Matson (MATX) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
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	33,210,132
Entity Central Index Key	0000003453
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Revenue:
Total Operating Revenue	$ 962	$ 827.5	$ 2,531.5	$ 2,305.7
Costs and Expenses:
Operating costs	(654.3)	(624.1)	(1,913.4)	(1,826.3)
Income (Loss) from SSAT	6.9	1.3	8.5	(1.9)
Selling, general and administrative	(72.3)	(72.6)	(222.8)	(210)
Total Costs and Expenses	(719.7)	(695.4)	(2,127.7)	(2,038.2)
Operating Income	242.3	132.1	403.8	267.5
Interest income	10.4	9.3	38	26.2
Interest expense	(1.8)	(2.4)	(6.1)	(9.8)
Other income (expense), net	1.9	1.2	5.5	4.8
Income before Taxes	252.8	140.2	441.2	288.7
Income taxes	(53.7)	(20.3)	(92.8)	(54)
Net Income	199.1	119.9	348.4	234.7
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income (Loss)	199.1	119.9	348.4	234.7
Other Comprehensive Income (Loss):
Net change in pension and post-retirement liabilities	(0.8)	(0.8)	(2.3)	(2.5)
Other adjustments	1	(0.6)	0.5	0.1
Total Other Comprehensive Income (Loss), Net of Income Taxes	0.2	(1.4)	(1.8)	(2.4)
Comprehensive Income	$ 199.3	$ 118.5	$ 346.6	$ 232.3
Basic Earnings Per Share (in dollars per share)	$ 5.98	$ 3.42	$ 10.28	$ 6.59
Diluted Earnings Per Share (in dollars per share)	$ 5.89	$ 3.40	$ 10.13	$ 6.56
Weighted Average Number of Shares Outstanding:
Basic (in shares)	33.3	35.1	33.9	35.6
Diluted (in shares)	33.8	35.3	34.4	35.8
Ocean Transportation
Operating Revenue:
Total Operating Revenue	$ 798.7	$ 669.4	$ 2,067.6	$ 1,837.3
Logistics
Operating Revenue:
Total Operating Revenue	$ 163.3	$ 158.1	$ 463.9	$ 468.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 270.3	$ 134
Accounts receivable, net of allowance for credit losses of $9.0 million and $9.9 million, respectively	311.1	279.4
Prepaid expenses and other assets	70.4	188.9
Total current assets	651.8	602.3
Long-term Assets:
Investment in SSAT	93.3	85.5
Property and equipment, net	2,190.6	2,089.9
Operating lease right of use assets	252.7	289.6
Goodwill	327.8	327.8
Intangible assets, net	164	176.4
Capital Construction Fund	635.4	599.4
Deferred dry-docking costs, net	60.3	57.3
Other long-term assets	66.3	66.4
Total long-term assets	3,790.4	3,692.3
Total Assets	4,442.2	4,294.6
Current Liabilities:
Current portion of debt	39.7	39.7
Accounts payable and accruals	294.1	277.9
Operating lease liabilities	106.6	136.7
Other liabilities	137.3	108
Total current liabilities	577.7	562.3
Long-term Liabilities:
Long-term debt, net of deferred loan fees	360.2	389.3
Long-term operating lease liabilities	150.5	159.3
Deferred income taxes	692.6	669.3
Other long-term liabilities	104.5	113.7
Total long-term liabilities	1,307.8	1,331.6
Commitments and Contingencies (see Note 15)
Shareholders' Equity:
Common stock	24.9	25.8
Additional paid in capital	290.5	293.4
Accumulated other comprehensive loss, net	(10)	(8.2)
Retained earnings	2,251.3	2,089.7
Total shareholders' equity	2,556.7	2,400.7
Total Liabilities and Shareholders' Equity	$ 4,442.2	$ 4,294.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit loss	$ 9	$ 9.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 348.4	$ 234.7
Reconciling adjustments:
Depreciation and amortization	114.7	108.1
Amortization of operating lease right of use assets	102.1	108.2
Deferred income taxes	16.2	(9.3)
Share-based compensation expense	19.1	17.6
(Income) loss from SSAT	(8.5)	1.9
Distributions from SSAT	14
Other	(9.1)	(1.7)
Changes in assets and liabilities:
Accounts receivable, net	(31.7)	(37.1)
Deferred dry-docking payments	(20.2)	(17.3)
Deferred dry-docking amortization	21	18.6
Prepaid expenses and other assets	116.9	65.8
Accounts payable, accruals and other liabilities	27.6	34.4
Operating lease liabilities	(104)	(109.9)
Other long-term liabilities	(13.4)	(14.9)
Net cash provided by operating activities	593.1	399.1
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(39.8)	(52.1)
Capital expenditures (excluding vessel construction expenditures)	(144.9)	(135.4)
Proceeds from disposal of property and equipment, net	4.4	0.1
Payments for asset acquisitions	(0.7)	(12.4)
Cash and interest deposited into the Capital Construction Fund	(63.6)	(120.8)
Withdrawals from Capital Construction Fund	35.8	49.9
Net cash used in investing activities	(208.8)	(270.7)
Cash Flows From Financing Activities:
Repayments of debt	(30)	(67.2)
Dividends paid	(33.5)	(33.8)
Repurchase of Matson common stock	(167.4)	(108.2)
Tax withholding related to net share settlements of restricted stock units	(17)	(12.5)
Net cash used in financing activities	(247.9)	(221.7)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	136.4	(93.3)
Cash and Cash Equivalents, and Restricted Cash, Beginning of the Period	136.3	253.7
Cash and Cash Equivalents, and Restricted Cash, End of the Period	272.7	160.4
Reconciliation of Cash, Cash Equivalents and Restricted Cash, End of the Period:
Cash and Cash Equivalents	270.3	156.5
Restricted Cash	2.4	3.9
