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 December 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)