Assets Held For Sale Assets Held For Sale (Notes)

9 Months Ended

Sep. 30, 2016

Asset Impairment [Abstract]

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

NOTE 5. Assets Held For Sale

During the third quarter of 2015, we made the decision to exit the majority of our marine investments within the Portfolio Management segment, including six chemical parcel tankers (the "Nordic Vessels"), most of the inland marine vessels, and our 50% interest in the Cardinal Marine joint venture. At that time, the Nordic Vessels and the inland marine vessels were classified as held for sale and adjusted to the lower of their respective carrying amounts or fair value less costs to dispose. Subsequently, certain of these marine investments were sold during the fourth quarter of 2015, including one of the Nordic Vessels.

In the first nine months of 2016, we sold additional marine assets, including three of the Nordic Vessels. Proceeds from the sales of Portfolio Management marine assets completed in the first nine months of 2016, including those designated as held for sale, were $49.4 million, resulting in a gain of $4.2 million. We also recognized a gain of $1.0 million resulting from additional proceeds received from the sale of the Cardinal Marine joint venture and recorded additional impairment losses of $1.8 million for certain of the remaining marine assets held for sale. We based the fair values of these assets on our estimate of the expected proceeds less costs to sell.

As of September 30, 2016 and December 31, 2015, we had $62.1 million and $106.0 million of assets classified as held for sale on the balance sheet, including $60.5 million and $103.4 million of marine assets held in the Portfolio Management segment.