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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
4 Months Ended 5 Months Ended 12 Months Ended
Jul. 31, 2017
Dec. 31, 2017
Dec. 31, 2018
Mar. 31, 2017
Operating activities:        
Net loss   $ (38,726) $ (171,771)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization   20,131 51,332  
Amortization of deferred drydocking and survey costs   206 6,961  
Amortization of debt premiums and discounts   (715) (1,856)  
Provision for deferred income taxes     572  
Gain on asset dispositions, net   (6,616) (10,624)  
Impairment of due from affiliate     20,083  
Long-lived asset impairments [1]   16,777 61,132  
Loss on debt extinguishment     8,119  
Changes in investments in, at equity, and advances to unconsolidated companies   (4,531) 28,177  
Compensation expense – stock based   3,731 13,406  
Changes in operating assets and liabilities, net:        
Trade and other receivables   2,312 9,088  
Changes in due to/from affiliate, net   (2,373) 28,644  
Marine operating supplies   1,229 (1,955)  
Other current assets   10,305 10,893  
Accounts payable   (1,259) (15,174)  
Accrued expenses   (24,896) (13,489)  
Accrued property and liability losses   (176) 141  
Other current liabilities   (4,026) 1,332  
Other liabilities and deferred credits   (1,089) (2,023)  
Deferred drydocking and survey costs   (3,414) (25,968)  
Other, net   (2,416) 6,921  
Net cash provided by (used in) operating activities   (35,546) 3,941  
Cash flows from investing activities:        
Proceeds from sales of assets   32,742 46,115  
Additions to properties and equipment   (9,834) (21,391)  
Cash and cash equivalents from stock based merger     43,806  
Net cash provided by investing activities   22,908 68,530  
Cash flows from financing activities:        
Principal payments on long-term debt   (1,176) (105,169)  
Cash payments to General Unsecured Creditors   (93,719) (8,377)  
Loss on debt extinguishment     (8,119)  
Cash received for issuance of common stock   2 3  
Tax on share-based award     (4,400)  
Other     (2,000)  
Net cash used in financing activities   (94,893) (128,062)  
Net change in cash, cash equivalents and restricted cash   (107,531) (55,591)  
Cash, cash equivalents and restricted cash at beginning of period   560,866 453,335  
Cash, cash equivalents and restricted cash at end of period $ 560,866 453,335 397,744  
Cash paid during the year for:        
Interest, net of amounts capitalized   8,223 32,326  
Income taxes   4,654 16,828  
Supplemental disclosure of noncash investing activities:        
Merger with GulfMark     285,492  
Supplemental disclosure of noncash financing activities:        
Common stock issued for GulfMark merger     $ 285,492  
Predecessor        
Operating activities:        
Net loss (1,646,909)     $ (650,011)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Reorganization items (non-cash) 1,368,882      
Depreciation and amortization 47,447     167,291
Provision for deferred income taxes (5,543)     (2,200)
Gain on asset dispositions, net (3,561)     (24,099)
Long-lived asset impairments [1] 184,748     484,727
Changes in investments in, at equity, and advances to unconsolidated companies (4,252)     (7,613)
Compensation expense – stock based 1,707     3,278
Excess tax liability on stock options exercised       4,927
Changes in operating assets and liabilities, net:        
Trade and other receivables 6,286     104,829
Changes in due to/from affiliate, net 1,301     20,829
Marine operating supplies 88     2,285
Other current assets (1,840)     (12,523)
Accounts payable 8,157     (17,531)
Accrued expenses 17,245     (18,687)
Accrued property and liability losses (822)     262
Other current liabilities (2,337)     (26,658)
Other liabilities and deferred credits 2,884     (2,657)
Other, net 4,932     3,372
Net cash provided by (used in) operating activities (21,587)     29,821
Cash flows from investing activities:        
Proceeds from sales of assets 2,172     14,797
Additions to properties and equipment (2,265)     (25,499)
Payments related to novated construction contract 5,272      
Refunds from cancelled vessel construction contracts       25,565
Net cash provided by investing activities 5,179     14,863
Cash flows from financing activities:        
Principal payments on long-term debt (5,124)     (10,069)
Cash payments to General Unsecured Creditors (122,806)      
Other (1,200)     (6,649)
Net cash used in financing activities (129,130)     (16,718)
Net change in cash, cash equivalents and restricted cash (145,538)     27,966
Cash, cash equivalents and restricted cash at beginning of period 706,404 $ 560,866   678,438
Cash, cash equivalents and restricted cash at end of period 560,866     706,404
Cash paid during the year for:        
Interest, net of amounts capitalized 1,577     70,687
Income taxes $ 4,740     26,916
Supplemental disclosure of noncash investing activities:        
Additions to properties and equipment       $ 5,047
[1] The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017.