OTHER CURRENT ASSETS, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES AND DEFERRED CREDITS

6 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 2017

(12) OTHER CURRENT ASSETS, PROPERTIES AND EQUIPMENT, OTHER ASSETS, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

A summary of other current assets at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Deposits	$	2,151		1,780
Investments held in rabbi trust (A)		45		8,908
Prepaid expenses		8,017		8,442

	$	10,213		19,130

(A)	The company converted substantially all investments held in the rabbi trust to cash to fund a lump sum benefit to the former CEO in May 2018. Refer to Note (6) for more information regarding this payment.

A summary of net properties and equipment at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Properties and equipment:
Vessels and related equipment	$	836,773		850,268
Other properties and equipment		5,481		5,710

		842,254		855,978
Less accumulated depreciation and amortization		38,529		18,458

Net properties and equipment	$	803,725		837,520

A summary of other assets at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Recoverable insurance losses	$	2,585		2,405
Investments held for supplemental savings plan accounts		5,274		6,583
Long-term deposits		13,763		16,217
Other		5,157		5,847

	$	26,779		31,052

A summary of accrued expenses at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Payroll and related payables (B)	$	9,004		17,344
Commissions payable (C)		2,488		1,898
Accrued vessel expenses		28,701		27,222
Accrued interest expense		5,958		6,036
Other accrued expenses		3,161		2,306

	$	49,312		54,806

(B)	The balance at December 31, 2017 includes $8.9 million payable to the former CEO, which was paid in May 2018.

(C)	Excludes $30.2 million and $36.4 million of commissions due to Sonatide at June 30, 2018 and December 31, 2017, respectively. These amounts are included in amounts due to affiliates.

A summary of other current liabilities at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Taxes payable	$	15,988		10,326
Amounts payable to holders of General Unsecured Claims		—		8,474
Other		1,827		893

	$	17,815		19,693

A summary of other liabilities at June 30, 2018 and December 31, 2017 is as follows:


	Successor
(In thousands)	June 30, 2018		December 31, 2017
Postretirement benefits liability	$	2,420		2,642
Pension liabilities		36,526		36,614
Deferred supplemental savings plan liability		5,277		6,592
Other		13,462		12,728

	$	57,685		58,576

(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
(In thousands)	December 31, 2017		March 31, 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
(In thousands)	December 31, 2017		March 31, 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 this joint proxy statement/prospectus for additional information regarding the vessel rejected at the time of delivery.

A summary of accrued expenses is as follows:


	Successor		Predecessor
(In thousands)	December 31, 2017		March 31, 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 December 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
(In thousands)	December 31, 2017		March 31, 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
(In thousands)	December 31, 2017		March 31, 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.”