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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES |
(15) | COMMITMENTS AND CONTINGENCIES
Lease Commitments As of December 31, 2018, we had long-term operating leases for office space, automobiles, temporary residences and office equipment. Aggregate operating lease expenses are as follows:
|  | Successor |  |  |  | Predecessor |
|  |  |  |  |  | Period from |  |  |  | Period from |  |  |  |  |
|  | Twelve Months |  |  | August 1, 2017 |  |  |  | April 1, 2017 |  |  | Twelve Months |
|  | Ended |  |  | through |  |  |  | through |  |  | Ended |
|  | December 31, 2018 |  |  | December 31, 2017 |  |  |  | July 31, 2017 |  |  | March 31, 2017 |
Lease expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Office and other leases |  | $ | 3,840 |  |  |  | 1,861 |  |  |  |  | 1,697 |  |  |  | 5,132 |
Vessel operating leases |  |  | — |  |  |  | 1,215 |  |  |  |  | 6,166 |  |  |  | 33,766 |
Total lease expense |  | $ | 3,840 |  |  |  | 3,076 |  |  |  |  | 7,863 |  |  |  | 38,898 |
Future minimum rental commitments under these lease agreements are as follows:
Fiscal year ending (In thousands) |  | Minimum Rental Commitments |
2019 |  | $ | 3,511 |
2020 |  |  | 2,804 |
2021 |  |  | 2,501 |
2022 |  |  | 2,455 |
2023 |  |  | 1,734 |
Thereafter |  |  | 2,495 |
Total future lease commitments |  | $ | 15,500 |
Compensation Commitments Change of control agreements exist with certain of our officers whereby each receives certain compensation and benefits in the event that their employment is terminated for certain reasons during a one- or two-year protected period following a change in control subsequent to January 1, 2019. The maximum amount of cash compensation that could be paid under the agreements, based on present salary levels, is approximately $25 million. Currency Devaluation and Fluctuation Risk Due to our international operations, we are exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, we attempt to contract a significant majority of our services in U.S. dollars. In addition, we attempt to minimize the financial impact of these risks by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. We continually monitor the currency exchange risks associated with all contracts not denominated in U.S. dollars. Legal Proceedings Arbitral Award for the Taking of Our Venezuelan Operations Committees formed under the rules of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) have awarded two of our subsidiaries compensation for the expropriation of the investments of the two subsidiaries by the Bolivarian Republic of Venezuela. The nature of the investments expropriated and the progress of the ICSID proceeding were previously reported by us in prior filings. The final aggregate award is $58.1 million as of December 31, 2018, and accrues interest at approximately $0.6 million per quarter. The committees’ decisions are not subject to any further ICSID review, appeal or other substantive proceeding or any stay of enforcement. We are committed to taking appropriate steps to enforce and collect the award, which is enforceable in any of the 150 member states that are party to the ICSID Convention. As initial steps, we have had the award recognized and entered as a judgment by each of (a) the United States District Court for the District of Columbia and (b) the High Court of Justice of England and Wales. Even with the recognition by the courts in the United States and the United Kingdom, we recognize that collection of the award presents significant practical challenges. We are accounting for this matter as a gain contingency, and will record any such gain in future periods if and when the contingency is resolved, in accordance with ASC 450 Contingencies. Legal Proceedings Various legal proceedings and claims are outstanding which arose in the ordinary course of business. In the opinion of management, the amount of ultimate liability, if any, with respect to these actions, will not have a material adverse effect on our financial position, results of operations, or cash flows.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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