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ASSET IMPAIRMENTS | 6 Months Ended
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Sep. 30, 2016
Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS |
(15) | ASSET IMPAIRMENTS
Management estimates the fair value of each vessel not expected to return to active service (considered Level 3, as defined by ASC 820, Fair Value Measurements and Disclosures) by considering items such as the vessel’s age, length of time stacked, likelihood of a return to active service, actual recent sales of similar vessels, among others. For vessels with more significant carrying values, we obtain an estimate of the fair value of the stacked vessel from third-party appraisers or brokers for use in our determination of fair value estimates. Due in part to the modernization of the company’s fleet more vessels that are being stacked are newer vessels that are expected to return to active service. Stacked vessels expected to return to active service are generally newer vessels, have similar capabilities and likelihood of future active service as other currently operating vessels, are generally current with classification societies in regards to their regulatory certification status, and are being actively marketed. Stacked vessels expected to return to service are evaluated for impairment as part of their assigned active asset group and not individually. The below table summarizes the combined fair value of the assets that incurred impairments during the quarters and six-month periods ended September 30, 2016 and 2015, along with the amount of impairment.
|  | Quarter Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Number of vessels impaired during the period |  |  | 42 |  |  |  | 19 |  |  |  | 54 |  |  |  | 33 |
Number of ROVs impaired during the period |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | — |
Amount of impairment incurred |  | $ | 129,562 |  |  |  | 31,672 |  |  |  | 166,448 |  |  |  | 46,630 |
Combined fair value of assets incurring impairment |  |  | 322,550 |  |  |  | 107,445 |  |  |  | 477,950 |  |  |  | 154,300 |

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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