Matson (MATX) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-34187
Entity Registrant Name	Matson, Inc.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	99-0032630
Entity Address, Address Line One	1411 Sand Island Parkway
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96819
City Area Code	808
Local Phone Number	848-1211
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MATX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	37,780,685
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000003453
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenue:
Total Operating Revenue	$ 1,114.8	$ 1,071.6	$ 3,541.4	$ 2,658.3
Costs and Expenses:
Operating costs	(738.4)	(649.3)	(2,170.5)	(1,809.6)
Income from SSAT	23.4	13	82.1	35
Selling, general and administrative	(64.5)	(57.4)	(192)	(171.7)
Total Costs and Expenses	(779.5)	(693.7)	(2,280.4)	(1,946.3)
Operating Income	335.3	377.9	1,261	712
Interest income	1.3		1.3
Interest expense	(5)	(5.1)	(14.3)	(17.9)
Other income (expense), net	2.5	1.8	6.3	4.7
Income before Taxes	334.1	374.6	1,254.3	698.8
Income taxes	(68.1)	(91.4)	(268.4)	(165.9)
Net Income	266	283.2	985.9	532.9
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income	266	283.2	985.9	532.9
Other Comprehensive Income (Loss):
Amortization of prior service cost	(0.8)	(1.1)	(2.6)	(3.4)
Amortization of net loss (gain)	0.1	1	2.9	3.5
Other adjustments	(1.9)	(0.1)	(3.5)	(0.2)
Total Other Comprehensive Income (Loss)	(2.6)	(0.2)	(3.2)	(0.1)
Comprehensive Income	$ 263.4	$ 283	$ 982.7	$ 532.8
Basic Earnings Per Share (in dollars per share)	$ 6.95	$ 6.60	$ 24.83	$ 12.31
Diluted Earnings Per Share (in dollars per share)	$ 6.89	$ 6.53	$ 24.65	$ 12.19
Weighted Average Number of Shares Outstanding:
Basic (in shares)	38.3	42.9	39.7	43.3
Diluted (in shares)	38.6	43.4	40	43.7
Ocean. Transportation.
Operating Revenue:
Total Operating Revenue	$ 918.5	$ 863.5	$ 2,911.6	$ 2,106.9
Logistics.
Operating Revenue:
Total Operating Revenue	$ 196.3	$ 208.1	$ 629.8	$ 551.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 242.8	$ 282.4
Accounts receivable, net of allowance for credit losses of $11.6 million and $10.1 million, respectively	328.5	343.7
Prepaid expenses and other assets	303.2	78.4
Total current assets	874.5	704.5
Long-term Assets:
Investment in SSAT	87.2	58.7
Property and equipment, net	1,907.4	1,878.3
Operating lease right of use assets	421	434.6
Goodwill	327.8	327.8
Intangible assets, net	178	181.1
Capital Construction Fund	565
Deferred dry-docking costs, net	62	68.7
Other long-term assets	36.1	39.4
Total long-term assets	3,584.5	2,988.6
Total Assets	4,459	3,693.1
Current Liabilities:
Current portion of debt	57.3	65
Accounts payable and accruals	293.1	308.4
Operating lease liabilities	147.1	137.6
Other liabilities	102.4	101.4
Total current liabilities	599.9	612.4
Long-term Liabilities:
Long-term debt, net of deferred loan fees	461.3	549.7
Long-term operating lease liabilities	284.3	307.4
Deferred income taxes	687.8	425.2
Other long-term liabilities	127.1	131
Total long-term liabilities	1,560.5	1,413.3
Commitments and Contingencies (see Note 13)
Shareholders' Equity:
Common stock	28.3	30.7
Additional paid in capital	290.4	314.1
Accumulated other comprehensive loss, net	(34.1)	(30.9)
Retained earnings	2,014	1,353.5
Total shareholders' equity	2,298.6	1,667.4
Total Liabilities and Shareholders' Equity	$ 4,459	$ 3,693.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit loss	$ 11.6	$ 10.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities:
Net income	$ 985.9	$ 532.9
Reconciling adjustments:
Depreciation and amortization	105.6	100.9
Amortization of operating lease right of use assets	113.9	73.9
Deferred income taxes	146.3	30.3
Share-based compensation expense	15.5	14.2
Income from SSAT	(82.1)	(35)
Distributions from SSAT	40.3	46.9
Other	(0.2)	(1.1)
Changes in assets and liabilities:
Accounts receivable, net	13.9	(75.2)
Deferred dry-docking payments	(16.7)	(25.8)
Deferred dry-docking amortization	18.6	18
Prepaid expenses and other assets	(110.2)	(46.7)
Accounts payable, accruals and other liabilities	(5)	30.2
Operating lease liabilities	(113.8)	(72.1)
Other long-term liabilities	(9.5)	(8.1)
Net cash provided by operating activities	1,102.5	583.3
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(11.9)
Other capital expenditures	(113.4)	(244.7)
Cash deposits into Capital Construction Fund	(579.7)	(31.2)
Withdrawals from Capital Construction Fund	14.7	31.2
Other	(2.6)	2.2
Net cash used in investing activities	(692.9)	(242.5)
Cash Flows From Financing Activities:
Repayments of debt	(97.2)	(41.1)
Proceeds from revolving credit facility		304.3
Repayments of revolving credit facility		(376.1)
Payment of financing costs		(3)
Dividends paid	(36.9)	(33.3)
Repurchase of Matson common stock	(296.9)	(115.7)
Tax withholding related to net share settlements of restricted stock units	(19.6)	(14.4)
Net cash used in financing activities	(450.6)	(279.3)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(41)	61.5
Cash, Cash Equivalents and Restricted Cash, Beginning of the Period	287.7	19.7
Cash, Cash Equivalents and Restricted Cash, End of the Period	246.7	81.2
Reconciliation of Cash, Cash Equivalents and Restricted Cash, End of the Period:
Cash and Cash Equivalents	242.8	75.9
Restricted Cash	3.9	5.3
Total Cash, Cash Equivalents and Restricted Cash, End of the Period	246.7	81.2
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	13.6	15.3
Income tax payments, net of refunds	212.4	162.1
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 3.9	$ 5.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at the beginning of the period at Dec. 31, 2020	$ 32.4	$ 321.5	$ (50.8)	$ 658.1	$ 961.2
Balance (in shares) at Dec. 31, 2020	43.2
Increase (Decrease) in Shareholders' Equity
Net income				87.2	87.2
Other comprehensive income (loss), net of tax			(0.1)		(0.1)
Share-based compensation		4.8			4.8
Shares issued, net of shares withheld for employee taxes	$ 0.2	(14.3)			(14.1)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Dividends				(10.1)	(10.1)
Balance at the end of the period at Mar. 31, 2021	$ 32.6	312	(50.9)	735.2	1,028.9
Balance (in shares) at Mar. 31, 2021	43.4
Balance at the beginning of the period at Dec. 31, 2020	$ 32.4	321.5	(50.8)	658.1	961.2
Balance (in shares) at Dec. 31, 2020	43.2
Increase (Decrease) in Shareholders' Equity
Net income					532.9
Other comprehensive income (loss), net of tax					(0.1)
Balance at the end of the period at Sep. 30, 2021	$ 31.5	313.9	(50.9)	1,050.3	1,344.8
Balance (in shares) at Sep. 30, 2021	42
Balance at the beginning of the period at Mar. 31, 2021	$ 32.6	312	(50.9)	735.2	1,028.9
Balance (in shares) at Mar. 31, 2021	43.4
Increase (Decrease) in Shareholders' Equity
Net income				162.5	162.5
Other comprehensive income (loss), net of tax			0.2		0.2
Share-based compensation		4.7			4.7
Shares issued, net of shares withheld for employee taxes		(0.2)			(0.2)
Shares issued, net of shares withheld for employee taxes (in shares)	0.1
Dividends				(23.3)	(23.3)
Balance at the end of the period at Jun. 30, 2021	$ 32.6	316.5	(50.7)	874.4	1,172.8
Balance (in shares) at Jun. 30, 2021	43.5
Increase (Decrease) in Shareholders' Equity
Net income				283.2	283.2
Other comprehensive income (loss), net of tax			(0.2)		(0.2)
Share-based compensation		4.7			4.7
Shares issued, net of shares withheld for employee taxes		(0.1)		0.1	0
Shares repurchased	$ (1.1)	(7.2)		(107.4)	(115.7)
Shares repurchased (in shares)	(1.5)
Balance at the end of the period at Sep. 30, 2021	$ 31.5	313.9	(50.9)	1,050.3	1,344.8
Balance (in shares) at Sep. 30, 2021	42
Balance at the beginning of the period at Dec. 31, 2021	$ 30.7	314.1	(30.9)	1,353.5	1,667.4
Balance (in shares) at Dec. 31, 2021	41
Increase (Decrease) in Shareholders' Equity
Net income				339.2	339.2
Other comprehensive income (loss), net of tax			0.2		0.2
Share-based compensation		4.7			4.7
Shares issued, net of shares withheld for employee taxes	$ 0.2	(19.5)			(19.3)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Shares repurchased	$ (0.5)	(3.1)		(65)	(68.6)
Shares repurchased (in shares)	(0.7)
Dividends				(12.9)	(12.9)
Balance at the end of the period at Mar. 31, 2022	$ 30.4	296.2	(30.7)	1,614.8	1,910.7
Balance (in shares) at Mar. 31, 2022	40.5
Balance at the beginning of the period at Dec. 31, 2021	$ 30.7	314.1	(30.9)	1,353.5	1,667.4
Balance (in shares) at Dec. 31, 2021	41
Increase (Decrease) in Shareholders' Equity
Net income					985.9
Other comprehensive income (loss), net of tax					(3.2)
Shares repurchased					$ (294.7)
Shares repurchased (in shares)					(3.5)
Balance at the end of the period at Sep. 30, 2022	$ 28.3	290.4	(34.1)	2,014	$ 2,298.6
Balance (in shares) at Sep. 30, 2022	37.8
Balance at the beginning of the period at Mar. 31, 2022	$ 30.4	296.2	(30.7)	1,614.8	1,910.7
Balance (in shares) at Mar. 31, 2022	40.5
Increase (Decrease) in Shareholders' Equity
Net income				380.7	380.7
Other comprehensive income (loss), net of tax			(0.8)		(0.8)
Share-based compensation		5.7			5.7
Shares issued, net of shares withheld for employee taxes		(0.2)			(0.2)
Shares issued, net of shares withheld for employee taxes (in shares)	0.1
Shares repurchased	$ (1.2)	(7)		(129.9)	(138.1)
Shares repurchased (in shares)	(1.6)
Dividends				(24.4)	(24.4)
Balance at the end of the period at Jun. 30, 2022	$ 29.2	294.7	(31.5)	1,841.2	2,133.6
Balance (in shares) at Jun. 30, 2022	39
Increase (Decrease) in Shareholders' Equity
Net income				266	266
Other comprehensive income (loss), net of tax			(2.6)		(2.6)
Share-based compensation		5.1			5.1
Equity interest in SSAT				(15.5)	(15.5)
Shares repurchased	$ (0.9)	(9.4)		(77.7)	$ (88)
Shares repurchased (in shares)	(1.2)				(1.1)
Balance at the end of the period at Sep. 30, 2022	$ 28.3	$ 290.4	$ (34.1)	$ 2,014	$ 2,298.6
Balance (in shares) at Sep. 30, 2022	37.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares		3 Months Ended
	Sep. 01, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Condensed Consolidated Statements of Shareholders' Equity
Dividends (per share)	$ 0.31	$ 0.31	$ 0.30	$ 0.30	$ 0.23

