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ASSET IMPAIRMENTS | 3 Months Ended
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Mar. 31, 2018
Asset Impairment Charges [Abstract] |
ASSET IMPAIRMENTS |
(13) | 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. 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. The below table summarizes the combined fair value of the assets that incurred impairments during the quarters ended March 31, 2018 and 2017, along with the amount of impairment.
|  | Successor |  |  |  | Predecessor |
|  | Quarter Ended |  |  |  | Quarter Ended |
|  | March 31, |  |  |  | March 31, |
(In thousands, except number of vessels impaired) |  | 2018 |  |  |  | 2017 |
Number of vessels impaired in the period (A) |  |  | 13 |  |  |  |  | 28 |
Amount of impairment incurred |  | $ | 6,186 |  |  |  |  | 64,857 |
Combined fair value of assets incurring impairment |  | $ | 28,322 |  |  |  |  | 206,450 |
| (A) | For the quarter ended March 31, 2018, there were 13 stacked vessels impaired, and for the quarter ended March 31, 2017, there were 25 stacked vessels and 3 active vessels impaired.

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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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