor December 31, March 31, 2017 2017 Number Of Vessels (B) Carrying Value Number Of Vessels (B) Carrying Value (In (In Owned vessels in active service 138 $ 632,978 143 $ 1,990,049 Stacked vessels 89 189,710 101 793,606 Marine equipment and other assets under construction 9,501 53,611 Other property and equipment (A) 5,331 27,496 Totals 227 $ 837,520 244 $ 2,864,762 (A) Other property and equipment at March 31, 2017 includes eight remotely operated vehicles, all of which were sold in December 2017. (B) Vessel count excludes vessels operated under sale leaseback agreements. The company considers a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed on the vessel. The company reduces operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are added to this list when market conditions warrant and they are removed from this list when they are returned to active service, sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to service by performing any necessary maintenance on the vessel and returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered to be in service and are included in the calculation of the company’s utilization statistics. Stacked vessels at December 31, 2017 and March 31, 2017 had an average age of 11.0 and 11.5 years, respectively. All vessels are classified in the company’s consolidated balance sheets in Properties and Equipment. No vessels are classified as held for sale because no vessel meets the criteria. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company reviews the vessels in its active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. The company estimates cash flows based upon historical data adjusted for the company’s best estimate of expected future market performance, which, in turn, is based on industry trends. If an asset group fails the undiscounted cash flow test, the company estimates the fair value of each asset group and compares such estimated fair value, considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures, to the carrying value of each asset group in order to determine if impairment exists. If an asset group fails the undiscounted cash flow test, management derives the fair value of the asset group by estimating the fair value for each vessel in the group, considering items such as age, vessel class supply and demand, and recent sales of similar vessels among other factors and for vessels with more significant carrying values we may obtain third-party appraisals for use by management in determining a vessel’s fair value. If impairment exists, the carrying value of the asset group is reduced to its estimated fair value. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average 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 have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although the company believes its assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As the company’s fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation. In addition to the periodic review of its active long-lived assets for impairment when circumstances warrant, the company also performs a review of its stacked vessels not expected to return to active service whenever changes in circumstances indicate that the carrying amount of a stacked vessel may not be recoverable. Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For vessels with more significant carrying values, we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers for use in our determination of fair value estimates. The company records an impairment charge when the carrying value of a stacked vessel not expected to return to active service exceeds its estimated fair value. The estimates of fair value of stacked vessels are also subject to significant variability, are sensitive to changes in market conditions, and are reasonably likely to change in the future. Refer to Note (19) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for a discussion on asset impairments. |
Accrued Property and Liability Losses | Accrued Property and Liability Losses The company’s insurance subsidiary establishes case-based reserves for estimates of reported losses on direct business written, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to the company’s vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected. The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered payable: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Accrued property and liability losses $ 5,056 13,792 |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The company follows the provisions of ASC 715, , The company’s pension cost consists of service costs, interest costs, expected returns on plan assets, amortization of prior service costs or benefits and actuarial gains and losses. The company considers a number of factors in developing its pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in wages and retirement benefits, analyses of current market conditions and input from actuaries and other consultants. For the long-term rate of return, assumptions are developed regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate use the equivalent single discount rate based on discounting expected plan benefit cash flows using the Mercer Bond Index Curve. For the projected compensation trend rate, short-term and long-term compensation expectations for participants, including salary increases and performance bonus payments are considered. For the health care cost trend rate for other postretirement benefits, assumptions are established for health care cost trends, applying an initial trend rate that reflects recent historical experience and broader national statistics with an ultimate trend rate that assumes that the portion of gross domestic product devoted to health care eventually becomes constant. Refer to Note (8) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K for a complete discussion on compensation – retirement benefits. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes |
Revenue Recognition | Revenue Recognition The company’s primary source of revenue is derived from time charter contracts of its vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. These vessel time charter contracts are generally either on a term basis (ranging from three months to three years) or on a “spot” basis. The base rate of hire for a term contract is generally a fixed rate, provided, however, that term contracts at times include escalation clauses to recover specific additional costs. A spot contract is a short-term agreement to provide offshore marine services to a customer for a specific short-term job. Spot contract terms generally range from one day to three months. Vessel revenues are recognized on a daily basis throughout the contract period. There are no material differences in the cost structure of the company’s contracts based on whether the contracts are spot or term for the operating costs are generally the same without regard to the length of a contract. |
Operating Costs | Operating Costs Vessel operating costs are incurred on a daily basis and consist primarily of costs such as crew wages; repair and maintenance; insurance and loss reserves; fuel, lube oil and supplies; and other vessel expenses, which include but are not limited to costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major 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 the company’s existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of the company’s foreign currency denominated monetary assets and liabilities are included in the consolidated statements of earnings. |
Earnings Per Share | Earnings Per Share The company follows ASC 260, Earnings Per Share |
Concentrations of Credit Risk | Concentrations of Credit Risk The company’s financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies, including reinsurance companies for recoverable insurance losses. The company manages its exposure to risk by performing ongoing credit evaluations of its customers’ financial condition and may at times require prepayments or other forms of collateral. The company maintains an allowance for doubtful accounts for potential losses based on expected collectability and does not believe it is generally exposed to concentrations of credit risk that are likely to have a material adverse impact on the company’s financial position, results of operations, or cash flows. |
Stock-Based Compensation | Stock-Based Compensation The company follows ASC 718, Compensation – Stock Compensation |
Comprehensive Income | Comprehensive Income The company reports total comprehensive income and its components in the financial statements in accordance with ASC 220, Comprehensive Income |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The company periodically utilizes derivative financial instruments to hedge against foreign currency denominated assets and liabilities and currency commitments. These transactions generally include forward currency contracts or interest rate swaps that are entered into with major financial institutions. Derivative financial instruments are intended to reduce the company’s exposure to foreign currency exchange risk and interest rate risk. The company records derivative financial instruments in its consolidated balance sheets at fair value as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception of a derivative. The company formally documents, at the inception of a hedge, the hedging relationship and the entity’s risk management objective and strategy for undertaking the hedge, including identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the method used to assess effectiveness and the method that will be used to measure hedge ineffectiveness of derivative instruments that receive hedge accounting treatment. For derivative instruments designated as foreign currency or interest rate hedges (cash flow hedge), changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is assessed quarterly based on the total change in the derivative’s fair value. Amounts representing hedge ineffectiveness are recorded in earnings. Any change in fair value of derivative financial instruments that are speculative in nature and do not qualify for hedge accounting treatment is also recognized immediately in earnings. Proceeds received upon termination of derivative financial instruments qualifying as fair value hedges are deferred and amortized into income over the remaining life of the hedged item using the effective interest rate method. |
Fair Value Measurements | Fair Value Measurements The company follows the provisions of ASC 820, Fair Value Measurements and Disclosures Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data |
Subsequent Events | Subsequent Events The company evaluates subsequent events through the time of our filing on the date we issue financial statements. |
Accounting Pronouncements | Accounting Pronouncements From time to time new accounting pronouncements are issued by the FASB that are adopted by the company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the company’s consolidated financial statements upon adoption. In March 2017, the FASB issued ASU 2017-7, 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. This new guidance was effective for the company in January 2018. The adoption of this guidance requires a retrospective approach and is not expected to have a material effect on the company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which is intended to reduce the diversity in practice related to the presentation of restricted cash in the statement of cash flows. This new guidance is effective for the company in January 2018. The company has early adopted this standard as of December 2017. The company has applied this guidance on a retrospective basis without material impact on its prior year 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. This new guidance is effective for the company in January 2018. The adoption of this guidance requires a modified retrospective approach In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230 to add or clarify guidance on the classification of certain specific types of cash receipts in the statement of cash flows with the intent of reducing diversity in practice. This new guidance is effective for the company in January 2018. The adoption of this guidance requires a retrospective approach and is not expected to have a material effect on the company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. Under this new guidance an entity recognizes all excess tax benefits and deficiencies as income tax expense or benefit in the income statement. The company adopted this new guidance in April 2017. The adoption of this guidance did not have a material effect on the company’s consolidated financial statements. 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. The revised guidance requires reporting entities to recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. Additionally, the company’s vessel contracts may contain a lease component and if so the company would then recognize a portion of its revenue related to that contract as lease revenue. Non-lease components will be recognized in accordance with ASU 2014-09. The new guidance is effective for the company in January 2019. The company expects to use the modified retrospective approach for adoption and is currently evaluating the impact of adopting this guidance on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes and requires that deferred tax assets and liabilities be classified as non-current on the balance sheet. No prior periods would be retrospectively adjusted. The company adopted this new guidance in April 2017. The adoption of this guidance did not have a material effect on the company’s 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 will require entities to recognize the amount of revenue to which it expects to be entitled for the transfer of goods and services. This new revenue standard will be effective for the company in January 2018 and will be adopted using the modified retrospective approach. The company has determined that in instances where mobilization revenue (fees paid by a customer for the relocation of a vessel prior to the start of a charter contract) is a component of vessel charter contracts, the company should defer that revenue as a liability and recognize it consistent with the pattern of revenue recognition (primarily on a straight-line basis) over the life of the vessel’s charter. The company has also evaluated the impact of adopting this standard on January 1, 2018, and determined that there would be an immaterial adjustment to the beginning accumulated deficit for deferred mobilization and demobilization revenue. T he necessary changes to the company’s business processes, systems and controls to support recognition and disclosure of this ASU upon adoption on January 1, 2018 have been implemented. |
NATURE OF OPERATIONS AND SUMM32
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summaries of Net Properties and Equipment | The following are summaries of net properties and equipment: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Properties and equipment: Vessels and related equipment $ 850,268 $ 3,407,760 Other properties and equipment 5,710 69,670 855,978 3,477,430 Less accumulated depreciation and amortization 18,458 612,668 Net properties and equipment $ 837,520 $ 2,864,762 Successor Predecessor December 31, March 31, 2017 2017 Number Of Vessels (B) Carrying Value Number Of Vessels (B) Carrying Value (In (In Owned vessels in active service 138 $ 632,978 143 $ 1,990,049 Stacked vessels 89 189,710 101 793,606 Marine equipment and other assets under construction 9,501 53,611 Other property and equipment (A) 5,331 27,496 Totals 227 $ 837,520 244 $ 2,864,762 (A) Other property and equipment at March 31, 2017 includes eight remotely operated vehicles, all of which were sold in December 2017. (B) Vessel count excludes vessels operated under sale leaseback agreements. |
Current and Long-Term Liabilities Related to Accrued Property and Liability Losses | The following table discloses the total amount of current and long-term liabilities related to accrued property and liability losses not subject to reinsurance recoverability, but considered payable: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Accrued property and liability losses $ 5,056 13,792 |
FRESH-START ACCOUNTING (Tables)
FRESH-START ACCOUNTING (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Fresh Start Balance Sheet [Abstract] | |
Reconciliation of Enterprise Value to Estimated Fair Value of Successor's Common Stock | The following table reconciles the company’s 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 the company’s Enterprise Value to its 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 425,962 Reorganization value of Successor assets $ 1,934,635 |
Summary of Consolidated Balance Sheet | The following presents the effects on the company's 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 the company's assumptions and methods used to determine fair value for its 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 - (1,744,672 ) (14 ) 881,176 Other assets 92,674 - (46,270 ) (15 ) 46,404 Total assets $ 3,884,669 (135,245 ) (1,814,789 ) 1,934,635 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 67,487 - (4,107 ) (17 ) 63,380 Liabilities subject to compromise 2,326,122 (2,326,122 ) (6 ) - - Total liabilities 2,745,764 (1,873,929 ) 5,716 877,551 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 965,164 854,854 (9 ) (1,820,018 ) (19 ) - Accumulated other comprehensive loss (12,779 ) - 12,779 (20 ) - Total stockholders' equity 1,123,964 1,738,684 (1,807,239 ) 1,055,409 Noncontrolling interests 14,941 - (13,266 ) (21 ) 1,675 Total equity 1,138,905 1,738,684 (1,820,505 ) 1,057,084 Total liabilities and equity $ 3,884,669 (135,245 ) (1,814,789 ) 1,934,635 Reorganization Adjustments (1) The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan described in Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K. (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, the company 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 New 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% New 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 the company's 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, the company 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, the company 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 the company's 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 New 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) | 9 Months Ended |
Dec. 31, 2017 | |
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 35
INVESTMENT IN UNCONSOLIDATED COMPANIES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Investments in at Equity and Advances to Unconsolidated Companies | Investments in, at equity, and advances to unconsolidated joint venture companies were as follows: Successor Predecessor Percentage December 31, March 31, (In thousands) Ownership 2017 2017 Sonatide Marine, Ltd. (Angola) 49% $ 26,935 45,115 DTDW Holdings, Ltd. (Nigeria) 40% 2,281 — Investments in, at equity, and advances to unconsolidated companies $ 29,216 45,115 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Earnings Before Income Taxes Derived from United States and Non-U.S. Operations | Earnings before income taxes derived from United States and non-U.S. operations are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Non-U.S. $ (5,137 ) (1,603,788 ) (498,931 ) United States (31,550 ) (44,355 ) (144,683 ) $ (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 |
Tax Rate Applicable to Pre-Tax Earnings | The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 35% to pre-tax earnings as a result of the following: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Computed “expected” tax expense $ (12,840 ) (576,850 ) (225,265 ) Increase (reduction) resulting from: Foreign income taxed at different rates 1,767 448,805 232,904 Uncertain tax positions (3,219 ) 4,674 3,007 Chapter 11 reorganization — 50,428 — Nondeductible transaction costs — 2,628 Transition tax 15,120 — 5,587 Valuation allowance – deferred tax assets (28,387 ) 69,278 (2,377 ) Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions 11 (822 ) (3,860 ) Foreign taxes 845 (1,342 ) (928 ) State taxes — 3 11 Other, net 1,481 1,964 — Remeasurement of deferred taxes 27,261 — (2,682 ) $ 2,039 (1,234 ) 6,397 |
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings | The effective tax rate applicable to pre-tax earnings is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Effective tax rate applicable to pre-tax earnings (5.50 %) 0.10 % (0.99 %) |
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 Predecessor December 31, March 31, (In thousands) 2017 2017 Deferred tax assets: Accrued employee benefit plan costs $ 5,838 18,241 Stock based compensation 230 2,940 Net operating loss and tax credit carryforwards 3,941 14,693 Restructuring fees not currently deductible for tax purposes 3,982 — Depreciation and amortization 29,160 — Other 3,070 5,587 Gross deferred tax assets 46,221 41,461 Less valuation allowance (43,218 ) (2,327 ) Net deferred tax assets 3,003 39,134 Deferred tax liabilities: Basis difference in partnership (716 ) (17,322 ) Depreciation and amortization — (27,355 ) Section 1245 recapture (2,131 ) Other (156 ) — Gross deferred tax liabilities (3,003 ) (44,677 ) Net deferred tax assets (liabilities) $ — (5,543 ) |
Schedule of Tax Credit Carry-Forwards | The company has the following foreign tax credit carry-forwards that expire in 2022: Successor December 31, (In thousands) 2017 Foreign tax credit carry-forwards $ 2,327 |
Schedule of Uncertain Tax Positions and Income Tax Payable | The company’s balance sheet reflects the following in accordance with ASC 740, Income Taxes Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Tax liabilities for uncertain tax positions $ 18,279 11,751 Income tax payable 4,050 13,936 |
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized | Unrecognized tax benefits, which are not included in the liability for uncertain tax positions above as they have not been recognized in previous tax filings, and which would lower the effective tax rate if realized are as follows: Successor December 31, (In thousands) 2017 Unrecognized tax benefit related to state tax issues $ 12,425 Interest receivable on unrecognized tax benefit related to state tax issues 54 |