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	9 Months Ended
	Sep. 30, 2022
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS	1. DESCRIPTION OF THE BUSINESS ​ Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of ​ 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 provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. MatNav also operates premium, expedited services primarily from China to Long Beach, California, and provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Dutch Harbor, Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav and other ocean carriers on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and in the Alaska locations of Anchorage, Kodiak and Dutch Harbor. ​ Matson has a 35 percent ownership interest in SSA Terminals, LLC, a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. (“SSAT”). SSAT currently provides terminal and stevedoring services to various carriers at facilities dedicated for MatNav’s use. Matson records its share of income from SSAT in costs and expenses in the Condensed Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT’s operations. ​ Logistics: Matson’s Logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics extends the geographic reach of Matson’s transportation network throughout North America and Asia, and is an asset-light business that provides a variety of logistics services to its customers including: (i) multimodal transportation brokerage of domestic and international rail intermodal services, long-haul and regional highway trucking services, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively, “Transportation Brokerage” services); (ii) less-than-container load (“LCL”) consolidation and freight forwarding services (collectively, “Freight Forwarding” services); (iii) warehousing, trans-loading, value-added packaging and distribution services (collectively, “Warehousing” services); and (iv) supply chain management, non-vessel operating common carrier (“NVOCC”) freight forwarding and other services.

GENERAL AND SIGNIFICANT ACCOUNT

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES	2. GENERAL AND SIGNIFICANT ACCOUNTING POLICIES ​ Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited, and include the accounts of Matson, Inc. and all wholly-owned subsidiaries, after elimination of intercompany amounts and transactions. Significant investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. The Company accounts for its investment in SSAT using the equity method of accounting. ​ 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, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete consolidated 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 on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022. ​ Fiscal Period: The period end for Matson covered by this report is September 30, 2022. The period end for MatNav and its subsidiaries covered by this report is September 30, 2022. ​ Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ Use of Estimates: The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for, but not limited to: impairment of investments; impairment of long-lived assets, intangible assets and goodwill; capitalized interest; allowance for doubtful accounts and other receivables; legal contingencies; insurance reserves and other related liabilities; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income from SSAT; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions. ​ Prepaid Expenses and Other Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Prepaid Expenses and Other Assets (in millions) 2022 2021 Income tax receivables ​ $ 232.9 ​ $ 23.1 Prepaid fuel ​ 32.4 ​ 22.6 Prepaid insurance and insurance related receivables ​ 13.8 ​ 10.1 Restricted cash - vessel construction obligations ​ ​ 3.9 ​ ​ 5.3 Other ​ 20.2 ​ 17.3 Total ​ $ 303.2 ​ $ 78.4 ​ Income tax receivables include a federal income tax refund related to the Company’s 2021 federal tax return, overpayments of federal and state taxes paid during the nine months ended September 30, 2022, and other income tax receivables. ​ Recognition of Revenues and Expenses: Revenue in the Company’s Condensed Consolidated Financial Statements is presented net of elimination of intercompany transactions. The following is a description of the Company’s principal revenue generating activities by segment, and the Company’s revenue recognition policy for each activity for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Ocean Transportation (in millions) (1) ​ 2022 2021 2022 2021 Ocean Transportation services ​ $ 908.4 ​ $ 855.2 ​ $ 2,885.3 ​ $ 2,083.8 Terminal and other related services ​ ​ 5.4 ​ ​ 4.8 ​ ​ 13.8 ​ ​ 12.5 Fuel sales ​ ​ 3.2 ​ ​ 1.9 ​ ​ 7.9 ​ ​ 5.1 Vessel management and related services ​ ​ 1.5 ​ ​ 1.6 ​ ​ 4.6 ​ ​ 5.5 Total ​ $ 918.5 ​ $ 863.5 ​ $ 2,911.6 ​ $ 2,106.9 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​ ◾ Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred. ◾ Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred. ◾ Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract. ◾ Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Logistics (in millions) (1) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Transportation Brokerage and Freight Forwarding services ​ $ 169.2 ​ $ 186.1 ​ $ 548.5 ​ $ 495.9 Warehousing and distribution services ​ ​ 15.5 ​ ​ 12.2 ​ ​ 41.4 ​ ​ 31.8 Supply chain management and other services ​ 11.6 ​ 9.8 ​ 39.9 ​ 23.7 Total ​ $ 196.3 ​ $ 208.1 ​ $ 629.8 ​ $ 551.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 6.5 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies. ​ ◾ Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices. ◾ Warehousing and distribution services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the customer. Storage related costs are recognized as incurred. Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed. ◾ Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed. ​ The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the customer. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income. ​ Capital Construction Fund: 31, 2021. million of eligible accounts receivable was assigned to the CCF. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets. ​ Cash on deposit in the CCF is held in short term U.S. Treasury Obligation Funds and classified as a long-term asset in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund long-term investment in the construction of new vessels. During the three months ended September 30, 2022, the Company deposited million from the CCF. three months ended September 30, 2021. During the nine months ended September 30, 2022 and 2021, the Company deposited million from the CCF, respectively. The balance of cash on deposit at September 30, 2022 was ​ Investment in SSAT: Condensed income statement information for SSAT for the three and nine months ended September 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, (In millions) ​ 2022 2021 2022 2021 Operating revenue ​ $ 369.8 ​ $ 316.3 ​ $ 1,191.3 ​ $ 944.6 ​ Operating costs and expenses ​ ​ (286.9) ​ ​ (274.2) ​ ​ (894.3) ​ ​ (831.3) ​ Operating income ​ ​ 82.9 ​ ​ 42.1 ​ ​ 297.0 ​ ​ 113.3 ​ Net Income (1) ​ $ 68.9 ​ $ 37.3 ​ $ 247.0 ​ $ 100.5 ​ Company Share of SSAT’s Net Income (2) ​ $ 23.4 ​ $ 13.0 ​ $ 82.1 ​ $ 35.0 ​ (1) Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests. (2) The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations. ​ The Company’s investment in SSAT was $87.2 million and $58.7 million at September 30, 2022 and December 31, 2021, respectively. On September 16, 2022, SSAT completed the purchase of a percent non-controlling equity interest in SSAT Terminals (Oakland), LLC (“SSAT Oakland”) from a third-party company. After completion of this transaction, SSAT Oakland became a wholly-owned subsidiary of SSAT. The operating results of SSAT Oakland continue to consolidate into the operating results of SSAT. As a result of this transaction, the Company recorded a decrease of ​ Dividends: The Company’s third quarter 2022 cash dividend of 1, 2022. On October 27, 2022, the Company’s Board of Directors declared a cash dividend of ​ Repurchase of Shares: million. During the nine months ended September 30, 2022, the Company repurchased approximately million. As of September 30, 2022, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately ​ Deferred Income Taxes: During the three months ended September 30, 2022, the Company filed its 2021 federal income tax return. As a result of the Company depositing million into the Capital Construction Fund, the Company’s federal income tax return resulted in a federal income tax refund position as the deposit is allowed as a deduction in the 2021 taxable period. The Company recorded the federal income tax refund receivable in Prepaid expenses and other assets, and a corresponding increase in Deferred income taxes in the Company’s Condensed Consolidated Balance Sheet at September 30, 2022. Other changes in deferred income taxes related to the recording of the Company’s income tax provision for the nine months ended September 30, 2022. ​ Recent U.S. Tax Legislation: On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law in the United States. The new provisions impose a one percent excise tax on the fair market value of share repurchases after December 31, 2022. The provisions of the IRA also include a 15 percent alternative minimum tax rate that generally applies to U.S. corporations with adjusted financial statement income in excess of $1 billion, and is effective in taxable years beginning after December 31, 2022. The Company is reviewing the provisions of the IRA and monitoring any guidance with respect to having these provisions apply to the Company’s tax provision in future periods. ​ Subsequent Events: On November 1, 2022, MatNav signed vessel construction agreements with Philly Shipyard, Inc. for three new LNG-ready Aloha Class containerships. Each of the new containers of additional capacity per voyage in the CLX service. The contract cost of this new Jones Act vessel program is expected to be approximately billion and delivery of the first vessel is currently anticipated to be in the fourth quarter of 2026 with subsequent deliveries in the second and fourth quarters of 2027. Upon signing the agreements, the Company made its first milestone payment of million from the CCF. The Company expects to finance the remaining construction-related payments with cash currently on deposit in the CCF, cash and cash equivalents on the balance sheet and through cash flows from operations, borrowings available under the Company’s unsecured revolving credit facility and additional debt financings.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	9 Months Ended
	Sep. 30, 2022
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	3. REPORTABLE SEGMENTS ​ Reportable segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s chief operating decision maker is its Chief Executive Officer. ​ The Company consists of two reportable segments, Ocean Transportation and Logistics, which are further described in Note 1. Reportable segments are measured based on operating income. 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. The Company’s SSAT segment has been aggregated into the Company’s Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business. ​ The Company’s Ocean Transportation segment provides ocean transportation services to the Logistics segment, and the Logistics segment provides logistics services to the Ocean Transportation segment in certain transactions. Accordingly, inter-segment revenue of $78.2 million and $57.8 million for the three months ended September 30, 2022 and 2021, and $220.6 million and $140.5 million for the nine months ended September 30, 2022 and 2021, respectively, have been eliminated from operating revenues in the table below. ​ Reportable segment financial information for the three and nine months ended September 30, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ (In millions) 2022 2021 2022 2021 Operating Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (1) ​ $ 918.5 ​ $ 863.5 ​ $ 2,911.6 ​ $ 2,106.9 ​ Logistics (2) ​ 196.3 ​ 208.1 ​ 629.8 ​ 551.4 ​ Total Operating Revenue ​ $ 1,114.8 ​ $ 1,071.6 ​ $ 3,541.4 ​ $ 2,658.3 ​ Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (3) ​ $ 315.2 ​ $ 361.9 ​ $ 1,201.4 ​ $ 677.0 ​ Logistics ​ 20.1 ​ 16.0 ​ 59.6 ​ 35.0 ​ Total Operating Income ​ 335.3 ​ 377.9 ​ 1,261.0 ​ 712.0 ​ Interest income ​ ​ 1.3 ​ ​ — ​ 1.3 ​ — ​ Interest expense ​ (5.0) ​ (5.1) ​ (14.3) ​ (17.9) ​ Other income (expense), net ​ 2.5 ​ 1.8 ​ 6.3 ​ 4.7 ​ Income before Taxes ​ 334.1 ​ 374.6 ​ 1,254.3 ​ 698.8 ​ Income taxes ​ (68.1) ​ (91.4) ​ (268.4) ​ (165.9) ​ Net Income ​ $ 266.0 ​ $ 283.2 ​ $ 985.9 ​ $ 532.9 ​ (1) Ocean Transportation operating revenue excludes inter-segment revenue of $28.0 million and $21.8 million for the three months ended September 30, 2022 and 2021, and $73.8 million and $55.6 million for the nine months ended September 30, 2022 and 2021, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $50.2 million and $36.0 million for the three months ended September 30, 2022 and 2021, and $146.8 million and $84.9 million for the nine months ended September 30, 2022 and 2021, respectively. (3) Ocean Transportation segment information includes $23.4 million and $13.0 million of equity in income from the Company’s equity investment in SSAT for the three months ended September 30, 2022 and 2021, and $82.1 million and $35.0 million for the nine months ended September 30, 2022 and 2021, respectively.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2022
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT ​ Property and equipment as of September 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (In millions) 2022 2021 ​ Cost: ​ ​ ​ ​ ​ ​ ​ Vessels ​ $ 2,277.1 ​ $ 2,243.8 ​ Containers and equipment ​ ​ 730.7 ​ ​ 680.9 ​ Terminal facilities and other property ​ ​ 131.5 ​ ​ 128.3 ​ Vessel construction in progress ​ ​ — ​ ​ 14.9 ​ Other construction in progress ​ ​ 65.4 ​ ​ 19.5 ​ Total Property and Equipment ​ ​ 3,204.7 ​ ​ 3,087.4 ​ Less: Accumulated Depreciation ​ ​ (1,297.3) ​ ​ (1,209.1) ​ Total Property and Equipment, net ​ $ 1,907.4 ​ $ 1,878.3 ​ ​

