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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2016
SIGNIFICANT ACCOUNTING POLICIES |
Schedule of fair value measurement | . The carrying value and fair value of the Company’s financial instruments as of December 31, 2016 and 2015 are as follows (in millions).
|  |  |  |  |  |  | Quoted Prices in |  | Significant |  | Significant |
|  | Total |  |  |  | Active Markets |  | Observable |  | Unobservable |
|  | Carrying Value |  | Total |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |
|  | December 31, 2016 |  | Fair Value Measurements at December 31, 2016 |
Cash and cash equivalents |  | $ | 13.9 |  | $ | 13.9 |  | $ | 13.9 |  | $ | — |  | $ | — |
Accounts receivable, net |  |  | 189.5 |  |  | 189.5 |  |  | — |  |  | 189.5 |  |  | — |
Capital Construction Fund - cash on deposit |  |  | 31.2 |  |  | 31.2 |  |  | — |  |  | 31.2 |  |  | — |
Variable rate debt |  |  | 55.0 |  |  | 55.0 |  |  | — |  |  | 55.0 |  |  | — |
Fixed rate debt |  |  | 683.9 |  |  | 685.2 |  |  | — |  |  | 685.2 |  |  | — |
|  | December 31, 2015 |  | Fair Value Measurements at December 31, 2015 |
Cash and cash equivalents |  | $ | 25.5 |  | $ | 25.5 |  | $ | 25.5 |  | $ | — |  | $ | — |
Accounts receivable, net |  |  | 192.8 |  |  | 192.8 |  |  | — |  |  | 192.8 |  |  | — |
Fixed rate debt |  |  | 429.9 |  |  | 443.8 |  |  | — |  |  | 443.8 |  |  | — |
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, 2016 were as follows (in millions):
|  | Balance at |  | Expense |  | Write-offs |  | Balance at |
Year |  | Beginning of Year |  | (Recovery) |  | and Other |  | End of Year |
2016 (1) |  | $ | 6.6 |  | $ | (0.3) |  | $ | (2.1) |  | $ | 4.2 |
2015 |  | $ | 5.0 |  | $ | 2.0 |  | $ | (0.4) |  | $ | 6.6 |
2014 |  | $ | 4.1 |  | $ | 1.8 |  | $ | (0.9) |  | $ | 5.0 |
| (1) |  | 2016 expense includes amounts recovered from previously reserved doubtful accounts.
Schedule of prepaid expenses and other assets | Prepaid expenses and other assets consist of the following at December 31, 2016 and 2015 (in millions):
|  | As of December 31, |
Prepaid Expenses and Other Assets |  | 2016 |  | 2015 |
Income tax receivables |  | $ | 23.4 |  | $ | 15.1 |
Insurance related receivables |  |  | 17.6 |  |  | 18.3 |
Prepaid fuel |  |  | 11.5 |  |  | 9.3 |
Other |  |  | 18.3 |  |  | 16.9 |
Total |  | $ | 70.8 |  | $ | 59.6 |
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 | Accruals and other liabilities consist of the following at December 31, 2016 and 2015 (in millions):
|  | As of December 31, |
Accruals and Other Liabilities |  | 2016 |  | 2015 |
Payroll and vacation benefits |  | $ | 23.3 |  | $ | 23.1 |
Uninsured claims and related liabilities - short term |  |  | 18.4 |  |  | 27.1 |
Incentives and other benefits |  |  | 9.6 |  |  | 20.7 |
Molasses tank farm removal accrual |  |  | 3.1 |  |  | 7.4 |
Restructuring and severance accruals related to Horizon |  |  | — |  |  | 5.0 |
Interest on debt |  |  | 5.8 |  |  | 3.9 |
Multi-employer withdrawal liability - short-term (see Note 12) |  |  | 4.1 |  |  | 4.1 |
Other liabilities |  |  | 12.6 |  |  | 19.4 |
Total |  | $ | 76.9 |  | $ | 110.7 |
Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows (in millions):
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |  |  |  |  |  | Accumulated |
|  |  |  |  |  |  |  | Qualified |  | Foreign |  |  |  |  |  |  |  | Other |
|  |  |  |  | Post |  | Pension |  | Currency |  | Interest |  |  |  |  | Comprehensive |
|  | Pensions |  | Retirement |  | Plans |  | Translation |  | Hedge |  | Other |  | Income (Loss) |
Balance at December 31, 2014 |  | $ | (45.0) |  | $ | (7.2) |  | $ | (0.5) |  | $ | 0.3 |  | $ | (0.7) |  | $ | (0.2) |  | $ | (53.3) |
Net gain (loss) in prior service costs |  |  | 3.7 |  |  | 1.4 |  |  | 0.5 |  |  | — |  |  | — |  |  | (0.5) |  |  | 5.1 |
Amortization of prior service cost |  |  | (1.3) |  |  | 0.1 |  |  | (0.1) |  |  | — |  |  | — |  |  | — |  |  | (1.3) |
Amortization of net loss (gain) |  |  | 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) |  |  | (0.2) |  |  | 1.0 |  |  | (0.6) |  |  | (0.7) |  |  | (46.9) |
Net gain (loss) in prior service costs |  |  | — |  |  | 0.7 |  |  | (0.1) |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.7 |
Amortization of prior service cost |  |  | (1.4) |  |  | — |  |  | (0.1) |  |  | — |  |  | — |  |  | 0.2 |  |  | (1.3) |
Amortization of net loss (gain) |  |  | 1.7 |  |  | (0.4) |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | 1.2 |
Foreign currency translation adjustment |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Other |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Balance at December 31, 2016 |  | $ | (41.4) |  | $ | (4.4) |  | $ | (0.4) |  | $ | 1.1 |  | $ | (0.5) |  | $ | (0.5) |  | $ | (46.1) |
Schedule of basic and diluted earnings per share | The denominator used to compute basic and diluted earnings per share for the three years ended December 31, 2016, were as follows (in millions):
|  | Year Ended December 31, 2016 |  | Year Ended December 31, 2015 |  | Year Ended December 31, 2014 |
|  |  |  |  | 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: |  | $ | 80.5 |  | 43.1 |  | $ | 1.87 |  | $ | 103.0 |  | 43.5 |  | $ | 2.37 |  | $ | 70.8 |  | 43.0 |  | $ | 1.65 |
Effect of Dilutive Securities: |  |  |  |  | 0.4 |  |  | (0.02) |  |  |  |  | 0.5 |  |  | (0.03) |  |  |  |  | 0.4 |  |  | (0.02) |
Diluted: |  | $ | 80.5 |  | 43.5 |  | $ | 1.85 |  | $ | 103.0 |  | 44.0 |  | $ | 2.34 |  | $ | 70.8 |  | 43.4 |  | $ | 1.63 |

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