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) $ 17,648 Additions based on tax positions related to the current year 4,853 Settlement and lapse of statute of limitations (1,108 ) Balance at March 31, 2017 (Predecessor) $ 21,393 Balance at April 1, 2017 (Predecessor) $ 21,393 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) $ 23,443 Balance at August 1, 2017 (Successor) $ 23,443 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 (2,864 ) Balance at December 31, 2017 (Successor) $ 22,282 |
INDEBTEDNESS (Tables)
INDEBTEDNESS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Summary of Debt Outstanding | The following table summarizes debt outstanding based on stated maturities: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Bank loan agreement: Bank term loan due July 2019 $ — 300,000 Revolving line of credit due July 2019 — 600,000 September 2010 senior notes: 3.90% September 2010 senior notes due December 2017 — 44,500 3.95% September 2010 senior notes due December 2017 — 25,000 4.12% September 2010 senior notes due December 2018 — 25,000 4.17% September 2010 senior notes due December 2018 — 25,000 4.33% September 2010 senior notes due December 2019 — 50,000 4.51% September 2010 senior notes due December 2020 — 100,000 4.56% September 2010 senior notes due December 2020 — 65,000 4.61% September 2010 senior notes due December 2022 — 48,000 August 2011 senior notes: 4.06% August 2011 senior notes due March 2019 — 50,000 4.54% August 2011 senior notes due June 2021 — 65,000 4.64% August 2011 senior notes due June 2021 — 50,000 September 2013 senior notes: 4.26% September 2013 senior notes due November 2020 — 123,000 5.01% September 2013 senior notes due November 2023 — 250,000 5.16% September 2013 senior notes due November 2025 — 127,000 New secured notes: 8.00% New secured notes due August 2022 350,000 — New secured notes - premium 14,329 — Troms Offshore borrowings: NOK denominated notes due May 2024 14,054 14,864 NOK denominated notes due May 2024 - premium 115 — NOK denominated notes due January 2026 25,965 26,167 NOK denominated notes due January 2026 - discount (1,586 ) — USD denominated notes due January 2027 23,345 24,573 USD denominated notes due January 2027 - discount (1,678 ) — USD denominated notes due April 2027 25,463 27,421 USD denominated notes due April 2027 - discount (1,847 ) — $ 448,160 2,040,525 Less: Deferred debt issue costs — 6,401 Less: Current portion of long-term debt 5,103 2,034,124 Total long-term debt $ 443,057 — |
Debt Costs | Interest and debt costs incurred, net of interest capitalized are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Interest and debt costs incurred, net of interest capitalized $ 13,009 11,179 75,026 Interest costs capitalized 101 601 4,829 Total interest and debt costs $ 13,110 11,780 79,855 |
September 2013 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of these notes is as follows: Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 500,000 Weighted average remaining life in years — 6.4 Weighted average coupon rate on notes outstanding — 4.86 % Fair value of debt outstanding — 280,000 |
August 2011 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of these notes is as follows Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 165,000 Weighted average remaining life in years — 3.6 Weighted average coupon rate on notes outstanding — 4.42 % Fair value of debt outstanding — 92,400 |
September 2010 Senior Notes | |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of these notes is as follows: Successor Predecessor December 31, March 31, (In thousands, except weighted average data) 2017 2017 Aggregate debt outstanding $ — 382,500 Weighted average remaining life in years — 3.1 Weighted average coupon rate on notes outstanding — 4.35 % Fair value of debt outstanding — 214,200 |
Troms Offshore Supply AS | |
Summary of Debt Outstanding | A summary of NOK denominated Troms Offshore borrowings outstanding and their U.S. dollar equivalents is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 January 2014 notes: NOK denominated 212,500 225,000 U.S. dollar equivalent $ 25,965 26,167 Fair value in U.S. dollar equivalent (Level 2) 25,850 26,133 May 2012 notes: NOK denominated 115,020 127,800 U.S. dollar equivalent $ 14,054 14,864 Fair value in U.S. dollar equivalent (Level 2) 14,013 14,793 |
Schedule of Aggregate Amount of Senior Unsecured Notes Outstanding | A summary of U.S. dollar denominated Troms Offshore borrowings outstanding is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 May 2015 notes Amount outstanding $ 25,463 27,421 Fair value of debt outstanding (Level 2) 25,427 27,395 March 2015 notes Amount outstanding $ 23,345 24,573 Fair value of debt outstanding (Level 2) 23,251 24,544 |
EMPLOYEE RETIREMENT PLANS (Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 Predecessor December 31, March 31, (In thousands) 2017 2017 Investments held in Rabbi Trust $ 8,908 8,759 Obligations under the supplemental plan 32,508 29,108 |
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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) 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 ) |
Minimum and Maximum Rate of Return Plan Assets | The below table summarizes the supplemental plan’s minimum and maximum rate of return objectives for plan assets: Minimum Expected Rate of Return on Plan Assets Maximum Expected Rate of Return on Plan Assets Equity securities 5% 7% Debt securities 1% 3% Cash and cash equivalents 0% 1% |
Schedule of Minimum and Maximum Market Value of Plan Assets | The below table summarizes the supplemental plan’s minimum and maximum market value objectives for plan assets, which are based upon a five to ten year investment horizon: Minimum Market Value Objective for Plan Assets Maximum Market Value Objective for Plan Assets Equity securities 55% 75% Debt securities 25% 45% Percentage of debt securities allowed in below investment grade bonds 0% 20% Cash and cash equivalents 0% 10% |
Schedule of Asset Allocations | The following table provides the target and actual asset allocations for the pension plan and the supplemental plan: Successor Predecessor Actual as of Actual as of Target December 31, 2017 March 31, 2017 U.S. Pension plan: Equity securities — — — Debt securities 100 % 98 % 98 % Cash and other — 2 % 2 % Total 100 % 100 % 100 % Supplemental plan: Equity securities 65 % 59 % 59 % Debt securities 35 % 38 % 37 % Cash and other — 3 % 4 % Total 100 % 100 % 100 % |
Fair Value Hierarchy of Plan Assets | The fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of December 31, 2017 (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: 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 The following table provides the fair value hierarchy for the pension plans and supplemental plan assets measured at fair value as of March 31, 2017 (Predecessor): (In thousands) Fair Value Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Measured at Net Asset Value Pension plan measured at fair value: Debt securities: Government securities $ 3,770 3,770 — — — Collateralized mortgage securities 2,537 — 2,537 — — Corporate debt securities 47,871 — 47,871 — — Cash and cash equivalents 989 345 644 — — Other 1,298 100 1,198 — — Total $ 56,465 4,215 52,250 — — Accrued income 681 681 — — — Total fair value of plan assets $ 57,146 4,896 52,250 — — Supplemental plan measured at fair value: Equity securities: Common stock $ 3,561 3,561 — — — Foreign stock 132 132 — — — American depository receipts 1,387 1,387 — — — Preferred American depository receipts 20 20 — — — Real estate investment trusts 76 76 — — — Debt securities: Government debt securities 1,613 832 781 — — Open ended mutual funds 1,648 — — — 1,648 Cash and cash equivalents 323 15 236 — 72 Total $ 8,760 6,023 1,017 — 1,720 Other pending transactions — — — — — Total fair value of plan assets $ 8,760 6,023 1,017 — 1,720 |
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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 101,490 97,941 95,830 Service cost 546 393 1,182 Interest cost 1,599 1,313 3,814 Plan curtailment (432 ) — Benefits paid (2,059 ) (1,610 ) (4,895 ) Actuarial (gain) loss 2,322 3,322 2,082 Foreign currency exchange rate changes (23 ) 131 (72 ) Benefit obligation at end of the period 103,443 101,490 97,941 Change in plan assets: Fair value of plan assets at beginning of the period $ 58,148 57,146 57,174 Actual return 1,182 2,138 577 Expected return 32 16 51 Actuarial loss (217 ) (109 ) (148 ) Administrative expenses (15 ) (7 ) (27 ) Plan curtailment (100 ) — — Employer contributions 625 435 4,465 Benefits paid (2,059 ) (1,610 ) (4,895 ) Foreign currency exchange rate changes (60 ) 139 (51 ) Fair value of plan assets at end of the period 57,536 58,148 57,146 Payroll tax unrecognized in benefit obligation at end of the period 76 91 83 Unfunded status at end of the period $ (45,983 ) (43,433 ) (40,878 ) Net amount recognized in the balance sheet consists of: Current liabilities $ (10,731 ) (1,791 ) (1,791 ) Noncurrent liabilities (35,252 ) (41,642 ) (39,087 ) Net amount recognized $ (45,983 ) (43,433 ) (40,878 ) Other Benefits Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Change in benefit obligation: Benefit obligation at beginning of the period $ 4,817 4,811 5,573 Service cost 29 23 81 Interest cost 75 64 201 Participant contributions 65 58 411 Plan amendment (1,861 ) — — Benefits paid (526 ) (346 ) (1,170 ) Actuarial (gain) loss 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 461 288 759 Participant contributions 65 58 411 Benefits paid (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 Projected and Accumulated Benefit Obligation | The following table provides the projected benefit obligation and accumulated benefit obligation for the pension plans: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Projected benefit obligation $ 103,443 97,941 Accumulated benefit obligation 101,287 94,467 |
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, March 31, (In thousands) 2017 2017 Projected benefit obligation $ 103,443 97,941 Accumulated benefit obligation 101,287 94,467 Fair value of plan assets 57,536 57,146 |
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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 546 393 1,182 Interest cost 1,599 1,313 3,814 Expected return on plan assets (882 ) (691 ) (2,246 ) Administrational expenses 19 3 28 Payroll tax of net pension costs 29 — 56 Amortization of net actuarial losses 131 — 32 Recognized actuarial loss — 748 1,785 Curtailment gain (99 ) — — Net periodic pension cost $ 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Service cost $ 29 23 81 Interest cost 75 64 201 Amortization of prior service cost — (927 ) (4,346 ) Recognized actuarial (gain) — (335 ) (1,138 ) Net periodic postretirement benefit $ 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 1,939 1,877 3,821 Fresh-start accounting fair value adjustment — (22,333 ) — Amortization of net (loss) gain — (748 ) (1,785 ) Total recognized in other comprehensive (income) loss, before tax $ 1,939 (21,204 ) 2,036 Net of tax 1,939 (21,204 ) 1,323 Other Benefits Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Net (gain) loss $ 325 207 (285 ) Prior service (cost) credit (1,861 ) — — Amortization of prior service (cost) credit — 927 4,346 Fresh-start accounting fair value adjustment — 19,055 — Amortization of net (loss) gain — 335 1,138 Total recognized in other comprehensive (income) loss, before tax $ (1,536 ) 20,524 5,199 Net of tax (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: Pension Benefits Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Unrecognized actuarial (loss) gain $ (1,939 ) — Pre-tax amount included in accumulated other comprehensive (loss) income $ (1,939 ) — Other Benefits Period from Period from August 1, 2017 April 1, 2017 through through (In thousands) December 31, 2017 July 31, 2017 Unrecognized actuarial (loss) gain $ (325 ) — Unrecognized prior service credit (cost) 1,861 — Pre-tax amount included in accumulated other comprehensive (loss) income $ 1,536 — |
Schedule of Expected Amounts Net Periodic Benefit Costs | The company expects to recognize the following amounts as a component of net periodic benefit costs during the next fiscal year: (In thousands) Pension Benefits Other Benefits Unrecognized actuarial (loss) gain $ — 299 Unrecognized prior service credit (cost) — (5 ) |
Schedule of Assumptions | Assumptions used to determine net benefit obligations are as follows: Pension Benefits Other Benefits Successor Predecessor Successor Predecessor December 31, March 31, December 31, March 31, 2017 2017 2017 2017 Discount rate 3.80 % 4.25 % 3.80 % 4.25 % Rates of annual increase in compensation levels N/A 3.00 % N/A N/A Assumptions used to determine net periodic benefit costs are as follows: Pension Benefits Other Benefits Successor Predecessor Successor Predecessor December 31, March 31, December 31, March 31, 2017 2017 2017 2017 Discount rate 3.90 % 4.15 % 3.90 % 4.00 % Expected long-term rate of return on assets 3.70 % 4.10 % N/A N/A Rates of annual increase in compensation levels 3.00 % 3.00 % N/A N/A |
Schedule of Expected Benefit Payments | Based upon the assumptions used to measure the company’s qualified pension and postretirement benefit obligations at December 31, 2017, including pension and postretirement benefits attributable to estimated future employee service, the company expects that benefits to be paid over the next ten years will be as follows: (In thousands) Year ending December 31, Pension Benefits Other Benefits 2018 $ 15,350 282 2019 5,812 301 2020 5,877 311 2021 5,966 302 2022 5,978 287 2023 – 2027 30,440 1,212 Total 10-year estimated future benefit payments $ 69,423 2,695 |
Assumed Health Care Cost Trends Rates | The following table discloses the assumed health care cost trends used in measuring the accumulated postretirement benefit obligation and net periodic postretirement benefit cost at December 31, 2017 for pre-65 medical and prescription drug coverage, including expected future trend rates. Pre-65 Year ending December 31, 2017: Accumulated postretirement benefit obligation 7.60 % Net periodic postretirement benefit obligation 7.60 % Ultimate health care cost trend 4.54 % Ultimate year health care cost trend rate is achieved 2038 Year ending December 31, 2018: Net periodic postretirement benefit obligation 7.45 % |
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation | A one-percentage rate increase (decrease) in the assumed health care cost trend rates has the following effects on the accumulated postretirement benefit obligation as of December 31: (In thousands) 1% Increase 1% Decrease Accumulated postretirement benefit obligation $ 10,715 9,603 Aggregate service and interest cost 208,009 188,345 |
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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Number of shares of Tidewater common stock held by 401(k) plan 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Defined contribution plans expense, net of forfeitures $ 854 871 2,660 Defined contribution plans forfeitures 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 and multinational savings plan contributions are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Multinational plan expense $ 81 67 260 |
OTHER CURRENT ASSETS, OTHER A39
OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES AND DEFERRED CREDITS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Deposits $ 1,780 3,057 Reorganization related retainer payments 50 3,938 Investments held in rabbi trust (A) 8,908 — Prepaid expenses 8,392 11,414 $ 19,130 18,409 (A) The company plans to liquidate the rabbi trust (valued at $8.9 million as of December 31, 2017) in advance of paying a lump sum benefit to the former CEO in April 2018 of $9.6 million. |
Schedule Of Other Assets | A summary of other assets is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Recoverable insurance losses $ 2,405 10,142 Deferred income tax assets — 39,134 Investments held for savings plans and SERP 6,583 14,835 Accumulated costs of rejected vessel (B) — 48,382 Long-term deposits 16,217 15,162 Other 5,847 11,880 $ 31,052 139,535 (A) Refer to Note (14) of Notes to Consolidated Financial Statements included in Item 8 of this Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. |
Schedule of Accrued Expenses | A summary of accrued expenses is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Payroll and related payables (C) $ 17,344 10,465 Commissions payable (D) 1,898 2,143 Accrued vessel expenses 27,222 41,580 Accrued interest expense (E) 6,036 15,021 Other accrued expenses 2,306 8,912 $ 54,806 78,121 (C) Includes a $9.6 million payable related to a lump sum payment to the former CEO which is expected to be paid in April 2018. (D) Excludes $36.4 million and $34.7 million of commissions due to Sonatide at December 31, 2017 and March 31, 2017, respectively. These amounts are included in amounts due to affiliates. (E) Accrued interest as of De cember 31, 2017, reflects the company’s post-restructuring capital structure which includes debt of $448.2 million |
Schedule of Other Current Liabilities | A summary of other current liabilities is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Taxes payable $ 10,326 23,497 Deferred gain on vessel sales - current (F) — 23,798 Amounts payable to holders of General Unsecured Claims (G) 8,474 — Other 893 1,134 $ 19,693 48,429 (F) Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” (G) 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 is as follows: Successor Predecessor December 31, March 31, (In thousands) 2017 2017 Postretirement benefits liability $ 2,642 4,394 Pension liabilities 36,614 40,339 Deferred gain on vessel sales (H) — 88,923 Other 19,320 21,049 $ 58,576 154,705 (H) Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” |
STOCK-BASED COMPENSATION AND 40
STOCK-BASED COMPENSATION AND INCENTIVE PLANS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant | The number of common stock shares reserved for issuance under the plans and the number of shares available for future grants are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Shares of common stock reserved for issuance under the plans 3,048,877 — 1,900,769 Shares of common stock available for future grants 1,891,231 — 505,221 |
Fair Value and Assumptions Used for Stock Options Issued | The fair value and assumptions used for the stock options issued during the years ended March 31, 2016 and 2015 are as follows: 2016 2015 Weighted average fair value of stock options granted $ 3.34 $ 5.54 Risk-free interest rate 1.62 % 1.82 % Expected dividend yield 0.0 % 0.0 % Expected stock price volatility 45 % 30 % Expected stock option life 6.5 years 6.5 years |
Schedule of Stock Option Activity | The following table sets forth a summary of stock option activity of the company: Weighted-average Exercise Price Number of Shares Outstanding at March 31, 2016 (Predecessor) $ 31.73 1,777,124 Granted — — Exercised — — Expired or cancelled/forfeited 44.86 (381,576 ) Outstanding at March 31, 2017 (Predecessor) 28.14 1,395,548 Granted — — Exercised — — Expired or cancelled/forfeited 28.14 (1,395,548 ) Outstanding at July 31, 2017 (Predecessor) — — Granted — — Exercised — — Expired or cancelled/forfeited — — Outstanding at December 31, 2017 (Successor) $ — — |
Additional Information Regarding Stock Options | Additional information regarding stock options is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except number of stock options and weighted average price) December 31, 2017 July 31, 2017 March 31, 2017 Intrinsic value of options exercised — — — Number of stock options vested — — 266,311 Fair value of stock options vested $ — — 1,185 Number of options exercisable — — 999,849 Weighted average exercise price of options exercisable $ — — 34.36 |
Effect on Basic and Diluted Earnings Per Share, and Stock Option Compensation Expense | Stock option compensation expense along with the reduction effect on basic and diluted earnings per share are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except per share data) 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 Cash-Based Performance Plan Unit Activity | The following table sets forth a summary of cash-based performance plan unit activity of the company: Weighted-average Grant-Date Fair Value Performance Based Units Non-vested balance at March 31, 2016 (Predecessor) $ 1.16 7,913,716 Granted — — Vested — — Cancelled/forfeited 1.15 (179,991 ) Non-vested balance at March 31, 2017 (Predecessor) 1.16 7,733,725 Granted — — Vested — — Cancelled/forfeited 1.16 (7,733,725 ) Non-vested balance at July 31, 2017 (Predecessor) — — |
Summary of Deferred Stock Unit Activity | The following table sets forth a summary of deferred stock unit activity of the company: Weighted-average Grant-Date Fair Value Number Of Units Balance at March 31, 2016 (Predecessor) $ 23.58 363,630 Dividend equivalents reinvested — — Retirement distribution 6.83 (12,792 ) Granted — — Balance at March 31, 2017 (Predecessor) 24.19 350,838 Dividend equivalents reinvested — — Retirement distribution 24.19 (350,838 ) Granted — — Balance at July 31, 2017 (Predecessor) — — |
Schedule of Deferred Cash Award Expense | Deferred cash award expense, which is reflected in general and administrative expenses, is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Deferred cash award expense $ — 12 978 |
Deferred Stock Unit | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Deferred stock unit compensation expense, which is reflected in general and administrative expenses, is as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Deferred stock units compensation expense (benefit) $ — (68 ) (1,987 ) |
Restricted Stock Units (RSUs) | |
Summary Of Restricted Stock Unit Activity | The following table sets forth a summary of restricted stock unit activity of the company: Weighted-average Grant-Date Fair Value Time Based Units Weight-average Grant Date Fair Value Performance Based Units Non-vested balance at March 31, 2016 (Predecessor) $ 49.17 89,639 61.75 156,851 Granted — — — — 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 — — Granted — — — — Vested 54.48 (183 ) — — Cancelled/forfeited — — — — Non-vested balance at July 31, 2017 (Predecessor) — — — — Granted 24.40 1,203,379 — — Vested — — — — Cancelled/forfeited 24.15 (45,733 ) — — Non-vested balance at December 31, 2017 (Successor) $ 24.41 1,157,646 — — |
