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SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2013
SIGNIFICANT ACCOUNTING POLICIES  
Schedule of fair value measurement

 

 

 

 

 

 

Fair Value Measurements at

 

 

 

 

 

December 31, 2013

 

 

 

Carrying Value at

 

 

 

Quoted Prices in

 

Significant

 

Significant

 

 

 

December 31, 2013

 

 

 

Active Markets

 

Observable Inputs

 

Unobservable Inputs

 

(in millions)

 

Total

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Cash and cash equivalents

 

$

114.5

 

$

114.5

 

$

114.5

 

$

 

$

 

Accounts and notes receivable, net

 

182.3

 

182.3

 

 

182.3

 

 

Fixed rate debt

 

286.1

 

292.7

 

 

292.7

 

 

 

 

 

 

 

Fair Value Measurements at

 

 

 

 

 

December 31, 2012

 

 

 

Carrying Value at

 

 

 

Quoted Prices in

 

Significant

 

Significant

 

 

 

December 31, 2012

 

 

 

Active Markets

 

Observable Inputs

 

Unobservable Inputs

 

(in millions)

 

Total

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Cash and cash equivalents

 

$

19.9

 

$

19.9

 

$

19.9

 

$

 

$

 

Accounts and notes receivable, net

 

174.7

 

174.7

 

 

174.7

 

 

Variable rate debt

 

24.0

 

24.0

 

 

24.0

 

 

Fixed rate debt

 

295.1

 

316.8

 

 

316.8

 

 

Schedule of changes in the allowance for doubtful accounts receivable

The changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2013 were as follows (in millions):

 

 

 

Balance at

 

 

 

 

 

 

 

 

 

Beginning of

 

 

 

Write-offs

 

Balance at End

 

 

 

Year

 

Expense

 

and Other

 

of Year

 

2013

 

$

4.7

 

$

0.6

 

$

(1.2

)

$

4.1

 

2012

 

5.3

 

0.7

 

(1.3

)

4.7

 

2011

 

6.1

 

 

(0.8

)

5.3

 

 

 

 

 

 

 

 

 

 

 

Schedule of estimated useful lives of property and equipment

 

 

Classification

 

Range of Life (in years)

 

Vessels

 

5 to 40

 

Machinery and equipment

 

2 to 20

 

Terminal facilities

 

2 to 35

 

Schedule of Basic and Diluted Earnings Per Share

The denominator used to compute basic and diluted earnings per share is as follows (in millions):

 

 

 

Year Ended December 31, 2013

 

Year Ended December 31, 2012

 

Year Ended December 31, 2011

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

53.7

 

42.7

 

$

1.26

 

$

52.0

 

42.3

 

$

1.23

 

$

45.8

 

41.6

 

$

1.10

 

Loss from discontinued operations

 

 

42.7

 

 

(6.1

)

42.3

 

(0.14

)

(11.6

)

41.6

 

(0.28

)

Net Income

 

$

53.7

 

 

 

$

1.26

 

$

45.9

 

 

 

$

1.09

 

$

34.2

 

 

 

$

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Dilutive Securities

 

 

 

0.4

 

 

 

 

 

0.4

 

 

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

53.7

 

43.1

 

$

1.25

 

$

52.0

 

42.7

 

$

1.22

 

$

45.8

 

42.0

 

$

1.09

 

Loss from discontinued operations

 

 

43.1

 

 

(6.1

)

42.7

 

(0.14

)

(11.6

)

42.0

 

(0.28

)

Net Income

 

$

53.7

 

 

 

$

1.25

 

$

45.9

 

 

 

$

1.08

 

$

34.2

 

 

 

$

0.81