Commitments and Contingencies	3 Months Ended
Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	5.Commitments and Contingencies Legal Matters Lac-Megantic, Quebec As previously disclosed in “Note 7 — Commitments and Contingencies” in the Notes to the Consolidated Financial Statements included in our 2014 10-K Report, various lawsuits have been filed against us and other third parties related to the July 2013 train derailment in Lac-Mégantic, Quebec. The Trustee for Montreal, Maine and Atlantic Railway’s (“MMA”) U.S. bankruptcy estate (the “Trustee”) and the monitor in MMA’s Canadian bankruptcy continue to discuss a global settlement with various parties, including us, and such discussions are ongoing. Although amounts to settle have been proffered to us in the course of discussions, to date such offers have been informal, not fully defined, or varied significantly in terms of scope and substance. In addition, the settlement discussions have involved multiple parties whose support for the various offers has been uncertain. Accordingly, we are unable to provide information at this time that we believe would enable investors to reasonably assess the significance of these offers or their bearing on the probability, timing or range of any potential settlement. While we continue to actively discuss a potential settlement to resolve the outstanding claims against us, the settlement discussions may not ultimately result in an agreement. The Trustee and the Canadian debtor have each filed proposed bankruptcy plans (in the U.S. and Canada, respectively) that seek to implement settlements reached to date with other parties. Prior to becoming effective, the proposed bankruptcy plans will need to be approved by the requisite creditors in both the U.S. and Canadian bankruptcies, such as plaintiffs in the class action and the Quebec provincial government. Thereafter, if so approved, the plans will be submitted to the respective bankruptcy courts for approval. The bankruptcy plans may also be challenged by third parties objecting to the plans and, therefore, approval of the plans and the related timing is uncertain. The bankruptcy plans may be amended at any time prior to their effective date to include additional settlements. For additional information regarding legal proceedings related to the train derailment, see our 2014 10-K Report and Part II — Item 1 of this 10-Q Report. In light of the facts, circumstances and other information available to us at this time, we are currently unable to determine the probability of loss, or reasonably estimate a range of potential losses related to the proceedings arising from the train derailment. Accordingly, we have not made any provision for these potential losses in our consolidated financial statements. However, based on estimated losses related to the value of the tank cars involved in the incident, as well as legal and other costs incurred in connection with the incident, which we believe are probable and for which a reasonable estimate can be made, we have recorded total liabilities of $42.2 million. We believe that a substantial portion of these liabilities are covered by insurance and have recorded total receivables of $39.1 million. As of March 31, 2015, the remaining unpaid liabilities of $16.3 million are included primarily in accrued expenses and other current liabilities and the remaining uncollected receivable of $29.4 million is included in other current assets in the accompanying consolidated balance sheets. Other Matters In connection with a theft of fuel product valued at approximately $18.0 million, we recorded an insurance receivable for the full amount of the loss, which is included in other current assets in the accompanying consolidated balance sheets. On July 31, 2014, our insurer, AGCS Marine Insurance Company (“AGCS”), filed a declaratory judgment action against us in the United States District Court for the Southern District of New York seeking a court ruling that the loss is not covered under our policy. During the quarter ended December 31, 2014, we filed an answer to the AGCS complaint and counterclaims against AGCS for declaratory judgment and breach of contract seeking a court ruling that the loss is covered under the policy, an award of damages equal to the full amount of our loss plus interest, as well as fees and costs. We believe AGCS’ position is without merit and we intend to vigorously pursue our rights. However, due to the complexities and uncertainties inherent in litigation, we can provide no assurance that we will recover the full amount of the loss. We are a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of March 31, 2015, we had recorded certain reserves which were not significant. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material adverse effect on our consolidated financial statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our consolidated financial statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. Termination of Employment Agreement On March 13, 2015, we agreed with Mr. Michael S. Clementi that he would retire from his position as Aviation Segment President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to previously awarded stock compensation. As of March 31, 2015, $1.0 million of the cash portion of the termination of the employment agreement charge was included in accrued expenses and other current liabilities and $2.0 million was included in other long-term liabilities in the accompanying consolidated balance sheets.