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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of restricted stock units vested $ — 10 3,754 Restricted stock unit compensation expense 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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of phantom stock vested $ — — 7,118 Phantom stock compensation expense 94 68 467 |
Summary of Phantom Stock Activity | The following table sets forth a summary of phantom stock activity of the company: 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 March 31, 2016 (Predecessor) $ 10.83 1,599,829 Granted — — Vested 12.29 (585,426 ) Cancelled/forfeited 13.52 (68,253 ) Non-vested balance at March 31, 2017 (Predecessor) 9.74 946,150 Granted — — Vested — — '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 (B) 308.19 14,160 1.00 22,963 0.98 24,824 Balance at August 1, 2017 — — Granted — — Vested — — 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 (A) Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” (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. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” |
Cash-based Performance Plan | |
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value | Cash-based performance unit compensation expense and grant date fair value are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Grant date fair value of cash-based performance units vested $ — — — Cash-based performance unit compensation expense — (1,975 ) 761 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Number of Authorized and Issued Common Stock and Preferred Stock | The number of authorized and issued common stock and preferred stock are as follows: Successor Predecessor December 31, March 31, 2017 2017 Common stock shares authorized 125,000,000 125,000,000 Common stock par value $ 0.001 $ 0.10 Common stock shares issued 22,115,916 47,121,304 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 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 August 1, 2017 April 1, 2017 through through Year Ended Affected line item in the (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 consolidated statements of income Realized gains on available for sale securities $ 169 106 582 Interest income and other, net Interest rate swap — — 2,353 Interest and other debt costs Total pre-tax amounts 169 106 2,935 Tax effect — — 1,027 Total gains for the period, net of tax $ 169 106 1,908 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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 August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except share and per share data) December 31, 2017 July 31, 2017 March 31, 2017 Net loss available to common shareholders $ (39,266 ) (1,646,909 ) (660,118 ) Weighted average outstanding shares of common stock, basic (A) 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 21,539,143 47,121,330 47,071,066 Loss per share, basic (B) $ (1.82 ) (34.95 ) (14.02 ) Loss per share, diluted (C) $ (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) 7,869,553 — 1,233 (A) Basic weighted average shares outstanding includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor). (B) The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. (C) The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents ”. (D) For the period from August 1, 2017 through December 31, 2017, the company also had 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the period. |
FAIR VALUE MEASUREMENTS AND D43
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Other Financial Instruments Measured | The following table provides the fair value hierarchy for the company’s other financial instruments measured as of 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 — — The following table provides the fair value hierarchy for the company’s other financial instruments measured as of March 31, 2017: Predecessor (In thousands) Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Money market cash equivalents $ 664,412 664,412 — — Total fair value of assets $ 664,412 664,412 — — |
GAIN ON DISPOSITION OF ASSETS44
GAIN ON DISPOSITION OF ASSETS, NET (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Gain Loss On Disposition Of Assets [Abstract] | |
Schedule of Gain on Disposition of Assets | The number of vessels disposed along with the gain on the dispositions, are as follows: Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands, except number of vessels disposed) December 31, 2017 July 31, 2017 March 31, 2017 Gain (loss) on vessels disposed $ (163 ) 509 (102 ) Number of vessels disposed 11 7 12 |
SEGMENT INFORMATION, GEOGRAPH45
SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information, Geographical Data and Major Customers | The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, and additions to properties and equipment. Vessel revenues and operating costs relate to vessels owned and operated by the company while other operating revenues relate to the activities of the company’s shipyards, brokered vessels and other miscellaneous marine-related businesses. Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Revenues: Vessel revenues: Americas $ 45,784 40,848 239,843 Middle East/Asia Pacific 39,845 36,313 114,618 Africa/Europe 86,255 69,436 229,355 171,884 146,597 583,816 Other operating revenues 6,869 4,772 17,795 $ 178,753 151,369 601,611 Vessel operating profit (loss): Americas $ (1,599 ) (22,549 ) 18,873 Middle East/Asia Pacific 451 (1,434 ) (25,310 ) Africa/Europe 811 (21,508 ) (51,395 ) (337 ) (45,491 ) (57,832 ) Other operating profit (loss) 1,614 876 (1,548 ) 1,277 (44,615 ) (59,380 ) Corporate general and administrative expenses (A) (14,823 ) (17,542 ) (55,389 ) Corporate depreciation (166 ) (704 ) (2,456 ) Corporate expenses (14,989 ) (18,246 ) (57,845 ) Gain on asset dispositions, net 6,616 3,561 24,099 Asset impairments (16,777 ) (184,748 ) (484,727 ) Operating loss (23,873 ) (244,048 ) (577,853 ) Foreign exchange loss (407 ) (3,181 ) (1,638 ) Equity in net earnings of unconsolidated companies 2,130 4,786 5,710 Interest income and other, net 2,771 2,384 5,193 Reorganization items (4,299 ) (1,396,905 ) — Interest and other debt costs (13,009 ) (11,179 ) (75,026 ) Loss before income taxes $ (36,687 ) (1,648,143 ) (643,614 ) Depreciation and amortization: Americas $ 5,767 13,945 48,814 Middle East/Asia Pacific 4,716 9,967 40,849 Africa/Europe 8,861 21,692 70,742 19,344 45,604 160,405 Other 827 1,139 4,430 Corporate 166 704 2,456 $ 20,337 47,447 167,291 Additions to properties and equipment: Americas $ 144 27 93 Middle East/Asia Pacific 2,596 1,042 1,612 Africa/Europe 195 375 743 2,935 1,444 2,448 Corporate 6,899 821 28,099 $ 9,834 2,265 30,547 Total assets (B): Americas $ 164,958 714,891 779,778 Middle East/Asia Pacific 48,268 424,896 583,385 Africa/Europe 1,035,456 1,875,371 1,897,355 1,248,682 3,015,158 3,260,518 Other 2,443 20,392 21,580 1,251,125 3,035,550 3,282,098 Investments in and advances to unconsolidated companies 29,216 49,367 45,115 1,280,341 3,084,917 3,327,213 Corporate (C) 465,839 799,752 863,486 $ 1,746,180 3,884,669 4,190,699 (A) 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 the company’s 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. 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Revenue by vessel class: (In thousands): % of Vessel Revenue % of Vessel Revenue % of Vessel Revenue Americas fleet: Deepwater $ 26,860 16 % 21,617 15 % 171,334 29 % Towing-supply 13,835 8 % 15,021 10 % 56,561 10 % Other 5,089 3 % 4,210 3 % 11,948 2 % Total $ 45,784 27 % 40,848 28 % 239,843 41 % Middle East/Asia Pacific fleet: Deepwater $ 14,792 9 % 13,368 9 % 35,526 6 % Towing-supply 25,053 14 % 22,945 16 % 79,092 13 % Other — — — — — — Total $ 39,845 23 % 36,313 25 % 114,618 19 % Africa/Europe fleet: Deepwater $ 42,335 24 % 29,746 20 % 102,374 18 % Towing-supply 35,497 21 % 35,143 24 % 102,732 18 % Other 8,423 5 % 4,547 3 % 24,249 4 % Total $ 86,255 50 % 69,436 47 % 229,355 40 % Worldwide fleet: Deepwater $ 83,987 49 % 64,731 44 % 309,234 53 % Towing-supply 74,385 43 % 73,109 50 % 238,385 41 % Other 13,512 8 % 8,757 6 % 36,197 6 % Total $ 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 August 1, 2017 April 1, 2017 through through Year Ended December 31, 2017 July 31, 2017 March 31, 2017 Chevron Corporation 17.4 % 17.5 % 16.3 % Freeport McMoRan (A) — — 11.3 % Saudi Aramco 10.1 % 11.7 % 10.0 % 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. |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected financial information for interim periods, is as follows: 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 Operating income (loss) (B) (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 ) Predecessor Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, September 30, December 31, March 31, (In thousands except per share data) 2016 2016 2016 2017 Year Ended March 31, 2017 Revenues (A) $ 167,925 143,722 129,215 160,749 Operating income (loss) (B) (66,135 ) (155,344 ) (287,034 ) (69,340 ) Net loss attributable to Tidewater Inc. (89,097 ) (178,490 ) (297,676 ) (94,855 ) Basic loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) Diluted loss per share attributable to Tidewater Inc. $ (1.89 ) (3.79 ) (6.32 ) (2.01 ) (A) Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract. (B) Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, are as follows: Successor Predecessor Period from Period from Quarter Ended August 1, 2017 July 1, 2017 Quarter Ended December 31, through through June 30, (In thousands) 2017 September 30, 2017 July 31, 2017 2017 Nine Month Transition Period Ended December 31, 2017: Asset impairments $ 16,777 — 21,325 163,423 Predecessor Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, September 30, December 31, March 31, (In thousands except per share data) 2016 2016 2016 2017 Year Ended March 31, 2017 Asset impairments $ 36,886 129,562 253,422 64,857 |
ASSET IMPAIRMENTS (Tables)
ASSET IMPAIRMENTS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Summary of Vessels and ROVs Impaired, Amount of Impairment Incurred and Combined Fair Value of Assets after Impairment Charges | The table below summarizes the number of vessels and ROVs impaired, the amount of impairment incurred and the combined fair value of the assets after having recorded the impairment charges. Successor Predecessor Period from Period from August 1, 2017 April 1, 2017 through through Year Ended (In thousands) December 31, 2017 July 31, 2017 March 31, 2017 Number of vessels impaired during the period 5 79 132 Number of ROVs impaired during the period — — 8 Amount of impairment incurred (A) $ 16,777 184,748 484,727 Combined fair value of assets incurring impairment after having recorded impairment charges 8,763 571,821 933,068 (A) The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. |
TRANSITION PERIOD COMPARATIVE48
TRANSITION PERIOD COMPARATIVE DATA (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Income Statement [Abstract] | |
Schedule of Transition Period Comparable Data | The following table presents certain financial information for the nine months 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 Summ49
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Extended useful life, months | 30 months | |
Inspection interval | The majority of the company’s vessels require certification inspections twice in every five year period | |
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 | 11 years 6 months | 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 |
Summaries of Net Properties and
Summaries of Net Properties and Equipment (Detail) $ in Thousands | Dec. 31, 2017USD ($)Vessel | Mar. 31, 2017USD ($)Vessel | |
Property, Plant and Equipment [Line Items] | |||
Vessels and related equipment | $ 850,268 | ||
Other properties and equipment | 5,710 | ||
Properties and equipment, gross | 855,978 | ||
Less accumulated depreciation and amortization | 18,458 | ||
Net properties and equipment | $ 837,520 | ||
Number Of Vessels | Vessel | [1] | 227 | |
Owned Vessels in Active Service | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 632,978 | ||
Number Of Vessels | Vessel | [1] | 138 | |
Stacked Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 189,710 | ||
Number Of Vessels | Vessel | [1] | 89 | |
Marine Equipment and Other Assets Under Construction | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 9,501 | ||
Other Property Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | [2] | $ 5,331 | |
Predecessor | |||
Property, Plant and Equipment [Line Items] | |||
Vessels and related equipment | $ 3,407,760 | ||
Other properties and equipment | 69,670 | ||
Properties and equipment, gross | 3,477,430 | ||
Less accumulated depreciation and amortization | 612,668 | ||
Net properties and equipment | $ 2,864,762 | ||
Number Of Vessels | Vessel | [1] | 244 | |
Predecessor | Owned Vessels in Active Service | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 1,990,049 | ||
Number Of Vessels | Vessel | [1] | 143 | |
Predecessor | Stacked Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 793,606 | ||
Number Of Vessels | Vessel | [1] | 101 | |
Predecessor | Marine Equipment and Other Assets Under Construction | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | $ 53,611 | ||
Predecessor | Other Property Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Net properties and equipment | [2] | $ 27,496 | |
[1] | Vessel count excludes vessels operated under sale leaseback agreements. | ||
[2] | Other property and equipment at March 31, 2017 includes eight remotely operated vehicles, all of which were sold in December 2017. |
Summaries of Net Properties a51
Summaries of Net Properties and Equipment (Parenthetical) (Detail) - Other Property Plant and Equipment - Vehicle | Dec. 31, 2017 | Mar. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Number of remotely operated vehicles | 8 | |
Number of remotely operated vehicles sold | 8 |
Schedule of Accrued Property an
Schedule of Accrued Property and Liability Losses (Detail) - Accrued property and liability losses - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Schedule of Accrued Liabilities [Line Items] | ||
Accrued property and liability losses | $ 5,056 | |
Predecessor | ||
Schedule of Accrued Liabilities [Line Items] | ||
Accrued property and liability losses | $ 13,792 |
Chapter 11 Proceedings and Em53
Chapter 11 Proceedings and Emergence - Additional Information (Detail) $ / shares in Units, $ in Millions | Jul. 31, 2017USD ($)Vessel$ / sharesshares | Jul. 31, 2017USD ($)Vessel$ / sharesshares | Dec. 31, 2017USD ($)shares | Aug. 01, 2017 |
Reorganizations [Line Items] | ||||
Number of vessels leased | Vessel | 16 | 16 | ||
Claims paid in cash | $ 225 | $ 225 | ||
Percentage of common equity | 95.00% | 95.00% | ||
Debt instrument maturity year | 2,022 | |||
Aggregate principal amount | $ 350 | $ 350 | ||
Bankruptcy claims, percentage of common equity issued to existing stockholders | 5.00% | |||
Purchase warrant exercise period | 6 years | |||
Warrants issued | shares | 924,125 | |||
Plan of Reorganization | ||||
Reorganizations [Line Items] | ||||
Settlement agreement description | The company successfully reached agreement with the Sale Leaseback Parties between August and November 2017. | |||
Claims settled amount | $ 233.6 | |||
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 | $ 260.2 | $ 260.2 | ||
Series A Warrants | ||||
Reorganizations [Line Items] | ||||
Warrants issued | shares | 2,400,000 | 2,400,000 | ||
Nominal exercise price of warrants | $ / shares | $ 57.06 | $ 57.06 | ||
Series B Warrants | ||||
Reorganizations [Line Items] | ||||
Warrants issued | shares | 2,600,000 | 2,600,000 | ||
Nominal exercise price of warrants | $ / shares | $ 62.28 | $ 62.28 | ||
Minimum | Non-U.S. Citizens | ||||
Reorganizations [Line Items] | ||||
Ownership percentage of common stock | 24.00% | 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% | 25.00% | ||
8.00% New Secured Notes Due August 2022 | ||||
Reorganizations [Line Items] | ||||
Debt instrument fixed interest rate | 8.00% | 8.00% | ||
Debt instrument maturity year | 2,022 | |||
Aggregate principal amount | $ 350 | $ 350 |
Fresh-Start Accounting - Additi
Fresh-Start Accounting - Additional Information (Detail) $ in Thousands | Jul. 31, 2017USD ($) |
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 the company's emergence from Chapter 11 bankruptcy, the company 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 56
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 | 425,962 |
Total value of Successor assets | $ 1,934,635 |
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 | (1,744,672) | [5] |
Other assets | (46,270) | [6] |
Total assets | (1,814,789) | |
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 | (1,820,018) | [10] |
Accumulated other comprehensive loss | 12,779 | [11] |
Total stockholders' equity | (1,807,239) | |
Noncontrolling interests | (13,266) | [12] |
Total equity | (1,820,505) | |
Total liabilities and equity | (1,814,789) | |
Current Assets | ||
Cash and cash equivalents | 560,866 | |
Total value of Successor assets | 1,934,635 | |
Current liabilities | ||
Accounts payable | 102,193 | |
Total current liabilities | 425,962 | |
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 | 67,487 | |
Liabilities subject to compromise | 2,326,122 | |
Total liabilities | 2,745,764 | |
Equity: | ||
Common stock (Predecessor) | 4,712 | |
Additional paid-in capital (Predecessor) | 166,867 | |
Retained earnings | 965,164 | |
Accumulated other comprehensive loss | (12,779) | |
Total stockholders' equity | 1,123,964 | |
Noncontrolling interests | 14,941 | |
Total equity | 1,138,905 | |
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 | 881,176 | |
Other assets | 46,404 | |
Total value of Successor assets | 1,934,635 | |
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 | 63,380 | |
Total liabilities | 877,551 | |
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 | $ 1,934,635 | |
[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 the company's 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, the company 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, the company 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 the company's 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 New 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 $13.3 million adjustment to decrease the carrying value of the noncontrolling interests to the estimated fair value. | |
[13] | Reorganization Adjustments The table below reconciles cash payments and amounts payable as of July 31, 2017 to the terms of the Plan described in Note (2) of Notes to Consolidated Financial Statements included in Item 8 of this Transition Report on Form 10-K. (In thousands) Payment made to holders of General Unsecured Claims upon emergence$ 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 New 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% New 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 $1,055,391 |
Summary of Consolidated Balan58
Summary of Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2013 | |
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 | ||||
Aggregate principal amount | 350,000 | 350,000 | ||||
Amount outstanding | $ (448,160) | |||||
Warrants issued | 924,125 | |||||
Additional paid-in capital | $ 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 | 2,400,000 | 2,400,000 | ||||
Nominal exercise price of warrants | $ 57.06 | $ 57.06 | ||||
Series B Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 2,600,000 | 2,600,000 | ||||
Nominal exercise price of warrants | $ 62.28 | $ 62.28 | ||||
Reorganization Adjustments | ||||||
Fresh Start Accounting [Line Items] | ||||||
Shares issued | 18,500,000 | |||||
Reorganization Adjustments | Common stock | ||||||
Fresh Start Accounting [Line Items] | ||||||
Per share value | $ 25 | 25 | ||||
Reorganization Adjustments | New Creditor Warrant | ||||||
Fresh Start Accounting [Line Items] | ||||||
Nominal exercise price of warrants | $ 25 | $ 25 | ||||
Reorganization Adjustments | Series A | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 2,400,000 | 2,400,000 | ||||
Nominal exercise price of warrants | $ 2.27 | $ 2.27 | ||||
Reorganization Adjustments | Series B | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 2,600,000 | 2,600,000 | ||||
Nominal exercise price of warrants | $ 1.88 | $ 1.88 | ||||
Fresh-start Accounting Adjustments | ||||||
Fresh Start Accounting [Line Items] | ||||||
Fair value discount rate | 12.00% | |||||
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 | ||||
September 2013 Senior Unsecured Notes | ||||||
Fresh Start Accounting [Line Items] | ||||||
Make-whole provision - Senior notes | $ (500,000) | |||||
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 | 17,000,000 | |||||
General Unsecured Creditors | Reorganization Adjustments | New Creditor Warrant | ||||||
Fresh Start Accounting [Line Items] | ||||||
Shares issued | 7,700,000 | |||||
Unresolved Sale Leaseback Claim | Reorganization Adjustments | New Creditor Warrant | ||||||
Fresh Start Accounting [Line Items] | ||||||
Shares issued | 3,900,000 | |||||
8.00% New Secured Notes Due August 2022 | ||||||
Fresh Start Accounting [Line Items] | ||||||
Aggregate principal amount | $ 350,000 | 350,000 | ||||
New secured notes | $ 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 | |||||
Aggregate principal amount | 350,000 | 350,000 | ||||
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 | ||||
Predecessor | ||||||
Fresh Start Accounting [Line Items] | ||||||
Reclassification from current to long-term | $ 10,409 | 10,409 | ||||
Amount outstanding | $ (2,040,525) | |||||
Gain on settlement of Liabilities subject to compromise | $ (767,640) | |||||
Additional paid-in capital | 165,221 | |||||
Predecessor | Reorganization Adjustments | ||||||
Fresh Start Accounting [Line Items] | ||||||
Shares issued | 1,500,000 | |||||
Predecessor | Reorganization Adjustments | Series A | ||||||
Fresh Start Accounting [Line Items] | ||||||
Nominal exercise price of warrants | $ 57.06 | $ 57.06 | ||||
Predecessor | Reorganization Adjustments | Series B | ||||||
Fresh Start Accounting [Line Items] | ||||||
Nominal exercise price of warrants | $ 62.28 | $ 62.28 | ||||
Predecessor | September 2013 Senior Unsecured Notes | ||||||
