(4)	REORGANIZATION ITEMS

ASC 852 requires that transactions and events directly associated with the reorganization be distinguished from the ongoing operations of the business. The company uses “Reorganization items” on its condensed consolidated statements of earnings (loss) to reflect the revenues, expenses, gains and losses that are the direct result of the reorganization of the business. The following table summarizes the components included in “Reorganization items”:

	Three Months Ended
	June 30,
(In thousands)	2017
Professional fees	$	5,165
Sale-leaseback contract terminations (A)		208,141
Debt related costs (B)		99,870
Total reorganization items	$	313,176

(A)

Represents the lessors’ claims reserve of $323.6 million plus leasehold improvements to vessels underlying sale leaseback transactions of $1.7 million, partially offset by the recognition of remaining deferred gains of $105.9 million and accrued liabilities associated with the recognition of lease expense on a straight-line basis of $11.3 million.

(B)

Represents primarily $94.8 million of make-whole claims on the Senior Notes and $5.1 of unamortized debt issue costs related to the revolver, term loan and Senior Notes.