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	9 Months Ended
	Sep. 30, 2022
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES	5. GOODWILL AND INTANGIBLES ​ Goodwill by segment as of September 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean ​ ​ ​ ​ ​ ​ (In millions) Transportation Logistics Total Goodwill ​ $ 222.6 ​ $ 105.2 ​ $ 327.8 ​ ​ ​ Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (In millions) 2022 2021 ​ Customer Relationships: ​ ​ ​ ​ ​ ​ ​ Ocean Transportation ​ $ 140.6 ​ $ 140.6 ​ Logistics ​ ​ 95.3 ​ ​ 90.1 ​ Total ​ ​ 235.9 ​ ​ 230.7 ​ Less: Accumulated Amortization ​ ​ (85.2) ​ ​ (76.9) ​ Total Customer Relationships, net ​ ​ 150.7 ​ ​ 153.8 ​ Trade name – Logistics ​ ​ 27.3 ​ ​ 27.3 ​ Total Intangible Assets, net ​ $ 178.0 ​ $ 181.1 ​ ​ The change in customer relationships related to new customers acquired during the three months ended September 30, 2022. ​ The Company evaluates its goodwill and intangible assets for possible impairment in the fourth quarter, or whenever events or changes in circumstances indicate that it is more likely than not that the fair value is less than its carrying amount. The Company has reporting units within the Ocean Transportation and Logistics reportable segments. The Company considered the general economic and market conditions and its impact on the performance of each of the Company’s reporting units. Based on the Company’s assessment of its market capitalization, future forecasts and the amount of excess of fair value over the carrying value of the reporting units in the 2021 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended September 30, 2022. ​ The Company will monitor events and changes in circumstances that could negatively impact the key assumptions used in determining the fair value, including the amount and timing of estimated future cash flows generated by the reporting units, long-term growth and discount rates, comparable company market valuations, and industry and economic trends. It is possible that future changes in such circumstances, including future changes in the assumptions and estimates used in assessing the fair value of the reporting unit, could require the Company to record a non-cash impairment charge.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
DEBT
DEBT	6. DEBT ​ As of September 30, 2022 and December 31, 2021, the Company’s debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2022 2021 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.66 %, payable through 2023 ​ $ 9.1 ​ $ 13.7 4.16 %, payable through 2027 ​ — ​ 28.8 3.37 %, payable through 2027 ​ ​ 63.5 ​ ​ 69.2 3.14 %, payable through 2031 ​ ​ 132.8 ​ ​ 151.2 4.31 %, payable through 2032 ​ — ​ 25.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 5.34 %, payable through 2028 ​ 13.2 ​ 15.4 5.27 %, payable through 2029 ​ 15.4 ​ 17.6 1.22 %, payable through 2043 ​ ​ 170.1 ​ ​ 174.1 1.35 %, payable through 2044 ​ ​ 127.7 ​ ​ 133.6 Total Debt ​ 531.8 ​ 629.0 Less: Current portion ​ (57.3) ​ (65.0) Total Long-term Debt ​ ​ 474.5 ​ ​ 564.0 Less: Deferred loan fees ​ ​ (13.2) ​ (14.3) Total Long-term Debt, net of deferred loan fees ​ $ 461.3 ​ $ 549.7 ​ Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ Revolving Credit Facility: The Company’s revolving credit facility has committed available borrowing of up to 31, 2026. As of September 30, 2022, the Company had million of remaining borrowing availability under the revolving credit facility. 30, 2022. There were ​ Private Placement Term Loans: On September 15, 2022, the Company prepaid ​ Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2022 was unsecured, except for the Title XI debt. ​ Debt Maturities: As of September 30, 2022, debt maturities during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2022 Remainder of 2022 ​ $ 14.3 2023 ​ 52.7 2024 ​ 44.1 2025 ​ 44.1 2026 ​ 44.1 Thereafter ​ 332.5 Total Debt ​ $ 531.8 ​