Fresh Start Accounting [Line Items] | ||||||
Aggregate debt outstanding | (500,000) | |||||
Predecessor | August 2011 Senior Unsecured Notes | ||||||
Fresh Start Accounting [Line Items] | ||||||
Aggregate debt outstanding | (165,000) | |||||
Predecessor | September 2010 Senior Unsecured Notes | ||||||
Fresh Start Accounting [Line Items] | ||||||
Aggregate debt outstanding | $ (382,500) | |||||
Successor | ||||||
Fresh Start Accounting [Line Items] | ||||||
Carrying value of receivable after fair value adjustment | $ 116,496 | $ 116,496 | ||||
Successor | Reorganization Adjustments | ||||||
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 | ||||
Successor | Reorganization Adjustments | Series A Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 5,510 | 5,510 | ||||
Successor | Reorganization Adjustments | Series B Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 4,945 | 4,945 | ||||
Successor | Reorganization Adjustments | Issued Creditor Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | 192,108 | 192,108 | ||||
Successor | Reorganization Adjustments | Reserved Creditor Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Series A Warrants (2,432,432 Warrants at $1.88 per warrant) | $ 96,482 | $ 96,482 | ||||
Successor | Reorganization Adjustments | Series A | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 2,432,432 | 2,432,432 | ||||
Nominal exercise price of warrants | $ 1.88 | $ 1.88 | ||||
Successor | Reorganization Adjustments | Series B | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 2,629,657 | 2,629,657 | ||||
Nominal exercise price of warrants | $ 2.27 | $ 2.27 | ||||
Successor | Reorganization Adjustments | Issued Creditor Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 7,684,453 | 7,684,453 | ||||
Nominal exercise price of warrants | $ 25 | $ 25 | ||||
Successor | Reorganization Adjustments | Reserved Creditor Warrants | ||||||
Fresh Start Accounting [Line Items] | ||||||
Warrants issued | 3,859,361 | 3,859,361 | ||||
Nominal exercise price of warrants | $ 25 | $ 25 | ||||
[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 60
Investment in Unconsolidated Companies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2017 | Jul. 31, 2017 | ||
Schedule of Equity Method Investments [Line Items] | |||
Fresh-start adjustment equity method investment | [1] | $ (24,683) | |
Fresh-start adjustment, period | 10 years | ||
Sonatide Marine, Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in unconsolidated affiliates | 49.00% | ||
Fresh-start adjustment equity method investment | $ 27,700 | ||
DTDW Holdings, Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in unconsolidated affiliates | 40.00% | ||
Fresh-start adjustment equity method investment | $ 4,200 | ||
Maximum | Sonatide Marine Ltd and DTDW Holdings Ltd. | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in unconsolidated affiliates | 50.00% | ||
[1] | Reflects the adjustment to decrease the carrying value of the company's equity method investments to their estimated fair values which were determined using a discounted cash flow analysis. |
Investment in Unconsolidated 61
Investment in Unconsolidated Companies (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Sonatide Marine, Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage in unconsolidated affiliates | 49.00% | |
Investments in, at equity, and advances to unconsolidated companies | $ 26,935 | |
Sonatide Marine, Ltd. | Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in, at equity, and advances to unconsolidated companies | $ 45,115 | |
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 | $ 2,281 | |
Sonatide Marine Ltd and DTDW Holdings Ltd. | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in, at equity, and advances to unconsolidated companies | $ 29,216 | |
Sonatide Marine Ltd and DTDW Holdings Ltd. | Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in, at equity, and advances to unconsolidated companies | $ 45,115 |
Schedule of Earning Before Inco
Schedule of Earning 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 | Mar. 31, 2017 | |
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items] | |||
Earnings before income taxes, Non-U.S | $ (5,137) | ||
Earnings before income taxes, United States | (31,550) | ||
Total pre-tax amounts | $ (36,687) | ||
Predecessor | |||
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items] | |||
Earnings before income taxes, Non-U.S | $ (1,603,788) | $ (498,931) | |
Earnings before income taxes, United States | (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 | Mar. 31, 2017 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | ||||
Current, Federal, Income tax expense (benefit) | $ 11 | |||
Federal, Income tax expense (benefit) | 11 | |||
Current, State, Income tax expense (benefit) | 0 | |||
Deferred, State, Income tax expense (benefit) | 0 | |||
State, Income tax expense (benefit) | 0 | |||
Current, International, Income tax expense (benefit) | 2,028 | |||
International, Income tax expense (benefit) | 2,028 | |||
Current, Total, Income tax expense (benefit) | 2,039 | |||
Income tax expense (benefit), Total | $ 2,039 | |||
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 | 5 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Mar. 31, 2017 | |
Income Tax [Line Items] | ||||
Federal statutory tax rate | 35.00% | |||
Cancellation of indebtedness (COD) income | $ 853,000,000 | |||
Total amount of reduction of tax attributes | 806,000,000 | |||
Net operating losses and depreciable assets | 518,000,000 | |||
Attribute reduction in stock of foreign subsidiaries | 288,000,000 | |||
Excess COD income attributed to subsidiaries | 37,000,000 | |||
Deferred tax recognized on excess COD income | 10,000,000 | |||
Reduced in net operating loss carryforwards | $ 201,100,000 | |||
Valuation allowance | 43,218,000 | $ 2,300,000 | ||
Unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries estimated amount | $ 4,000,000 | |||
Foreign tax credit carry-forwards expiry period | 2,022 | |||
Income tax penalties and interest | $ 9,800,000 | |||
Reduction in net deferred tax asset | 27,300,000 | |||
Net impact in income loss | 0 | |||
Recognized provisional deemed dividend | 43,200,000 | |||
Scenario Plan | ||||
Income Tax [Line Items] | ||||
Federal statutory tax rate | 21.00% | |||
Federal NOL | ||||
Income Tax [Line Items] | ||||
Net operating loss ("NOL") carryforwards | 215,600,000 | 47,600,000 | ||
Foreign NOL | ||||
Income Tax [Line Items] | ||||
Tax credit | $ 2,300,000 | $ 2,300,000 | ||
Tax credit year expire, start year | 2,026 | |||
Tax credit year expire, end year | 2,027 | |||
Domestic Subsidiaries | ||||
Income Tax [Line Items] | ||||
Excess COD income attributed to subsidiaries | 47,000,000 | |||
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 | Mar. 31, 2017 | |
Reconciliation Of Statutory Federal Tax Rate [Line Items] | ||||
Computed “expected” tax expense | $ (12,840) | |||
Foreign income taxed at different rates | 1,767 | |||
Uncertain tax positions | (3,219) | |||
Transition tax | 15,120 | |||
Valuation allowance – deferred tax assets | (28,387) | |||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | 11 | |||
Foreign taxes | 845 | |||
Other, net | 1,481 | |||
Remeasurement of deferred taxes | 27,261 | |||
Income tax expense (benefit), Total | $ 2,039 | |||
Predecessor | ||||
Reconciliation Of Statutory Federal Tax Rate [Line Items] | ||||
Computed “expected” tax expense | $ (576,850) | $ (225,265) | ||
Foreign income taxed at different rates | 448,805 | 232,904 | ||
Uncertain tax positions | 4,674 | 3,007 | ||
Chapter 11 reorganization | 50,428 | |||
Nondeductible transaction costs | 2,628 | |||
Transition tax | 5,587 | |||
Valuation allowance – deferred tax assets | 69,278 | (2,377) | ||
Amortization of deferrals associated with intercompany sales to foreign tax jurisdictions | (822) | (3,860) | ||
Foreign taxes | (1,342) | (928) | ||
State taxes | 3 | 11 | ||
Other, net | 1,964 | |||
Remeasurement of deferred taxes | (2,682) | |||
Income tax expense (benefit), Total | $ (1,234) | $ 4,680 | $ 6,397 |
Schedule of Effective Tax Rate
Schedule of Effective Tax Rate Applicable to Pre-Tax Earnings (Detail) | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |||
Effective tax rate applicable to pre-tax earnings | (5.50%) | ||
Predecessor | |||
Schedule Of Effective Tax Rate Reconciliation [Line Items] | |||
Effective tax rate applicable to pre-tax earnings | 0.10% | (0.99%) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Accrued employee benefit plan costs | $ 5,838 | |
Stock based compensation | 230 | |
Net operating loss and tax credit carryforwards | 3,941 | |
Restructuring fees not currently deductible for tax purposes | 3,982 | |
Depreciation and amortization | 29,160 | |
Other | 3,070 | |
Gross deferred tax assets | 46,221 | |
Less valuation allowance | (43,218) | $ (2,300) |
Net deferred tax assets | 3,003 | |
Basis difference in partnership | (716) | |
Section 1245 recapture | (2,131) | |
Other | (156) | |
Gross deferred tax liabilities | $ (3,003) | |
Predecessor | ||
Schedule Of Deferred Income Tax Assets And Liabilities [Line Items] | ||
Accrued employee benefit plan costs | 18,241 | |
Stock based compensation | 2,940 | |
Net operating loss and tax credit carryforwards | 14,693 | |
Other | 5,587 | |
Gross deferred tax assets | 41,461 | |
Less valuation allowance | (2,327) | |
Net deferred tax assets | 39,134 | |
Basis difference in partnership | (17,322) | |
Depreciation and amortization | (27,355) | |
Gross deferred tax liabilities | (44,677) | |
Net deferred tax assets (liabilities) | $ (5,543) |
Schedule of Tax Credit Carry-Fo
Schedule of Tax Credit Carry-Forwards (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Income Tax Disclosure [Abstract] | |
Foreign tax credit carry-forwards | $ 2,327 |
Schedule of Uncertain Tax Posit
Schedule of Uncertain Tax Positions and Income Tax Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Income Tax [Line Items] | ||
Tax liabilities for uncertain tax positions | $ 18,279 | |
Income tax payable | $ 4,050 | |
Predecessor | ||
Income Tax [Line Items] | ||
Tax liabilities for uncertain tax positions | $ 11,751 | |
Income tax payable | $ 13,936 |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits Which Would Lower Effective Tax Rate if Realized (Detail) - State and Local Jurisdiction $ in Thousands | 5 Months Ended |
Dec. 31, 2017USD ($) | |
Income Tax Contingency [Line Items] | |
Unrecognized tax benefit related to state tax issues | $ 12,425 |
Interest receivable on unrecognized tax benefit related to state tax issues | $ 54 |
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 | Mar. 31, 2017 | |
Schedule Of Unrecognized Tax Benefits [Line Items] | |||
Begining Balance | $ 23,443 | ||
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 | (2,864) | ||
Ending Balance | $ 23,443 | 22,282 | |
Predecessor | |||
Schedule Of Unrecognized Tax Benefits [Line Items] | |||
Begining Balance | 21,393 | $ 23,443 | $ 17,648 |
Additions based on tax positions related to the current year | 2,050 | 4,853 | |
Settlement and lapse of statute of limitations | (1,108) | ||
Ending Balance | $ 23,443 | $ 21,393 |
Summary Debt Outstanding Based
Summary Debt Outstanding Based On Stated Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Debt [Line Items] | ||
Amount outstanding | $ 448,160 | |
Less: Current portion of long-term debt | 5,103 | |
Total long-term debt | 443,057 | |
Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | $ 2,040,525 | |
Less: Deferred debt issue costs | 6,401 | |
Less: Current portion of long-term debt | 2,034,124 | |
Bank Term Loan Due July 2019 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 300,000 | |
Revolving Line Of Credit Due July 2019 | Predecessor | Revolving Credit Facility | ||
Debt [Line Items] | ||
Outstanding borrowing | 600,000 | |
3.90% September 2010 Senior Notes Due December 2017 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 44,500 | |
3.95% September 2010 Senior Notes Due December 2017 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 25,000 | |
4.12% September 2010 Senior Notes Due December 2018 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 25,000 | |
4.17% September 2010 Senior Notes Due December 2018 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 25,000 | |
4.33% September 2010 Senior Notes Due December 2019 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 50,000 | |
4.51% September 2010 Senior Notes Due December 2020 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 100,000 | |
4.56% September 2010 Senior Notes Due December 2020 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 65,000 | |
4.61% September 2010 Senior Notes Due December 2022 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 48,000 | |
4.06% August 2011 Senior Notes Due March 2019 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 50,000 | |
4.54% August 2011 Senior Notes Due June 2021 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 65,000 | |
4.64% August 2011 Senior Notes Due June 2021 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 50,000 | |
4.26% September 2013 Senior Notes Due November 2020 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 123,000 | |
5.01% September 2013 Senior Notes Due November 2023 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 250,000 | |
5.16% September 2013 Senior Notes Due November 2025 | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 127,000 | |
8.00% New Secured Notes Due August 2022 | ||
Debt [Line Items] | ||
New secured notes | 350,000 | |
New Secured Notes | ||
Debt [Line Items] | ||
Premium | 14,329 | |
Norwegian Kroner Denominated Notes Due May 2024 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 14,054 | |
Premium | 115 | |
Norwegian Kroner Denominated Notes Due May 2024 | Predecessor | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 14,864 | |
Norwegian Kroner Denominated Notes Due January 2026 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 25,965 | |
Discount | (1,586) | |
Norwegian Kroner Denominated Notes Due January 2026 | Predecessor | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 26,167 | |
United States Dollar Denominated Notes Due January 2027 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 23,345 | |
Discount | (1,678) | |
United States Dollar Denominated Notes Due January 2027 | Predecessor | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 24,573 | |
United States Dollar Denominated Notes Due April 2027 | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | 25,463 | |
Discount | $ (1,847) | |
United States Dollar Denominated Notes Due April 2027 | Predecessor | Troms Offshore Supply AS | ||
Debt [Line Items] | ||
Amount outstanding | $ 27,421 |
Summary Debt Outstanding Base73
Summary Debt Outstanding Based On Stated Maturities (Parenthetical) (Detail) | 9 Months Ended | |
Dec. 31, 2017 | Jul. 31, 2017 | |
Bank Term Loan Due July 2019 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | July 2,019 | |
Revolving Line Of Credit Due July 2019 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | July 2,019 | |
3.90% September 2010 Senior Notes Due December 2017 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,017 | |
Debt instrument interest rate | 3.90% | |
3.95% September 2010 Senior Notes Due December 2017 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,017 | |
Debt instrument interest rate | 3.95% | |
4.12% September 2010 Senior Notes Due December 2018 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,018 | |
Debt instrument interest rate | 4.12% | |
4.17% September 2010 Senior Notes Due December 2018 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,018 | |
Debt instrument interest rate | 4.17% | |
4.33% September 2010 Senior Notes Due December 2019 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,019 | |
Debt instrument interest rate | 4.33% | |
4.51% September 2010 Senior Notes Due December 2020 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,020 | |
Debt instrument interest rate | 4.51% | |
4.56% September 2010 Senior Notes Due December 2020 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,020 | |
Debt instrument interest rate | 4.56% | |
4.61% September 2010 Senior Notes Due December 2022 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | December 2,022 | |
Debt instrument interest rate | 4.61% | |
4.06% August 2011 Senior Notes Due March 2019 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | March 2,019 | |
Debt instrument interest rate | 4.06% | |
4.54% August 2011 Senior Notes Due June 2021 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | June 2,021 | |
Debt instrument interest rate | 4.54% | |
4.64% August 2011 Senior Notes Due June 2021 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | June 2,021 | |
Debt instrument interest rate | 4.64% | |
4.26% September 2013 Senior Notes Due November 2020 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | November 2,020 | |
Debt instrument interest rate | 4.26% | |
5.01% September 2013 Senior Notes Due November 2023 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | November 2,023 | |
Debt instrument interest rate | 5.01% | |
5.16% September 2013 Senior Notes Due November 2025 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | November 2,025 | |
Debt instrument interest rate | 5.16% | |
8.00% New Secured Notes Due August 2022 | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | August 2,022 | |
Debt instrument interest rate | 8.00% | 8.00% |
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 ($) $ in Thousands | Jul. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 |
Debt [Line Items] | ||||
Aggregate principal amount | $ 350,000 | $ 350,000 | ||
Debt instrument maturity year | 2,022 | |||
Net proceeds of each qualified asset sale | $ 32,742 | |||
8.00% New Secured Notes Due August 2022 | ||||
Debt [Line Items] | ||||
Debt instrument interest rate | 8.00% | 8.00% | 8.00% | 8.00% |
Aggregate principal amount | $ 350,000 | $ 350,000 | ||
Debt instrument maturity year | 2,022 | |||
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 New Secured Notes will accrue at a rate of 8.00% per annum 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 New Secured Notes have minimum interest coverage requirement (EBITDA/Interest), for which compliance will first be measured for the twelve months ending 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 New 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 New 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 Collateral of the company or the Guarantors that is sold, transferred or otherwise disposed of by the company 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. The company is obligated to offer to repurchase the New Secured Notes at par in amounts that generally approximate 65% of asset sale proceeds depending upon the types of assets sold as defined in the Indenture. The company maintains a restricted cash account to accumulate the net proceeds of each qualified asset sale, which account had a balance of $21.3 million at December 31, 2017. In the event the holders of the New Secured Notes do not accept the company’s offer to repurchase the notes the accumulated cash would become available to the company for its general use. | |||
Percentage of asset sale proceeds to repurchase notes at par amount | 65.00% | |||
Net proceeds of each qualified asset sale | $ 21,300 | |||
Debt instrument repurchase period | 60 days | |||
Debt instrument repurchase accumulation amount | $ 10 | $ 10 | ||
8.00% New Secured Notes Due August 2022 | Plan of Reorganization | Level 2 | ||||
Debt [Line Items] | ||||
Fair value in U.S. dollar equivalent | $ 359,800 | $ 359,800 |
Indebtedness - Senior Debt Note
Indebtedness - Senior Debt Notes - Additional Information (Detail) $ in Thousands, kr in Millions | Jul. 31, 2017USD ($)Vessel | Nov. 15, 2013USD ($) | Sep. 30, 2013USD ($) | Aug. 15, 2011USD ($) | May 27, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 31, 2014NOK (kr) | May 31, 2012NOK (kr) | Dec. 31, 2017USD ($) | Mar. 31, 2011USD ($) | Dec. 31, 2017NOK (kr) |
Debt [Line Items] | |||||||||||
Aggregate principal amount | $ 350,000 | ||||||||||
Debt instrument outstanding amount | $ 448,160 | ||||||||||
Notes Due May 2024 | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, month and year | 2024-05 | ||||||||||
Aggregate principal amount | kr | kr 204.4 | ||||||||||
Indebtedness rate | 1.25% | ||||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||||
Total capitalization rate | 6.13% | ||||||||||
Debt instrument outstanding amount | 14,100 | kr 115 | |||||||||
Debt instrument fixed interest rate | 3.88% | ||||||||||
September 2013 Senior Unsecured Notes | |||||||||||
Debt [Line Items] | |||||||||||
Senior note issuable amount under purchase agreement | $ 500,000 | ||||||||||
Sale of debt outstanding | $ 200,000 | $ 300,000 | $ 500,000 | ||||||||
September 2013 Senior Unsecured Notes | Minimum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 7 years | ||||||||||
September 2013 Senior Unsecured Notes | Maximum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 12 years | ||||||||||
August 2011 Senior Unsecured Notes | |||||||||||
Debt [Line Items] | |||||||||||
Sale of debt outstanding | $ 165,000 | ||||||||||
August 2011 Senior Unsecured Notes | Minimum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 8 years | ||||||||||
August 2011 Senior Unsecured Notes | Maximum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 10 years | ||||||||||
September 2010 Senior Unsecured Notes | |||||||||||
Debt [Line Items] | |||||||||||
Sale of debt outstanding | $ 425,000 | ||||||||||
September 2010 Senior Unsecured Notes | Minimum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 5 years | ||||||||||
September 2010 Senior Unsecured Notes | Maximum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument maturity, in years | 12 years | ||||||||||
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 | $ 25,500 | ||||||||||
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 | 23,300 | ||||||||||
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 | ||||||||||
Indebtedness rate | 1.25% | ||||||||||
Indebtedness sub-tranche premium rate | 1.00% | ||||||||||
Total capitalization rate | 4.56% | ||||||||||
Debt instrument outstanding amount | $ 26,000 | kr 212.5 | |||||||||
Troms Offshore Supply AS | Notes Due January 2026 | Minimum | |||||||||||