Total Cash and Cash Equivalents, and Restricted Cash, End of the Period	272.7	160.4
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	5.3	9.6
Income tax payments (refunds), net	(85.1)	(5.3)
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 26.9	7.8
Non-cash payments for asset acquisitions		$ 4.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid In Capital	AOCI Attributable to Parent [Member]	Retained Earnings	Total
Balance at the beginning of the period at Dec. 31, 2022	$ 27.2	$ 290.4	$ (6.9)	$ 1,986.2	$ 2,296.9
Balance (in shares) at Dec. 31, 2022	36.3
Increase (Decrease) in Shareholders' Equity
Net income				34	34
Other comprehensive income (loss), net of tax			0.6		0.6
Share-based compensation		4.6			4.6
Shares issued, net of shares withheld for employee taxes	$ 0.2	(12.6)			(12.4)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Shares repurchased	$ (0.5)	(2.7)		(38.9)	(42.1)
Shares repurchased (in shares)	(0.7)
Dividends				(11.3)	(11.3)
Balance at the end of the period at Mar. 31, 2023	$ 26.9	279.7	(6.3)	1,970	2,270.3
Balance (in shares) at Mar. 31, 2023	35.9
Balance at the beginning of the period at Dec. 31, 2022	$ 27.2	290.4	(6.9)	1,986.2	2,296.9
Balance (in shares) at Dec. 31, 2022	36.3
Increase (Decrease) in Shareholders' Equity
Net income					234.7
Other comprehensive income (loss), net of tax					(2.4)
Balance at the end of the period at Sep. 30, 2023	$ 26.2	289.1	(9.3)	2,084.3	2,390.3
Balance (in shares) at Sep. 30, 2023	34.9
Balance at the beginning of the period at Mar. 31, 2023	$ 26.9	279.7	(6.3)	1,970	2,270.3
Balance (in shares) at Mar. 31, 2023	35.9
Increase (Decrease) in Shareholders' Equity
Net income				80.8	80.8
Other comprehensive income (loss), net of tax			(1.6)		(1.6)
Share-based compensation		5.2			5.2
Shares issued, net of shares withheld for employee taxes		0.1			0.1
Shares repurchased	$ (0.6)	(2.3)		(39.5)	(42.4)
Shares repurchased (in shares)	(0.6)
Dividends				(22.4)	(22.4)
Balance at the end of the period at Jun. 30, 2023	$ 26.3	282.7	(7.9)	1,988.9	2,290
Balance (in shares) at Jun. 30, 2023	35.3
Increase (Decrease) in Shareholders' Equity
Net income				119.9	119.9
Other comprehensive income (loss), net of tax			(1.4)		(1.4)
Share-based compensation		7.8			7.8
Shares issued, net of shares withheld for employee taxes		(0.2)			(0.2)
Shares repurchased	$ (0.1)	(1.2)		(24.5)	(25.8)
Shares repurchased (in shares)	(0.4)
Balance at the end of the period at Sep. 30, 2023	$ 26.2	289.1	(9.3)	2,084.3	2,390.3
Balance (in shares) at Sep. 30, 2023	34.9
Balance at the beginning of the period at Dec. 31, 2023	$ 25.8	293.4	(8.2)	2,089.7	2,400.7
Balance (in shares) at Dec. 31, 2023	34.4
Increase (Decrease) in Shareholders' Equity
Net income				36.1	36.1
Other comprehensive income (loss), net of tax			(1.6)		(1.6)
Share-based compensation		5.7			5.7
Shares issued, net of shares withheld for employee taxes	$ 0.1	(17.3)			(17.2)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Shares repurchased	$ (0.3)	(1.6)		(47)	(48.9)
Shares repurchased (in shares)	(0.4)
Equity interest in SSAT (see Note 4)				10.1	10.1
Dividends				(11.1)	(11.1)
Balance at the end of the period at Mar. 31, 2024	$ 25.6	280.2	(9.8)	2,077.8	2,373.8
Balance (in shares) at Mar. 31, 2024	34.2
Balance at the beginning of the period at Dec. 31, 2023	$ 25.8	293.4	(8.2)	2,089.7	2,400.7
Balance (in shares) at Dec. 31, 2023	34.4
Increase (Decrease) in Shareholders' Equity
Net income					348.4
Other comprehensive income (loss), net of tax					(1.8)
Shares repurchased					$ (169.2)
Shares repurchased (in shares)					(1.4)
Balance at the end of the period at Sep. 30, 2024	$ 24.9	290.5	(10)	2,251.3	$ 2,556.7
Balance (in shares) at Sep. 30, 2024	33.2
Balance at the beginning of the period at Mar. 31, 2024	$ 25.6	280.2	(9.8)	2,077.8	2,373.8
Balance (in shares) at Mar. 31, 2024	34.2
Increase (Decrease) in Shareholders' Equity
Net income				113.2	113.2
Other comprehensive income (loss), net of tax			(0.4)		(0.4)
Share-based compensation		6.3			6.3
Shares issued, net of shares withheld for employee taxes		0.2			0.2
Shares repurchased	$ (0.4)	(2)		(69.8)	(72.2)
Shares repurchased (in shares)	(0.6)
Dividends				(22.4)	(22.4)
Balance at the end of the period at Jun. 30, 2024	$ 25.2	284.7	(10.2)	2,098.8	2,398.5
Balance (in shares) at Jun. 30, 2024	33.6
Increase (Decrease) in Shareholders' Equity
Net income				199.1	199.1
Other comprehensive income (loss), net of tax			0.2		0.2
Share-based compensation		7.1			7.1
Shares issued, net of shares withheld for employee taxes		(0.1)			(0.1)
Shares repurchased	$ (0.3)	(1.2)		(46.6)	$ (48.1)
Shares repurchased (in shares)	(0.4)				(0.4)
Balance at the end of the period at Sep. 30, 2024	$ 24.9	$ 290.5	$ (10)	$ 2,251.3	$ 2,556.7
Balance (in shares) at Sep. 30, 2024	33.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Condensed Condensed Consolidated Statements of Shareholders' Equity
Dividends declared per share (in dollars per share)		$ 0.34	$ 0.32	$ 0.32	$ 0.31
Dividends (in dollars per share)	$ 0.34	$ 0.32		$ 0.31

