Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of other financial instruments measured at fair value on a recurring basis

The following tables provide additional information relating to those financial instruments measured at fair value on a recurring basis (in thousands):



	Fair Value Measurements at December 31, 2017 Using								Valuation Approach
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Note receivable	$	—	$	3,758	$	—	$	3,758	(c)
Interest rate swaps	—		966		—		966		(c)

Liabilities:
Foreign exchange contracts	—		12,467		—		12,467		(c)
Total net liability	$	—	$	7,743	$	—	$	7,743



	Fair Value Measurements at December 31, 2016 Using								Valuation Approach
	Level 1		Level 2		Level 3		Total		Valuation Approach
Assets:
Interest rate swaps	$	—	$	451	$	—	$	451	(c)

Liabilities:
Foreign exchange contracts	—		38,170		—		38,170		(c)
Interest rate swaps	—		751		—		751		(c)
Total net liability	$	—	$	38,470	$	—	$	38,470

Schedule of carrying values and estimated fair values of long-term debt

The carrying values and estimated fair values of our long-term debt are as follows (in thousands):



	December 31,
	2017				2016
	Carrying Value ⁽¹⁾		Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Fair Value ⁽²⁾

Former term loan (was scheduled to mature June 2018)	$	—	$	—	$	192,258	$	192,258
Term Loan (matures April 2020)	97,500		98,231		—		—
Nordea Q5000 Loan (matures April 2020)	160,714		160,111		196,429		192,746
MARAD Debt (matures February 2027)	77,000		82,058		83,222		92,049
2022 Notes (mature May 2022)	125,000		124,219		125,000		130,156
2032 Notes (mature March 2032)	60,115		60,040		60,115		59,965
Total debt	$	520,329	$	524,659	$	657,024	$	667,174


(1)	Carrying value includes current maturities and excludes the related unamortized debt discount and debt issuance costs. See Note 6 for additional disclosures on our long-term debt.

(2)

The estimated fair value of the 2022 Notes and the 2032 Notes was determined using Level 1 inputs under the market approach. The fair value of the Nordea Q5000 Loan, the MARAD Debt, the Term Loan, and our previous term loan that was scheduled to mature June 2018 was estimated using Level 2 fair value inputs under the market approach, which was determined using a third party evaluation of the remaining average life and outstanding principal balance of the indebtedness as compared to other obligations in the marketplace with similar terms.