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INVESTMENT IN TERMINAL JOINT VENTURE | 12 Months Ended
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Dec. 31, 2014
INVESTMENT IN TERMINAL JOINT VENTURE |
INVESTMENT IN TERMINAL JOINT VENTURE | 3.INVESTMENT IN TERMINAL JOINT VENTURE The Company accounts for its 35 percent ownership interest in the Terminal Joint Venture under the equity method of accounting. The Company records its share of income (loss) in the Terminal Joint Venture in operating expenses within the Ocean Transportation segment, due to operations of the Terminal Joint Venture being an integral part of the Company’s business. The Company’s investment in the Terminal Joint Venture was $64.4 million and $57.6 million at December 31, 2014 and 2013, respectively. No dividends and distributions were received from the Terminal Joint Venture in 2014, 2013 or 2012. The Company’s operating costs include $164.8 million, $164.3 million and $163.8 million, for 2014, 2013 and 2012, respectively, for terminal services provided by SSAT. Accounts payable and accrued liabilities in the consolidated balance sheets include $17.5 million and $15.3 million for terminal services payable to the Terminal Joint Venture at December 31, 2014 and 2013, respectively. A summary of financial information for the Terminal Joint Venture at December 31, 2014 and 2013 is as follows (in millions):
|  | As of December 31, |
Balance Sheet |  | 2014 |  | 2013 |
Current assets |  | $ | 80.7 |  | $ | 73.5 |
Noncurrent assets |  | 140.9 |  | 137.1 |
Total Assets |  | $ | 221.6 |  | $ | 210.6 |
Current liabilities |  | $ | 40.9 |  | $ | 43.2 |
Noncurrent liabilities |  | 7.1 |  | 15.7 |
Equity |  | 173.6 |  | 151.7 |
Total Liabilities and Equity |  | $ | 221.6 |  | $ | 210.6 |
|  | Years Ended December 31, |
Statement of Operations |  | 2014 |  | 2013 |  | 2012 |
Operating revenue |  | $ | 586.2 |  | $ | 498.4 |  | $ | 503.9 |
Operating costs and expenses |  | 589.7 |  | 517.4 |  | 506.4 |
Operating loss |  | (3.5 | ) | (19.0 | ) | (2.5 | )
Net Income (Loss) (1) |  | $ | 21.2 |  | $ | (5.7 | ) | $ | 9.5 |
Company Share of Net Income (Loss) |  | $ | 6.6 |  | $ | (2.0 | ) | $ | 3.2 |
| (1) |  | Includes earnings from equity method investments held by the Terminal Joint Venture.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 + Details
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