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	9 Months Ended
	Sep. 30, 2024
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 from China to Long Beach, California, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and for MatNav and an ocean carrier in Alaska. ​ 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) purchase order management, booking services, and non-vessel operating common carrier (“NVOCC”) freight forwarding services (collectively, “Supply Chain Management” services).

GENERAL AND SIGNIFICANT ACCOUNT

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
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, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024. ​ Fiscal Period: The period end for Matson covered by this report is September 30, 2024. The period end for MatNav and its subsidiaries covered by this report is September 27, 2024. ​ 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, 2023. ​ 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; contingent acquisition related consideration; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income (loss) 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) 2024 2023 Prepaid fuel ​ $ 28.5 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 14.8 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.6 ​ ​ 8.2 ​ Prepaid leases ​ ​ 3.4 ​ ​ 4.1 ​ Income tax receivables, net ​ ​ 1.8 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ 2.4 ​ ​ 2.3 ​ Other ​ 10.9 ​ 7.3 ​ Total ​ $ 70.4 ​ $ 188.9 ​ ​ Income tax receivables at December 31, 2023 include a federal income tax refund related to the Company’s 2021 federal tax return of $118.6 million and other income tax receivables. On April 19, 2024, the Company received the federal income tax refund of ​ 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) ​ 2024 2023 2024 2023 Ocean Transportation services ​ $ 787.9 ​ $ 654.3 ​ $ 2,027.9 ​ $ 1,799.6 Terminal and other related services ​ ​ 7.4 ​ ​ 10.8 ​ ​ 27.1 ​ ​ 24.3 Fuel sales ​ ​ 3.3 ​ ​ 2.7 ​ ​ 9.3 ​ ​ 8.4 Vessel management and related services ​ ​ 0.1 ​ ​ 1.6 ​ ​ 3.3 ​ ​ 5.0 Total ​ $ 798.7 ​ $ 669.4 ​ $ 2,067.6 ​ $ 1,837.3 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenues 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) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Transportation Brokerage and Freight Forwarding services ​ $ 143.1 ​ $ 138.6 ​ $ 409.7 ​ $ 415.8 Warehousing and distribution services ​ ​ 10.6 ​ ​ 11.9 ​ ​ 30.0 ​ ​ 31.5 Supply Chain Management services ​ 9.6 ​ 7.6 ​ 24.2 ​ 21.1 Total ​ $ 163.3 ​ $ 158.1 ​ $ 463.9 ​ $ 468.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue and supply chain management 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 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. ​ Capitalized Interest: The Company capitalizes interest costs during the period as the qualified assets are being readied for their intended use. The Company determined that the vessel construction costs are considered qualifying assets for the purposes of capitalizing interest on these assets. The amount of capitalized interest is calculated based on the amount of expenditures incurred related to the construction of these vessels using a weighted average interest rate. The weighted average interest rate is determined using the Company’s average borrowings outstanding during the period. Capitalized interest is included in vessel construction in progress in property and equipment in the Company’s Condensed Consolidated Balance Sheets (see Note 5). The Company capitalized ​ Dividends: The Company’s third quarter 2024 cash dividend of 5, 2024. On ​ Repurchase of Shares: million, respectively. As of September 30, 2024, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately ​ New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2023-07 but does not expect it will have a material impact on the Company’s consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the effects of adopting ASU 2023-09 but does not expect it to have a material impact on the Company’s consolidated financial statements.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	9 Months Ended
	Sep. 30, 2024
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 $72.8 million and $61.1 million for the three months ended September 30, 2024 and 2023, and $ 181.2 million and $155.6 million for the nine months ended September 30, 2024 and 2023, respectively, have been eliminated from operating revenues in the table below. ​ Reportable segment financial information for the three and nine months ended September 30, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2024 2023 2024 2023 Operating Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (1) ​ $ 798.7 ​ $ 669.4 ​ $ 2,067.6 ​ $ 1,837.3 Logistics (2) ​ 163.3 ​ 158.1 ​ 463.9 ​ 468.4 Total Operating Revenue ​ $ 962.0 ​ $ 827.5 ​ $ 2,531.5 ​ $ 2,305.7 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (3) ​ $ 226.9 ​ $ 118.2 ​ $ 363.5 ​ $ 228.4 Logistics ​ 15.4 ​ 13.9 ​ 40.3 ​ 39.1 Total Operating Income ​ 242.3 ​ 132.1 ​ 403.8 ​ 267.5 Interest income ​ ​ 10.4 ​ ​ 9.3 ​ 38.0 ​ 26.2 Interest expense ​ (1.8) ​ (2.4) ​ (6.1) ​ (9.8) Other income (expense), net ​ 1.9 ​ 1.2 ​ 5.5 ​ 4.8 Income before Taxes ​ 252.8 ​ 140.2 ​ 441.2 ​ 288.7 Income taxes ​ (53.7) ​ (20.3) ​ (92.8) ​ (54.0) Net Income ​ $ 199.1 ​ $ 119.9 ​ $ 348.4 ​ $ 234.7 (1) Ocean Transportation operating revenue excludes inter-segment revenue of $ 26.7 million and $22.5 million for the three months ended September 30, 2024 and 2023, and $69.2 million and $57.6 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $46.1 million and $38.6 million for the three months ended September 30, 2024 and 2023, and $112.0 million and $98.0 million for the nine months ended September 30, 2024 and 2023, respectively. (3) Ocean Transportation segment information includes net income (loss) of $6.9 million and $1.3 million from the Company’s equity investment in SSAT for the three months ended September 30, 2024 and 2023, and $8.5 million and $(1.9) million for the nine months ended September 30, 2024 a n d 2023, respectively.

INVESTMENT IN SSAT

INVESTMENT IN SSAT	9 Months Ended
	Sep. 30, 2024
INVESTMENT IN SSAT
INVESTMENT IN SSAT	4. INVESTMENT IN SSAT ​ The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Condensed income statement information for SSAT for the three and nine months ended September 30, 2024 and 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, (In millions) ​ 2024 2023 2024 2023 Operating revenue ​ $ 320.8 ​ $ 268.4 ​ $ 865.0 ​ $ 742.1 ​ Operating costs and expenses ​ ​ (301.3) ​ ​ (269.4) ​ ​ (858.2) ​ ​ (754.2) ​ Operating profit (loss) ​ ​ 19.5 ​ ​ (1.0) ​ ​ 6.8 ​ ​ (12.1) ​ Net Profit (Loss) (1) ​ $ 21.6 ​ $ 1.5 ​ $ 19.9 ​ $ (7.4) ​ Company Share of SSAT’s Net Income (Loss) (2) ​ $ 6.9 ​ $ 1.3 ​ $ 8.5 ​ $ (1.9) ​ (1) Includes earnings and losses from equity method investment held by SSAT less earnings and losses allocated to non-controlling interests. (2) The Company records its share of net income (loss) 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 $93.3 million and $85.5 million at September 30, 2024 and December 31, 2023, respectively. ​ On March 1, 2024, SSAT completed the sale of 25 percent of its equity interest in SSA Terminals (Seattle Terminals), LLC (“SSAT ST”) to a third-party company. After the completion of this transaction, SSAT retains a percent in SSAT ST. As a result of this transaction during the three months ended March 31, 2024, the Company recorded an increase in its investment in SSAT of approximately

