Investment in Unconsolidated Companies

12 Months Ended

Mar. 31, 2014

(3)

INVESTMENT IN UNCONSOLIDATED COMPANIES

Investments in unconsolidated affiliates, generally 50% or less owned partnerships and corporations, are accounted for by the equity method. Under the equity method, the assets and liabilities of the unconsolidated

joint venture companies are not consolidated in the company’s consolidated balance sheet.

Investments in, at equity, and advances to unconsolidated joint venture companies at March 31, were as follows:


(In thousands)	Percentage Ownership			2014	2013
Sonatide Marine, Ltd. (Angola)	49	%	$	62,126	46,047
DTDW Holdings, Ltd. (Nigeria)	40	%		1,802	—
Investments in, at equity, and advances to unconsolidated companies			$	63,928	46,047

During the third quarter of fiscal 2014, the company advanced $1.9 million to a 40%-owned unconsolidated joint venture company located in Nigeria. The company also sold a vessel to this unconsolidated joint venture company for $23.3 million, and recognized a gain in the third quarter of fiscal 2014 of $7.9 million and a deferred gain of $5.2 million based on proportional ownership of the joint venture.

- 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.

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