Debt [Line Items] | |||||||||||
Debt instrument bearing floating interest rate | 2.31% | ||||||||||
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 | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2017 | |
Debt [Line Items] | ||
Amount outstanding | $ 448,160 | |
Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | $ 2,040,525 | |
September 2013 Senior Unsecured Notes | Predecessor | ||
Debt [Line Items] | ||
Fair value of debt outstanding | 280,000 | |
Aggregate debt outstanding | $ 500,000 | |
Weighted average remaining life in years | 6 years 4 months 24 days | |
Weighted average coupon rate on notes outstanding | 4.86% | |
August 2011 Senior Unsecured Notes | Predecessor | ||
Debt [Line Items] | ||
Fair value of debt outstanding | $ 92,400 | |
Aggregate debt outstanding | $ 165,000 | |
Weighted average remaining life in years | 3 years 7 months 6 days | |
Weighted average coupon rate on notes outstanding | 4.42% | |
September 2010 Senior Unsecured Notes | Predecessor | ||
Debt [Line Items] | ||
Fair value of debt outstanding | $ 214,200 | |
Aggregate debt outstanding | $ 382,500 | |
Weighted average remaining life in years | 3 years 1 month 6 days | |
Weighted average coupon rate on notes outstanding | 4.35% | |
Troms Offshore Supply AS | May 2015 notes | ||
Debt [Line Items] | ||
Amount outstanding | 25,463 | |
Fair value of debt outstanding | 25,427 | |
Troms Offshore Supply AS | May 2015 notes | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | $ 27,421 | |
Fair value of debt outstanding | 27,395 | |
Troms Offshore Supply AS | March 2015 notes | ||
Debt [Line Items] | ||
Amount outstanding | 23,345 | |
Fair value of debt outstanding | $ 23,251 | |
Troms Offshore Supply AS | March 2015 notes | Predecessor | ||
Debt [Line Items] | ||
Amount outstanding | 24,573 | |
Fair value of debt outstanding | $ 24,544 |
Summary of Norwegian Kroner (NO
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Detail) kr in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017NOK (kr) | Mar. 31, 2017USD ($) | Mar. 31, 2017NOK (kr) |
Debt [Line Items] | ||||
Amount outstanding | $ 448,160 | |||
Predecessor | ||||
Debt [Line Items] | ||||
Amount outstanding | $ 2,040,525 | |||
Troms Offshore Supply AS | January 2014 notes | ||||
Debt [Line Items] | ||||
Amount outstanding | 25,965 | kr 212,500 | ||
Fair value in U.S. dollar equivalent | 25,850 | |||
Troms Offshore Supply AS | January 2014 notes | Predecessor | ||||
Debt [Line Items] | ||||
Amount outstanding | 26,167 | kr 225,000 | ||
Fair value in U.S. dollar equivalent | 26,133 | |||
Troms Offshore Supply AS | May 2012 notes | ||||
Debt [Line Items] | ||||
Amount outstanding | 14,054 | kr 115,020 | ||
Fair value in U.S. dollar equivalent | $ 14,013 | |||
Troms Offshore Supply AS | May 2012 notes | Predecessor | ||||
Debt [Line Items] | ||||
Amount outstanding | 14,864 | kr 127,800 | ||
Fair value in U.S. dollar equivalent | $ 14,793 |
Summary of Norwegian Kroner (78
Summary of Norwegian Kroner (NOK) Denominated Borrowings Outstanding (Parenthetical) (Detail) - Troms Offshore Supply AS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
January 2014 notes | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | January 2,014 | |
January 2014 notes | Predecessor | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | January 2,014 | |
May 2012 notes | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | May 2,012 | |
May 2012 notes | Predecessor | ||
Debt [Line Items] | ||
Debt Instrument Maturity Period | May 2,012 |
Indebtedness - Bank Loan Agreem
Indebtedness - Bank Loan Agreement - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended |
May 31, 2015 | Mar. 31, 2017 | |
Debt [Line Items] | ||
Covenant compliance description | At March 31, 2017, the company failed to meet certain covenants contained in the Bank Loan Agreement, the Troms Offshore Debt agreement, and the September 2013 Senior Notes, which resulted in covenant noncompliance that would have allowed the respective lenders and/or the noteholders to declare us to be in default under each of the Funded Debt Agreements, and accelerate the indebtedness thereunder. To avoid an acceleration of indebtedness of these agreements (and potentially the August 2011 and September 2010 Senior Notes) the company negotiated and obtained limited waivers from the necessary lenders and noteholders. When the final waiver expired in accordance with its terms on April 7, 2017, negotiations regarding the terms of the company’s restructuring were substantially complete. As a result of the above, all of the company’s debt was classified as current on its Consolidated Balance Sheet at March 31, 2017. | |
Current Bank Loan Agreement | ||
Debt [Line Items] | ||
Bank loan agreement expiration date | 2019-06 | |
Revolving credit facility | $ 900,000,000 | |
Credit facility term | 5 years | |
Revolving line of credit | $ 600,000,000 | |
Term loan | $ 300,000,000 | |
Term Loan Facility | ||
Debt [Line Items] | ||
Outstanding borrowing | $ 300,000,000 | |
Estimated fair market value of the borrowing | 168,000,000 | |
Revolving Credit Agreement | ||
Debt [Line Items] | ||
Outstanding borrowing | 600,000,000 | |
Estimated fair market value of the borrowing | $ 336,000,000 |
Debt Costs (Detail)
Debt Costs (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Debt [Line Items] | |||
Interest and debt costs incurred, net of interest capitalized | $ 13,009 | ||
Interest costs capitalized | 101 | ||
Total interest and debt costs | $ 13,110 | ||
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, 2015USD ($) | Nov. 30, 2015 | Apr. 30, 2018USD ($) | Dec. 31, 2017Person | Dec. 31, 2010Person | Dec. 31, 2017USD ($)Person | Dec. 31, 2017NOK (kr)Person | Mar. 31, 2017USD ($) | Mar. 31, 2017NOK (kr) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Number of employers participated in defined benefit plan | Person | 4 | 60 | |||||||||||
Number of employers still remains in defined benefit plan | Person | 30 | 30 | |||||||||||
Percentage of defined benefit plan, actuarial discount rate assumption | 3.80% | 3.80% | |||||||||||
Defined benefit plan, significant concentrations of risk | U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of December 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | U.S. Plans The pension plan and the supplemental plan assets are periodically evaluated for concentration risks. As of December 31, 2017, the company did not have any individual asset investments that comprised 10% or more of each plan’s overall assets. | |||||||||||
Defined benefit plan, concentration risk, assets, equity securities, difference plan assets and liabilities | 15.00% | 15.00% | |||||||||||
Defined benefit plan, concentration risk, assets, equity securities, maximum foreign and us stock | 10.00% | 10.00% | |||||||||||
Defined benefit plan, concentration risk, diversification, equity limit, single industry | 25.00% | 25.00% | |||||||||||
Defined benefit plan, concentration risk, diversification, equity limit, single corporation | 10.00% | 10.00% | |||||||||||
Defined benefit plan, concentration risk, diversification, debt limit, single issuer | 10.00% | 10.00% | |||||||||||
Defined contribution plan, description | Effective January 1, 2018, the company no longer provides a matching of 50% of the first 8% of eligible compensation in an attempt to reduce costs. | Effective January 1, 2018, the company 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% | 2.00% | 2.00% | ||||||||||
Percentage of defined plan, maximum employee contribution | 75.00% | 75.00% | 75.00% | ||||||||||
Percentage of defined plan, company contribution match, cash | 50.00% | ||||||||||||
Percentage of defined plan, company contribution match, employee deferred compensation | 8.00% | 8.00% | |||||||||||
Defined contribution plan, company contribution percentage match, company stock | 50.00% | ||||||||||||
Non-Qualified Supplemental Savings Plan Executives | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined contribution plan, company contribution percentage match, common stock | 50.00% | 50.00% | |||||||||||
Deferred compensation arrangement with individual, deferred compensation percentage | 50.00% | 50.00% | |||||||||||
Deferred compensation arrangement with individual, deferred bonus percentage | 100.00% | 100.00% | |||||||||||
Defined contribution plan, restoration benefit | 3.00% | 3.00% | |||||||||||
Non-Qualified Supplemental Savings Plan Executives | Minimum | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined contribution plan, company contribution percentage additional percentage | 1.00% | 1.00% | |||||||||||
Non-Qualified Supplemental Savings Plan Executives | Maximum | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined contribution plan, company contribution percentage additional percentage | 8.00% | 8.00% | |||||||||||
Multinational Retirement Plan | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined contribution plan, company contribution, vesting period, years | 5 years | 6 years | |||||||||||
Percentage of defined plan, minimum employee contribution | 1.00% | 1.00% | |||||||||||
Percentage of defined plan, maximum employee contribution | 50.00% | 15.00% | |||||||||||
Percentage of defined plan, company contribution match, cash | 50.00% | 50.00% | |||||||||||
Percentage of defined plan, company contribution match, employee deferred compensation | 6.00% | 6.00% | |||||||||||
Reduction in defined plan assets and liabilities | $ 6,400,000 | ||||||||||||
Norway?s Defined Benefit Pension Plan | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Number of employers still remains in defined benefit plan | Person | 90 | 90 | |||||||||||
Defined benefit plan, employer contributions | $ 300,000 | kr 2.7 | $ 400,000 | kr 3.6 | |||||||||
Pension Plans, Defined Benefit | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined benefit plan, employer contributions | 0 | 3,000,000 | $ 0 | ||||||||||
Supplemental Executive Retirement Plan | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Defined benefit plan, employer contributions | $ 100,000 | 200,000 | |||||||||||
Supplemental Executive Retirement Plan | Scenario, Forecast | President, and Chief Executive Officer [Member] | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Settlement of distribution | $ 9,600,000 | ||||||||||||
Settlement loss | $ 500,000 | ||||||||||||
Postretirement Benefit Plan | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Additional estimated net periodic benefit | $ 2,000,000 | ||||||||||||
Postretirement Benefit Plan | Scenario, Forecast | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Postretirement benefit plan obligations reduction | $ 1,900,000 |
Schedule of Carrying Value of T
Schedule of Carrying Value of Trust Assets and Obligations Under Supplemental Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Investments held in Rabbi Trust | [1] | $ 8,908 | |
Obligations under the supplemental plan | $ 32,508 | ||
Predecessor | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments held in Rabbi Trust | $ 8,759 | ||
Obligations under the supplemental plan | $ 29,108 | ||
[1] | The company plans to liquidate the rabbi trust (valued at $8.9 million as of December 31, 2017) in advance of paying a lump sum benefit to the former CEO in April 2018 of $9.6 million. |
Schedule of Unrealized (Loss) G
Schedule of Unrealized (Loss) Gains in Carrying Value of Trust Assets (Detail) - USD ($) $ 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) |
Summary of Minimum And Maximum
Summary of Minimum And Maximum Rate of Return of Plan Assets (Detail) - Supplemental Executive Retirement Plan | 9 Months Ended |
Dec. 31, 2017 | |
Minimum | Equity Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 5.00% |
Minimum | Debt Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 1.00% |
Minimum | Cash and Cash Equivalents | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 0.00% |
Maximum | Equity Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 7.00% |
Maximum | Debt Securities | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 3.00% |
Maximum | Cash and Cash Equivalents | |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |
Expected Rate of Return on Plan Assets | 1.00% |
Schedule of Minimum and Maximum
Schedule of Minimum and Maximum Market Value of Plan Assets (Detail) | Dec. 31, 2017 |
Equity Securities | Minimum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 55.00% |
Equity Securities | Maximum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 75.00% |
Debt Securities | Minimum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 25.00% |
Debt Securities | Maximum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 45.00% |
Investment Grade Bonds | Minimum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 0.00% |
Investment Grade Bonds | Maximum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 20.00% |
Cash and Cash Equivalents | Minimum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 0.00% |
Cash and Cash Equivalents | Maximum | |
Schedule of Pension and Other Postretirement Plan Assets by Fair Value [Line Items] | |
Market value objective for plan assets | 10.00% |
Schedule of Asset Allocation (D
Schedule of Asset Allocation (Detail) | Dec. 31, 2017 | Mar. 31, 2017 |
Domestic Plan | United States | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 100.00% | |
Domestic Plan | United States | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 98.00% | |
Domestic Plan | United States | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 2.00% | |
Domestic Plan | United States | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 100.00% | |
Domestic Plan | United States | Predecessor | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 98.00% | |
Domestic Plan | United States | Predecessor | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 2.00% | |
Supplemental Executive Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 100.00% | |
Actual asset allocations | 100.00% | |
Supplemental Executive Retirement Plan | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 65.00% | |
Actual asset allocations | 59.00% | |
Supplemental Executive Retirement Plan | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target asset allocation | 35.00% | |
Actual asset allocations | 38.00% | |
Supplemental Executive Retirement Plan | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 3.00% | |
Supplemental Executive Retirement Plan | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 100.00% | |
Supplemental Executive Retirement Plan | Predecessor | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 59.00% | |
Supplemental Executive Retirement Plan | Predecessor | Debt Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 37.00% | |
Supplemental Executive Retirement Plan | Predecessor | Cash And Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual asset allocations | 4.00% |
Schedule of Fair Value Assets a
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | $ 57,536 | ||
Total fair value of plan assets | [1] | 8,908 | |
Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | $ 57,146 | ||
Total fair value of plan assets | 8,759 | ||
Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 56,928 | ||
Accrued income | 608 | ||
Total fair value of plan assets | 57,536 | ||
Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 56,465 | ||
Accrued income | 681 | ||
Total fair value of plan assets | 57,146 | ||
Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring 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 | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 8,760 | ||
Total fair value of plan assets | 8,760 | ||
Measured At Net Asset Value | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,725 | ||
Total fair value of plan assets | 1,725 | ||
Measured At Net Asset Value | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,720 | ||
Total fair value of plan assets | 1,720 | ||
US Government Agencies Debt Securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 4,238 | ||
US Government Agencies Debt Securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,770 | ||
US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,692 | ||
US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,613 | ||
Collateralized mortgage securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,032 | ||
Collateralized mortgage securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 2,537 | ||
Corporate Debt Securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 49,420 | ||
Corporate Debt Securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 47,871 | ||
Cash and Cash Equivalents | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 834 | ||
Cash and Cash Equivalents | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 989 | ||
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 246 | ||
Cash and Cash Equivalents | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 323 | ||
Cash and Cash Equivalents | Measured At Net Asset Value | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 49 | ||
Cash and Cash Equivalents | Measured At Net Asset Value | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 72 | ||
Common stock | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,599 | ||
Common stock | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,561 | ||
Foreign Stock | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 183 | ||
Foreign Stock | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 132 | ||
American Depository Receipts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,429 | ||
American Depository Receipts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,387 | ||
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 12 | ||
Preferred American Depository Receipts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 20 | ||
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 72 | ||
Real Estate Investment Trusts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 76 | ||
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,676 | ||
Open Ended Mutual Funds | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,648 | ||
Open Ended Mutual Funds | Measured At Net Asset Value | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,676 | ||
Open Ended Mutual Funds | Measured At Net Asset Value | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,648 | ||
Other | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,404 | ||
Other | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,298 | ||
Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 4,629 | ||
Accrued income | 608 | ||
Total fair value of plan assets | 5,237 | ||
Quoted Prices In Active Markets (Level 1) | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 4,215 | ||
Accrued income | 681 | ||
Total fair value of plan assets | 4,896 | ||
Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 6,173 | ||
Other pending transactions | (1) | ||
Total fair value of plan assets | 6,172 | ||
Quoted Prices In Active Markets (Level 1) | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 6,023 | ||
Total fair value of plan assets | 6,023 | ||
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 4,238 | ||
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,770 | ||
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 851 | ||
Quoted Prices In Active Markets (Level 1) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 832 | ||
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 219 | ||
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 345 | ||
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 27 | ||
Quoted Prices In Active Markets (Level 1) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 15 | ||
Quoted Prices In Active Markets (Level 1) | Common stock | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,599 | ||
Quoted Prices In Active Markets (Level 1) | Common stock | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 3,561 | ||
Quoted Prices In Active Markets (Level 1) | Foreign Stock | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 183 | ||
Quoted Prices In Active Markets (Level 1) | Foreign Stock | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 132 | ||
Quoted Prices In Active Markets (Level 1) | American Depository Receipts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,429 | ||
Quoted Prices In Active Markets (Level 1) | American Depository Receipts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,387 | ||
Quoted Prices In Active Markets (Level 1) | Preferred American Depository Receipts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 12 | ||
Quoted Prices In Active Markets (Level 1) | Preferred American Depository Receipts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 20 | ||
Quoted Prices In Active Markets (Level 1) | Real Estate Investment Trusts | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 72 | ||
Quoted Prices In Active Markets (Level 1) | Real Estate Investment Trusts | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 76 | ||
Quoted Prices In Active Markets (Level 1) | Other | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 172 | ||
Quoted Prices In Active Markets (Level 1) | Other | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 100 | ||
Significant Observable Inputs (Level 2) | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 52,299 | ||
Total fair value of plan assets | 52,299 | ||
Significant Observable Inputs (Level 2) | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 52,250 | ||
Total fair value of plan assets | 52,250 | ||
Significant Observable Inputs (Level 2) | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,011 | ||
Total fair value of plan assets | 1,011 | ||
Significant Observable Inputs (Level 2) | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,017 | ||
Total fair value of plan assets | 1,017 | ||
Significant Observable Inputs (Level 2) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 841 | ||
Significant Observable Inputs (Level 2) | US Government Agencies Debt Securities | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 781 | ||
Significant Observable Inputs (Level 2) | Collateralized mortgage securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 1,032 | ||
Significant Observable Inputs (Level 2) | Collateralized mortgage securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 2,537 | ||