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2024
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT ​ Property and equipment as of September 30, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2024 2023 Cost: ​ ​ ​ ​ ​ ​ Vessels ​ $ 2,398.2 ​ $ 2,323.4 Containers and equipment ​ ​ 880.4 ​ ​ 845.0 Terminal facilities and other property ​ ​ 149.2 ​ ​ 148.0 New vessel construction in progress ​ ​ 142.9 ​ ​ 103.1 Other construction in progress ​ ​ 87.5 ​ ​ 67.7 Total Property and Equipment ​ ​ 3,658.2 ​ ​ 3,487.2 Less: Accumulated Depreciation ​ ​ (1,467.6) ​ ​ (1,397.3) Total Property and Equipment, net ​ $ 2,190.6 ​ $ 2,089.9 ​ ​ ​ New vessel construction in progress at September 30, 2024 and December 31, 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	9 Months Ended
	Sep. 30, 2024
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES	6. GOODWILL AND INTANGIBLES ​ Goodwill by segment as of September 30, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean ​ ​ ​ ​ ​ ​ (In millions) Transportation Logistics Total Goodwill ​ $ 222.6 ​ $ 105.2 ​ $ 327.8 ​ ​ ​ Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ (In millions) 2024 2023 ​ Customer Relationships: ​ ​ ​ ​ ​ ​ ​ Ocean Transportation ​ $ 140.6 ​ $ 140.6 ​ Logistics ​ ​ 107.9 ​ ​ 110.4 ​ Total ​ ​ 248.5 ​ ​ 251.0 ​ Less: Accumulated Amortization ​ ​ (111.8) ​ ​ (101.9) ​ Total Customer Relationships, net ​ ​ 136.7 ​ ​ 149.1 ​ Trade name – Logistics ​ ​ 27.3 ​ ​ 27.3 ​ Total Intangible Assets, net ​ $ 164.0 ​ $ 176.4 ​ ​ On February 27, 2023, the Company completed an asset acquisition consisting of Logistics customer relationship intangible assets for $16.5 million, which are being amortized over seven years. ​ 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 2023 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended September 30, 2024. ​ 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.

CAPITAL CONSTRUCTION FUND

CAPITAL CONSTRUCTION FUND	9 Months Ended
	Sep. 30, 2024
CAPITAL CONSTRUCTION FUND
CAPITAL CONSTRUCTION FUND	7. CAPITAL CONSTRUCTION FUND ​ The Capital Construction Fund (“CCF”) is described in Note 7 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, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, (In millions) 2024 2023 CCF Cash and Cash Equivalents: ​ ​ ​ ​ ​ ​ CCF cash balance at beginning of period ​ $ 596.7 ​ $ 518.2 Cash deposits into the CCF ​ ​ 50.0 ​ ​ 100.0 Cash paid for purchase of U.S. Treasury debt securities and accrued interest ​ ​ (449.8) ​ ​ — Interest income deposited into the CCF ​ ​ 15.4 ​ ​ 20.8 Qualifying withdrawal payments out of the CCF ​ ​ (35.8) ​ ​ (49.9) Total CCF cash balance at end of period ​ ​ 176.5 ​ ​ 589.1 Accrued interest earned on CCF Cash and Investments at end of period ​ ​ 2.2 ​ ​ 2.5 Total CCF cash and cash equivalents balance at end of period ​ ​ 178.7 ​ ​ 591.6 CCF Investments: ​ ​ ​ ​ ​ ​ CCF investments balance at beginning of period ​ ​ — ​ ​ — Purchase of U.S. Treasury debt securities ​ ​ 448.1 ​ ​ — Accretion of investments ​ ​ 8.6 ​ ​ — Total CCF investments balance at end of period ​ ​ 456.7 ​ ​ — Total CCF cash and cash equivalents, and investments balance at end of period ​ $ 635.4 ​ $ 591.6 ​ CCF Cash and Cash Equivalents: Cash on deposit in the CCF account is invested in a short-term U.S. Treasury obligations fund with daily liquidity. At September 30, 2024, these short-term securities held within this CCF cash account had a weighted average life of 68 days . Total CCF cash and cash equivalents was ​ CCF Investments: In February 2024, the Company purchased approximately million using CCF cash. The fixed-rate debt securities were purchased at a discount and have various maturity dates of up to 3 years . The cost of these investments accretes to face value on a straight-line basis until maturity. Such accretion is included in interest income in the Condensed Consolidated Statements of Income and Comprehensive Income. As of September 30, 2024, the Company had ​ As of September 30, 2024, CCF investments maturities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2024 Year (in millions) Cost ​ Fair Value Remainder of 2024 ​ $ 47.8 ​ $ 47.8 2025 ​ 189.8 ​ 190.5 2026 ​ 166.9 ​ 168.6 2027 ​ 52.2 ​ 53.0 Total CCF investments ​ $ 456.7 ​ $ 459.9 ​ CCF cash and cash equivalents, and investments are classified as a long-term asset on the Company’s Condensed Consolidated Balance Sheets as the Company intends to use withdrawals to fund qualified milestone progress payments for the construction of three new Jones Act vessels. ​ CCF Assigned Accounts Receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, (In millions) 2024 2023 CCF assigned accounts receivable balance at beginning of period ​ $ 218.1 ​ $ 9.9 Assigned accounts receivable ​ ​ — ​ ​ 200.0 Interest earned on assigned accounts receivable ​ ​ 10.2 ​ ​ 3.3 CCF assigned accounts receivable balance at end of period ​ $ 228.3 ​ $ 213.2 ​ As of September 30, 2024 and December 31, 2023, eligible accounts receivable of $228.3 million and $218.1 million were assigned to the CCF, respectively. 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.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
DEBT
DEBT	8. DEBT ​ As of September 30, 2024 and December 31, 2023, the Company’s debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2024 2023 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.37 %, payable through 2027 ​ $ 40.3 ​ $ 46.2 3.14 %, payable through 2031 ​ ​ 100.1 ​ ​ 114.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 1.22 %, payable through 2043 ​ ​ 154.3 ​ ​ 158.2 1.35 %, payable through 2044 ​ ​ 115.9 ​ ​ 121.8 Total Debt ​ 410.6 ​ 440.6 Less: Current portion ​ (39.7) ​ (39.7) Total Long-term Debt ​ ​ 370.9 ​ ​ 400.9 Less: Deferred loan fees ​ ​ (10.7) ​ (11.6) Total Long-term Debt, net of deferred loan fees ​ $ 360.2 ​ $ 389.3 ​ 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, 2023. ​ Revolving Credit Facility: The Company’s revolving credit facility has committed available borrowing of up to 31, 2026. As of September 30, 2024, the Company had million of remaining borrowing availability under the revolving credit facility. 30, 2024. There were ​ Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of September 30, 2024 was unsecured, except for the Title XI debt. ​ Debt Maturities: As of September 30, 2024, debt maturities are as follows: ​ ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2024 Remainder of 2024 ​ $ 9.7 2025 ​ 39.7 2026 ​ 39.7 2027 ​ 39.7 2028 ​ 28.2 Thereafter ​ 253.6 Total Debt ​ $ 410.6 ​