5.Commitments and Contingencies

Legal Matters

Lac-Megantic, Quebec

As previously disclosed in “Note 7 — Commitments and Contingencies” in the Notes to the Consolidated Financial Statements included in our 2014 10-K Report, various lawsuits have been filed against us and other third parties related to the July 2013 train derailment in Lac-Mégantic, Quebec. The Trustee for Montreal, Maine and Atlantic Railway’s (“MMA”) U.S. bankruptcy estate (the “Trustee”) and the monitor in MMA’s Canadian bankruptcy continue to discuss a global settlement with various parties, including us, and such discussions are ongoing. Although amounts to settle have been proffered to us in the course of discussions, to date such offers have been informal, not fully defined, or varied significantly in terms of scope and substance. In addition, the settlement discussions have involved multiple parties whose support for the various offers has been uncertain. Accordingly, we are unable to provide information at this time that we believe would enable investors to reasonably assess the significance of these offers or their bearing on the probability, timing or range of any potential settlement. While we continue to actively discuss a potential settlement to resolve the outstanding claims against us, the settlement discussions may not ultimately result in an agreement.

The Trustee and the Canadian debtor have each filed proposed bankruptcy plans (in the U.S. and Canada, respectively) that seek to implement settlements reached to date with other parties. Prior to becoming effective, the proposed bankruptcy plans will need to be approved by the requisite creditors in both the U.S. and Canadian bankruptcies, such as plaintiffs in the class action and the Quebec provincial government. Thereafter, if so approved, the plans will be submitted to the respective bankruptcy courts for approval. The bankruptcy plans may also be challenged by third parties objecting to the plans and, therefore, approval of the plans and the related timing is uncertain. The bankruptcy plans may be amended at any time prior to their effective date to include additional settlements. For additional information regarding legal proceedings related to the train derailment, see our 2014 10-K Report and Part II — Item 1 of this 10-Q Report.

In light of the facts, circumstances and other information available to us at this time, we are currently unable to determine the probability of loss, or reasonably estimate a range of potential losses related to the proceedings arising from the train derailment. Accordingly, we have not made any provision for these potential losses in our consolidated financial statements. However, based on estimated losses related to the value of the tank cars involved in the incident, as well as legal and other costs incurred in connection with the incident, which we believe are probable and for which a reasonable estimate can be made, we have recorded total liabilities of $42.2 million. We believe that a substantial portion of these liabilities are covered by insurance and have recorded total receivables of $39.1 million. As of March 31, 2015, the remaining unpaid liabilities of $16.3 million are included primarily in accrued expenses and other current liabilities and the remaining uncollected receivable of $29.4 million is included in other current assets in the accompanying consolidated balance sheets.

Other Matters

In connection with a theft of fuel product valued at approximately $18.0 million, we recorded an insurance receivable for the full amount of the loss, which is included in other current assets in the accompanying consolidated balance sheets. On July 31, 2014, our insurer, AGCS Marine Insurance Company (“AGCS”), filed a declaratory judgment action against us in the United States District Court for the Southern District of New York seeking a court ruling that the loss is not covered under our policy. During the quarter ended December 31, 2014, we filed an answer to the AGCS complaint and counterclaims against AGCS for declaratory judgment and breach of contract seeking a court ruling that the loss is covered under the policy, an award of damages equal to the full amount of our loss plus interest, as well as fees and costs. We believe AGCS’ position is without merit and we intend to vigorously pursue our rights. However, due to the complexities and uncertainties inherent in litigation, we can provide no assurance that we will recover the full amount of the loss.

We are a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of March 31, 2015, we had recorded certain reserves which were not significant. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material adverse effect on our consolidated financial statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our consolidated financial statements or disclosures for that period.

Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

Termination of Employment Agreement

On March 13, 2015, we agreed with Mr. Michael S. Clementi that he would retire from his position as Aviation Segment President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to previously awarded stock compensation. As of March 31, 2015, $1.0 million of the cash portion of the termination of the employment agreement charge was included in accrued expenses and other current liabilities and $2.0 million was included in other long-term liabilities in the accompanying consolidated balance sheets.