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
LEASES
LEASES	7. LEASES ​ The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2022 ​ 2021 ​ 2022 ​ 2021 Operating lease cost ​ $ 40.8 ​ $ 26.7 ​ $ 120.8 ​ $ 79.4 Short-term lease cost ​ 0.2 ​ 0.1 ​ 0.4 ​ 2.9 Variable lease cost ​ 0.2 ​ 0.1 ​ 0.6 ​ 0.5 Total lease cost ​ $ 41.2 ​ $ 26.9 ​ $ 121.8 ​ $ 82.8 ​ Maturities of operating lease liabilities at September 30, 2022 are as follows: ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2022 Remainder of 2022 ​ $ 41.8 2023 ​ 146.0 2024 ​ 121.3 2025 ​ 70.4 2026 ​ 28.2 Thereafter ​ 59.4 Total lease payments ​ ​ 467.1 Less: Interest ​ ​ (35.7) Present value of operating lease liabilities ​ ​ 431.4 Less: Short-term portion ​ ​ (147.1) Long-term operating lease liabilities ​ $ 284.3 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	8. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2021 ​ $ (39.1) ​ $ 10.1 ​ $ (0.7) ​ $ (1.2) ​ $ (30.9) ​ Amortization of prior service cost ​ ​ (0.2) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.9) ​ Amortization of net loss ​ ​ 0.6 ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 0.8 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 0.3 ​ Balance at March 31, 2022 ​ ​ (38.7) ​ ​ 9.6 ​ ​ (0.7) ​ ​ (0.9) ​ ​ (30.7) ​ Amortization of prior service cost ​ ​ (0.2) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.9) ​ Amortization of net loss ​ ​ 0.7 ​ ​ 0.2 ​ ​ — ​ ​ 1.1 ​ ​ 2.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (2.3) ​ ​ (2.3) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.4 ​ ​ 0.4 ​ Balance at June 30, 2022 ​ ​ (38.2) ​ ​ 9.1 ​ ​ (0.7) ​ ​ (1.7) ​ ​ (31.5) ​ Amortization of prior service cost ​ ​ (0.1) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.8) ​ Amortization of net loss ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 0.1 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (2.0) ​ ​ (2.0) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Balance at September 30, 2022 ​ $ (38.3) ​ $ 8.5 ​ $ (0.7) ​ $ (3.6) ​ $ (34.1) ​ ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2020 ​ $ (61.7) ​ $ 12.2 ​ $ (0.6) ​ $ (0.7) ​ $ (50.8) ​ Amortization of prior service cost ​ ​ (0.4) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (1.1) ​ Amortization of net loss ​ ​ 0.9 ​ ​ 0.2 ​ ​ 0.1 ​ ​ — ​ ​ 1.2 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.2) ​ ​ (0.2) ​ Balance at March 31, 2021 ​ ​ (61.2) ​ ​ 11.7 ​ ​ (0.5) ​ ​ (0.9) ​ ​ (50.9) ​ Amortization of prior service cost ​ ​ (0.4) ​ ​ (0.7) ​ ​ (0.1) ​ ​ — ​ ​ (1.2) ​ Amortization of net loss ​ ​ 1.0 ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 1.3 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.2 ​ ​ 0.2 ​ Balance at June 30, 2021 ​ ​ (60.6) ​ ​ 11.3 ​ ​ (0.6) ​ ​ (0.8) ​ ​ (50.7) ​ Amortization of prior service cost ​ ​ (0.5) ​ ​ (0.6) ​ ​ — ​ ​ — ​ ​ (1.1) ​ Amortization of net loss (gain) ​ ​ 1.0 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ Balance at September 30, 2021 ​ $ (60.1) ​ $ 10.7 ​ $ (0.6) ​ $ (0.9) ​ $ (50.9) ​ ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	9. FAIR VALUE OF FINANCIAL INSTRUMENTS ​ 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, cash equivalents, restricted cash and Capital Construction Fund, and Level 2 inputs for its variable and fixed rate debt. The fair values of cash, cash equivalents, restricted cash and Capital Construction Fund, and variable rate debt approximate their carrying values due to the nature of the instruments. The fair value of fixed rate 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 September 30, 2022 and December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ Total ​ ​ ​ Active Markets ​ Observable ​ Unobservable ​ ​ Carrying Value Total (Level 1) Inputs (Level 2) Inputs (Level 3) ​ (In millions) ​ September 30, 2022 ​ Fair Value Measurements at September 30, 2022 ​ Cash and cash equivalents ​ $ 242.8 ​ $ 242.8 ​ $ 242.8 ​ $ — ​ $ — ​ Restricted cash ​ $ 3.9 ​ $ 3.9 ​ $ 3.9 ​ $ — ​ $ — ​ Capital Construction Fund ​ $ 565.0 ​ $ 565.0 ​ $ 565.0 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 531.8 ​ $ 438.4 ​ $ — ​ $ 438.4 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) December 31, 2021 ​ Fair Value Measurements at December 31, 2021 ​ Cash and cash equivalents ​ $ 282.4 ​ $ 282.4 $ 282.4 ​ $ — ​ $ — ​ Restricted cash ​ $ 5.3 ​ $ 5.3 ​ $ 5.3 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 629.0 ​ $ 615.1 ​ $ — ​ $ 615.1 ​ $ — ​ ​

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE ​ Basic earnings per share is 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 common shares outstanding excluded a nominal amount of anti-dilutive non-qualified stock options for each period ended September 30, 2022 and 2021. ​ The computations for basic and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic ​ $ 266.0 38.3 ​ $ 6.95 ​ $ 985.9 39.7 ​ $ 24.83 Effect of Dilutive Securities ​ ​ ​ 0.3 ​ ​ (0.06) ​ ​ ​ 0.3 ​ ​ (0.18) Diluted ​ $ 266.0 ​ 38.6 ​ $ 6.89 ​ $ 985.9 ​ 40.0 ​ $ 24.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic ​ $ 283.2 42.9 ​ $ 6.60 ​ $ 532.9 43.3 ​ $ 12.31 Effect of Dilutive Securities ​ ​ ​ 0.5 ​ ​ (0.07) ​ ​ ​ 0.4 ​ ​ (0.12) Diluted ​ $ 283.2 ​ 43.4 ​ $ 6.53 ​ $ 532.9 ​ 43.7 ​ $ 12.19 ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	11. SHARE-BASED COMPENSATION ​ The Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 2,400 shares with a weighted average grant date fair value of $80.36 per share during the three months ended September 30, 2022, and 182,900 shares with a weighted average grant date fair value of $100.55 per share during the nine months ended September 30, 2022. ​ Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $5.0 million and $4.7 million for the three months ended September 30, 2022 and 2021, and $15.5 million and $14.2 million for the nine months ended September 30, 2022 and 2021, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares. ​ ​

PENSION AND POST-RETIREMENT PLA

PENSION AND POST-RETIREMENT PLANS	9 Months Ended
	Sep. 30, 2022
PENSION AND POST-RETIREMENT PLANS
PENSION AND POST-RETIREMENT PLANS	12. PENSION AND POST-RETIREMENT PLANS ​ The Company’s pension and post-retirement plans are described in Note 11 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . Components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss) for the qualified pension plans and the post-retirement benefit plans for the three and nine months ended September 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Three Months Ended September 30, ​ Three Months Ended September 30, (In millions) 2022 2021 2022 2021 Components of net periodic benefit cost (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 1.2 ​ $ 1.3 ​ $ 0.2 ​ $ 0.2 Interest cost ​ 1.9 ​ 1.4 ​ 0.3 ​ 0.1 Expected return on plan assets ​ (4.0) ​ (3.5) ​ — ​ — Amortization of net loss ​ 0.1 ​ 1.3 ​ 0.2 ​ 0.1 Amortization of prior service credit ​ (0.3) ​ (0.6) ​ (1.0) ​ (0.9) Net periodic benefit cost (benefit) ​ $ (1.1) ​ $ (0.1) ​ $ (0.3) ​ $ (0.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Components of net periodic benefit cost (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3.6 ​ $ 3.6 ​ $ 0.5 ​ $ 0.5 Interest cost ​ 5.2 ​ 4.6 ​ 0.7 ​ 0.5 Expected return on plan assets ​ (11.9) ​ (10.8) ​ — ​ — Amortization of net loss ​ 1.8 ​ 3.8 ​ 0.6 ​ 0.7 Amortization of prior service credit ​ (0.8) ​ (1.7) ​ (2.8) ​ (2.7) Net periodic benefit cost (benefit) ​ $ (2.1) ​ $ (0.5) ​ $ (1.0) ​ $ (1.0) ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES ​ Environmental Matters: ​ On November 10, 2021, the California Air Resources Board (“CARB”) issued a Notice of Violation (“NOV”) to Matson for alleged violations of the Airborne Toxic Control Measure for Auxiliary Diesel Engines Operated on Ocean-Going Vessels At-Berth in a California Port pursuant to California Code of Regulations, title 17, section 93118.3. CARB regulations require that a company’s fleet plug into shore power for at least 80 percent of visits at California ports and reduce auxiliary engine power generation by at least 80 percent. The NOV alleges that Matson’s fleet did not meet the 80 percent thresholds during visits to the Port of Long Beach in 2020. The violations were alleged to have been incurred by chartered vessels in the CLX+ service. These chartered vessels were not outfitted with alternative maritime power capability which would have allowed them to plug into the shore power grid and shut down the vessel diesel generators when at dock. The Company has presented mitigating factors for consideration in settlement discussions with CARB, as well as plans to achieve compliance in 2022. Although potential penalties for 2020, 2021 and 2022 violations could, in the aggregate, reasonably be expected to exceed $1 million, they are not expected to be material to the Company’s financial condition, results of operations, or cash flows. ​ Other Matters: 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. ​ ​