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
LEASES
LEASES	9. 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, 2023. ​ 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, 2024 and 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 36.2 ​ $ 34.7 ​ $ 108.4 ​ $ 114.8 Short-term lease cost ​ 2.5 ​ 3.8 ​ 9.9 ​ 5.5 Variable lease cost ​ 0.1 ​ 0.1 ​ 0.5 ​ 0.5 Total lease cost ​ $ 38.8 ​ $ 38.6 ​ $ 118.8 ​ $ 120.8 ​ Maturities of operating lease liabilities at September 30, 2024 are as follows: ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2024 Remainder of 2024 ​ $ 36.3 2025 ​ 98.7 2026 ​ 48.2 2027 ​ 31.2 2028 ​ 18.6 Thereafter ​ 65.0 Total lease payments ​ ​ 298.0 Less: Interest ​ ​ (40.9) Present value of operating lease liabilities ​ ​ 257.1 Less: Short-term portion ​ ​ (106.6) Long-term operating lease liabilities ​ $ 150.5 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2023 ​ $ (20.3) ​ $ 11.0 ​ $ (0.2) ​ $ 1.3 ​ $ (8.2) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.1 ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.9) ​ ​ (0.9) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Balance at March 31, 2024 ​ ​ (20.2) ​ ​ 10.1 ​ ​ (0.2) ​ ​ 0.5 ​ ​ (9.8) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.1 ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ — ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 0.3 ​ Balance at June 30, 2024 ​ ​ (20.1) ​ ​ 9.3 ​ ​ (0.2) ​ ​ 0.8 ​ ​ (10.2) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.0 ​ ​ 1.0 ​ Balance at September 30, 2024 ​ $ (20.1) ​ $ 8.5 ​ $ (0.2) ​ $ 1.8 ​ $ (10.0) ​ ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2022 ​ $ (25.8) ​ $ 18.7 ​ $ 0.1 ​ $ 0.1 ​ $ (6.9) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.3 ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ (0.3) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ ​ 1.7 ​ Balance at March 31, 2023 ​ ​ (25.5) ​ ​ 17.6 ​ ​ 0.1 ​ ​ 1.5 ​ ​ (6.3) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.2 ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ (0.2) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.7) ​ ​ (0.7) ​ Balance at June 30, 2023 ​ ​ (25.3) ​ ​ 16.5 ​ ​ 0.1 ​ ​ 0.8 ​ ​ (7.9) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.2 ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.6) ​ ​ (0.6) ​ Balance at September 30, 2023 ​ $ (25.1) ​ $ 15.5 ​ $ 0.1 ​ $ 0.2 ​ $ (9.3) ​ ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	11. 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 carrying value and fair value of the Company’s financial instruments as of September 30, 2024 and December 31, 2023 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, 2024 ​ Fair Value Measurements at September 30, 2024 ​ Cash and cash equivalents ​ $ 270.3 ​ $ 270.3 ​ $ 270.3 ​ $ — ​ $ — ​ Restricted cash ​ $ 2.4 ​ $ 2.4 ​ $ 2.4 ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 178.7 ​ $ 178.7 ​ $ 178.7 ​ $ — ​ $ — ​ CCF - Investments ​ $ 456.7 ​ $ 459.9 ​ $ 459.9 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 410.6 ​ $ 340.1 ​ $ — ​ $ 340.1 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) December 31, 2023 ​ Fair Value Measurements at December 31, 2023 ​ Cash and cash equivalents ​ $ 134.0 ​ $ 134.0 $ 134.0 ​ $ — ​ $ — ​ Restricted cash ​ $ 2.3 ​ $ 2.3 ​ $ 2.3 ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 599.4 ​ $ 599.4 ​ $ 599.4 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 440.6 ​ $ 359.9 ​ $ — ​ $ 359.9 ​ $ — ​ ​ ​ The Company uses Level 1 inputs for the fair values of its cash and cash equivalents, restricted cash, and CCF cash and cash equivalents and investments, and Level 2 inputs for fixed rate debt. The fair values of cash and cash equivalents, restricted cash, and cash and cash equivalents in the CCF approximate their carrying values due to the nature of the instruments. The fair value of investments in the CCF is calculated based upon quoted prices available in active market. 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	12. 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 non-vested restricted stock units. The computation of weighted average common shares outstanding excluded a nominal amount of anti-dilutive restricted stock units for each period ended September 30, 2024 and 2023. ​ The computations for basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ Nine Months Ended September 30, 2024 ​ ​ ​ 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 ​ $ 199.1 33.3 ​ $ 5.98 ​ $ 348.4 33.9 ​ $ 10.28 Effect of Dilutive Securities ​ ​ ​ 0.5 ​ ​ (0.09) ​ ​ ​ 0.5 ​ ​ (0.15) Diluted ​ $ 199.1 ​ 33.8 ​ $ 5.89 ​ $ 348.4 ​ 34.4 ​ $ 10.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ 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 ​ $ 119.9 35.1 ​ $ 3.42 ​ $ 234.7 35.6 ​ $ 6.59 Effect of Dilutive Securities ​ ​ ​ 0.2 ​ ​ (0.02) ​ ​ ​ 0.2 ​ ​ (0.03) Diluted ​ $ 119.9 ​ 35.3 ​ $ 3.40 ​ $ 234.7 ​ 35.8 ​ $ 6.56 ​

