Impairment Loss	12 Months Ended
Dec. 31, 2015
Impairment Loss [Abstract]
Impairment Loss	Note D - Impairment LOSS 2015 During the second quarter of 2015, we placed two handysize vessels, which we included in our Dry Bulk Carriers segment, and their related equipment and inventory, which had previously been included in assets held for sale at December 31, 2014, back into service. As a result, we recorded an impairment loss of approximately $1.8 million to adjust the vessels to current fair market value. During the third quarter of 2015, we received an offer to purchase our Jones Act tug/barge unit, which was included in current assets held for sale at December 31, 2014, for an amount that was below its net book value. Although we decided to forego this offer, we reassessed the fair market value of this unit. As a result, we recorded an impairment loss of $1.1 million. As discussed below, in late 2015, we adopted our Strategic Plan, and as a result, this vessel was further written down to fair value. At September 30, 2015, we tested our goodwill using the income approach, which estimates the fair value of the reporting unit using various cash flow and earnings projections discounted at a rate estimated to approximate the reporting unit’s weighted average cost of capital. As a result, we (i) determined that the implied fair value of our goodwill was less than its carrying value, and (ii) recorded an impairment loss of approximately $1.9 million, which related to the entire goodwill balance generated from the UOS acquisition that is reported in the Jones Act segment. See additional information related to UOS as described below. In October of 2015, our Board of Directors approved a Strategic Plan that required the divestiture of certain non-core assets. By virtue of adopting this Strategic Plan, the assets identified for disposal met all of the criteria for classification as held for sale. As a result, we wrote these assets down to fair market value and recorded impairment charges of approximately $94.3 million. We sold certain of these assets prior to December 31, 2015 and during the first quarter of 2016. We estimated the fair value of these assets based on the related sales prices. We estimated the fair values of the remaining assets based on valuation evidence from perspective buyers in the market. During 2016, we may incur additional impairment losses and tax consequences as we continue to take the necessary steps to implement the Strategic Plan. At the end of 2014, we reached an agreement to extend the contract of affreightment with TECO for a firm three years with a two year renewal option. Because of the competitive nature of the bidding process, we agreed to a material reduction in our freight rates and agreed to a reduction in the amount of guaranteed cargo volumes. By having contract coverage on both the legs of our round trip voyages, we expected to compensate for the drop in pricing by increasing and maximizing the number of round trip voyages, and believed at that time that we could attain additional volumes beyond the guaranteed amount. Because of the significant change in the contract, we tested both our tangible and intangible assets at the end of 2014 for impairment. With two years of servicing the contract at this point and successfully extending both the TECO and Mosaic contracts, we were confident at that time that we could maintain an acceptable level of profitability into the future. As a result, we determined at that time that our projected undiscounted cash flows for the UOS service was more than its carrying value and, as such, we determined that there was no impairments of either our UOS tangible or intangibles assets. Beginning in early 2015, operating results from our UOS service were less than we projected in late 2014. The decrease was the result of excessive off-hire days and a reduction in the number of round trip voyages. However, we still believed we could correct the issues and improve the results through operating efficiencies and additional cargo volumes. Because of the drop in operating results, we continued to test for impairments and reached conclusions in both the first and second quarter of 2015 that there were no impairments. With our unsatisfactory UOS service results continuing into the third quarter of 2015, coupled with unprofitable results from our Dry Bulk Carriers segment, we were unable to maintain minimum levels of liquidity and forced by mid-year 2015 to review other means of generating cash, including divesting of assets. The drop in our results also impacted our debt compliance covenants which eventually contributed to our decision to develop our Strategic Plan. With a depressed global economy and its negative impact on the shipping industry, vessel appraised values decreased in most sectors of the shipping industry. As a result of a generally weak global economy, less than favorable outlook for the coal market, decrease in our operating results and a decline in vessel values, we determined in the third quarter of 2015 that the estimated fair value of our UOS reporting unit could no longer support its goodwill value. As a result, we recorded an impairment charge of $1.9 million to write off all of the UOS goodwill, as discussed further below. However, our impairment analysis still projected there were sufficient projected cash flows to support the carrying values of both our tangible (vessels) and intangible (customer relationship and trade name) assets. By the end of 2015, due to reduced contract rates and volumes for our coastwise operations and a less favorable outlook on coal demand, the results of our UOS service dropped for a fourth consecutive quarter and the plan of achieving results near the levels of the pre-contract extensions became less feasible. As a result of the drop in results and liquidation of assets to meet bank requirements, we tested both our tangible and intangible assets for impairment again at the end of the fourth quarter of 2015. Using updated projections and the experience we had with selling assets in an extremely stressed market, we concluded that our cash flows for the UOS service no longer supported a determination that the vessels’ and intangible assets’ fair values exceeded their carrying values. As a result, we wrote down both the vessels’ and the customer relationship and tradename intangible assets’ carrying value to their fair value, and recorded a non-cash impairment charge of approximately $22.7 million and $22.1 million in the fourth quarter of 2015 for the vessels and intangible assets, respectively. The fair value estimates are based on the discounted cash flow models. Additionally, during the fourth quarter of 2015, we reviewed our remaining segments and recorded an impairment of $10.5 million related to our ice strengthened multi-purpose vessel included in our Specialty Contracts segment as the projected cash flows from this vessel no longer exceeded its carrying value. The fair market value of this vessel was estimated based on the discounted cash flow model. There were no further impairments related to our remaining segments. Refer to (i) Note I – Vessels, Property, and Other Equipment, (ii) Note J – Goodwill, Other Intangible Assets, and Deferred Charges, and (iii) Note E – Assets Held for Sale for further discussion. 2014 In 2014, we committed to sell one tanker vessel, three handysize vessels and one inactive tug/barge unit. As such, we conducted a fair value assessment of the assets. The fair value was based on indicated valuation evidence from prospective buyers in the market. As a result, we recorded impairment charges (vessels, property and other equipment) of approximately $38.2 million. An impairment of approximately $28.3 million was related to three handysize vessels included in the Dry Bulk Carriers segment which was based on a fair value less cost to sell of approximately $49.2 million less a total carrying value of approximately $77.5 million. The three handysize vessels were all similar in nature so the same fair value was assigned to each of the vessels, which was based off of the actual sale price of one of the three of the vessels which was sold in March 2015. These assets were classified as held for sale at December 31, 2014. An impairment of approximately $6.6 million was related to the inactive tug/barge unit in the Jones Act segment which was based on a fair value less cost to sell of approximately $6.4 million less a total carrying value of approximately $13.0 million. The fair value of this unit was based off of a memorandum of agreement that was in place at December 31, 2014 for the sale of this asset. Additionally, an impairment of approximately $3.3 million was related to the tanker vessel in the Specialty Contracts segment which was based on a fair value less cost to sell of approximately $1.5 million less a total carrying value of approximately $4.8 million. The tanker vessel was sold at the end of 2014.

