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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 over ten years. 

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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