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	13. SHARE-BASED COMPENSATION ​ During the three and nine months ended September 30, 2024, the Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 500 and 152,600 shares, respectively, with a combined weighted average grant date fair value of $129.25 and $122.17 per share, respectively. ​ 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 $7.1 million and $7.8 million for the three months ended September 30, 2024 and 2023 and $19.1 million and $17.6 million for the nine months ended September 30, 2024 and 2023, 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, 2024
PENSION AND POST-RETIREMENT PLANS
PENSION AND POST-RETIREMENT PLANS	14. 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, 2023 . 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Three Months Ended September 30, ​ Three Months Ended September 30, (In millions) 2024 2023 2024 2023 Components of net periodic benefit cost (credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 1.1 ​ $ 0.3 ​ $ — ​ $ 0.1 Interest cost ​ 2.4 ​ 2.5 ​ 0.3 ​ 0.3 Expected return on plan assets ​ (3.8) ​ (3.0) ​ — ​ — Amortization of net loss (gain) ​ 0.1 ​ 0.2 ​ (0.2) ​ (0.5) Amortization of prior service credit ​ — ​ — ​ (1.0) ​ (1.0) Net periodic benefit cost (credit) ​ $ (0.2) ​ $ (0.0) ​ $ (0.9) ​ $ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Components of net periodic benefit cost (credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2.8 ​ $ 2.3 ​ $ 0.2 ​ $ 0.2 Interest cost ​ 7.3 ​ 7.5 ​ 0.8 ​ 0.7 Expected return on plan assets ​ (11.4) ​ (10.4) ​ — ​ — Amortization of net loss (gain) ​ 0.3 ​ 0.9 ​ (0.6) ​ (1.5) Amortization of prior service credit ​ — ​ — ​ (2.8) ​ (2.8) Net periodic benefit cost (credit) ​ $ (1.0) ​ $ 0.3 ​ $ (2.4) ​ $ (3.4) ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES ​ Environmental Matters: The Company’s Ocean Transportation business has certain risks that could result in expenditures for environmental remediation. The Company believes that based on all information available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations. ​ Other 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. ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 199.1	$ 113.2	$ 36.1	$ 119.9	$ 80.8	$ 34	$ 348.4	$ 234.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GENERAL AND SIGNIFICANT ACCOU_2

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024.
Fiscal Period	Fiscal Period: The period end for Matson covered by this report is September 30, 2024. The period end for MatNav and its subsidiaries covered by this report is September 27, 2024.
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, 2023. ​
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; contingent acquisition related consideration; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income (loss) 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) 2024 2023 Prepaid fuel ​ $ 28.5 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 14.8 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.6 ​ ​ 8.2 ​ Prepaid leases ​ ​ 3.4 ​ ​ 4.1 ​ Income tax receivables, net ​ ​ 1.8 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ 2.4 ​ ​ 2.3 ​ Other ​ 10.9 ​ 7.3 ​ Total ​ $ 70.4 ​ $ 188.9 ​ ​ Income tax receivables at December 31, 2023 include a federal income tax refund related to the Company’s 2021 federal tax return of $118.6 million and other income tax receivables. On April 19, 2024, the Company received the federal income tax refund of
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) ​ 2024 2023 2024 2023 Ocean Transportation services ​ $ 787.9 ​ $ 654.3 ​ $ 2,027.9 ​ $ 1,799.6 Terminal and other related services ​ ​ 7.4 ​ ​ 10.8 ​ ​ 27.1 ​ ​ 24.3 Fuel sales ​ ​ 3.3 ​ ​ 2.7 ​ ​ 9.3 ​ ​ 8.4 Vessel management and related services ​ ​ 0.1 ​ ​ 1.6 ​ ​ 3.3 ​ ​ 5.0 Total ​ $ 798.7 ​ $ 669.4 ​ $ 2,067.6 ​ $ 1,837.3 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenues 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) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Transportation Brokerage and Freight Forwarding services ​ $ 143.1 ​ $ 138.6 ​ $ 409.7 ​ $ 415.8 Warehousing and distribution services ​ ​ 10.6 ​ ​ 11.9 ​ ​ 30.0 ​ ​ 31.5 Supply Chain Management services ​ 9.6 ​ 7.6 ​ 24.2 ​ 21.1 Total ​ $ 163.3 ​ $ 158.1 ​ $ 463.9 ​ $ 468.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue and supply chain management 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 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.
Capitalized Interest	Capitalized Interest: The Company capitalizes interest costs during the period as the qualified assets are being readied for their intended use. The Company determined that the vessel construction costs are considered qualifying assets for the purposes of capitalizing interest on these assets. The amount of capitalized interest is calculated based on the amount of expenditures incurred related to the construction of these vessels using a weighted average interest rate. The weighted average interest rate is determined using the Company’s average borrowings outstanding during the period. Capitalized interest is included in vessel construction in progress in property and equipment in the Company’s Condensed Consolidated Balance Sheets (see Note 5). The Company capitalized
Dividends	Dividends: The Company’s third quarter 2024 cash dividend of 5, 2024. On
Repurchase of Shares	Repurchase of Shares: million, respectively. As of September 30, 2024, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately ​
New Accounting Pronouncements	New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2023-07 but does not expect it will have a material impact on the Company’s consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the effects of adopting ASU 2023-09 but does not expect it to have a material impact on the Company’s consolidated financial statements.