GENERAL AND SIGNIFICANT ACCOU_2

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited, and include the accounts of Matson, Inc. and all wholly-owned subsidiaries, after elimination of intercompany amounts and transactions. Significant investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. The Company accounts for its investment in SSAT using the equity method of accounting. ​ 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, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete consolidated 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 on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022.
Fiscal Period	Fiscal Period: The period end for Matson covered by this report is September 30, 2022. The period end for MatNav and its subsidiaries covered by this report is September 30, 2022.
Significant Accounting Policies	Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​
Use of Estimates	Use of Estimates: The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for, but not limited to: impairment of investments; impairment of long-lived assets, intangible assets and goodwill; capitalized interest; allowance for doubtful accounts and other receivables; legal contingencies; insurance reserves and other related liabilities; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income from SSAT; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Prepaid Expenses and Other Assets (in millions) 2022 2021 Income tax receivables ​ $ 232.9 ​ $ 23.1 Prepaid fuel ​ 32.4 ​ 22.6 Prepaid insurance and insurance related receivables ​ 13.8 ​ 10.1 Restricted cash - vessel construction obligations ​ ​ 3.9 ​ ​ 5.3 Other ​ 20.2 ​ 17.3 Total ​ $ 303.2 ​ $ 78.4 ​ Income tax receivables include a federal income tax refund related to the Company’s 2021 federal tax return, overpayments of federal and state taxes paid during the nine months ended September 30, 2022, and other income tax receivables.
Recognition of Revenues and Expenses	Recognition of Revenues and Expenses: Revenue in the Company’s Condensed Consolidated Financial Statements is presented net of elimination of intercompany transactions. The following is a description of the Company’s principal revenue generating activities by segment, and the Company’s revenue recognition policy for each activity for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Ocean Transportation (in millions) (1) ​ 2022 2021 2022 2021 Ocean Transportation services ​ $ 908.4 ​ $ 855.2 ​ $ 2,885.3 ​ $ 2,083.8 Terminal and other related services ​ ​ 5.4 ​ ​ 4.8 ​ ​ 13.8 ​ ​ 12.5 Fuel sales ​ ​ 3.2 ​ ​ 1.9 ​ ​ 7.9 ​ ​ 5.1 Vessel management and related services ​ ​ 1.5 ​ ​ 1.6 ​ ​ 4.6 ​ ​ 5.5 Total ​ $ 918.5 ​ $ 863.5 ​ $ 2,911.6 ​ $ 2,106.9 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​ ◾ Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred. ◾ Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred. ◾ Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract. ◾ Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Logistics (in millions) (1) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Transportation Brokerage and Freight Forwarding services ​ $ 169.2 ​ $ 186.1 ​ $ 548.5 ​ $ 495.9 Warehousing and distribution services ​ ​ 15.5 ​ ​ 12.2 ​ ​ 41.4 ​ ​ 31.8 Supply chain management and other services ​ 11.6 ​ 9.8 ​ 39.9 ​ 23.7 Total ​ $ 196.3 ​ $ 208.1 ​ $ 629.8 ​ $ 551.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 6.5 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies. ​ ◾ Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices. ◾ Warehousing and distribution services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the customer. Storage related costs are recognized as incurred. Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed. ◾ Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed. ​ The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the customer. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income.
Capital Construction Fund	Capital Construction Fund: 31, 2021. million of eligible accounts receivable was assigned to the CCF. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets. ​ Cash on deposit in the CCF is held in short term U.S. Treasury Obligation Funds and classified as a long-term asset in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund long-term investment in the construction of new vessels. During the three months ended September 30, 2022, the Company deposited million from the CCF. three months ended September 30, 2021. During the nine months ended September 30, 2022 and 2021, the Company deposited million from the CCF, respectively. The balance of cash on deposit at September 30, 2022 was
Investment in SSAT	Investment in SSAT: Condensed income statement information for SSAT for the three and nine months ended September 30, 2022 and 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, (In millions) ​ 2022 2021 2022 2021 Operating revenue ​ $ 369.8 ​ $ 316.3 ​ $ 1,191.3 ​ $ 944.6 ​ Operating costs and expenses ​ ​ (286.9) ​ ​ (274.2) ​ ​ (894.3) ​ ​ (831.3) ​ Operating income ​ ​ 82.9 ​ ​ 42.1 ​ ​ 297.0 ​ ​ 113.3 ​ Net Income (1) ​ $ 68.9 ​ $ 37.3 ​ $ 247.0 ​ $ 100.5 ​ Company Share of SSAT’s Net Income (2) ​ $ 23.4 ​ $ 13.0 ​ $ 82.1 ​ $ 35.0 ​ (1) Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests. (2) The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations. ​ The Company’s investment in SSAT was $87.2 million and $58.7 million at September 30, 2022 and December 31, 2021, respectively. On September 16, 2022, SSAT completed the purchase of a percent non-controlling equity interest in SSAT Terminals (Oakland), LLC (“SSAT Oakland”) from a third-party company. After completion of this transaction, SSAT Oakland became a wholly-owned subsidiary of SSAT. The operating results of SSAT Oakland continue to consolidate into the operating results of SSAT. As a result of this transaction, the Company recorded a decrease of
Dividends	Dividends: The Company’s third quarter 2022 cash dividend of 1, 2022. On October 27, 2022, the Company’s Board of Directors declared a cash dividend of ​
Repurchase of Shares	Repurchase of Shares: million. During the nine months ended September 30, 2022, the Company repurchased approximately million. As of September 30, 2022, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately
Deferred Income Taxes	Deferred Income Taxes: During the three months ended September 30, 2022, the Company filed its 2021 federal income tax return. As a result of the Company depositing million into the Capital Construction Fund, the Company’s federal income tax return resulted in a federal income tax refund position as the deposit is allowed as a deduction in the 2021 taxable period. The Company recorded the federal income tax refund receivable in Prepaid expenses and other assets, and a corresponding increase in Deferred income taxes in the Company’s Condensed Consolidated Balance Sheet at September 30, 2022. Other changes in deferred income taxes related to the recording of the Company’s income tax provision for the nine months ended September 30, 2022.
Recent U S Tax Legislation	Recent U.S. Tax Legislation: On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law in the United States. The new provisions impose a one percent excise tax on the fair market value of share repurchases after December 31, 2022. The provisions of the IRA also include a 15 percent alternative minimum tax rate that generally applies to U.S. corporations with adjusted financial statement income in excess of $1 billion, and is effective in taxable years beginning after December 31, 2022. The Company is reviewing the provisions of the IRA and monitoring any guidance with respect to having these provisions apply to the Company’s tax provision in future periods.
Subsequent Events	Subsequent Events: On November 1, 2022, MatNav signed vessel construction agreements with Philly Shipyard, Inc. for three new LNG-ready Aloha Class containerships. Each of the new containers of additional capacity per voyage in the CLX service. The contract cost of this new Jones Act vessel program is expected to be approximately billion and delivery of the first vessel is currently anticipated to be in the fourth quarter of 2026 with subsequent deliveries in the second and fourth quarters of 2027. Upon signing the agreements, the Company made its first milestone payment of million from the CCF. The Company expects to finance the remaining construction-related payments with cash currently on deposit in the CCF, cash and cash equivalents on the balance sheet and through cash flows from operations, borrowings available under the Company’s unsecured revolving credit facility and additional debt financings.

GENERAL AND SIGNIFICANT ACCOU_3

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Schedule of prepaid expenses and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Prepaid Expenses and Other Assets (in millions) 2022 2021 Income tax receivables ​ $ 232.9 ​ $ 23.1 Prepaid fuel ​ 32.4 ​ 22.6 Prepaid insurance and insurance related receivables ​ 13.8 ​ 10.1 Restricted cash - vessel construction obligations ​ ​ 3.9 ​ ​ 5.3 Other ​ 20.2 ​ 17.3 Total ​ $ 303.2 ​ $ 78.4
Schedule of condensed income statement information for SSAT	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, (In millions) ​ 2022 2021 2022 2021 Operating revenue ​ $ 369.8 ​ $ 316.3 ​ $ 1,191.3 ​ $ 944.6 ​ Operating costs and expenses ​ ​ (286.9) ​ ​ (274.2) ​ ​ (894.3) ​ ​ (831.3) ​ Operating income ​ ​ 82.9 ​ ​ 42.1 ​ ​ 297.0 ​ ​ 113.3 ​ Net Income (1) ​ $ 68.9 ​ $ 37.3 ​ $ 247.0 ​ $ 100.5 ​ Company Share of SSAT’s Net Income (2) ​ $ 23.4 ​ $ 13.0 ​ $ 82.1 ​ $ 35.0 ​ (1) Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests. (2) The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations. ​
Ocean Transportation
Schedule of principal revenue generating activities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Ocean Transportation (in millions) (1) ​ 2022 2021 2022 2021 Ocean Transportation services ​ $ 908.4 ​ $ 855.2 ​ $ 2,885.3 ​ $ 2,083.8 Terminal and other related services ​ ​ 5.4 ​ ​ 4.8 ​ ​ 13.8 ​ ​ 12.5 Fuel sales ​ ​ 3.2 ​ ​ 1.9 ​ ​ 7.9 ​ ​ 5.1 Vessel management and related services ​ ​ 1.5 ​ ​ 1.6 ​ ​ 4.6 ​ ​ 5.5 Total ​ $ 918.5 ​ $ 863.5 ​ $ 2,911.6 ​ $ 2,106.9 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​ ◾ Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred. ◾ Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred. ◾ Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract. ◾ Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred.
Logistics
Schedule of principal revenue generating activities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, Logistics (in millions) (1) ​ 2022 ​ 2021 ​ 2022 ​ 2021 Transportation Brokerage and Freight Forwarding services ​ $ 169.2 ​ $ 186.1 ​ $ 548.5 ​ $ 495.9 Warehousing and distribution services ​ ​ 15.5 ​ ​ 12.2 ​ ​ 41.4 ​ ​ 31.8 Supply chain management and other services ​ 11.6 ​ 9.8 ​ 39.9 ​ 23.7 Total ​ $ 196.3 ​ $ 208.1 ​ $ 629.8 ​ $ 551.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 6.5 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies. ​ ◾ Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices. ◾ Warehousing and distribution services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the customer. Storage related costs are recognized as incurred. Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed. ◾ Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
REPORTABLE SEGMENTS
Schedule of reportable segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ (In millions) 2022 2021 2022 2021 Operating Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (1) ​ $ 918.5 ​ $ 863.5 ​ $ 2,911.6 ​ $ 2,106.9 ​ Logistics (2) ​ 196.3 ​ 208.1 ​ 629.8 ​ 551.4 ​ Total Operating Revenue ​ $ 1,114.8 ​ $ 1,071.6 ​ $ 3,541.4 ​ $ 2,658.3 ​ Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (3) ​ $ 315.2 ​ $ 361.9 ​ $ 1,201.4 ​ $ 677.0 ​ Logistics ​ 20.1 ​ 16.0 ​ 59.6 ​ 35.0 ​ Total Operating Income ​ 335.3 ​ 377.9 ​ 1,261.0 ​ 712.0 ​ Interest income ​ ​ 1.3 ​ ​ — ​ 1.3 ​ — ​ Interest expense ​ (5.0) ​ (5.1) ​ (14.3) ​ (17.9) ​ Other income (expense), net ​ 2.5 ​ 1.8 ​ 6.3 ​ 4.7 ​ Income before Taxes ​ 334.1 ​ 374.6 ​ 1,254.3 ​ 698.8 ​ Income taxes ​ (68.1) ​ (91.4) ​ (268.4) ​ (165.9) ​ Net Income ​ $ 266.0 ​ $ 283.2 ​ $ 985.9 ​ $ 532.9 ​ (1) Ocean Transportation operating revenue excludes inter-segment revenue of $28.0 million and $21.8 million for the three months ended September 30, 2022 and 2021, and $73.8 million and $55.6 million for the nine months ended September 30, 2022 and 2021, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $50.2 million and $36.0 million for the three months ended September 30, 2022 and 2021, and $146.8 million and $84.9 million for the nine months ended September 30, 2022 and 2021, respectively. (3) Ocean Transportation segment information includes $23.4 million and $13.0 million of equity in income from the Company’s equity investment in SSAT for the three months ended September 30, 2022 and 2021, and $82.1 million and $35.0 million for the nine months ended September 30, 2022 and 2021, respectively.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2022
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (In millions) 2022 2021 ​ Cost: ​ ​ ​ ​ ​ ​ ​ Vessels ​ $ 2,277.1 ​ $ 2,243.8 ​ Containers and equipment ​ ​ 730.7 ​ ​ 680.9 ​ Terminal facilities and other property ​ ​ 131.5 ​ ​ 128.3 ​ Vessel construction in progress ​ ​ — ​ ​ 14.9 ​ Other construction in progress ​ ​ 65.4 ​ ​ 19.5 ​ Total Property and Equipment ​ ​ 3,204.7 ​ ​ 3,087.4 ​ Less: Accumulated Depreciation ​ ​ (1,297.3) ​ ​ (1,209.1) ​ Total Property and Equipment, net ​ $ 1,907.4 ​ $ 1,878.3 ​

