Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] |
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| Fair value of financial instruments |
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June 30, 2015 |
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December 31, 2014 |
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Book Value |
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Fair Value |
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Book Value |
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Fair Value |
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Cash and cash equivalents |
|
$ |
180,366 |
|
|
$ |
180,366 |
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|
$ |
247,556 |
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|
$ |
247,556 |
|
Restricted cash |
|
$ |
906 |
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$ |
906 |
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$ |
2,564 |
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$ |
2,564 |
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Investments in available-for-sale-securities |
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$ |
6,261 |
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|
$ |
6,261 |
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$ |
6,701 |
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$ |
6,701 |
|
Loan receivable from affiliate companies |
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$ |
11,464 |
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$ |
11,464 |
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$ |
7,791 |
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$ |
7,791 |
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Long-term receivable from affiliate companies |
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$ |
- |
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$ |
- |
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$ |
9,625 |
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|
$ |
9,625 |
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Capital lease obligations, including current portion |
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$ |
(21,441 |
) |
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$ |
(21,441 |
) |
|
$ |
(22,360 |
) |
|
$ |
(22,360 |
) |
Senior and ship mortgage notes, net |
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$ |
(1,349,023) |
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$ |
(1,206,689) |
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$ |
(1,347,316 |
) |
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$ |
(1,300,021 |
) |
Long-term debt, including current portion |
|
$ |
(235,000 |
) |
|
$ |
(238,560 |
) |
|
$ |
(265,574 |
) |
|
$ |
(269,582 |
) |
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| Fair Value Measurements on a recurring basis |
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Fair Value Measurements as of June 30, 2015 |
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Assets |
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Total |
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Quoted Prices in Active Markets for Identical Assets (Level I) |
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Significant Other Observable Inputs (Level II) |
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Significant Unobservable Inputs (Level III) |
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Investments in available-for-sale securities |
|
$ |
6,261 |
|
|
$ |
6,261 |
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|
$ |
— |
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|
$ |
— |
|
Total |
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$ |
6,261 |
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|
$ |
6,261 |
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|
$ |
— |
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|
$ |
— |
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|
Fair Value Measurements as of December 31, 2014 |
Assets |
|
Total |
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|
Quoted Prices in Active Markets for Identical Assets (Level I) |
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|
Significant Other Observable Inputs (Level II) |
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|
Significant Unobservable Inputs (Level III) |
Investments in available-for-sale securities |
|
$ |
6,701 |
|
|
$ |
6,701 |
|
|
$ |
— |
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|
$ |
— |
Total |
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$ |
6,701 |
|
|
$ |
6,701 |
|
|
$ |
— |
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|
$ |
— |
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| Fair Value Measurements on a nonrecurring basis |
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Fair Value Measurements at June 30, 2015 |
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Total |
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(Level I) |
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(Level II) |
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(Level III) |
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Cash and cash equivalents |
|
$ |
180,366 |
|
|
$ |
180,366 |
|
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
|
$ |
906 |
|
|
$ |
906 |
|
|
$ |
— |
|
|
$ |
— |
|
Loan receivable from affiliate companies(2) |
|
$ |
11,464 |
|
|
$ |
— |
|
|
$ |
11,464 |
|
|
$ |
— |
|
Senior and ship mortgage notes |
|
$ |
(1,206,689 |
) |
|
$ |
(1,206,689 |
) |
|
$ |
— |
|
|
$ |
— |
|
Capital lease obligations, including current portion(1) |
|
$ |
(21,441 |
) |
|
$ |
— |
|
|
$ |
(21,441 |
) |
|
$ |
— |
|
Long-term debt, including current portion(1) |
|
$ |
(238,560 |
) |
|
$ |
— |
|
|
$ |
(238,560 |
) |
|
$ |
— |
|
|
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|
Fair Value Measurements at December 31, 2014 |
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Total |
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|
(Level I) |
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(Level II) |
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(Level III) |
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Cash and cash equivalents |
|
$ |
247,556 |
|
|
$ |
247,556 |
|
|
$ |
— |
|
|
$ |
— |
|
Restricted cash |
|
$ |
2,564 |
|
|
$ |
2,564 |
|
|
$ |
— |
|
|
$ |
— |
|
Loan receivable from affiliate companies(2) |
|
$ |
7,791 |
|
|
$ |
— |
|
|
$ |
7,791 |
|
|
$ |
— |
|
Long-term receivable from affiliate companies(2) |
|
$ |
9,625 |
|
|
$ |
— |
|
|
$ |
9,625 |
|
|
$ |
— |
|
Senior and ship mortgage notes |
|
$ |
(1,300,021 |
) |
|
$ |
(1,300,021 |
) |
|
$ |
— |
|
|
$ |
— |
|
Capital lease obligations, including current portion(1) |
|
$ |
(22,360 |
) |
|
$ |
— |
|
|
$ |
(22,360 |
) |
|
$ |
— |
|
Long-term debt, including current portion(1) |
|
$ |
(269,582 |
) |
|
$ |
— |
|
|
$ |
(269,582 |
) |
|
$ |
— |
|
(1 |
)The fair value of the Company's long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company's creditworthiness. |
(2 |
)The fair value of the Company's loan receivable from affiliate companies and long-term receivable from affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as after taking into account the counterparty's creditworthiness. |
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