GENERAL AND SIGNIFICANT ACCOU_3

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of prepaid expenses and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Prepaid Expenses and Other Assets (in millions) 2024 2023 Prepaid fuel ​ $ 28.5 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 14.8 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.6 ​ ​ 8.2 ​ Prepaid leases ​ ​ 3.4 ​ ​ 4.1 ​ Income tax receivables, net ​ ​ 1.8 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ 2.4 ​ ​ 2.3 ​ Other ​ 10.9 ​ 7.3 ​ Total ​ $ 70.4 ​ $ 188.9 ​
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) ​ 2024 2023 2024 2023 Ocean Transportation services ​ $ 787.9 ​ $ 654.3 ​ $ 2,027.9 ​ $ 1,799.6 Terminal and other related services ​ ​ 7.4 ​ ​ 10.8 ​ ​ 27.1 ​ ​ 24.3 Fuel sales ​ ​ 3.3 ​ ​ 2.7 ​ ​ 9.3 ​ ​ 8.4 Vessel management and related services ​ ​ 0.1 ​ ​ 1.6 ​ ​ 3.3 ​ ​ 5.0 Total ​ $ 798.7 ​ $ 669.4 ​ $ 2,067.6 ​ $ 1,837.3 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenues 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) ​ 2024 ​ 2023 ​ 2024 ​ 2023 Transportation Brokerage and Freight Forwarding services ​ $ 143.1 ​ $ 138.6 ​ $ 409.7 ​ $ 415.8 Warehousing and distribution services ​ ​ 10.6 ​ ​ 11.9 ​ ​ 30.0 ​ ​ 31.5 Supply Chain Management services ​ 9.6 ​ 7.6 ​ 24.2 ​ 21.1 Total ​ $ 163.3 ​ $ 158.1 ​ $ 463.9 ​ $ 468.4 (1) Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue and supply chain management 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 services revenue, and related costs are recognized in proportion to the services performed. ​

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
REPORTABLE SEGMENTS
Schedule of reportable segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2024 2023 2024 2023 Operating Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (1) ​ $ 798.7 ​ $ 669.4 ​ $ 2,067.6 ​ $ 1,837.3 Logistics (2) ​ 163.3 ​ 158.1 ​ 463.9 ​ 468.4 Total Operating Revenue ​ $ 962.0 ​ $ 827.5 ​ $ 2,531.5 ​ $ 2,305.7 Operating Income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean Transportation (3) ​ $ 226.9 ​ $ 118.2 ​ $ 363.5 ​ $ 228.4 Logistics ​ 15.4 ​ 13.9 ​ 40.3 ​ 39.1 Total Operating Income ​ 242.3 ​ 132.1 ​ 403.8 ​ 267.5 Interest income ​ ​ 10.4 ​ ​ 9.3 ​ 38.0 ​ 26.2 Interest expense ​ (1.8) ​ (2.4) ​ (6.1) ​ (9.8) Other income (expense), net ​ 1.9 ​ 1.2 ​ 5.5 ​ 4.8 Income before Taxes ​ 252.8 ​ 140.2 ​ 441.2 ​ 288.7 Income taxes ​ (53.7) ​ (20.3) ​ (92.8) ​ (54.0) Net Income ​ $ 199.1 ​ $ 119.9 ​ $ 348.4 ​ $ 234.7 (1) Ocean Transportation operating revenue excludes inter-segment revenue of $ 26.7 million and $22.5 million for the three months ended September 30, 2024 and 2023, and $69.2 million and $57.6 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $46.1 million and $38.6 million for the three months ended September 30, 2024 and 2023, and $112.0 million and $98.0 million for the nine months ended September 30, 2024 and 2023, respectively. (3) Ocean Transportation segment information includes net income (loss) of $6.9 million and $1.3 million from the Company’s equity investment in SSAT for the three months ended September 30, 2024 and 2023, and $8.5 million and $(1.9) million for the nine months ended September 30, 2024 a n d 2023, respectively.

INVESTMENT IN SSAT (Tables)

INVESTMENT IN SSAT (Tables)	9 Months Ended
	Sep. 30, 2024
INVESTMENT IN SSAT
Schedule of condensed income statement information for SSAT	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, September 30, (In millions) ​ 2024 2023 2024 2023 Operating revenue ​ $ 320.8 ​ $ 268.4 ​ $ 865.0 ​ $ 742.1 ​ Operating costs and expenses ​ ​ (301.3) ​ ​ (269.4) ​ ​ (858.2) ​ ​ (754.2) ​ Operating profit (loss) ​ ​ 19.5 ​ ​ (1.0) ​ ​ 6.8 ​ ​ (12.1) ​ Net Profit (Loss) (1) ​ $ 21.6 ​ $ 1.5 ​ $ 19.9 ​ $ (7.4) ​ Company Share of SSAT’s Net Income (Loss) (2) ​ $ 6.9 ​ $ 1.3 ​ $ 8.5 ​ $ (1.9) ​ (1) Includes earnings and losses from equity method investment held by SSAT less earnings and losses allocated to non-controlling interests. (2) The Company records its share of net income (loss) from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2024
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2024 2023 Cost: ​ ​ ​ ​ ​ ​ Vessels ​ $ 2,398.2 ​ $ 2,323.4 Containers and equipment ​ ​ 880.4 ​ ​ 845.0 Terminal facilities and other property ​ ​ 149.2 ​ ​ 148.0 New vessel construction in progress ​ ​ 142.9 ​ ​ 103.1 Other construction in progress ​ ​ 87.5 ​ ​ 67.7 Total Property and Equipment ​ ​ 3,658.2 ​ ​ 3,487.2 Less: Accumulated Depreciation ​ ​ (1,467.6) ​ ​ (1,397.3) Total Property and Equipment, net ​ $ 2,190.6 ​ $ 2,089.9

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 ​ Customer Relationships: ​ ​ ​ ​ ​ ​ ​ Ocean Transportation ​ $ 140.6 ​ $ 140.6 ​ Logistics ​ ​ 107.9 ​ ​ 110.4 ​ Total ​ ​ 248.5 ​ ​ 251.0 ​ Less: Accumulated Amortization ​ ​ (111.8) ​ ​ (101.9) ​ Total Customer Relationships, net ​ ​ 136.7 ​ ​ 149.1 ​ Trade name – Logistics ​ ​ 27.3 ​ ​ 27.3 ​ Total Intangible Assets, net ​ $ 164.0 ​ $ 176.4 ​

