Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.2.0.727
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s financial assets and liabilities as of June 30, 2015 that are measured at fair value on a recurring basis were as follows (in thousands):
 
Level 1
 
Level 2
 
Level 3
ASSETS
 
 
 
 
 
Marketable securities(1)
$
29,411

 
$

 
$

Derivative instruments (included in other receivables)
472

 
259

 

Construction reserve funds
275,131

 

 

LIABILITIES
 
 
 
 
 
Short sale of marketable securities(1) (included in other current liabilities)
9,155

 

 

Derivative instruments (included in other current liabilities)
2,048

 
423

 

______________________
(1)
Marketable security gains, net include unrealized gains of $6.0 million and $2.1 million for the three months ended June 30, 2015 and 2014, respectively, related to marketable security positions held by the Company as of June 30, 2015.
Estimated Fair Value Of Other Financial Assets And Liabilities
The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2015 were as follows (in thousands):
 
 
 
Estimated Fair Value
 
Carrying
Amount
 
Level 1
 
Level 2
 
Level 3
ASSETS
 
 
 
 
 
 
 
Cash and cash equivalents
$
433,827

 
$
433,827

 
$

 
$

Investments, at cost, in 50% or less owned companies (included in other assets)
10,442

 
see below
 
 
 
 
Notes receivable from third parties (included in other receivables and other assets)
25,512

 
see below
 
 
 
 
LIABILITIES
 
 
 
 
 
 
 
Long-term debt, including current portion(1)
924,593

 

 
985,610

 

______________________
(1)
The estimated fair value includes the conversion options on the Company's 2.5% and 3.0% Convertible Senior Notes.
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis
The Company’s non-financial assets and liabilities that were measured at fair value during the six months ended June 30, 2015 were as follows (in thousands):
 
 
Level 1
 
Level 2
 
Level 3
ASSETS
 
 
 
 
 
 
Construction in progress(1)
 
$

 
$
200

 
$

Investment in VA&E(2)
 

 
6,938

 

______________________
(1)
During the six months ended June 30, 2015, the Company recognized impairment charges of $6.6 million related to the suspended construction of two offshore support vessels. The fair value of the construction in progress was determined based on the scrap value of the hulls.
(2)
During the six months ended June 30, 2015, the Company marked its equity investment in VA&E to fair value upon the deconsolidation of a previously controlled subsidiary following its contribution to VA&E. The fair value was determined based on the value of the equity investment the Company received.