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2022
GOODWILL AND INTANGIBLES
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean ​ ​ ​ ​ ​ ​ (In millions) Transportation Logistics Total Goodwill ​ $ 222.6 ​ $ 105.2 ​ $ 327.8 ​
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (In millions) 2022 2021 ​ Customer Relationships: ​ ​ ​ ​ ​ ​ ​ Ocean Transportation ​ $ 140.6 ​ $ 140.6 ​ Logistics ​ ​ 95.3 ​ ​ 90.1 ​ Total ​ ​ 235.9 ​ ​ 230.7 ​ Less: Accumulated Amortization ​ ​ (85.2) ​ ​ (76.9) ​ Total Customer Relationships, net ​ ​ 150.7 ​ ​ 153.8 ​ Trade name – Logistics ​ ​ 27.3 ​ ​ 27.3 ​ Total Intangible Assets, net ​ $ 178.0 ​ $ 181.1 ​

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2022 2021 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.66 %, payable through 2023 ​ $ 9.1 ​ $ 13.7 4.16 %, payable through 2027 ​ — ​ 28.8 3.37 %, payable through 2027 ​ ​ 63.5 ​ ​ 69.2 3.14 %, payable through 2031 ​ ​ 132.8 ​ ​ 151.2 4.31 %, payable through 2032 ​ — ​ 25.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 5.34 %, payable through 2028 ​ 13.2 ​ 15.4 5.27 %, payable through 2029 ​ 15.4 ​ 17.6 1.22 %, payable through 2043 ​ ​ 170.1 ​ ​ 174.1 1.35 %, payable through 2044 ​ ​ 127.7 ​ ​ 133.6 Total Debt ​ 531.8 ​ 629.0 Less: Current portion ​ (57.3) ​ (65.0) Total Long-term Debt ​ ​ 474.5 ​ ​ 564.0 Less: Deferred loan fees ​ ​ (13.2) ​ (14.3) Total Long-term Debt, net of deferred loan fees ​ $ 461.3 ​ $ 549.7
Schedule of maturities of debt	​ ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2022 Remainder of 2022 ​ $ 14.3 2023 ​ 52.7 2024 ​ 44.1 2025 ​ 44.1 2026 ​ 44.1 Thereafter ​ 332.5 Total Debt ​ $ 531.8

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
LEASES
Components of Lease Cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2022 ​ 2021 ​ 2022 ​ 2021 Operating lease cost ​ $ 40.8 ​ $ 26.7 ​ $ 120.8 ​ $ 79.4 Short-term lease cost ​ 0.2 ​ 0.1 ​ 0.4 ​ 2.9 Variable lease cost ​ 0.2 ​ 0.1 ​ 0.6 ​ 0.5 Total lease cost ​ $ 41.2 ​ $ 26.9 ​ $ 121.8 ​ $ 82.8
Summary of maturities of operating lease liabilities at September 30, 2022	​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2022 Remainder of 2022 ​ $ 41.8 2023 ​ 146.0 2024 ​ 121.3 2025 ​ 70.4 2026 ​ 28.2 Thereafter ​ 59.4 Total lease payments ​ ​ 467.1 Less: Interest ​ ​ (35.7) Present value of operating lease liabilities ​ ​ 431.4 Less: Short-term portion ​ ​ (147.1) Long-term operating lease liabilities ​ $ 284.3

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
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, for the nine months ended September 30, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2021 ​ $ (39.1) ​ $ 10.1 ​ $ (0.7) ​ $ (1.2) ​ $ (30.9) ​ Amortization of prior service cost ​ ​ (0.2) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.9) ​ Amortization of net loss ​ ​ 0.6 ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ 0.8 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 0.3 ​ Balance at March 31, 2022 ​ ​ (38.7) ​ ​ 9.6 ​ ​ (0.7) ​ ​ (0.9) ​ ​ (30.7) ​ Amortization of prior service cost ​ ​ (0.2) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.9) ​ Amortization of net loss ​ ​ 0.7 ​ ​ 0.2 ​ ​ — ​ ​ 1.1 ​ ​ 2.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (2.3) ​ ​ (2.3) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.4 ​ ​ 0.4 ​ Balance at June 30, 2022 ​ ​ (38.2) ​ ​ 9.1 ​ ​ (0.7) ​ ​ (1.7) ​ ​ (31.5) ​ Amortization of prior service cost ​ ​ (0.1) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.8) ​ Amortization of net loss ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ 0.1 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (2.0) ​ ​ (2.0) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Balance at September 30, 2022 ​ $ (38.3) ​ $ 8.5 ​ $ (0.7) ​ $ (3.6) ​ $ (34.1) ​ ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2020 ​ $ (61.7) ​ $ 12.2 ​ $ (0.6) ​ $ (0.7) ​ $ (50.8) ​ Amortization of prior service cost ​ ​ (0.4) ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (1.1) ​ Amortization of net loss ​ ​ 0.9 ​ ​ 0.2 ​ ​ 0.1 ​ ​ — ​ ​ 1.2 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.2) ​ ​ (0.2) ​ Balance at March 31, 2021 ​ ​ (61.2) ​ ​ 11.7 ​ ​ (0.5) ​ ​ (0.9) ​ ​ (50.9) ​ Amortization of prior service cost ​ ​ (0.4) ​ ​ (0.7) ​ ​ (0.1) ​ ​ — ​ ​ (1.2) ​ Amortization of net loss ​ ​ 1.0 ​ ​ 0.3 ​ ​ — ​ ​ — ​ ​ 1.3 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.2 ​ ​ 0.2 ​ Balance at June 30, 2021 ​ ​ (60.6) ​ ​ 11.3 ​ ​ (0.6) ​ ​ (0.8) ​ ​ (50.7) ​ Amortization of prior service cost ​ ​ (0.5) ​ ​ (0.6) ​ ​ — ​ ​ — ​ ​ (1.1) ​ Amortization of net loss (gain) ​ ​ 1.0 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ Balance at September 30, 2021 ​ $ (60.1) ​ $ 10.7 ​ $ (0.6) ​ $ (0.9) ​ $ (50.9) ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of fair value measurement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ Total ​ ​ ​ Active Markets ​ Observable ​ Unobservable ​ ​ Carrying Value Total (Level 1) Inputs (Level 2) Inputs (Level 3) ​ (In millions) ​ September 30, 2022 ​ Fair Value Measurements at September 30, 2022 ​ Cash and cash equivalents ​ $ 242.8 ​ $ 242.8 ​ $ 242.8 ​ $ — ​ $ — ​ Restricted cash ​ $ 3.9 ​ $ 3.9 ​ $ 3.9 ​ $ — ​ $ — ​ Capital Construction Fund ​ $ 565.0 ​ $ 565.0 ​ $ 565.0 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 531.8 ​ $ 438.4 ​ $ — ​ $ 438.4 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) December 31, 2021 ​ Fair Value Measurements at December 31, 2021 ​ Cash and cash equivalents ​ $ 282.4 ​ $ 282.4 $ 282.4 ​ $ — ​ $ — ​ Restricted cash ​ $ 5.3 ​ $ 5.3 ​ $ 5.3 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 629.0 ​ $ 615.1 ​ $ — ​ $ 615.1 ​ $ — ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic ​ $ 266.0 38.3 ​ $ 6.95 ​ $ 985.9 39.7 ​ $ 24.83 Effect of Dilutive Securities ​ ​ ​ 0.3 ​ ​ (0.06) ​ ​ ​ 0.3 ​ ​ (0.18) Diluted ​ $ 266.0 ​ 38.6 ​ $ 6.89 ​ $ 985.9 ​ 40.0 ​ $ 24.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 ​ ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic ​ $ 283.2 42.9 ​ $ 6.60 ​ $ 532.9 43.3 ​ $ 12.31 Effect of Dilutive Securities ​ ​ ​ 0.5 ​ ​ (0.07) ​ ​ ​ 0.4 ​ ​ (0.12) Diluted ​ $ 283.2 ​ 43.4 ​ $ 6.53 ​ $ 532.9 ​ 43.7 ​ $ 12.19

