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INVESTMENT IN TERMINAL JOINT VENTURE | 12 Months Ended
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Dec. 31, 2016
INVESTMENT IN TERMINAL JOINT VENTURE |
INVESTMENT IN TERMINAL JOINT VENTURE | 4.INVESTMENT IN TERMINAL JOINT VENTURE The Company accounts for its 35 percent ownership interest in the related party Terminal Joint Venture using the equity method of accounting. The Company records its share of income in the Terminal Joint Venture in operating costs within the Ocean Transportation segment, due to operations of the Terminal Joint Venture being an integral part of the Company’s Ocean Transportation business. The Company’s investment in the Terminal Joint Venture was $82.4 million and $66.4 million at December 31, 2016 and 2015, respectively. The Company’s share of incomes recorded in the Consolidated Statements of Income and Comprehensive Income, and dividends received by the Company during the years ended December 31, 2016, 2015 and 2014 is as follows (in millions):
|  | Years Ended December 31, |
Terminal Joint Venture |  | 2016 |  | 2015 |  | 2014 |
Company Share of Net Income |  | $ | 15.8 |  | $ | 16.5 |  | $ | 6.6 |
Distributions Received |  | $ | — |  | $ | 14.0 |  | $ | — |
The Company’s Ocean Transportation segment operating costs include $177.8 million, $174.1 million and $164.8 million for the years ended December 31, 2016, 2015 and 2014, respectively, for terminal services provided by SSAT. Accounts payable and accrued liabilities in the Consolidated Balance Sheets include $16.7 million and $19.5 million for terminal services payable to the Terminal Joint Venture at December 31, 2016 and 2015, respectively. A summary of unaudited condensed financial information for the Terminal Joint Venture at December 31, 2016 and 2015 is as follows (in millions):
|  | As of December 31, |
Condensed Balance Sheets (Unaudited) |  | 2016 |  | 2015 |
Current assets |  | $ | 147.7 |  | $ | 107.0 |
Non-current assets |  |  | 138.5 |  |  | 121.2 |
Total Assets |  | $ | 286.2 |  | $ | 228.2 |
Current liabilities |  | $ | 48.9 |  | $ | 42.0 |
Non-current liabilities |  |  | 14.8 |  |  | 9.4 |
Equity |  |  | 222.5 |  |  | 176.8 |
Total Liabilities and Equity |  | $ | 286.2 |  | $ | 228.2 |
|  | Years Ended December 31, |
Condensed Statements of Operating Income (Loss) and Net Income (Unaudited) |  | 2016 |  | 2015 |  | 2014 |
Operating revenue |  | $ | 740.9 |  | $ | 621.0 |  | $ | 586.2 |
Operating costs and expenses |  |  | 706.5 |  |  | 610.2 |  |  | 589.7 |
Operating income (loss) |  |  | 34.4 |  |  | 10.8 |  |  | (3.5) |
Net Income (1) |  | $ | 45.1 |  | $ | 44.9 |  | $ | 21.2 |
(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 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: 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=49116238&loc=d3e32847-111569 Reference 3: 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 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=49116238&loc=d3e32787-111569 + Details
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