Matson (MATX) 10-Q7 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014
Document and Entity Information	'
Entity Registrant Name	'Matson, Inc.
Entity Central Index Key	'0000003453
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'Yes
Entity Filer Category	'Large Accelerated Filer
Entity Common Stock, Shares Outstanding	42,968,560
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income and Comprehensive Income (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating Revenue:	'	'
Ocean transportation	$294.60	$299.90
Logistics	97.9	94.8
Total operating revenue	392.5	394.7
Costs and Expenses:	'	'
Operating costs	347.8	342.8
Equity in income from terminal joint venture	-0.2	-0.2
Selling, general and administrative	35	33.4
Total costs and expenses	382.6	376
Operating Income	9.9	18.7
Interest expense	-4.1	-3.7
Income before income taxes	5.8	15
Income tax expense	-2.4	-5.9
Net Income	3.4	9.1
Other Comprehensive Income (Loss), Net of Income Taxes:	'	'
Net Income	3.4	9.1
Other Comprehensive Income (Loss):	'	'
Amortization of prior service cost included in net periodic pension cost	-0.3	-0.3
Amortization of net loss included in net periodic pension cost	0.7	1.4
Foreign currency translation adjustment	-0.1	0.2
Total Other Comprehensive Income	0.3	1.3
Comprehensive Income	$3.70	$10.40
Basic Earnings Per Share (in dollars per share)	$0.08	$0.21
Diluted Earnings Per Share (in dollars per share)	$0.08	$0.21
Weighted Average Number of Shares Outstanding:	'	'
Basic (in shares)	42.9	42.6
Diluted (in shares)	43.3	43

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$229.70	$114.50
Accounts receivable, net	177.9	182.3
Deferred income taxes	9.1	9.1
Prepaid expenses and other assets	40.5	43
Total current assets	457.2	348.9
Investment in terminal joint venture	57.8	57.6
Property and equipment, net	722.9	735.4
Goodwill and intangible assets, net	31	31.2
Other long-term assets	75.4	75.2
Total assets	1,344.30	1,248.30
Current Liabilities:	'	'
Current portion of long-term debt	12.5	12.5
Accounts payable	124.5	124
Payroll and vacation benefits	16.5	16.9
Self-insured liabilities	15.4	15.1
Accrued and other liabilities	30.4	32.1
Total current liabilities	199.3	200.6
Long-term Liabilities:	'	'
Long-term debt	371.1	273.6
Deferred income taxes	327	326.1
Employee benefit plans	74.3	74.4
Self-insured claims and other liabilities	36.7	35.4
Total long-term liabilities	809.1	709.5
Commitments and Contingencies (Note 6)	'	'
Shareholders' Equity:	'	'
Capital stock	32.1	32.1
Additional paid in capital	262.8	261.9
Accumulated other comprehensive loss	-23.2	-23.5
Retained earnings	64.2	67.7
Total shareholders' equity	335.9	338.2
Total liabilities and shareholders' equity	$1,344.30	$1,248.30