PENSION AND POST-RETIREMENT P_2

PENSION AND POST-RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2022
PENSION AND POST-RETIREMENT PLANS
Components of net periodic benefit cost (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Three Months Ended September 30, ​ Three Months Ended September 30, (In millions) 2022 2021 2022 2021 Components of net periodic benefit cost (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 1.2 ​ $ 1.3 ​ $ 0.2 ​ $ 0.2 Interest cost ​ 1.9 ​ 1.4 ​ 0.3 ​ 0.1 Expected return on plan assets ​ (4.0) ​ (3.5) ​ — ​ — Amortization of net loss ​ 0.1 ​ 1.3 ​ 0.2 ​ 0.1 Amortization of prior service credit ​ (0.3) ​ (0.6) ​ (1.0) ​ (0.9) Net periodic benefit cost (benefit) ​ $ (1.1) ​ $ (0.1) ​ $ (0.3) ​ $ (0.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, (In millions) 2022 2021 2022 2021 Components of net periodic benefit cost (benefit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3.6 ​ $ 3.6 ​ $ 0.5 ​ $ 0.5 Interest cost ​ 5.2 ​ 4.6 ​ 0.7 ​ 0.5 Expected return on plan assets ​ (11.9) ​ (10.8) ​ — ​ — Amortization of net loss ​ 1.8 ​ 3.8 ​ 0.6 ​ 0.7 Amortization of prior service credit ​ (0.8) ​ (1.7) ​ (2.8) ​ (2.7) Net periodic benefit cost (benefit) ​ $ (2.1) ​ $ (0.5) ​ $ (1.0) ​ $ (1.0)

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	9 Months Ended
	Sep. 30, 2022 facility segment
DESCRIPTION OF THE BUSINESS
Number of reportable segments | segment	2
Ocean Transportation | SSAT
DESCRIPTION OF THE BUSINESS
Ownership interest in SSAT (as a percent)	35%
Number of terminal facilities on which SSAT provides terminal and stevedoring services on the U.S. West Coast	8
MatNav | SSAT
DESCRIPTION OF THE BUSINESS
Number of terminal facilities on which SSAT provides terminal and stevedoring services on the U.S. West Coast	3

GENERAL AND SIGNIFICANT ACCOU_4

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total	$ 1,114.8	$ 1,071.6	$ 3,541.4	$ 2,658.3
Ocean Transportation
Total	918.5	863.5	2,911.6	2,106.9
Logistics
Total	196.3	208.1	629.8	551.4
Ocean. Transportation.
Ocean Transportation services	908.4	855.2	2,885.3	2,083.8
Terminal and other related services	5.4	4.8	13.8	12.5
Fuel sales	3.2	1.9	7.9	5.1
Vessel management and related services	1.5	1.6	4.6	5.5
Total	918.5	863.5	$ 2,911.6	2,106.9
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency			3%
Logistics.
Transportation Brokerage and Freight Forwarding Services	169.2	186.1	$ 548.5	495.9
Warehousing and distribution services	15.5	12.2	41.4	31.8
Supply chain management and other services	11.6	9.8	39.9	23.7
Total	$ 196.3	$ 208.1	$ 629.8	$ 551.4
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency			6.50%

GENERAL AND SIGNIFICANT ACCOU_5

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Prepaid and Other Assets:
Income tax receivables	$ 232.9	$ 23.1
Prepaid fuel	32.4	22.6
Prepaid insurance and insurance related receivables	13.8	10.1
Restricted cash - vessel construction obligations	3.9	5.3
Other	20.2	17.3
Total	$ 303.2	$ 78.4

GENERAL AND SIGNIFICANT ACCOU_6

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounts receivable, net	$ 328.5		$ 328.5		$ 343.7
Cash Deposits Into CCF			579.7	$ 31.2
Withdrawals from CCF			14.7	31.2
Capital construction fund	565		565
Eligible Accounts Receivable Assigned to CCF
Accounts receivable, net	9.8		9.8		$ 9.8
Cash Deposits Into CCF	569	$ 0	579.7	31.2
Withdrawals from CCF	$ 4	$ 0	$ 14.7	$ 31.2

GENERAL AND SIGNIFICANT ACCOU_7

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - INVESTMENT IN SSAT (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 16, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments in affiliates
Investment in SSAT		$ 87.2		$ 87.2		$ 58.7
Financial information for equity method investment
Company Share of Net Income		23.4	$ 13	82.1	$ 35
SSAT
Financial information for equity method investment
Company Share of Net Income		23.4	13	82.1	35
SSAT
Investments in affiliates
Adjustment to investment in SSAT	$ 15.5
Investment in SSAT		87.2		87.2		$ 58.7
Financial information for equity method investment
Operating revenue		369.8	316.3	1,191.3	944.6
Operating costs and expenses		(286.9)	(274.2)	(894.3)	(831.3)
Operating Income		82.9	42.1	297	113.3
Net Income		$ 68.9	$ 37.3	$ 247	$ 100.5
SSAT | SSAT Terminals Oakland
Investments in affiliates
Investment in SSAT, interest acquired (as a percent)	20%

GENERAL AND SIGNIFICANT ACCOU_8

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND REPURCHASE OF SHARES (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended						9 Months Ended
	Oct. 27, 2022	Sep. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022
Dividends
Dividends (per share)		$ 0.31		$ 0.31	$ 0.30		$ 0.30	$ 0.23
Cash dividends declared per share (in dollars per share)	$ 0.31
Shares repurchased (in shares)			1.1						3.5
Shares repurchased			$ 88	$ 138.1	$ 68.6	$ 115.7			$ 294.7
Maximum number of shares remaining to be repurchased			3						3

GENERAL AND SIGNIFICANT ACCOU_9

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - DEFERRED INCOME TAXES (Details) $ in Millions	Sep. 30, 2022 USD ($)
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES
Capital construction fund	$ 565

GENERAL AND SIGNIFICANT ACCO_10

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - SUBSEQUENT EVENTS (Details) $ in Millions		9 Months Ended
	Nov. 01, 2022 USD ($) item	Sep. 30, 2022 USD ($)
Payments for construction in process		$ 11.9
Subsequent Event [Member] | Vessel construction in progress
Vessel construction, twenty foot equivalent unit of vessels | item	3,600
Vessel construction, container capacity | item	500
Vessel construction program, cost of vessels	$ 1,000
Payments for construction in process	$ 50

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment results
Number of segments | segment							2
Total Operating Revenue	$ 1,114.8			$ 1,071.6			$ 3,541.4	$ 2,658.3
Operating Income	335.3			377.9			1,261	712
Interest income	1.3						1.3
Interest expense	(5)			(5.1)			(14.3)	(17.9)
Other income (expense), net	2.5			1.8			6.3	4.7
Income before Taxes	334.1			374.6			1,254.3	698.8
Income taxes	(68.1)			(91.4)			(268.4)	(165.9)
Net Income	266	$ 380.7	$ 339.2	283.2	$ 162.5	$ 87.2	985.9	532.9
Deferred dry-docking amortization							18.6	18
Assets	4,459						4,459		$ 3,693.1
Income from SSAT	23.4			13			82.1	35
Intersegment Eliminations
Segment results
Total Operating Revenue	78.2			57.8			220.6	140.5
Ocean Transportation
Segment results
Total Operating Revenue	918.5			863.5			2,911.6	2,106.9
Operating Income	315.2			361.9			1,201.4	677
Income from SSAT	23.4			13			82.1	35
Ocean Transportation | Intersegment Eliminations
Segment results
Total Operating Revenue	28			21.8			73.8	55.6
Logistics
Segment results
Total Operating Revenue	196.3			208.1			629.8	551.4
Operating Income	20.1			16			59.6	35
Logistics | Intersegment Eliminations
Segment results
Total Operating Revenue	$ 50.2			$ 36			$ 146.8	$ 84.9

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property and equipment
Property and Equipment	$ 3,204.7	$ 3,087.4
Less: Accumulated Depreciation	(1,297.3)	(1,209.1)
Property and equipment, net	1,907.4	1,878.3
Vessels
Property and equipment
Property and Equipment	2,277.1	2,243.8
Containers and equipment
Property and equipment
Property and Equipment	730.7	680.9
Terminal facilities and other property
Property and equipment
Property and Equipment	131.5	128.3
Vessel construction in progress
Property and equipment
Property and Equipment		14.9
Other construction in progress
Property and equipment
Property and Equipment	$ 65.4	$ 19.5

GOODWILL AND INTANGIBLES - CHAN

GOODWILL AND INTANGIBLES - CHANGES IN GOODWILL (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 327.8	$ 327.8
Ocean Transportation
Goodwill [Line Items]
Goodwill	222.6
Logistics
Goodwill [Line Items]
Goodwill	$ 105.2