Significant Observable Inputs (Level 2) | Corporate Debt Securities | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 49,420 | ||
Significant Observable Inputs (Level 2) | Corporate Debt Securities | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 47,871 | ||
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 615 | ||
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 644 | ||
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 170 | ||
Significant Observable Inputs (Level 2) | Cash and Cash Equivalents | Supplemental Executive Retirement Plan | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | 236 | ||
Significant Observable Inputs (Level 2) | Other | Pension Plans, Defined Benefit | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | $ 1,232 | ||
Significant Observable Inputs (Level 2) | Other | Pension Plans, Defined Benefit | Predecessor | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Fair value of plan assets | $ 1,198 | ||
[1] | The company plans to liquidate the rabbi trust (valued at $8.9 million as of December 31, 2017) in advance of paying a lump sum benefit to the former CEO in April 2018 of $9.6 million. |
Change in Plan Assets and Oblig
Change in Plan Assets and Obligations (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | 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 | $ 103,443 | $ 103,443 | ||
Fair value of plan assets at end of the period | 57,536 | 57,536 | ||
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 | $ 97,941 | |||
Fair value of plan assets at end of the period | 57,146 | |||
Pension Plans, Defined Benefit | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Current liabilities | (10,731) | (10,731) | ||
Noncurrent liabilities | (35,252) | (35,252) | ||
Net amount recognized | (45,983) | (45,983) | ||
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 | 1,785 | ||
Current liabilities | (1,791) | (1,791) | ||
Noncurrent liabilities | (41,642) | (39,087) | ||
Net amount recognized | (43,433) | (40,878) | ||
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 | |||
Service cost | 546 | |||
Interest cost | 1,599 | |||
Plan curtailment | (432) | |||
Benefits paid | (2,059) | |||
Actuarial (gain) loss | 2,322 | |||
Foreign currency exchange rate changes | (23) | |||
Benefit obligation at end of the period | 103,443 | 103,443 | ||
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 | 97,941 | 95,830 | |
Service cost | 393 | 1,182 | ||
Interest cost | 1,313 | 3,814 | ||
Benefits paid | (1,610) | (4,895) | ||
Actuarial (gain) loss | 3,322 | 2,082 | ||
Foreign currency exchange rate changes | 131 | (72) | ||
Benefit obligation at end of the period | 101,490 | 97,941 | ||
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] | ||||
Actuarial (gain) loss | (217) | |||
Fair value of plan assets at beginning of the period | 58,148 | |||
Actual return | 1,182 | |||
Expected return | 32 | |||
Administrative expenses | (15) | |||
Plan curtailment | (100) | |||
Employer contributions | 625 | |||
Benefits paid | (2,059) | |||
Foreign currency exchange rate changes | (60) | |||
Fair value of plan assets at end of the period | 57,536 | 57,536 | ||
Payroll tax unrecognized in benefit obligation at end of the period | 76 | 76 | ||
Unfunded status at end of the period | (45,983) | |||
Pension Plans, Defined Benefit | Change In Plan Assets | Predecessor | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Actuarial (gain) loss | (109) | (148) | ||
Fair value of plan assets at beginning of the period | 57,146 | 57,146 | 57,174 | |
Actual return | 2,138 | 577 | ||
Expected return | 16 | 51 | ||
Administrative expenses | (7) | (27) | ||
Employer contributions | 435 | 4,465 | ||
Benefits paid | (1,610) | (4,895) | ||
Foreign currency exchange rate changes | 139 | (51) | ||
Fair value of plan assets at end of the period | 58,148 | 57,146 | ||
Payroll tax unrecognized in benefit obligation at end of the period | 91 | 83 | ||
Unfunded status at end of the period | (43,433) | (40,878) | ||
Other Pension Plans, Defined Benefit | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Current liabilities | (282) | (282) | ||
Noncurrent liabilities | (2,642) | (2,642) | ||
Net amount recognized | (2,924) | (2,924) | ||
Other 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 | (335) | (1,138) | ||
Current liabilities | (418) | (418) | ||
Noncurrent liabilities | (4,399) | (4,393) | ||
Net amount recognized | (4,817) | (4,811) | ||
Other Pension Plans, Defined Benefit | Change in Benefit Obligations | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Benefit obligation at beginning of the period | 4,817 | |||
Service cost | 29 | |||
Interest cost | 75 | |||
Participant contributions | 65 | |||
Plan amendment | (1,861) | |||
Benefits paid | (526) | |||
Actuarial (gain) loss | 325 | |||
Benefit obligation at end of the period | 2,924 | 2,924 | ||
Other 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 | 4,811 | $ 4,811 | 5,573 | |
Service cost | 23 | 81 | ||
Interest cost | 64 | 201 | ||
Participant contributions | 58 | 411 | ||
Benefits paid | (346) | (1,170) | ||
Actuarial (gain) loss | 207 | (285) | ||
Benefit obligation at end of the period | 4,817 | 4,811 | ||
Other Pension Plans, Defined Benefit | Change In Plan Assets | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Employer contributions | 461 | |||
Participant contributions | 65 | |||
Benefits paid | (526) | |||
Unfunded status at end of the period | $ (2,924) | |||
Other Pension Plans, Defined Benefit | Change In Plan Assets | Predecessor | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ||||
Employer contributions | 288 | 759 | ||
Participant contributions | 58 | 411 | ||
Benefits paid | (346) | (1,170) | ||
Unfunded status at end of the period | $ (4,817) | $ (4,811) |
Schedule of Projected and Accum
Schedule of Projected and Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Schedule Of Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||
Projected benefit obligation | $ 103,443 | |
Accumulated benefit obligation | $ 101,287 | |
Predecessor | ||
Schedule Of Defined Benefit Plan Change In Benefit Obligation [Line Items] | ||
Projected benefit obligation | $ 97,941 | |
Accumulated benefit obligation | $ 94,467 |
Schedule of Accumulated Benefit
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
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 | |
Predecessor | ||
Schedule Of Pension Plans With Accumulated And Projected Benefit Obligations In Excess Of Plan Assets [Line Items] | ||
Projected benefit obligation | $ 97,941 | |
Accumulated benefit obligation | 94,467 | |
Fair value of plan assets | $ 57,146 |
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 | Mar. 31, 2017 | |
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | $ 546 | ||
Interest cost | 1,599 | ||
Expected return on plan assets | (882) | ||
Administrational expenses | 19 | ||
Payroll tax of net pension costs | 29 | ||
Amortization of net actuarial losses | 131 | ||
Curtailment gain | (99) | ||
Net periodic pension cost | $ 1,343 | ||
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 Bene92
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 | Mar. 31, 2017 | |
Net Period Benefit Cost Assumptions [Line Items] | |||
Service cost | $ 29 | ||
Interest cost | 75 | ||
Net periodic pension cost | $ 104 | ||
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 | 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 | ||
Total recognized in other comprehensive (income) loss, before tax | 1,939 | ||
Net of tax | 1,939 | ||
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 (gain) | (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 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 | 325 | ||
Prior service (cost) credit | (1,861) | ||
Total recognized in other comprehensive (income) loss, before tax | (1,536) | ||
Net of tax | $ (1,536) | ||
Other 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 | 207 | (285) | |
Amortization of prior service cost | 927 | 4,346 | |
Fresh-start accounting fair value adjustment | 19,055 | ||
Recognized actuarial (gain) | 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 (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | $ (1,939) |
Pre-tax amount included in accumulated other comprehensive (loss) income | (1,939) |
Other Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | (325) |
Unrecognized prior service credit (cost) | 1,861 |
Pre-tax amount included in accumulated other comprehensive (loss) income | $ 1,536 |
Schedule of Expected Amounts of
Schedule of Expected Amounts of Net Periodic Benefit Costs (Detail) - Other Pension Plans, Defined Benefit $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized actuarial (loss) gain | $ 299 |
Unrecognized prior service credit (cost) | $ (5) |
Schedule of Assumptions, Net Be
Schedule of Assumptions, Net Benefit Obligation (Detail) | Dec. 31, 2017 | Mar. 31, 2017 |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | |
Rates of annual increase in compensation levels | 3.00% | |
Pension Plans, Defined Benefit | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.25% | |
Rates of annual increase in compensation levels | 3.00% | |
Other Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | |
Other Pension Plans, Defined Benefit | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.25% |
Schedule of Assumptions, Net Pe
Schedule of Assumptions, Net Periodic Benefit Costs (Detail) | 5 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2017 | |
Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | |
Expected long-term rate of return on assets | 3.70% | |
Rates of annual increase in compensation levels | 3.00% | |
Pension Plans, Defined Benefit | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.15% | |
Expected long-term rate of return on assets | 4.10% | |
Rates of annual increase in compensation levels | 3.00% | |
Other Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | |
Other Pension Plans, Defined Benefit | Predecessor | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% |
Schedule of Expected Benefit Pa
Schedule of Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Plans, Defined Benefit | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | $ 15,350 |
2,019 | 5,812 |
2,020 | 5,877 |
2,021 | 5,966 |
2,022 | 5,978 |
2023 – 2027 | 30,440 |
Total 10-year estimated future benefit payments | 69,423 |
Other Pension Plans, Defined Benefit | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
2,018 | 282 |
2,019 | 301 |
2,020 | 311 |
2,021 | 302 |
2,022 | 287 |
2023 – 2027 | 1,212 |
Total 10-year estimated future benefit payments | $ 2,695 |
Assumed Health Care Cost Trend
Assumed Health Care Cost Trend Rates (Detail) - Pre Sixty Five Coverage | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Pension Expected Future Benefit Payments [Line Items] | |
Accumulated postretirement benefit obligation | 7.60% |
Net periodic postretirement benefit obligation | 7.60% |
Ultimate health care cost trend | 4.54% |
Ultimate year health care cost trend rate is achieved | 2,038 |
Net periodic postretirement benefit obligation December 31, 2018 | 7.45% |
One-Percentage Rate Change in A
One-Percentage Rate Change in Assumed Health Care Cost Trend Rates and Its Effects on Accumulated Postretirement Benefit Obligation (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Defined benefit plan, effect of one percentage point increase on accumulated postretirement benefit obligation | $ 10,715 |
Defined benefit plan, effect of one percentage point increase on aggregate service and interest cost | 208,009 |
Defined benefit plan, effect of one percentage point decrease on accumulated postretirement benefit obligation | 9,603 |
Defined benefit plan, effect of one percentage point decrease on aggregate service and interest cost | $ 188,345 |
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, 2017 | Jul. 31, 2017 | Mar. 31, 2017 |
Defined Contribution Plan Disclosure [Line Items] | |||
Warrants issued | 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 | |||
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) - Defined Contribution Savings Plan 401k - 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] | |||
Defined contribution plans expense, net of forfeitures | $ 854 | ||
Defined contribution plans forfeitures | $ 83 | ||
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, 2017 | Mar. 31, 2017 | |
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | |||
Deposits | $ 1,780 | ||
Reorganization related retainer payments | 50 | ||
Investments held in Rabbi Trust | [1] | 8,908 | |
Prepaid expenses | 8,392 | ||
Total other current assets | $ 19,130 | ||
Predecessor | |||
Other Current Assets, Other Assets Accrued Expenses Other Current Liabilities and other Non current liabilities and Deferred Credits [Abstract] | |||
Deposits | $ 3,057 | ||
Reorganization related retainer payments | 3,938 | ||
Investments held in Rabbi Trust | 8,759 | ||
Prepaid expenses | 11,414 | ||
Total other current assets | $ 18,409 | ||
[1] | The company plans to liquidate the rabbi trust (valued at $8.9 million as of December 31, 2017) in advance of paying a lump sum benefit to the former CEO in April 2018 of $9.6 million. |
Schedule of Other Current As105
Schedule of Other Current Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Apr. 30, 2018 | Dec. 31, 2017 |
Former CEO | Scenario, Forecast | ||
Schedule Of Other Current Assets [Line Items] | ||
Payment advances of lump sum benefit | $ 9.6 | |
Rabbi Trust | ||
Schedule Of Other Current Assets [Line Items] | ||
Investments liquidation value | $ 8.9 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Other Assets, Noncurrent [Abstract] | |||
Recoverable insurance losses | $ 2,405 | ||
Deferred income tax assets | 3,003 | ||
Investments held for savings plans and SERP | 6,583 | ||
Long-term deposits | 16,217 | ||
Other | 5,847 | ||
Total other assets | $ 31,052 | ||
Predecessor | |||
Other Assets, Noncurrent [Abstract] | |||
Recoverable insurance losses | $ 10,142 | ||
Deferred income tax assets | 39,134 | ||
Investments held for savings plans and SERP | 14,835 | ||
Accumulated costs of rejected vessel | [1] | 48,382 | |
Long-term deposits | 15,162 | ||
Other | 11,880 | ||
Total other assets | $ 139,535 | ||
[1] | Refer to Note (14) of Notes to Consolidated Financial Statements included in Item 8 of this Report on Form 10-K for additional information regarding the vessel rejected at the time of delivery. |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Accounts Payable and Accrued Liabilities Current [Abstract] | |||
Payroll and related payables | [1] | $ 17,344 | |
Commissions payable | [2] | 1,898 | |
Accrued vessel expenses | 27,222 | ||
Accrued interest expense | [3] | 6,036 | |
Other accrued expenses | 2,306 | ||
Accrued expenses | $ 54,806 | ||
Predecessor | |||
Accounts Payable and Accrued Liabilities Current [Abstract] | |||
Payroll and related payables | [1] | $ 10,465 | |
Commissions payable | [2] | 2,143 | |
Accrued vessel expenses | 41,580 | ||
Accrued interest expense | [3] | 15,021 | |
Other accrued expenses | 8,912 | ||
Accrued expenses | $ 78,121 | ||
[1] | Includes a $9.6 million payable related to a lump sum payment to the former CEO which is expected to be paid in April 2018. | ||
[2] | Excludes $36.4 million and $34.7 million of commissions due to Sonatide at December 31, 2017 and March 31, 2017, respectively. These amounts are included in amounts due to affiliates. | ||
[3] | Accrued interest as of December 31, 2017, reflects the company’s post-restructuring capital structure which includes debt of $448.2 million |
Schedule of Accrued Expenses (P
Schedule of Accrued Expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | [1] | $ 1,898 | |
Accrued interest expense | [2] | 6,036 | |
Post-restructuring capital structure which includes debt | 448,200 | ||
Predecessor | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | [1] | $ 2,143 | |
Accrued interest expense | [2] | 15,021 | |
Sonatide joint venture | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | 36,000 | ||
Accrued interest expense | 36,400 | ||
Sonatide joint venture | Predecessor | |||
Schedule of Accrued Liabilities [Line Items] | |||
Accrued interest expense | $ 34,700 | ||
Former CEO | |||
Schedule of Accrued Liabilities [Line Items] | |||
Commissions payable | $ 9,600 | ||
[1] | Excludes $36.4 million and $34.7 million of commissions due to Sonatide at December 31, 2017 and March 31, 2017, respectively. These amounts are included in amounts due to affiliates. | ||
[2] | Accrued interest as of December 31, 2017, reflects the company’s post-restructuring capital structure which includes debt of $448.2 million |
Schedule of Other Current Liabi
Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Other Liabilities Current [Abstract] | |||
Taxes payable | $ 10,326 | ||
Amounts payable to holders of General Unsecured Claims | [1] | 8,474 | |
Other | 893 | ||
Other current liabilities | $ 19,693 | ||
Predecessor | |||
Other Liabilities Current [Abstract] | |||
Taxes payable | $ 23,497 | ||
Deferred gain on vessel sales - current | [2] | 23,798 | |
Other | 1,134 | ||
Other current liabilities | $ 48,429 | ||
[1] | Remaining payable to holders of General Unsecured Claims which was paid in January 2018. | ||
[2] | Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” |
Schedule of Other Liabilities a
Schedule of Other Liabilities and Deferred Credits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 | |
Deferred Credits and Other Liabilities [Abstract] | |||
Postretirement benefits liability | $ 2,642 | ||
Pension liabilities | 36,614 | ||
Other | 19,320 | ||
Other liabilities and deferred credits | $ 58,576 | ||
Predecessor | |||
Deferred Credits and Other Liabilities [Abstract] | |||
Postretirement benefits liability | $ 4,394 | ||
Pension liabilities | 40,339 | ||
Deferred gain on vessel sales | [1] | 88,923 | |
Other | 21,049 | ||
Other liabilities and deferred credits | $ 154,705 | ||
[1] | Deferred gains related to the company’s sale leaseback vessels were recognized as reorganization items in the quarter ended June 30, 2017, due to the company’s rejection of its lease contracts as part of the Chapter 11 proceedings. Refer to Note (4), “Reorganization Items.” |
Schedule of Common Stock Shares
Schedule of Common Stock Shares Reserved for Issuance and Shares Available for Grant (Detail) - shares | 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 | 3,048,877 | |
Shares of common stock available for future grants | 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 and112
Stock-Based Compensation and Incentive Plans - Additional Information (Detail) - USD ($) | Jan. 16, 2018 | Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option awards outstanding | 0 | |||||||
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% | |||||||
Distribution payment period | 15 days | |||||||
Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Value of stock units granted | $ 115,000 | $ 100,000 | ||||||
Director | Deferred Cash Award | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Value of cash awards granted | $ 97,750 | |||||||
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] | ||||||||
General vesting period, years | 3 years | |||||||
Post retirement period to exercise vested options | 2 years | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total unrecognized stock compensation costs | $ 24,500 | |||||||
Total unrecognized stock compensation costs, net of tax | $ 18,200 | |||||||
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 | 418,301 | |||||||
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 | Scenario, Forecast | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
General vesting period, years | 1 year | |||||||
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 | $ 300,000 | |||||||
Total unrecognized stock compensation costs, net of tax | $ 200,000 | |||||||
New awards issued | 0 | |||||||
Phantom Stock Plan | Series A Warrants | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Fair value of non-vested shares | $ 1 | |||||||
New awards have been issued | 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 | |||||||
New awards have been issued | 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 | 34,525 | |||||||
Fair value of non-vested shares | $ 308.24 | |||||||
New awards have been issued | 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 | $ 24.40 | |||||||
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 | 2.38 | |||||||
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 | $ 2.08 | |||||||
Cash-based Performance Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation outstanding number | 0 | |||||||
Cash-based Performance Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units awarded, vesting rights amount | $ 2 |
Fair Value and Assumptions Used
Fair Value and Assumptions Used For Stock Options Issued (Detail) - $ / shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average fair value of stock options granted | $ 3.34 | $ 5.54 |
Risk-free interest rate | 1.62% | 1.82% |
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 45.00% | 30.00% |
Expected stock option life | 6 years 6 months | 6 years 6 months |
Summary of Stock Option Activit
Summary of Stock Option Activity (Detail) - Predecessor - $ / shares | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Stock-Based Compensation And Incentive Plans [Abstract] | ||
Weighted-average Exercise Price Beginning Balance Outstanding | $ 28.14 | $ 31.73 |
Weighted-average Exercise Price, Expired or cancelled/forfeited | $ 28.14 | 44.86 |
Weighted-average Exercise Price, Ending Balance Outstanding | $ 28.14 | |
Number of Shares Outstanding | ||
Number of Shares Beginning Balance Outstanding | 1,395,548 | 1,777,124 |
Number of Shares, Expired or cancelled/forfeited | (1,395,548) | (381,576) |
Number of Shares Ending Balance Outstanding | 1,395,548 |
Additional Information Regardin
Additional Information Regarding Stock Options (Detail) - Predecessor $ / shares in Units, $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of stock options vested | 266,311 |
Fair value of stock options vested | $ | $ 1,185 |
Number of options exercisable | 999,849 |
Weighted average exercise price of options exercisable | $ / shares | $ 34.36 |
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 | 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, Granted | $ 24.40 | ||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 24.15 | ||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.41 | ||