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows Provided by Operating Activities:	'	'
Net income	$3.40	$9.10
Reconciling adjustments:	'	'
Depreciation and amortization	17.5	17.5
Deferred income taxes	0.7	-3.5
Gain on disposal of property	-0.2	-0.1
Post-retirement expense	-0.3	0.5
Share-based compensation expense	1.8	1.3
Equity in income from terminal joint venture	-0.2	-0.2
Tax benefit from equity issuance	0.1	'
Changes in assets and liabilities:	'	'
Accounts receivable	4.4	7.3
Deferred dry-docking payments	-7.3	-1.2
Deferred dry-docking amortization	5.3	5.4
Prepaid expenses and other assets	0.8	4.2
Accounts payable and accrued liabilities	4.7	-1.9
Other liabilities	-0.6	-3.4
Net cash provided by operating activities	30.1	35
Cash Flows Used in Investing Activities:	'	'
Capital expenditures	-4.9	-6.3
Proceeds from disposal of property and equipment	0.4	1
Deposits into Capital Construction Fund	-2.2	-2.2
Withdrawals from Capital Construction Fund	2.2	2.2
Payments for acquisitions	'	-9.6
Net cash used in investing activities	-4.5	-14.9
Cash Flows Used in Financing Activities:	'	'
Proceeds from issuance of debt	100	21
Repayments of Debt	-2.5	-42.5
Proceeds from issuance of capital stock	0.7	0.4
Tax Withholding related to net share settlements of restricted stock units	-1.7	-1.4
Dividends paid	-6.9	-6.5
Net cash provided by (used in) financing activities	89.6	-29
Net Increase (Decrease) in Cash and Cash Equivalents	115.2	-8.9
Cash and cash equivalents, beginning of the year	114.5	19.9
Cash and cash equivalents, end of the year	229.7	11
Supplemental Cash Flow Information:	'	'
Interest paid	1.9	2.1
Income tax refund	-0.9	'
Non-cash Information:	'	'
Capital expenditures included in accounts payable and accrued liabilities	1.3	2
Capital lease obligations	'	$2.90

DESCRIPTION_OF_THE_BUSINESS

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2014
DESCRIPTION OF THE BUSINESS	'
DESCRIPTION OF THE BUSINESS	'
	1. DESCRIPTION OF THE BUSINESS

	Matson, Inc., a holding company incorporated in January 2012, in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services.

	Ocean Transportation: Matson’s ocean transportation business is conducted through Matson Navigation Company, Inc. (“MatNav”), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav is an asset-based business that provides a vital lifeline of ocean freight transportation services to the island economies of Hawaii, Guam, Micronesia, and various islands in the South Pacific. MatNav also operates a premium, expedited service from China to Long Beach, California. In addition, a subsidiary of MatNav provides container stevedoring, container equipment maintenance and other terminal services for MatNav and other ocean carriers on the islands of Oahu, Hawaii, Maui and Kauai.

	The Company has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”) through a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc. (“SSA”), a subsidiary of Carrix, Inc. (the “Terminal Joint Venture”). SSAT provides terminal and stevedoring services to various carriers at six terminal facilities on the United States of America (“U.S.”) Pacific Coast, including to MatNav at several of those facilities. Matson records its share of income (loss) in the joint venture in operating expenses within the ocean transportation segment due to the nature of SSAT’s operations.

	Logistics: The Company’s logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics” or “Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics is an asset-light business that provides multimodal transportation, including domestic and international rail intermodal service (“Intermodal”); long-haul and regional highway brokerage, specialized hauling, flat-bed and project work, less-than-truckload services, and expedited freight services (collectively “Highway”); and warehousing and distribution services.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
SIGNIFICANT ACCOUNTING POLICIES	'
	2. SIGNIFICANT ACCOUNTING POLICIES

	Basis of Presentation: The condensed consolidated financial statements are unaudited. Due to the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. These condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim periods; they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013.

	Fiscal Period: The period end for Matson, Inc. is March 31. The period end for MatNav occurred on the last Friday in March, except for Matson Logistics Warehousing for which the period closed on March 31.

	Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2014
DEBT	'
DEBT	'
	3. DEBT

	At March 31, 2014 and December 31, 2013, the Company’s debt consisted of the following (in millions):

		March 31,			December 31,
		2014			2013
	Term Loans:
	5.79%, payable through 2020	$	45.5		$	45.5
	3.66%, payable through 2023	77.5			77.5
	4.16%, payable through 2027	55			55
	4.31%, payable through 2032	37.5			37.5
	Title XI Bonds:
	5.34%, payable through 2028	31.9			33
	5.27%, payable through 2029	34.1			35.2
	Term Notes:
	4.35%, payable through 2044	100			—
	Capital leases	2.1			2.4
	Total debt	383.6			286.1
	Less current portion	(12.5		)	(12.5		)
	Total long-term debt	$	371.1		$	273.6

	In January 2014, the Company issued $100 million of 30-year senior unsecured notes (the “Notes”). The Notes have a weighted average life of 14.5 years and bear interest at a rate of 4.35%, payable semi-annually. The proceeds are expected to be used for general corporate purposes. The Notes will begin to mature in 2021, with annual principal payments of $5.0 million in 2021, $7.5 million in 2022 and 2023, $10.0 million from 2024 to 2027, and $8.0 million in 2028. Starting in 2029, and in each year thereafter until 2044, annual principal payments will be $2.0 million.