GOODWILL AND INTANGIBLES - INTA

GOODWILL AND INTANGIBLES - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Intangible assets
Total Intangible Assets, net	$ 178	$ 181.1
Trade Names
Intangible assets
Indefinite-Lived intangible asset	27.3	27.3
Customer Relationships
Intangible assets
Total	235.9	230.7
Less: Accumulated Amortization	(85.2)	(76.9)
Total	150.7	153.8
Ocean Transportation | Customer Relationships
Intangible assets
Total	140.6	140.6
Logistics | Customer Relationships
Intangible assets
Total	$ 95.3	$ 90.1

DEBT - SUMMARY (Details)

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 15, 2022	Dec. 31, 2021
Debt
Total Debt	$ 531.8		$ 629
Less: Current portion	(57.3)		(65)
Total Long-term Debt	474.5		564
Less: Deferred loan fees	(13.2)		(14.3)
Total Long-term Debt, net of deferred loan fees	461.3		549.7
3.66 %, payable through 2023
Debt
Total Debt	$ 9.1		13.7
Interest rate (as a percent)	3.66%
4.16 %, payable through 2027
Debt
Total Debt			28.8
Interest rate (as a percent)	4.16%	4.16%
3.37 %, payable through 2027
Debt
Total Debt	$ 63.5		69.2
Interest rate (as a percent)	3.37%
3.14%, payable through 2031
Debt
Total Debt	$ 132.8		151.2
Interest rate (as a percent)	3.14%
4.31 %, payable through 2032
Debt
Total Debt			25.4
Interest rate (as a percent)	4.31%	4.31%
5.34 %, payable through 2028
Debt
Total Debt	$ 13.2		15.4
Interest rate (as a percent)	5.34%
5.27 %, payable through 2029
Debt
Total Debt	$ 15.4		17.6
Interest rate (as a percent)	5.27%
1.22 %, payable through 2043
Debt
Total Debt	$ 170.1		174.1
Interest rate (as a percent)	1.22%
1.35 %, payable through 2044
Debt
Total Debt	$ 127.7		$ 133.6
Interest rate (as a percent)	1.35%
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility	$ 650

DEBT - REVOLVING CREDIT FACILIT

DEBT - REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility	$ 650
Funds available under the revolving credit facility	642.2
Used portion of revolving credit facility	0	$ 0
Standby commercial letters of credit
Debt
Used portion of revolving credit facility	$ 7.8

DEBT - PRIVATE PLACEMENT TERM L

DEBT - PRIVATE PLACEMENT TERM LOANS (Details) - USD ($) $ in Millions	Sep. 15, 2022	Sep. 30, 2022
4.16 %, payable through 2027
Principal	$ 26.2
Interest rate (as a percent)	4.16%	4.16%
4.31 %, payable through 2032
Principal	$ 24.2
Interest rate (as a percent)	4.31%	4.31%

DEBT - MATURITIES (Details)

DEBT - MATURITIES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt maturities
Remainder of 2022	$ 14.3
2023	52.7
2024	44.1
2025	44.1
2026	44.1
Thereafter	332.5
Total Debt	$ 531.8	$ 629

LEASES - COMPONENTS OF LEASE CO

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of Lease Cost
Operating lease cost	$ 40.8	$ 26.7	$ 120.8	$ 79.4
Short-term lease cost	0.2	0.1	0.4	2.9
Variable lease cost	0.2	0.1	0.6	0.5
Total lease cost	$ 41.2	$ 26.9	$ 121.8	$ 82.8

LEASES - MATURITIES OF OPERATIN

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Maturities of operating lease liabilities
Remainder of 2022	$ 41.8
2023	146
2024	121.3
2025	70.4
2026	28.2
Thereafter	59.4
Total lease payments	467.1
Less: Interest	(35.7)
Present value of operating lease liabilities	431.4
Less: Short-term portion	(147.1)	$ (137.6)
Long-term operating lease liabilities	$ 284.3	$ 307.4

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 2,133.6	$ 1,910.7	$ 1,667.4	$ 1,172.8	$ 1,028.9	$ 961.2	$ 1,667.4	$ 961.2
Amortization of prior service cost	(0.8)			(1.1)			(2.6)	(3.4)
Amortization of net loss (gain)	0.1			1			2.9	3.5
Other adjustments	(1.9)			(0.1)			(3.5)	(0.2)
Balance at the end of the period	2,298.6	2,133.6	1,910.7	1,344.8	1,172.8	1,028.9	2,298.6	1,344.8
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(38.2)	(38.7)	(39.1)	(60.6)	(61.2)	(61.7)	(39.1)	(61.7)
Amortization of prior service cost	(0.1)	(0.2)	(0.2)	(0.5)	(0.4)	(0.4)
Amortization of net loss (gain)		0.7	0.6	1	1	0.9
Balance at the end of the period	(38.3)	(38.2)	(38.7)	(60.1)	(60.6)	(61.2)	(38.3)	(60.1)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	9.1	9.6	10.1	11.3	11.7	12.2	10.1	12.2
Amortization of prior service cost	(0.7)	(0.7)	(0.7)	(0.6)	(0.7)	(0.7)
Amortization of net loss (gain)	0.1	0.2	0.2		0.3	0.2
Balance at the end of the period	8.5	9.1	9.6	10.7	11.3	11.7	8.5	10.7
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.7)	(0.7)	(0.7)	(0.6)	(0.5)	(0.6)	(0.7)	(0.6)
Amortization of prior service cost					(0.1)
Amortization of net loss (gain)						0.1
Balance at the end of the period	(0.7)	(0.7)	(0.7)	(0.6)	(0.6)	(0.5)	(0.7)	(0.6)
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(1.7)	(0.9)	(1.2)	(0.8)	(0.9)	(0.7)	(1.2)	(0.7)
Amortization of net loss (gain)		1.1
Foreign currency exchange	(2)	(2.3)	0.3	(0.1)	(0.1)	(0.2)
Other adjustments	0.1	0.4			0.2
Balance at the end of the period	(3.6)	(1.7)	(0.9)	(0.9)	(0.8)	(0.9)	(3.6)	(0.9)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(31.5)	(30.7)	(30.9)	(50.7)	(50.9)	(50.8)	(30.9)	(50.8)
Amortization of prior service cost	(0.8)	(0.9)	(0.9)	(1.1)	(1.2)	(1.1)
Amortization of net loss (gain)	0.1	2	0.8	1	1.3	1.2
Foreign currency exchange	(2)	(2.3)	0.3	(0.1)	(0.1)	(0.2)
Other adjustments	0.1	0.4			0.2
Balance at the end of the period	$ (34.1)	$ (31.5)	$ (30.7)	$ (50.9)	$ (50.7)	$ (50.9)	$ (34.1)	$ (50.9)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair value of financial instruments
Restricted Cash	$ 3.9		$ 5.3
Capital construction fund	565
Carrying value
Fair value of financial instruments
Cash and cash equivalents	242.8	$ 282.4
Restricted Cash	3.9	5.3
Capital construction fund	565
Fixed rate debt	531.8	629
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	242.8	282.4
Restricted Cash	3.9	5.3
Capital construction fund	565
Fixed rate debt	438.4	615.1
Fair Value Measurement | Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	242.8	282.4
Restricted Cash	3.9	5.3
Capital construction fund	565
Fair Value Measurement | Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt	$ 438.4	$ 615.1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Income
Net Income, Basic	$ 266	$ 283.2	$ 985.9	$ 532.9
Net Income, Diluted	$ 266	$ 283.2	$ 985.9	$ 532.9
Weighted Average Common Shares
Basic (in shares)	38.3	42.9	39.7	43.3
Effect of Dilutive Securities (in shares)	0.3	0.5	0.3	0.4
Diluted (in shares)	38.6	43.4	40	43.7
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 6.95	$ 6.60	$ 24.83	$ 12.31
Effect of Dilutive Securities (in dollars per shares)	(0.06)	(0.07)	(0.18)	(0.12)
Net income, Diluted (in dollars per share)	$ 6.89	$ 6.53	$ 24.65	$ 12.19

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - Time Based And Performance Based Shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based compensation
Shares granted	2,400		182,900
Weighted-average grant date fair value (in dollars per share)	$ 80.36		$ 100.55
Total unrecognized compensation cost	$ 28.1		$ 28.1
Unrecognized compensation cost over weighted-average period to be recognized			1 year 10 months 24 days
Selling, general and administrative expenses
Share-based compensation
Total stock-based compensation cost	$ 5	$ 4.7	$ 15.5	$ 14.2

PENSION AND POST-RETIREMENT P_3

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Amortization of net loss (gain)	$ (0.1)	$ (1)	$ (2.9)	$ (3.5)
Amortization of prior service credit	0.8	1.1	2.6	3.4
Pension Benefits
Components of Net Periodic Benefit Cost (Benefit):
Service cost	1.2	1.3	3.6	3.6
Interest cost	1.9	1.4	5.2	4.6
Expected return on plan assets	(4)	(3.5)	(11.9)	(10.8)
Amortization of net loss	0.1	1.3	1.8	3.8
Amortization of prior service credit	(0.3)	(0.6)	(0.8)	(1.7)
Net periodic benefit cost (benefit)	(1.1)	(0.1)	(2.1)	(0.5)
Post-retirement benefits
Components of Net Periodic Benefit Cost (Benefit):
Service cost	0.2	0.2	0.5	0.5
Interest cost	0.3	0.1	0.7	0.5
Amortization of net loss	0.2	0.1	0.6	0.7
Amortization of prior service credit	(1)	(0.9)	(2.8)	(2.7)
Net periodic benefit cost (benefit)	$ (0.3)	$ (0.5)	$ (1)	$ (1)