Number of Shares, Granted | 1,203,379 | ||
Number of Shares, Cancelled/forfeited | (45,733) | ||
Number of Shares Ending Balance Outstanding | 1,157,646 | ||
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 | 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 | ||
Number of Shares Beginning Balance Outstanding | 156,851 | ||
Number of Shares, Cancelled/forfeited | (156,851) |
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 | 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] | |||
Compensation expense | $ 3,731 | ||
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 | 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, Issuance of Successor phantom stock | [1] | $ 1 | ||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 1 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 1 | |||||
Number of Shares, Issuance of Successor phantom stock | [1] | 22,963 | ||||
Number of Shares, Cancelled/forfeited | (1,029) | |||||
Number of Shares Ending Balance Outstanding | 21,934 | |||||
Phantom Stock Plan | Series B Warrants | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted-average Grant-Date Fair Value, Issuance of Successor phantom stock | [1] | $ 0.98 | ||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 0.98 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 0.98 | |||||
Number of Shares, Issuance of Successor phantom stock | [1] | 24,824 | ||||
Number of Shares, Cancelled/forfeited | (1,112) | |||||
Number of Shares Ending Balance Outstanding | 23,712 | |||||
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, Issuance of Successor phantom stock | [1] | $ 308.19 | ||||
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | 307.31 | |||||
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 308.24 | |||||
Number of Shares, Issuance of Successor phantom stock | [1] | 14,160 | ||||
Number of Shares, Cancelled/forfeited | (634) | |||||
Number of Shares Ending Balance Outstanding | 13,526 | |||||
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. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” | |||||
[2] | Prior to emergence from Chapter 11 bankruptcy, all officer-held phantom stock units were cancelled. Refer to Item 7. “Reorganization and Chapter 11 Proceedings.” |
Summary of Phantom Stock Act120
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 | 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] | |||
Compensation expense | $ 94 | ||
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 Cash-Based Performan
Summary of Cash-Based Performance Plan Unit Activity (Detail) - Predecessor - $ / shares | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
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 | |
Cash-based Performance Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-average Grant-Date Fair Value, Beginning Balance Outstanding | $ 1.16 | $ 1.16 |
Weighted-average Grant-Date Fair Value, Cancelled/forfeited | $ 1.16 | 1.15 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 1.16 | |
Number of Shares Beginning Balance Outstanding | 7,733,725 | 7,913,716 |
Number of Shares, Cancelled/forfeited | (7,733,725) | (179,991) |
Number of Shares Ending Balance Outstanding | 7,733,725 |
Schedule of Restricted Stock Co
Schedule of Restricted Stock Compensation Expense and Grant Date Fair Value (Detail) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Cash-based Performance Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Compensation expense | $ (1,975) | $ 761 |
Summary of Deferred Stock Unit
Summary of Deferred Stock Unit Activity (Detail) - Predecessor - $ / 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, Beginning Balance Outstanding | $ 24.19 | $ 23.58 |
Weighted-average Grant-Date Fair Value, Retirement distribution | $ 24.19 | 6.83 |
Weighted-average Grant-Date Fair Value, Ending Balance Outstanding | $ 24.19 | |
Number of Shares Beginning Balance Outstanding | 350,838 | 363,630 |
Number of Shares, Retirement distribution | (350,838) | (12,792) |
Number of Shares Ending Balance Outstanding | 350,838 |
Schedule of Deferred Stock Unit
Schedule of Deferred Stock Unit Compensation Expense (Detail) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Deferred Stock Unit | Predecessor | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Compensation expense (benefit) | $ (68) | $ (1,987) |
Schedule of Deferred Cash Award
Schedule of Deferred Cash Award Expense (Detail) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Mar. 31, 2017 | |
Deferred Cash Award | Predecessor | ||
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items] | ||
Deferred cash award expense | $ 12 | $ 978 |
Schedule of Authorized And Issu
Schedule of Authorized And Issued Common Stock And Preferred Stock (Detail) - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 |
Stockholders Equity Note [Line Items] | ||
Common stock shares authorized | 125,000,000 | |
Common stock par value | $ 0.001 | |
Common stock shares issued | 22,115,916 | |
Preferred stock shares authorized | 3,000,000 | |
Preferred stock par value | ||
Predecessor | ||
Stockholders Equity Note [Line Items] | ||
Common stock shares authorized | 125,000,000 | |
Common stock par value | $ 0.10 | |
Common stock shares issued | 47,121,304 | |
Preferred stock shares authorized | 3,000,000 | |
Preferred stock par value |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Stockholders Equity Note [Line Items] | |||
Shares repurchased during period, shares | 0 | 0 | |
Dividends declared | $ 0 | $ 0 | |
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 |
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 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ 1,057,084 | ||
Balance | $ 1,057,084 | 1,021,944 | |
Predecessor | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 1,651,059 | 2,161 | $ 2,305,554 |
Balance | 2,161 | 1,651,059 | |
Available for Sale Securities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 0 | ||
Gains/(losses) recognized in OCI | 87 | ||
Reclasses from OCI to net income | 169 | ||
Net period OCI | 256 | ||
Balance | 0 | 256 | |
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 | ||
Gains/(losses) recognized in OCI | (403) | ||
Reclasses from OCI to net income | 0 | ||
Net period OCI | (403) | ||
Balance | 0 | (403) | |
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 | ||
Gains/(losses) recognized in OCI | (316) | ||
Reclasses from OCI to net income | 169 | ||
Net period OCI | (147) | ||
Balance | 0 | (147) | |
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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest income and other, net | $ 2,771 | |||||||||||
Interest and other debt costs | 13,009 | |||||||||||
Loss before income taxes | (36,687) | |||||||||||
Tax effect | 2,039 | |||||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (23,573) | (39,266) | |||||||||
Predecessor | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest income and other, net | $ 2,384 | $ 5,193 | ||||||||||
Interest and other debt costs | 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) | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | (1,646,909) | $ (565,263) | (660,118) | |||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Loss before income taxes | 106 | 169 | 2,935 | |||||||||
Tax effect | 1,027 | |||||||||||
Net loss attributable to Tidewater Inc. | 106 | 169 | 1,908 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Available for Sale Securities | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest income and other, net | $ 106 | $ 169 | 582 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Interest Rate Swaps | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest and other debt costs | $ 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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||
Net loss available to common shareholders | $ (15,693) | $ (23,573) | $ (39,266) | |||||||||||||
Weighted average outstanding shares of common stock, basic | [1] | 21,539,143 | ||||||||||||||
Weighted average common stock and equivalents | 21,539,143 | |||||||||||||||
Loss per share, basic | $ (0.81) | $ (1.02) | $ (1.82) | [2] | ||||||||||||
Loss per share, diluted | $ (0.81) | $ (1.02) | $ (1.82) | [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 | ||||||||||||||
Predecessor | ||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||||||||||||||
Net loss available to common shareholders | $ (1,122,475) | $ (524,434) | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (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) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | |||||
Loss per share, diluted | $ (23.82) | $ (11.13) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (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 includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor). | |||||||||||||||
[2] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||||
[3] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | |||||||||||||||
[4] | For the period from August 1, 2017 through December 31, 2017, the company also had 5,062,089 shares of “out-of- the-money” warrants outstanding at the end of the period. |
Components of Basic and Dilu132
Components of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | Dec. 31, 2017shares |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |
Shares issuable upon exercise of warrants | 924,125 |
Out-of-the-money Warrants | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |
Warrants outstanding | 5,062,089 |
Sale_ Leaseback Arrangements -
Sale/ Leaseback Arrangements - Additional Information (Detail) $ in Millions | 1 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended |
May 31, 2017Vessel | Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||
Date of petition for bankruptcy | May 17, 2017 | |||
Unamortized deferred gains credited to reorganization items on account of lease rejections | $ 105.9 | |||
Predecessor | ||||
Sale Leaseback Transaction [Line Items] | ||||
Deferred gains on sale/leaseback transactions | $ 3 | $ 23.4 | ||
Plan of Reorganization | ||||
Sale Leaseback Transaction [Line Items] | ||||
Number of vessels rejected pursuant to court order | Vessel | 16 | |||
Settlement agreement description | The company successfully reached agreement with the Sale Leaseback Parties between August and November 2017. | |||
Claims settled amount | $ 233.6 | |||
Remainder period one of emergence consideration withheld to be paid month and year | 2017-12 | |||
Remainder of emergence consideration withheld to be paid month and year | 2018-01 | |||
Plan of Reorganization | Predecessor | ||||
Sale Leaseback Transaction [Line Items] | ||||
Unresolved sale leaseback claims | $ 260.2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Nov. 22, 2017USD ($) | Dec. 31, 2017USD ($)VesselT | Mar. 31, 2016USD ($) | Jul. 31, 2017USD ($) |
Significant Purchase and Supply Commitment [Line Items] | ||||
Cash compensation on termination of employment, maximum | $ 68 | |||
Fast, Crew/Supply Boat | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Number of vessels under construction | Vessel | 1 | |||
Remaining accumulated cost reclassified from construction in progress to other assets as insurance receivable | $ 5.6 | |||
Remaining insurance receivable | $ 1.8 | $ 1.8 | ||
Vessel Commitments | ||||
Significant Purchase and Supply Commitment [Line Items] | ||||
Significant commitment, new construction deadweight tons capacity | T | 5,400 | |||
Number of Vessels, commitments | Vessel | 2 | |||
Settlement agreement, date | November 22, 2017 | |||
Cost of reimbursable expense | $ 0.7 | |||
Delivery date of first PSV | 2017-11 | |||
Final installment paid | $ 4.3 | |||
Delivery date of second PSV | 2018-07 | |||
Vessel under construction, fair value, after fresh start accounting | $ 7 | |||
Remaining installment payment for second PSV | $ 4.5 | |||
Settlement credit for future dry docking services | $ 0.3 |
Commitments and Contingencies (
Commitments and Contingencies (Sonatide Joint Venture) - Additional Information (Detail) $ in Thousands | Jul. 31, 2017USD ($)Vessel | Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Mar. 31, 2017USD ($)Vessel | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Due from affiliate | $ 230,315 | ||||
Due to affiliate | 99,448 | ||||
Commissions payable | [1] | 1,898 | |||
Vessel revenues | $ 171,884 | ||||
Number of vessels operating | Vessel | [2] | 227 | |||
Investments in, at equity, and advances to unconsolidated companies | $ 29,216 | ||||
Sonatide joint venture | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Due from affiliate | 230,000 | $ 263,000 | |||
Unpaid vessel revenue | 44,000 | ||||
Due to affiliate | 99,000 | 133,000 | |||
Commissions payable | 36,000 | ||||
Due from affiliate and due to affiliate | $ 33,000 | 21,000 | |||
Number of vessels operating | Vessel | 7 | ||||
Number of vessels stacked | Vessel | 4 | ||||
Ownership Interest In Joint Venture | 49.00% | ||||
Investments in, at equity, and advances to unconsolidated companies | $ 27,000 | 45,000 | |||
Investment balance in difference between carrying value and net assets of the joint venture | $ 28,000 | $ 28,000 | |||
Amortization period of basis difference equity method investments | 10 years | ||||
Sonatide joint venture | ANGOLA | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | 22,000 | 21,000 | |||
Vessel revenues | $ 34,000 | $ 34,000 | $ 127,000 | ||
Percentage of Angolan operation revenue | 23.00% | 20.00% | 22.00% | ||
Number of vessels operating | Vessel | 50 | 50 | 43 | 58 | |
Number of vessels stacked | Vessel | 21 | 21 | 16 | 20 | |
Number of vessels transferred out of Angola | Vessel | 3 | 3 | 22 | ||
Sonatide joint venture | U.S. dollars initially received by Sonatide on behalf of the company or dollars collected from other customers | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | $ 19,000 | $ 20,000 | |||
Sonatide joint venture | Sonatide's converting kwanzas into dollars and subsequent payment to company | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Proceeds from related party | $ 3,000 | 1,000 | |||
Sonatide joint venture | Angolan kwanza-denominated | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Bank deposits maintained | $ 81,000 | ||||
[1] | Excludes $36.4 million and $34.7 million of commissions due to Sonatide at December 31, 2017 and March 31, 2017, respectively. These amounts are included in amounts due to affiliates. | ||||
[2] | Vessel count excludes vessels operated under sale leaseback agreements. |
Commitments and Contingencie136
Commitments and Contingencies (Brazilian Customs) - Additional Information (Detail) R$ in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | ||
May 31, 2016BRL (R$) | Apr. 30, 2011BRL (R$)Vessel | Dec. 31, 2017USD ($) | Dec. 31, 2017BRL (R$) | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Fines assessed | R$ 155 | $ 46.8 | ||
Number of Tidewater vessels that the subsidiaries failed to obtain import licenses from | Vessel | 17 | |||
Fines assessed | R$ 3 | 0.9 | ||
Deposit Amount | 1.8 | R$ 6 | ||
Amount of fines contested | 9.1 | 30 | ||
Remaining amount of fine resolved in entity favor | $ 36.8 | 122 | ||
Original fine amount | R$ | R$ 155 |
Commitment and Contingencies (R
Commitment and Contingencies (Repairs to U.S. Flagged Vessels Operating Abroad) - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Percentage of vessel repair duty | 50.00% |
Commitment and Contingencies (A
Commitment and Contingencies (Arbitral Award for the Taking of the Company's Venezuelan Operations) - Additional Information (Detail) - Compensatory Purposes - VENEZUELA $ in Millions | Dec. 27, 2016USD ($) | Mar. 13, 2015USD ($) | Dec. 31, 2017USD ($)Subsidiary |
Commitments and Contingencies Disclosure [Line Items] | |||
Number of subsidiaries awarded grant | Subsidiary | 2 | ||
Compensation awarded to the claimants | $ 36.4 | $ 46.4 | $ 56.1 |
Litigation settlement reduction amount | $ 10 | ||
Litigation Settlement Interest Percentage Of Interest | 4.50% | ||
Net Interest Settlements | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Compensation awarded to the claimants | $ 17.1 | ||
Legal And Other Settlements | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Compensation awarded to the claimants | $ 2.5 |
Fair Value Measurements and 139
Fair Value Measurements and Disclosures - Additional Information (Detail) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017Contract | Mar. 31, 2017USD ($)Contract | |
Derivatives, Fair Value [Line Items] | ||
Cash equivalents maturity period, days | 90 days | |
Number of contracts outstanding | Contract | 0 | |
Predecessor | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts outstanding | Contract | 6 | |
Notional value of foreign exchange contract | $ | $ 1.5 | |
Predecessor | Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) on Derivatives | $ | $ 0.7 |
Schedule of Fair Value Other Fi
Schedule of Fair Value Other Financial Instruments Measured (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Mar. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 399,322 | |
Predecessor | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 664,412 | |
Quoted Prices In Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 399,322 | |
Quoted Prices In Active Markets (Level 1) | Predecessor | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 664,412 | |
Money Market Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 399,322 | |
Money Market Cash Equivalents | Predecessor | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 664,412 | |
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 | $ 399,322 | |
Money Market Cash Equivalents | Quoted Prices In Active Markets (Level 1) | Predecessor | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 664,412 |
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 | Mar. 31, 2017USD ($)Vessel | |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] | |||
Gain (loss) on vessels disposed | $ 6,616 | ||
Number of vessels disposed | Vessel | 11 | ||
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) | ||
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 Asset142
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 ($) | Mar. 31, 2017USD ($) | |
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 | |||
Net properties and equipment | 837,520 | $ 837,520 | ||
Other operating revenues | 6,869 | |||
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 | ||
Net properties and equipment | 2,864,762 | |||
Other operating revenues | 4,772 | 17,795 | ||
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, Geograp143
Segment Information, Geographical Data and Major Customers - Additional Information (Detail) | 9 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information, Geograp144
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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | $ 171,884 | |||||||||||||||||||||||
Other operating revenues | 6,869 | |||||||||||||||||||||||
Total revenues | $ 74,300 | $ 104,453 | 178,753 | |||||||||||||||||||||
Operating profit (loss) | 1,277 | |||||||||||||||||||||||
General and administrative expenses | (46,619) | |||||||||||||||||||||||
Depreciation and amortization | 20,337 | |||||||||||||||||||||||
Corporate expenses | (14,989) | |||||||||||||||||||||||
Gain on asset dispositions, net | 6,616 | |||||||||||||||||||||||
Asset impairments | (16,777) | (16,777) | [1] | |||||||||||||||||||||
Operating loss | $ (5,782) | [2] | (18,091) | [2] | (23,873) | |||||||||||||||||||
Foreign exchange loss | (407) | |||||||||||||||||||||||
Equity in net earnings of unconsolidated companies | 2,130 | |||||||||||||||||||||||
Interest income and other, net | 2,771 | |||||||||||||||||||||||
Reorganization items | (4,299) | |||||||||||||||||||||||
Interest and other debt costs | (13,009) | |||||||||||||||||||||||
Loss before income taxes | (36,687) | |||||||||||||||||||||||
Additions to properties and equipment | 9,834 | |||||||||||||||||||||||
Assets | 1,746,180 | 1,746,180 | ||||||||||||||||||||||
Assets excluding equity investments | 1,251,125 | 1,251,125 | ||||||||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 29,216 | 29,216 | ||||||||||||||||||||||
Assets except corporate portion | 1,280,341 | 1,280,341 | ||||||||||||||||||||||
All Other Segments | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Operating profit (loss) | 1,614 | |||||||||||||||||||||||
Depreciation and amortization | 827 | |||||||||||||||||||||||
Assets | 2,443 | 2,443 | ||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | $ 146,597 | $ 583,816 | ||||||||||||||||||||||
Other operating revenues | 4,772 | 17,795 | ||||||||||||||||||||||
Total revenues | $ 36,263 | $ 115,106 | $ 160,749 | [3] | $ 129,215 | [3] | $ 143,722 | [3] | $ 167,925 | [3] | 151,369 | $ 440,862 | 601,611 | |||||||||||
Operating profit (loss) | (44,615) | (59,380) | ||||||||||||||||||||||
General and administrative expenses | (41,832) | (145,879) | ||||||||||||||||||||||
Depreciation and amortization | 47,447 | 167,291 | ||||||||||||||||||||||
Corporate expenses | (18,246) | (57,845) | ||||||||||||||||||||||
Gain on asset dispositions, net | 3,561 | 24,099 | ||||||||||||||||||||||
Asset impairments | (21,325) | (163,423) | (64,857) | (253,422) | (129,562) | (36,886) | (184,748) | [1] | (484,727) | [1] | ||||||||||||||
Operating loss | (38,674) | [2] | $ (205,374) | [2] | (69,340) | [2] | $ (287,034) | [2] | $ (155,344) | [2] | $ (66,135) | [2] | (244,048) | (508,513) | (577,853) | |||||||||
Foreign exchange loss | (3,181) | (1,638) | ||||||||||||||||||||||
Equity in net earnings 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) | |||||||||||||||||||||
Additions to properties and equipment | 2,265 | 30,547 | ||||||||||||||||||||||
Assets | 3,884,669 | 4,190,699 | 3,884,669 | 4,190,699 | ||||||||||||||||||||
Assets excluding equity investments | 3,035,550 | 3,282,098 | 3,035,550 | 3,282,098 | ||||||||||||||||||||
Investments in, at equity, and advances to unconsolidated companies | 49,367 | 45,115 | 49,367 | 45,115 | ||||||||||||||||||||
Assets except corporate portion | 3,084,917 | 3,327,213 | 3,084,917 | 3,327,213 | ||||||||||||||||||||
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 | 21,580 | 20,392 | 21,580 | ||||||||||||||||||||
Operating Segments | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Operating profit (loss) | (337) | |||||||||||||||||||||||