PENSION_AND_POSTRETIREMENT_PLA

PENSION AND POST-RETIREMENT PLANS	3 Months Ended
	Mar. 31, 2014
PENSION AND POST-RETIREMENT PLANS	'
PENSION AND POST-RETIREMENT PLANS	'
	4. PENSION AND POST-RETIREMENT PLANS

	The Company sponsors qualified defined-benefit pension and post retirement plans (collectively, the “Plans”). The following table provides the components of net periodic benefit cost for the Plans for the three-months ended March 31, 2014 and 2013 (in millions):

		Pension Benefits						Post-retirement Benefits
		March 31,						March 31,
		2014			2013			2014		2013
	Service cost	$	0.8		$	0.7		$	0.3	$	0.3
	Interest cost	2.4			2.1			0.6		0.5
	Expected return on plan assets	(3.5		)	(2.7		)	—		—
	Amortization of net loss	0.8			2			0.1		0.2
	Amortization of prior service cost	(0.6		)	(0.6		)	—		—
	Net periodic benefit cost	$	(0.1	)	$	1.5		$	1	$	1

	In 2014, the Company expects to pay total cash contributions to its defined benefit pension plans of approximately $6.6 million, all of which has yet to be contributed as of March 31, 2014.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
SHARE-BASED COMPENSATION	Mar. 31, 2014
SHARE-BASED COMPENSATION	'
SHARE-BASED COMPENSATION	'
	5. SHARE-BASED COMPENSATION

	During the three-months ended March 31, 2014, the Company granted approximately 324,000 time-based and performance-based shares to certain of its employees at a weighted-average grant date fair value of $23.57. The number of performance shares awarded represents the maximum that can be earned, and will ultimately depend on the Company’s performance.

	Total stock-based compensation cost recognized in the condensed consolidated financial statements of operations as a component of selling, general and administrative costs was $1.8 million and $1.3 million for the three-months ended March 31, 2014 and 2013, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $11.4 million at March 31, 2014, and is expected to be recognized over a weighted-average period of 2.0 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 31, 2014
CONTINGENCIES	'
CONTINGENCIES	'
	6. CONTINGENCIES

	Environmental Matters: Molasses was released into Honolulu Harbor from a pipeline system operated by a subsidiary of the Company in September 2013. The Company is cooperating with federal and state agencies involved in responding to and investigating the release. On September 20, 2013, the Hawaii Department of Health (“DOH”) and other responding governmental agencies announced that they had officially transitioned their role from a response phase to a recovery and restoration phase. The DOH also reported on September 20, 2013 that dissolved oxygen and pH levels in the harbor and nearby Keehi Lagoon had returned to normal target levels and that there was no longer discoloration of the water in those same areas attributable to the molasses release. Keehi Lagoon was reopened to the public on September 21, 2013.

	On October 10, 2013, the Company was served with a federal grand jury subpoena seeking documents in connection with a criminal investigation into the release of molasses into Honolulu Harbor. In addition, the Company has received two subpoenas from the Hawaii Attorney General and written requests for information regarding the release from the following governmental agencies: (i) the DOH; (ii) the State of Hawaii Office of Hawaiian Affairs; and (iii) the United States Environmental Protection Agency (Region IX).

	As of May 7, 2014, the Company has resolved all third-party claims that have been received. However, government agencies have not: (i) initiated any lawsuits; (ii) presented the Company with an accounting of their response costs; (iii) provided an assessment of natural resource damages; or (iv) imposed any penalties in connection with the release of molasses. Therefore, the Company is not able to estimate the future costs, penalties, damages or expenses that it may incur related to the incident. As a result, at this time no assurance can be given that the impact of the incident on the Company’s financial position, results of operations, or cash flows will not be material.

