XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Disclosure [Abstract] |
Schedule of long-term debt | Long-term debt consists of the following (in thousands):
| December 31,
| 2016 |  | 2015
Term Loan (matures June 2018) | $ | 192,258 |  |  | $ | 255,000 |
2022 Notes (mature May 2022) | 125,000 |  |  | — |
2032 Notes (mature March 2032) | 60,115 |  |  | 200,000 |
MARAD Debt (matures February 2027) | 83,222 |  |  | 89,148 |
Nordea Q5000 Loan (matures April 2020) | 196,429 |  |  | 232,143 |
Unamortized debt discounts | (19,094 | ) |  | (14,963 | )
Unamortized debt issuance costs | (11,963 | ) |  | (11,993 | )
Total debt | 625,967 |  |  | 749,335 |
Less current maturities | (67,571 | ) |  | (71,640 | )
Long-term debt | $ | 558,396 |  |  | $ | 677,695 |
Schedule of debt covenants | Also pursuant to the February 2016 amendment to the Credit Agreement,
(a) | The minimum permitted Consolidated Interest Coverage Ratio was revised as follows:
Four Fiscal Quarters Ending | Minimum Consolidated Interest Coverage Ratio
December 31, 2016 through and including March 31, 2017 | 2.75 |  | to 1.00
June 30, 2017 and each fiscal quarter thereafter | 3.00 |  | to 1.00
(b) | The maximum permitted Consolidated Leverage Ratio was revised as follows:
Four Fiscal Quarters Ending | Maximum Consolidated Leverage Ratio
December 31, 2016 | 5.00 |  | to 1.00
March 31, 2017 | 4.75 |  | to 1.00
June 30, 2017 | 4.25 |  | to 1.00
September 30, 2017 | 3.75 |  | to 1.00
December 31, 2017 and each fiscal quarter thereafter | 3.50 |  | to 1.00
(c) | A financial covenant was established requiring us to maintain a minimum cash balance if our Consolidated Leverage Ratio is 3.50x or greater, as described below. This minimum cash balance is not required to be maintained in any particular bank account or to be segregated from other cash balances in bank accounts that we use in our ordinary course of business. Because the use of this cash is not legally restricted notwithstanding this maintenance covenant, we present it as cash and cash equivalents on our balance sheet. As of December 31, 2016, we needed to maintain an aggregate cash balance of at least $150 million in order to comply with this covenant.
Consolidated Leverage Ratio | Minimum Cash Balance
Greater than or equal to 4.50x | $150,000,000.00
Greater than or equal to 4.00x but less than 4.50x | 100,000,000.00
Greater than or equal to 3.50x but less than 4.00x | 50,000,000.00
Less than 3.50x | 0.00
Schedule of maturities of long-term debt outstanding | Scheduled maturities of long-term debt outstanding as of December 31, 2016 are as follows (in thousands):
| Term Loan |  | 2022 Notes |  | 2032 Notes (1) |  | MARAD Debt |  | Nordea Q5000 Loan |  | Total
Less than one year | $ | 25,634 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,222 |  |  | $ | 35,715 |  |  | $ | 67,571 |
One to two years | 166,624 |  |  | — |  |  | — |  |  | 6,532 |  |  | 35,714 |  |  | 208,870 |
Two to three years | — |  |  | — |  |  | — |  |  | 6,858 |  |  | 35,714 |  |  | 42,572 |
Three to four years | — |  |  | — |  |  | — |  |  | 7,200 |  |  | 89,286 |  |  | 96,486 |
Four to five years | — |  |  | — |  |  | — |  |  | 7,560 |  |  | — |  |  | 7,560 |
Over five years | — |  |  | 125,000 |  |  | 60,115 |  |  | 48,850 |  |  | — |  |  | 233,965 |
Total debt | 192,258 |  |  | 125,000 |  |  | 60,115 |  |  | 83,222 |  |  | 196,429 |  |  | 657,024 |
Current maturities | (25,634 | ) |  | — |  |  | — |  |  | (6,222 | ) |  | (35,715 | ) |  | (67,571 | )
Long-term debt, less current maturities | 166,624 |  |  | 125,000 |  |  | 60,115 |  |  | 77,000 |  |  | 160,714 |  |  | 589,453 |
Unamortized debt discounts (2) | — |  |  | (16,513 | ) |  | (2,581 | ) |  | — |  |  | — |  |  | (19,094 | )
Unamortized debt issuance costs (3) | (1,391 | ) |  | (2,790 | ) |  | (231 | ) |  | (5,001 | ) |  | (2,550 | ) |  | (11,963 | )
Long-term debt | $ | 165,233 |  |  | $ | 105,697 |  |  | $ | 57,303 |  |  | $ | 71,999 |  |  | $ | 158,164 |  |  | $ | 558,396 |
(1) | Beginning in March 2018, the holders of the 2032 Notes may require us to repurchase these notes or we may at our option elect to repurchase these notes. The notes will mature in March 2032.
(2) | The 2022 Notes will increase to their face amount through accretion of non-cash interest charges through May 2022. The 2032 Notes will increase to their face amount through accretion of non-cash interest charges through March 2018.
(3) | Debt issuance costs are amortized over the term of the applicable debt agreement.
Components of net interest expense | The following table details the components of our net interest expense (in thousands):
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Interest expense | $ | 45,110 |  |  | $ | 40,024 |  |  | $ | 33,064 |
Interest income | (2,086 | ) |  | (2,068 | ) |  | (4,786 | )
Capitalized interest | (11,785 | ) |  | (11,042 | ) |  | (10,419 | )
Net interest expense | $ | 31,239 |  |  | $ | 26,914 |  |  | $ | 17,859 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration