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SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES  
Schedule of fair value measurement

 

 

 

 

 

 

Quoted Prices in

 

Significant

 

Significant

 

 

 

Total

 

 

 

Active Markets

 

Observable

 

Unobservable

 

 

 

Carrying Value

 

Total

 

(Level 1)

 

Inputs (Level 2)

 

Inputs (Level 3)

 

 

 

December 31, 2015

 

Fair Value Measurements at December 31, 2015

 

Cash and cash equivalents

 

$

25.5 

 

$

25.5 

 

$

25.5 

 

$

 

$

 

Accounts receivable, net

 

214.3 

 

214.3 

 

 

214.3 

 

 

Fixed rate debt

 

429.9 

 

443.8 

 

 

443.8 

 

 

 

 

 

December 31, 2014

 

Fair Value Measurements at December 31, 2014

 

Cash and cash equivalents

 

$

293.4 

 

$

293.4 

 

$

293.4 

 

$

 

$

 

Accounts receivable, net

 

197.6 

 

197.6 

 

 

197.6 

 

 

Fixed rate debt

 

373.6 

 

395.7 

 

 

395.7 

 

 

 

Schedule of changes in the allowance for doubtful accounts receivable

 

 

Year

 

Balance at
Beginning of Year

 

Expense (1)

 

Write-offs 
and Other

 

Balance at
End of Year

 

2015

 

$

5.0

 

$

2.0

 

$

(0.4

)

$

6.6

 

2014

 

4.1

 

1.8

 

(0.9

)

5.0

 

2013

 

4.7

 

0.6

 

(1.2

)

4.1

 

 

 

(1) 2015 expense includes allowances for Alaska service related accounts receivable.

Schedule of prepaid expenses and other assets

 

 

 

 

As of December 31,

 

Prepaid expenses and other assets

 

2015

 

2014

 

Prepaid fuel

 

$

9.3 

 

$

11.0 

 

Insurance

 

4.9 

 

2.9 

 

Income tax receivables

 

15.1 

 

 

Other

 

8.8 

 

6.6 

 

 

 

 

 

 

 

Total

 

$

38.1 

 

$

20.5 

 

 

 

 

 

 

 

 

 

 

Schedule of estimated useful lives of property and equipment

 

 

Classification

 

Life

 

Vessels

 

40 years

 

Machinery and equipment

 

20 years

 

Terminal facilities

 

35 years

 

 

Schedule of accrued and other liabilities

 

 

 

 

As of December 31,

 

Accrued and other liabilities

 

2015

 

2014

 

Incentives and other benefit accruals

 

$

20.7 

 

$

16.1 

 

Molasses tank farm removal accrual

 

7.4 

 

 

Restructuring and severance accruals

 

5.0 

 

 

Repayments of multi-employer withdrawal liability (see Note 12)

 

4.1 

 

 

Interest on debt

 

3.9 

 

3.3 

 

Acquisition related payments

 

3.8 

 

 

Deferred revenue

 

3.6 

 

2.4 

 

Post retirement benefit obligations

 

2.5 

 

2.5 

 

Other liabilities

 

9.5 

 

2.6 

 

 

 

 

 

 

 

Total

 

$

60.5 

 

$

26.9 

 

 

 

 

 

 

 

 

 

 

Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax

 

 

 

 

Pensions

 

Post
Retirement

 

Non-
Qualified
Plans

 

Foreign
Currency
Translation

 

Interest
Hedge

 

Accumulated 
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2013

 

$

(20.1

)

$

(1.7

)

$

(0.9

)

$

(0.1

)

$

(0.7

)

$

(23.5

)

Net loss in prior service costs

 

(25.4

)

(5.9

)

(0.1

)

 

 

(31.4

)

Amortization of prior service cost

 

(1.3

)

 

 

 

 

(1.3

)

Amortization of net loss

 

1.8

 

0.4

 

0.3

 

 

 

2.5

 

Foreign currency translation adjustment

 

 

 

 

0.4

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

(45.0

)

(7.2

)

(0.7

)

0.3

 

(0.7

)

(53.3

)

Net gain in prior service costs

 

3.7

 

1.4

 

 

 

 

5.1

 

Amortization of prior service cost

 

(1.3

)

0.1

 

(0.1

)

 

 

(1.3

)

Amortization of net loss

 

0.9

 

1.0

 

(0.1

)

 

 

1.8

 

Foreign currency translation adjustment

 

 

 

 

0.7

 

 

0.7

 

Other

 

 

 

 

 

0.1

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2015

 

$

(41.7

)

$

(4.7

)

$

(0.9

)

$

1.0

 

$

(0.6

)

$

(46.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of basic and diluted earnings per share

 

 

 

 

Year Ended December 31, 2015

 

Year Ended December 31, 2014

 

Year Ended December 31, 2013

 

 

 

 

 

Weighted

 

Per

 

 

 

Weighted

 

Per

 

 

 

Weighted

 

Per

 

 

 

 

 

Average

 

Common

 

 

 

Average

 

Common

 

 

 

Average

 

Common

 

 

 

Net

 

Common

 

Share

 

Net

 

Common

 

Share

 

Net

 

Common

 

Share

 

 

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Income

 

Shares

 

Amount

 

Basic:

 

$

103.0 

 

43.5 

 

$

2.37 

 

$

70.8 

 

43.0 

 

$

1.65 

 

$

53.7 

 

42.7 

 

$

1.26 

 

Effect of Dilutive Securities:

 

 

 

0.5 

 

 

 

 

0.4 

 

 

 

 

0.4 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

$

103.0 

 

44.0 

 

$

2.34 

 

$

70.8 

 

43.4 

 

$

1.63 

 

$

53.7 

 

43.1 

 

$

1.25