	In addition to the molasses release discussed above, the Company’s shipping business has certain other risks that could result in expenditures for environmental remediation. The Company believes that based on all information available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations.

	Other Legal Matters: On June 10, 2013, the Company was served with a complaint filed in the United States District Court for the Central District of California by an individual plaintiff as relator on behalf of the United States asserting claims against the Company and certain other ocean carriers and freight forwarders for violations of the False Claims Act. The case is entitled United States of America, ex rel. Mario Rizzo v. Horizon Lines, LLC et al. The qui tam complaint alleges that Matson and the other defendants submitted or created records supporting false claims for payment of fuel surcharges assessed on the shipment of military household goods for the Department of Defense. The federal government has declined to intervene in this qui tam suit. The individual plaintiff in the suit seeks damages and penalties on behalf of the federal government, and may be entitled to a portion of any recovery or settlement resulting from the suit. The plaintiff filed a Second Amended Complaint on August 23, 2013. The Company filed a motion to dismiss the complaint on September 16, 2013. On October 31, 2013, the court denied the Company’s motion. Discovery has now commenced and a jury trial is scheduled to begin on October 7, 2014. On February 14, 2014, Matson and the plaintiff engaged in non-binding mediation. On February 23, 2014, Matson’s Board of Directors approved a settlement of $9.0 million in full settlement of all claims, and $0.95 million for plaintiff’s legal expenses. The settlement is contingent upon approval of the United States government, and the dismissal of the case with prejudice by the District Court. The amount of the settlement was included in accrued and other liabilities in the consolidated balance sheets at March 31, 2014 and December 31, 2013.

	The Company and its subsidiaries are parties to, or may be contingently liable in connection with other legal actions arising in the normal course of their businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on the Company’s financial condition, results of operations, or cash flows.

EARNINGS_PER_SHARE_EPS

EARNINGS PER SHARE ("EPS")

3 Months Ended

Mar. 31, 2014

EARNINGS PER SHARE ("EPS")

7. EARNINGS PER SHARE (“EPS”)

The number of shares used to compute basic and diluted earnings per share for the three-months ended March 31, 2014 and 2013, is as follows (in millions, except per share data):

Three-Months Ended March 31, 2014

Three-Months Ended March 31, 2013

Weighted

Per

Weighted

Per

Average

Common

Average

Common

Net

Common

Net

Common

Income

Amount

Income

Amount

Basic:

3.4

42.9

0.08

9.1

42.6

0.21

Effect of dilutive restricted stock units and stock options

0.4

—

0.4

—

Diluted:

3.4

43.3

0.08

9.1

0.21

Basic earnings per share (“EPS”) are determined by dividing net income by the weighted-average common shares outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of unexercised non-qualified stock options and non-vested restricted stock units.

The computation of weighted average dilutive shares outstanding excluded non-qualified stock options to purchase 0.2 million shares of common stock during both three-month periods ended March 31, 2014 and 2013. These amounts were excluded because the options’ exercise prices were greater than the average market price of the Company’s common stock for the periods presented and, therefore, the effect would be anti-dilutive.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2014
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	8. FAIR VALUE MEASUREMENTS

	The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

	The Company uses Level 1 inputs for the fair values of its cash equivalents and Level 2 inputs for its long-term debt. The fair values of cash and cash equivalents, receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The fair value of the Company’s debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

	The carrying value and fair value of the Company’s financial instruments as of March 31, 2014 and December 31, 2013 are as follows (in millions):

		Carrying		Fair Value Measurements at March 31, 2014
		Value at
		March 31,
		2014
						Quoted		Significant		Significant
						Prices in		Observable		Unobservable
						Active		Inputs
						Markets
	(in millions)	Total		Total		(Level 1)		(Level 2)		Inputs (Level 3)
	Cash & cash equivalents	$	229.7	$	229.7	$	229.7	$	—	$	—
	Accounts and notes receivable	177.9		177.9		—		177.9		—
	Fixed rate debt	383.6		395.5		—		395.5		—


		Carrying		Fair Value Measurements at December 31, 2013
		Value at
		December 31,
		2013
						Quoted		Significant		Significant
						Prices in		Observable		Unobservable
						Active		Inputs
						Markets
	(in millions)	Total		Total		(Level 1)		(Level 2)		Inputs (Level 3)
	Cash & cash equivalents	$	114.5	$	114.5	$	114.5	$	—	$	—
	Accounts and notes receivable	182.3		182.3		—		182.3		—
	Fixed rate debt	286.1		292.7		—		292.7		—

REPORTABLE_SEGMENTS

REPORTABLE SEGMENTS	3 Months Ended
	Mar. 31, 2014
REPORTABLE SEGMENTS	'
REPORTABLE SEGMENTS	'
	9. REPORTABLE SEGMENTS

	The Company consists of two segments, ocean transportation and logistics, which are further described in Note 1. Reportable segments are measured based on operating income, exclusive of interest expense and income taxes. In arrangements where the customer purchases ocean transportation and logistics services, the revenues are allocated to each reportable segment based upon the contractual amounts for each type of service.

	Segment results for the three-months ended March 31, 2014 and 2013 were as follows (in millions):

		Three-Months Ended
		March 31,
		2014			2013
	Revenue:
	Ocean transportation	$	294.6		$	299.9
	Logistics	97.9			94.8
	Total revenue	$	392.5		$	394.7
	Operating Income:
	Ocean transportation	$	9.4		$	18.5
	Logistics	0.5			0.2
	Total operating income	9.9			18.7
	Interest expense, net	(4.1		)	(3.7		)
	Income before income taxes	5.8			15
	Income taxes	(2.4		)	(5.9		)
	Net income	$	3.4		$	9.1

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Presentation	'
Basis of Presentation	Basis of Presentation: The condensed consolidated financial statements are unaudited. Due to the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. These condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim periods; they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013.
Fiscal Period	'
Fiscal Period	Fiscal Period: The period end for Matson, Inc. is March 31. The period end for MatNav occurred on the last Friday in March, except for Matson Logistics Warehousing for which the period closed on March 31.

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2014
DEBT	'
Schedule of long-term debt	'
	At March 31, 2014 and December 31, 2013, the Company’s debt consisted of the following (in millions):

		March 31,			December 31,
		2014			2013
	Term Loans:
	5.79%, payable through 2020	$	45.5		$	45.5
	3.66%, payable through 2023	77.5			77.5
	4.16%, payable through 2027	55			55
	4.31%, payable through 2032	37.5			37.5
	Title XI Bonds:
	5.34%, payable through 2028	31.9			33
	5.27%, payable through 2029	34.1			35.2
	Term Notes:
	4.35%, payable through 2044	100			—
	Capital leases	2.1			2.4
	Total debt	383.6			286.1
	Less current portion	(12.5		)	(12.5		)
	Total long-term debt	$	371.1		$	273.6

PENSION_AND_POSTRETIREMENT_PLA1

PENSION AND POST-RETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
PENSION AND POST-RETIREMENT PLANS	'
Components of Net Periodic Benefit Cost	'
	The following table provides the components of net periodic benefit cost for the Plans for the three-months ended March 31, 2014 and 2013 (in millions):

		Pension Benefits						Post-retirement Benefits
		March 31,						March 31,
		2014			2013			2014		2013
	Service cost	$	0.8		$	0.7		$	0.3	$	0.3
	Interest cost	2.4			2.1			0.6		0.5
	Expected return on plan assets	(3.5		)	(2.7		)	—		—
	Amortization of net loss	0.8			2			0.1		0.2
	Amortization of prior service cost	(0.6		)	(0.6		)	—		—
	Net periodic benefit cost	$	(0.1	)	$	1.5		$	1	$	1

EARNINGS_PER_SHARE_EPS_Tables

EARNINGS PER SHARE ("EPS") (Tables)	3 Months Ended
EARNINGS PER SHARE ("EPS") (Tables)	Mar. 31, 2014
EARNINGS PER SHARE ("EPS")	'
Schedule of Basic and Diluted Earnings Per Share	'
	The number of shares used to compute basic and diluted earnings per share for the three-months ended March 31, 2014 and 2013, is as follows (in millions, except per share data):

		Three-Months Ended March 31, 2014					Three-Months Ended March 31, 2013
				Weighted	Per				Weighted	Per
				Average	Common				Average	Common
		Net		Common	Share		Net		Common	Share
		Income		Shares	Amount		Income		Shares	Amount
	Basic:	$	3.4	42.9	$	0.08	$	9.1	42.6	$	0.21
	Effect of dilutive restricted stock units and stock options			0.4	—				0.4	—
	Diluted:	$	3.4	43.3	$	0.08	$	9.1	43	$	0.21

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of fair value measurement	'
	The carrying value and fair value of the Company’s financial instruments as of March 31, 2014 and December 31, 2013 are as follows (in millions):

		Carrying		Fair Value Measurements at March 31, 2014
		Value at
		March 31,
		2014
						Quoted		Significant		Significant
						Prices in		Observable		Unobservable
						Active		Inputs
						Markets
	(in millions)	Total		Total		(Level 1)		(Level 2)		Inputs (Level 3)
	Cash & cash equivalents	$	229.7	$	229.7	$	229.7	$	—	$	—
	Accounts and notes receivable	177.9		177.9		—		177.9		—
	Fixed rate debt	383.6		395.5		—		395.5		—


		Carrying		Fair Value Measurements at December 31, 2013
		Value at
		December 31,
		2013
						Quoted		Significant		Significant
						Prices in		Observable		Unobservable
						Active		Inputs
						Markets
	(in millions)	Total		Total		(Level 1)		(Level 2)		Inputs (Level 3)
	Cash & cash equivalents	$	114.5	$	114.5	$	114.5	$	—	$	—
	Accounts and notes receivable	182.3		182.3		—		182.3		—
	Fixed rate debt	286.1		292.7		—		292.7		—

REPORTABLE_SEGMENTS_Tables

REPORTABLE SEGMENTS (Tables)	3 Months Ended
REPORTABLE SEGMENTS (Tables)	Mar. 31, 2014
REPORTABLE SEGMENTS	'
Reportable Segment results	'
	Segment results for the three-months ended March 31, 2014 and 2013 were as follows (in millions):

		Three-Months Ended
		March 31,
		2014			2013
	Revenue:
	Ocean transportation	$	294.6		$	299.9
	Logistics	97.9			94.8
	Total revenue	$	392.5		$	394.7
	Operating Income:
	Ocean transportation	$	9.4		$	18.5
	Logistics	0.5			0.2
	Total operating income	9.9			18.7
	Interest expense, net	(4.1		)	(3.7		)
	Income before income taxes	5.8			15
	Income taxes	(2.4		)	(5.9		)
	Net income	$	3.4		$	9.1

DESCRIPTION_OF_THE_BUSINESS_De

DESCRIPTION OF THE BUSINESS (Details) (Ocean Transportation, SSAT)	3 Months Ended
	Mar. 31, 2014
	facility
Ocean Transportation \| SSAT	'
DESCRIPTION OF THE BUSINESS	'
Ownership interest in SSAT (as a percent)	35.00%
Number of terminal facilities on which SSAT provides terminal and stevedoring services to Matnav and numerous carriers	6

DEBT_Details

DEBT (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 31, 2014

In Millions, unless otherwise specified

5.79%, payable through 2020

3.66%, payable through 2023

4.16%, payable through 2027

4.31%, payable through 2032

5.34% payable through 2028

5.27% payable through 2029

4.35%, payable through 2044

Senior unsecured long-term debt

2021

2022 and 2023

2024 to 2027

2028

Starting in 2029, and thereafter until 2044

Debt

Capital leases

$2.10

$2.40

Total debt

383.6

286.1

45.5

77.5

37.5

31.9

34.1

35.2

100

Less current portion

-12.5

Total long-term debt

371.1

273.6

Interest rate (as a percent)