Note D - Impairment LOSS

2015

During the second quarter of 2015, we placed two handysize vessels, which we included in our Dry Bulk Carriers segment, and their related equipment and inventory, which had previously been included in assets held for sale at December 31, 2014, back into service. As a result, we recorded an impairment loss of approximately $1.8 million to adjust the vessels to current fair market value.

During the third quarter of 2015, we received an offer to purchase our Jones Act tug/barge unit, which was included in current assets held for sale at December 31, 2014, for an amount that was below its net book value. Although we decided to forego this offer, we reassessed the fair market value of this unit. As a result, we recorded an impairment loss of $1.1 million. As discussed below, in late 2015, we adopted our Strategic Plan, and as a result, this vessel was further written down to fair value.

At September 30, 2015, we tested our goodwill using the income approach, which estimates the fair value of the reporting unit using various cash flow and earnings projections discounted at a rate estimated to approximate the reporting unit’s weighted average cost of capital. As a result, we (i) determined that the implied fair value of our goodwill was less than its carrying value, and (ii) recorded an impairment loss of approximately $1.9 million, which related to the entire goodwill balance generated from the UOS acquisition that is reported in the Jones Act segment. See additional information related to UOS as described below.

In October of 2015, our Board of Directors approved a Strategic Plan that required the divestiture of certain non-core assets. By virtue of adopting this Strategic Plan, the assets identified for disposal met all of the criteria for classification as held for sale. As a result, we wrote these assets down to fair market value and recorded impairment charges of approximately $94.3 million. We sold certain of these assets prior to December 31, 2015 and during the first quarter of 2016. We estimated the fair value of these assets based on the related sales prices. We estimated the fair values of the remaining assets based on valuation evidence from perspective buyers in the market. During 2016, we may incur additional impairment losses and tax consequences as we continue to take the necessary steps to implement the Strategic Plan.

At the end of 2014, we reached an agreement to extend the contract of affreightment with TECO for a firm three years with a two year renewal option. Because of the competitive nature of the bidding process, we agreed to a material reduction in our freight rates and agreed to a reduction in the amount of guaranteed cargo volumes. By having contract coverage on both the legs of our round trip voyages, we expected to compensate for the drop in pricing by increasing and maximizing the number of round trip voyages, and believed at that time that we could attain additional volumes beyond the guaranteed amount.