Depreciation and amortization | 19,344 | |||||||||||||||||||||||
Additions to properties and equipment | 2,935 | |||||||||||||||||||||||
Assets | 1,248,682 | 1,248,682 | ||||||||||||||||||||||
Operating Segments | Americas | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 45,784 | |||||||||||||||||||||||
Operating profit (loss) | (1,599) | |||||||||||||||||||||||
Depreciation and amortization | 5,767 | |||||||||||||||||||||||
Additions to properties and equipment | 144 | |||||||||||||||||||||||
Assets | [4] | 164,958 | 164,958 | |||||||||||||||||||||
Operating Segments | Africa/Europe | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 86,255 | |||||||||||||||||||||||
Operating profit (loss) | 811 | |||||||||||||||||||||||
Depreciation and amortization | 8,861 | |||||||||||||||||||||||
Additions to properties and equipment | 195 | |||||||||||||||||||||||
Assets | [4] | 1,035,456 | 1,035,456 | |||||||||||||||||||||
Operating Segments | Middle East/Asia Pacific | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 39,845 | |||||||||||||||||||||||
Operating profit (loss) | 451 | |||||||||||||||||||||||
Depreciation and amortization | 4,716 | |||||||||||||||||||||||
Additions to properties and equipment | 2,596 | |||||||||||||||||||||||
Assets | [4] | 48,268 | 48,268 | |||||||||||||||||||||
Operating Segments | Predecessor | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Operating profit (loss) | (45,491) | (57,832) | ||||||||||||||||||||||
Depreciation and amortization | 45,604 | 160,405 | ||||||||||||||||||||||
Additions to properties and equipment | 1,444 | 2,448 | ||||||||||||||||||||||
Assets | 3,015,158 | 3,260,518 | 3,015,158 | 3,260,518 | ||||||||||||||||||||
Operating Segments | Predecessor | Americas | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 40,848 | 239,843 | ||||||||||||||||||||||
Operating profit (loss) | (22,549) | 18,873 | ||||||||||||||||||||||
Depreciation and amortization | 13,945 | 48,814 | ||||||||||||||||||||||
Additions to properties and equipment | 27 | 93 | ||||||||||||||||||||||
Assets | [4] | 714,891 | 779,778 | 714,891 | 779,778 | |||||||||||||||||||
Operating Segments | Predecessor | Africa/Europe | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 69,436 | 229,355 | ||||||||||||||||||||||
Operating profit (loss) | (21,508) | (51,395) | ||||||||||||||||||||||
Depreciation and amortization | 21,692 | 70,742 | ||||||||||||||||||||||
Additions to properties and equipment | 375 | 743 | ||||||||||||||||||||||
Assets | [4] | 1,875,371 | 1,897,355 | 1,875,371 | 1,897,355 | |||||||||||||||||||
Operating Segments | Predecessor | Middle East/Asia Pacific | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
Vessel revenues | 36,313 | 114,618 | ||||||||||||||||||||||
Operating profit (loss) | (1,434) | (25,310) | ||||||||||||||||||||||
Depreciation and amortization | 9,967 | 40,849 | ||||||||||||||||||||||
Additions to properties and equipment | 1,042 | 1,612 | ||||||||||||||||||||||
Assets | [4] | 424,896 | 583,385 | 424,896 | 583,385 | |||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
General and administrative expenses | [5] | (14,823) | ||||||||||||||||||||||
Depreciation and amortization | 166 | |||||||||||||||||||||||
Additions to properties and equipment | 6,899 | |||||||||||||||||||||||
Assets | [6] | $ 465,839 | $ 465,839 | |||||||||||||||||||||
Corporate | Predecessor | ||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||
General and administrative expenses | [5] | (17,542) | (55,389) | |||||||||||||||||||||
Depreciation and amortization | 704 | 2,456 | ||||||||||||||||||||||
Additions to properties and equipment | 821 | 28,099 | ||||||||||||||||||||||
Assets | [6] | $ 799,752 | $ 863,486 | $ 799,752 | $ 863,486 | |||||||||||||||||||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. | |||||||||||||||||||||||
[2] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, are as follows: | |||||||||||||||||||||||
[3] | Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract | |||||||||||||||||||||||
[4] | Marine support services are conducted worldwide with assets that are highly mobile. Revenues are principally derived from offshore service vessels, which regularly and routinely move from one operating area to another, often to and from offshore operating areas in different continents. Because of this asset mobility, revenues and long-lived assets attributable to the company’s international marine operations in any one country are not material. | |||||||||||||||||||||||
[5] | 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. | |||||||||||||||||||||||
[6] | 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. At December 31, 2017 (Successor), July 31, 2017 (Predecessor) and March 31, 2017 (Predecessor), was $9.3 million, $47.5 million and $52.4 million, respectively, of vessel construction costs were included in Corporate. |
Segment Information, Geograp145
Segment Information, Geographical Data and Major Customers (Parenthetical) (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||||
General and administrative expenses | $ 46,619 | ||||
Corporate Vessels | |||||
Segment Reporting Information [Line Items] | |||||
Construction costs | $ 9,300 | ||||
Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
General and administrative expenses | $ 41,832 | $ 145,879 | |||
Predecessor | Corporate Vessels | |||||
Segment Reporting Information [Line Items] | |||||
Construction costs | 47,500 | 52,400 | |||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
General and administrative expenses | [1] | $ 14,823 | |||
Corporate | Predecessor | |||||
Segment Reporting Information [Line Items] | |||||
General and administrative expenses | [1] | 17,542 | 55,389 | ||
Corporate | Predecessor | Troms Offshore Supply AS | |||||
Segment Reporting Information [Line Items] | |||||
General and administrative expenses | $ 6,700 | $ 29,000 | |||
[1] | 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 $29 million of restructuring-related professional service costs, respectively. |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, Revenue by Vessel Class (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 171,884 | ||
Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 146,597 | $ 583,816 | |
Americas Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 26,860 | ||
Percentage of revenue | 16.00% | ||
Americas Fleet Deepwater vessels | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 21,617 | $ 171,334 | |
Percentage of revenue | 15.00% | 29.00% | |
Americas Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 13,835 | ||
Percentage of revenue | 8.00% | ||
Americas Fleet Towing-Supply/supply | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 15,021 | $ 56,561 | |
Percentage of revenue | 10.00% | 10.00% | |
Americas Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 5,089 | ||
Percentage of revenue | 3.00% | ||
Americas Fleet Other | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 4,210 | $ 11,948 | |
Percentage of revenue | 3.00% | 2.00% | |
Americas Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 45,784 | ||
Percentage of revenue | 27.00% | ||
Americas Fleet | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 40,848 | $ 239,843 | |
Percentage of revenue | 28.00% | 41.00% | |
Middle East/Asia Pacific Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 14,792 | ||
Percentage of revenue | 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 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 | ||
Percentage of revenue | 14.00% | ||
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 revenue | 16.00% | 13.00% | |
Middle East/Asia Pacific Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 39,845 | ||
Percentage of revenue | 23.00% | ||
Middle East/Asia Pacific Fleet | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 36,313 | $ 114,618 | |
Percentage of revenue | 25.00% | 19.00% | |
Africa/Europe Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 42,335 | ||
Percentage of revenue | 24.00% | ||
Africa/Europe Fleet Deepwater vessels | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 29,746 | $ 102,374 | |
Percentage of revenue | 20.00% | 18.00% | |
Africa/Europe Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 35,497 | ||
Percentage of revenue | 21.00% | ||
Africa/Europe Fleet Towing-Supply/supply | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 35,143 | $ 102,732 | |
Percentage of revenue | 24.00% | 18.00% | |
Africa And Europe Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 8,423 | ||
Percentage of revenue | 5.00% | ||
Africa And Europe Fleet Other | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 4,547 | $ 24,249 | |
Percentage of revenue | 3.00% | 4.00% | |
Africa/Europe Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 86,255 | ||
Percentage of revenue | 50.00% | ||
Africa/Europe Fleet | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 69,436 | $ 229,355 | |
Percentage of revenue | 47.00% | 40.00% | |
Worldwide Fleet Deepwater vessels | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 83,987 | ||
Percentage of revenue | 49.00% | ||
Worldwide Fleet Deepwater vessels | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 64,731 | $ 309,234 | |
Percentage of revenue | 44.00% | 53.00% | |
Worldwide Fleet Towing-Supply/supply | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 74,385 | ||
Percentage of revenue | 43.00% | ||
Worldwide Fleet Towing-Supply/supply | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 73,109 | $ 238,385 | |
Percentage of revenue | 50.00% | 41.00% | |
Worldwide Fleet Other | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 13,512 | ||
Percentage of revenue | 8.00% | ||
Worldwide Fleet Other | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 8,757 | $ 36,197 | |
Percentage of revenue | 6.00% | 6.00% | |
Worldwide Fleet | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 171,884 | ||
Percentage of revenue | 100.00% | ||
Worldwide Fleet | Predecessor | |||
Segment and Geographic Distribution of Operations [Line Items] | |||
Vessel revenues | $ 146,597 | $ 583,816 | |
Percentage of 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 | Mar. 31, 2017 | ||
Chevron Corporation | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 17.40% | |||
Chevron Corporation | Predecessor | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 17.50% | 16.30% | ||
Freeport McMoRan | Predecessor | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | [1] | 11.30% | ||
Saudi Aramco | ||||
Entity Wide Revenue Major Customer [Line Items] | ||||
Total revenue percentage | 10.10% | |||
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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | ||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||||||
Revenues | $ 74,300 | $ 104,453 | $ 178,753 | ||||||||||||||||||||
Operating income (loss) | (5,782) | [1] | (18,091) | [1] | (23,873) | ||||||||||||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (23,573) | $ (39,266) | ||||||||||||||||||||
Basic loss per share attributable to Tidewater Inc. | $ (0.81) | $ (1.02) | $ (1.82) | [2] | |||||||||||||||||||
Diluted loss per share attributable to Tidewater Inc. | $ (0.81) | $ (1.02) | $ (1.82) | [3] | |||||||||||||||||||
Predecessor | |||||||||||||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||||||
Revenues | $ 36,263 | $ 115,106 | $ 160,749 | [4] | $ 129,215 | [4] | $ 143,722 | [4] | $ 167,925 | [4] | $ 151,369 | $ 440,862 | $ 601,611 | ||||||||||
Operating income (loss) | (38,674) | [1] | (205,374) | [1] | (69,340) | [1] | (287,034) | [1] | (155,344) | [1] | (66,135) | [1] | (244,048) | (508,513) | (577,853) | ||||||||
Net loss attributable to Tidewater Inc. | $ (1,122,475) | $ (524,434) | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (1,646,909) | $ (565,263) | $ (660,118) | ||||||||||||||
Basic loss per share attributable to Tidewater Inc. | $ (23.82) | $ (11.13) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | ||||||||||||
Diluted loss per share attributable to Tidewater Inc. | $ (23.82) | $ (11.13) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (34.95) | [3] | $ (12.01) | $ (14.02) | [3] | ||||||||||||
[1] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, are as follows: | ||||||||||||||||||||||
[2] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | ||||||||||||||||||||||
[3] | The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. | ||||||||||||||||||||||
[4] | Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract |
Selected Financial Informati149
Selected Financial Information (Parenthetical) (Detail) - USD ($) $ 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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | ||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||
Revenues | $ 74,300 | $ 104,453 | $ 178,753 | ||||||||||||||||
Asset impairments | $ 16,777 | $ 16,777 | [1] | ||||||||||||||||
Predecessor | |||||||||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||
Revenues | $ 36,263 | $ 115,106 | $ 160,749 | [2] | $ 129,215 | [2] | $ 143,722 | [2] | $ 167,925 | [2] | $ 151,369 | $ 440,862 | $ 601,611 | ||||||
Asset impairments | $ 21,325 | $ 163,423 | 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 184,748 | [1] | $ 484,727 | [1] | |||||||||
Early Cancellation of Long-Term Vessel Charter Contract | Predecessor | |||||||||||||||||||
Quarterly Financial Data [Line Items] | |||||||||||||||||||
Revenues | $ 39,100 | ||||||||||||||||||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. | ||||||||||||||||||
[2] | Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract |
Asset Impairments - Additional
Asset Impairments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Mar. 31, 2017USD ($)Vessel | ||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 16,777,000 | $ 16,777,000 | [1] | ||||||||||
Number of vessels impaired during the period | Vessel | 5 | ||||||||||||
Fair value of assets incurring impairment | $ 8,763,000 | ||||||||||||
Stacked Vessels | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 14,400,000 | ||||||||||||
Number of vessels impaired during the period | Vessel | 5 | ||||||||||||
Fair value of assets incurring impairment | $ 8,800,000 | ||||||||||||
Active Vessels | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 0 | ||||||||||||
Predecessor | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 21,325,000 | $ 163,423,000 | $ 64,857,000 | $ 253,422,000 | $ 129,562,000 | $ 36,886,000 | $ 184,748,000 | [1] | $ 484,727,000 | [1] | |||
Number of vessels impaired during the period | Vessel | 79 | 132 | |||||||||||
Fair value of assets incurring impairment | $ 571,821,000 | $ 933,068,000 | |||||||||||
Predecessor | Stacked Vessels | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 157,800,000 | ||||||||||||
Number of vessels impaired during the period | Vessel | 73 | ||||||||||||
Fair value of assets incurring impairment | $ 505,600,000 | ||||||||||||
Predecessor | Active Vessels | |||||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||||
Asset impairments | $ 26,900,000 | ||||||||||||
Number of vessels impaired during the period | Vessel | 6 | ||||||||||||
Fair value of assets incurring impairment | $ 66,200,000 | ||||||||||||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. |
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 ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jul. 31, 2017USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Mar. 31, 2017USD ($)VesselVehicle | ||||
Schedule of Combined Fair Value of Assets that Incurred Impairments [Line Items] | |||||||||||||
Number of vessels impaired during the period | Vessel | 5 | ||||||||||||
Amount of impairment incurred | $ 16,777 | $ 16,777 | [1] | ||||||||||
Combined fair value of assets incurring impairment after having recorded impairment charges | $ 8,763 | ||||||||||||
Predecessor | |||||||||||||
Schedule of Combined Fair Value of Assets that Incurred Impairments [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 | $ 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 184,748 | [1] | $ 484,727 | [1] | |||
Combined fair value of assets incurring impairment after having recorded impairment charges | $ 571,821 | $ 933,068 | |||||||||||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. |
Summary of Vessels and ROVs 152
Summary of Vessels and ROVs Impaired, Amount of Impairment Incurred and Combined Fair Value of Assets after Impairment Charges (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | [1] | Dec. 31, 2017 | Mar. 31, 2017 | |||
Schedule of Combined Fair Value of Assets that Incurred Impairments [Line Items] | |||||||||||||
Asset impairments | $ 16,777 | $ 16,777 | [1] | ||||||||||
Inventory and Other Non-vessel Assets | |||||||||||||
Schedule of Combined Fair Value of Assets that Incurred Impairments [Line Items] | |||||||||||||
Asset impairments | $ 2,300 | ||||||||||||
Predecessor | |||||||||||||
Schedule of Combined Fair Value of Assets that Incurred Impairments [Line Items] | |||||||||||||
Asset impairments | $ 21,325 | $ 163,423 | $ 64,857 | $ 253,422 | $ 129,562 | $ 36,886 | $ 184,748 | $ 484,727 | [1] | ||||
Predecessor | Inventory and Other Non-vessel Assets | |||||||||||||
Schedule of Combined Fair Value of Assets that Incurred Impairments [Line Items] | |||||||||||||
Asset impairments | $ 2,200 | ||||||||||||
[1] | The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets. |
Schedule of Financial Informati
Schedule of Financial Information (Detail) - USD ($) $ / 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, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |||||||||||||
Transition Period Comparative Data [Line Items] | ||||||||||||||||||||||||
Revenues | $ 74,300 | $ 104,453 | $ 178,753 | |||||||||||||||||||||
Operating loss | (5,782) | [1] | (18,091) | [1] | (23,873) | |||||||||||||||||||
Loss before income taxes | (36,687) | |||||||||||||||||||||||
Income tax (benefit) expense | 2,039 | |||||||||||||||||||||||
Net loss attributable to Tidewater Inc. | $ (15,693) | $ (23,573) | $ (39,266) | |||||||||||||||||||||
Basic loss per common share | $ (0.81) | $ (1.02) | $ (1.82) | [2] | ||||||||||||||||||||
Diluted loss per common share | $ (0.81) | $ (1.02) | $ (1.82) | [3] | ||||||||||||||||||||
Weighted average common shares outstanding | [4] | 21,539,143 | ||||||||||||||||||||||
Adjusted weighted average common shares | 21,539,143 | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||
Transition Period Comparative Data [Line Items] | ||||||||||||||||||||||||
Revenues | $ 36,263 | $ 115,106 | $ 160,749 | [5] | $ 129,215 | [5] | $ 143,722 | [5] | $ 167,925 | [5] | $ 151,369 | $ 440,862 | $ 601,611 | |||||||||||
Operating loss | (38,674) | [1] | (205,374) | [1] | (69,340) | [1] | (287,034) | [1] | (155,344) | [1] | (66,135) | [1] | (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) | $ (94,855) | $ (297,676) | $ (178,490) | $ (89,097) | $ (1,646,909) | $ (565,263) | $ (660,118) | |||||||||||||||
Basic loss per common share | $ (23.82) | $ (11.13) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (34.95) | [2] | $ (12.01) | $ (14.02) | [2] | |||||||||||||
Diluted loss per common share | $ (23.82) | $ (11.13) | $ (2.01) | $ (6.32) | $ (3.79) | $ (1.89) | $ (34.95) | [3] | $ (12.01) | $ (14.02) | [3] | |||||||||||||
Weighted average common shares outstanding | 47,121,330 | [4] | 47,067,887 | 47,071,066 | [4] | |||||||||||||||||||
Adjusted weighted average common shares | 47,121,330 | 47,067,887 | 47,071,066 | |||||||||||||||||||||
[1] | Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of the company’s operations. Asset impairments, net, are as follows: | |||||||||||||||||||||||
[2] | The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”. | |||||||||||||||||||||||
[3] | The company calculates “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 includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor). | |||||||||||||||||||||||
[5] | Included in revenues for the quarter ended March 31, 2017 is $39.1 million of revenue related to early cancellation of a long-term vessel charter contract |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 07, 2018USD ($)$ / shares | Feb. 02, 2018USD ($) | Jul. 31, 2017USD ($) | Feb. 28, 2018USD ($)Kz / $ | Dec. 31, 2017Kz / $ |
Subsequent Event [Line Items] | |||||
Aggregate principal amount | $ 350,000,000 | ||||
Debt instrument maturity year | 2,022 | ||||
Offer | Predecessor | |||||
Subsequent Event [Line Items] | |||||
Debt instrument repurchase period | 60 days | ||||
Offer | Minimum | Predecessor | |||||
Subsequent Event [Line Items] | |||||
Net proceeds realized from asset sales exceed amount | $ 10,000,000 | ||||
Subsequent Event | Tendered Notes | |||||
Subsequent Event [Line Items] | |||||
Aggregate principal amount | $ 46,023 | ||||
Consideration received by holders from principal amount of per notes | $ / shares | $ 1 | ||||
Consideration received by holders from principal amount of notes | $ 1 | ||||
Cash equal to difference between offer amount and principal amount | $ 24,700,000 | ||||
Subsequent Event | Offer | Senior Secured Notes | |||||
Subsequent Event [Line Items] | |||||
Debt instrument fixed interest rate | 8.00% | ||||
Debt instrument maturity year | 2,022 | ||||
Debt instrument maturity date | Mar. 6, 2018 | ||||
Subsequent Event | Offer | Senior Secured Notes | Maximum | |||||
Subsequent Event [Line Items] | |||||
Aggregate principal amount | $ 24,700,276 | ||||
Devaluation Of Angolan kwanza Versus US Dollar | |||||
Subsequent Event [Line Items] | |||||
Foreign currency exchange rate | Kz / $ | 168 | ||||
Devaluation Of Angolan kwanza Versus US Dollar | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Foreign currency exchange rate | Kz / $ | 213 | ||||
Percentage of devaluation of currency | 27.00% | ||||
Estimated exchange loss | $ 14,000 | ||||
Percentage of foreign exchange loss recognized | 49.00% | ||||
Devaluation Of Angolan kwanza Versus US Dollar | Subsequent Event | Sonatide joint venture | |||||
Subsequent Event [Line Items] | |||||
Estimated exchange loss | $ 28,000,000 |
Valuation and Qualifying Acc155
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 | Mar. 31, 2017 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Additions at Cost | $ 1,800 | |||
Balance at End of Period | $ 1,800 | |||
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 Acc156
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 |