5.79%

3.66%

4.16%

4.31%

5.34%

5.27%

4.35%

Debt issued

100

Debt instrument term

'30 years

Weighted average period

'14 years 6 months

Annual principal payments

$7.50

$10

PENSION_AND_POSTRETIREMENT_PLA2

PENSION AND POST-RETIREMENT PLANS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Pension Benefits	'	'
Components of Net Periodic Benefit Cost	'	'
Service cost	$0.80	$0.70
Interest cost	2.4	2.1
Expected return on plan assets	-3.5	-2.7
Amortization of net loss	0.8	2
Amortization of prior service cost	-0.6	-0.6
Net periodic benefit cost	-0.1	1.5
Estimated full year cash contributions to pension plan	6.6	'
Post-retirement Benefits	'	'
Components of Net Periodic Benefit Cost	'	'
Service cost	0.3	0.3
Interest cost	0.6	0.5
Amortization of net loss	0.1	0.2
Net periodic benefit cost	$1	$1

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details) (Time-based and performance based shares, Employees, USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Time-based and performance based shares \| Employees	'	'
Share-based compensation	'	'
Shares granted	324,000	'
Weighted average grant date fair value (in dollars per share)	$23.57	'
Total stock-based compensation cost	$1.80	$1.30
Total unrecognized compensation cost	$11.40	'
Unrecognized compensation cost weighted-average period	'2 years	'

CONTINGENCIES_Details

CONTINGENCIES (Details) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Feb. 23, 2014	Mar. 31, 2014
	Feb. 23, 2014	subpoena
Environmental Matters	'	'
Number of subpoenas received from the Hawaii Attorney General	'	2
Other Legal Matters	'	'
Settlement amount of all claims	$9	'
Plaintiff's legal expenses	$0.95	'

EARNINGS_PER_SHARE_EPS_Details

EARNINGS PER SHARE ("EPS") (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net Income	'	'
Net Income, Basic	$3.40	$9.10
Net Income, Diluted	$3.40	$9.10
Weighted Average Common Shares	'	'
Basic (in shares)	42.9	42.6
Effect of Dilutive Securities (in shares)	0.4	0.4
Diluted (in shares)	43.3	43
Per Common Share Amount, Basic	'	'
Net income (in dollars per share)	$0.08	$0.21
Per Common Share Amount, Diluted	'	'
Net income (in dollars per share)	$0.08	$0.21
Stock options	'	'
Earnings Per Share ("EPS")	'	'
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.2

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Carrying value	'	'
Fair value of financial instruments	'	'
Cash and cash equivalents	$229.70	$114.50
Accounts and notes receivable	177.9	182.3
Fixed rate debt	383.6	286.1
Fair value	'	'
Fair value of financial instruments	'	'
Cash and cash equivalents	229.7	114.5
Accounts and notes receivable	177.9	182.3
Fixed rate debt	395.5	292.7
Fair value \| Quoted Prices in Active Markets (Level 1)	'	'
Fair value of financial instruments	'	'
Cash and cash equivalents	229.7	114.5
Fair value \| Significant Observable Inputs (Level 2)	'	'
Fair value of financial instruments	'	'
Accounts and notes receivable	177.9	182.3
Fixed rate debt	$395.50	$292.70

REPORTABLE_SEGMENTS_Details

REPORTABLE SEGMENTS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
	segment	Mar. 31, 2013
Segment results	'	'
Number of segments	2	'
Revenue	$392.50	$394.70
Operating income	9.9	18.7
Interest expense, net	-4.1	-3.7
Income before income taxes	5.8	15
Income taxes	-2.4	-5.9
Net Income	3.4	9.1
Ocean Transportation	'	'
Segment results	'	'
Revenue	294.6	299.9
Operating income	9.4	18.5
Logistics	'	'
Segment results	'	'
Revenue	97.9	94.8
Operating income	$0.50	$0.20