Because of the significant change in the contract, we tested both our tangible and intangible assets at the end of 2014 for impairment. With two years of servicing the contract at this point and successfully extending both the TECO and Mosaic contracts, we were confident at that time that we could maintain an acceptable level of profitability into the future. As a result, we determined at that time that our projected undiscounted cash flows for the UOS service was more than its carrying value and, as such, we determined that there was no impairments of either our UOS tangible or intangibles assets.

Beginning in early 2015, operating results from our UOS service were less than we projected in late 2014. The decrease was the result of excessive off-hire days and a reduction in the number of round trip voyages. However, we still believed we could correct the issues and improve the results through operating efficiencies and additional cargo volumes. Because of the drop in operating results, we continued to test for impairments and reached conclusions in both the first and second quarter of 2015 that there were no impairments.

With our unsatisfactory UOS service results continuing into the third quarter of 2015, coupled with unprofitable results from our Dry Bulk Carriers segment, we were unable to maintain minimum levels of liquidity and forced by mid-year 2015 to review other means of generating cash, including divesting of assets. The drop in our results also impacted our debt compliance covenants which eventually contributed to our decision to develop our Strategic Plan. With a depressed global economy and its negative impact on the shipping industry, vessel appraised values decreased in most sectors of the shipping industry. As a result of a generally weak global economy, less than favorable outlook for the coal market, decrease in our operating results and a decline in vessel values, we determined in the third quarter of 2015 that the estimated fair value of our UOS reporting unit could no longer support its goodwill value. As a result, we recorded an impairment charge of $1.9 million to write off all of the UOS goodwill, as discussed further below. However, our impairment analysis still projected there were sufficient projected cash flows to support the carrying values of both our tangible (vessels) and intangible (customer relationship and trade name) assets.

By the end of 2015, due to reduced contract rates and volumes for our coastwise operations and a less favorable outlook on coal demand, the results of our UOS service dropped for a fourth consecutive quarter and the plan of achieving results near the levels of the pre-contract extensions became less feasible. As a result of the drop in results and liquidation of assets to meet bank requirements, we tested both our tangible and intangible assets for impairment again at the end of the fourth quarter of 2015. Using updated projections and the experience we had with selling assets in an extremely stressed market, we concluded that our cash flows for the UOS service no longer supported a determination that the vessels’ and intangible assets’ fair values exceeded their carrying values. As a result, we wrote down both the vessels’ and the customer relationship and tradename intangible assets’ carrying value to their fair value, and recorded a non-cash impairment charge of approximately $22.7 million and $22.1 million in the fourth quarter of 2015 for the vessels and intangible assets, respectively. The fair value estimates are based on the discounted cash flow models.

Additionally, during the fourth quarter of 2015, we reviewed our remaining segments and recorded an impairment of $10.5 million related to our ice strengthened multi-purpose vessel included in our Specialty Contracts segment as the projected cash flows from this vessel no longer exceeded its carrying value. The fair market value of this vessel was estimated based on the discounted cash flow model. There were no further impairments related to our remaining segments.

Refer to (i) Note I – Vessels, Property, and Other Equipment, (ii) Note J – Goodwill, Other Intangible Assets, and Deferred Charges, and (iii) Note E – Assets Held for Sale for further discussion.

2014

In 2014, we committed to sell one tanker vessel, three handysize vessels and one inactive tug/barge unit. As such, we conducted a fair value assessment of the assets. The fair value was based on indicated valuation evidence from prospective buyers in the market. As a result, we recorded impairment charges (vessels, property and other equipment) of approximately $38.2 million.

An impairment of approximately $28.3 million was related to three handysize vessels included in the Dry Bulk Carriers segment which was based on a fair value less cost to sell of approximately $49.2 million less a total carrying value of approximately $77.5 million. The three handysize vessels were all similar in nature so the same fair value was assigned to each of the vessels, which was based off of the actual sale price of one of the three of the vessels which was sold in March 2015. These assets were classified as held for sale at December 31, 2014.

An impairment of approximately $6.6 million was related to the inactive tug/barge unit in the Jones Act segment which was based on a fair value less cost to sell of approximately $6.4 million less a total carrying value of approximately $13.0 million. The fair value of this unit was based off of a memorandum of agreement that was in place at December 31, 2014 for the sale of this asset.

Additionally, an impairment of approximately $3.3 million was related to the tanker vessel in the Specialty Contracts segment which was based on a fair value less cost to sell of approximately $1.5 million less a total carrying value of approximately $4.8 million. The tanker vessel was sold at the end of 2014.