CAPITAL CONSTRUCTION FUND (Tabl

CAPITAL CONSTRUCTION FUND (Tables)	9 Months Ended
	Sep. 30, 2024
CAPITAL CONSTRUCTION FUND
Schedule of capital construction fund	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, (In millions) 2024 2023 CCF Cash and Cash Equivalents: ​ ​ ​ ​ ​ ​ CCF cash balance at beginning of period ​ $ 596.7 ​ $ 518.2 Cash deposits into the CCF ​ ​ 50.0 ​ ​ 100.0 Cash paid for purchase of U.S. Treasury debt securities and accrued interest ​ ​ (449.8) ​ ​ — Interest income deposited into the CCF ​ ​ 15.4 ​ ​ 20.8 Qualifying withdrawal payments out of the CCF ​ ​ (35.8) ​ ​ (49.9) Total CCF cash balance at end of period ​ ​ 176.5 ​ ​ 589.1 Accrued interest earned on CCF Cash and Investments at end of period ​ ​ 2.2 ​ ​ 2.5 Total CCF cash and cash equivalents balance at end of period ​ ​ 178.7 ​ ​ 591.6 CCF Investments: ​ ​ ​ ​ ​ ​ CCF investments balance at beginning of period ​ ​ — ​ ​ — Purchase of U.S. Treasury debt securities ​ ​ 448.1 ​ ​ — Accretion of investments ​ ​ 8.6 ​ ​ — Total CCF investments balance at end of period ​ ​ 456.7 ​ ​ — Total CCF cash and cash equivalents, and investments balance at end of period ​ $ 635.4 ​ $ 591.6
Schedule of maturities of capital construction fund investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ September 30, 2024 Year (in millions) Cost ​ Fair Value Remainder of 2024 ​ $ 47.8 ​ $ 47.8 2025 ​ 189.8 ​ 190.5 2026 ​ 166.9 ​ 168.6 2027 ​ 52.2 ​ 53.0 Total CCF investments ​ $ 456.7 ​ $ 459.9
Schedule of CCF assigned accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, (In millions) 2024 2023 CCF assigned accounts receivable balance at beginning of period ​ $ 218.1 ​ $ 9.9 Assigned accounts receivable ​ ​ — ​ ​ 200.0 Interest earned on assigned accounts receivable ​ ​ 10.2 ​ ​ 3.3 CCF assigned accounts receivable balance at end of period ​ $ 228.3 ​ $ 213.2

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, (In millions) 2024 2023 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.37 %, payable through 2027 ​ $ 40.3 ​ $ 46.2 3.14 %, payable through 2031 ​ ​ 100.1 ​ ​ 114.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 1.22 %, payable through 2043 ​ ​ 154.3 ​ ​ 158.2 1.35 %, payable through 2044 ​ ​ 115.9 ​ ​ 121.8 Total Debt ​ 410.6 ​ 440.6 Less: Current portion ​ (39.7) ​ (39.7) Total Long-term Debt ​ ​ 370.9 ​ ​ 400.9 Less: Deferred loan fees ​ ​ (10.7) ​ (11.6) Total Long-term Debt, net of deferred loan fees ​ $ 360.2 ​ $ 389.3
Schedule of maturities of debt	​ ​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2024 Remainder of 2024 ​ $ 9.7 2025 ​ 39.7 2026 ​ 39.7 2027 ​ 39.7 2028 ​ 28.2 Thereafter ​ 253.6 Total Debt ​ $ 410.6 ​

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
LEASES
Components of Lease Cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, (In millions) 2024 ​ 2023 ​ 2024 ​ 2023 Operating lease cost ​ $ 36.2 ​ $ 34.7 ​ $ 108.4 ​ $ 114.8 Short-term lease cost ​ 2.5 ​ 3.8 ​ 9.9 ​ 5.5 Variable lease cost ​ 0.1 ​ 0.1 ​ 0.5 ​ 0.5 Total lease cost ​ $ 38.8 ​ $ 38.6 ​ $ 118.8 ​ $ 120.8
Summary of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ As of Year (in millions) September 30, 2024 Remainder of 2024 ​ $ 36.3 2025 ​ 98.7 2026 ​ 48.2 2027 ​ 31.2 2028 ​ 18.6 Thereafter ​ 65.0 Total lease payments ​ ​ 298.0 Less: Interest ​ ​ (40.9) Present value of operating lease liabilities ​ ​ 257.1 Less: Short-term portion ​ ​ (106.6) Long-term operating lease liabilities ​ $ 150.5 ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2023 ​ $ (20.3) ​ $ 11.0 ​ $ (0.2) ​ $ 1.3 ​ $ (8.2) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.1 ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.9) ​ ​ (0.9) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 ​ Balance at March 31, 2024 ​ ​ (20.2) ​ ​ 10.1 ​ ​ (0.2) ​ ​ 0.5 ​ ​ (9.8) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.1 ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ — ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​ ​ 0.3 ​ Balance at June 30, 2024 ​ ​ (20.1) ​ ​ 9.3 ​ ​ (0.2) ​ ​ 0.8 ​ ​ (10.2) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ — ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.0 ​ ​ 1.0 ​ Balance at September 30, 2024 ​ $ (20.1) ​ $ 8.5 ​ $ (0.2) ​ $ 1.8 ​ $ (10.0) ​ ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2023 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ Post- ​ Non- ​ ​ ​ Other ​ ​ ​ Pension ​ Retirement ​ Qualified ​ ​ ​ Comprehensive ​ (In millions) Benefits Benefits Plans Other Income (Loss) Balance at December 31, 2022 ​ $ (25.8) ​ $ 18.7 ​ $ 0.1 ​ $ 0.1 ​ $ (6.9) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.3 ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ (0.3) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ ​ 1.7 ​ Balance at March 31, 2023 ​ ​ (25.5) ​ ​ 17.6 ​ ​ 0.1 ​ ​ 1.5 ​ ​ (6.3) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.2 ​ ​ (0.4) ​ ​ — ​ ​ — ​ ​ (0.2) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.7) ​ ​ (0.7) ​ Balance at June 30, 2023 ​ ​ (25.3) ​ ​ 16.5 ​ ​ 0.1 ​ ​ 0.8 ​ ​ (7.9) ​ Amortization of prior service cost ​ ​ — ​ ​ (0.7) ​ ​ — ​ ​ — ​ ​ (0.7) ​ Amortization of net gain (loss) ​ ​ 0.2 ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.1) ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.6) ​ ​ (0.6) ​ Balance at September 30, 2023 ​ $ (25.1) ​ $ 15.5 ​ $ 0.1 ​ $ 0.2 ​ $ (9.3) ​ ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 ​ Fair Value Measurements at September 30, 2024 ​ Cash and cash equivalents ​ $ 270.3 ​ $ 270.3 ​ $ 270.3 ​ $ — ​ $ — ​ Restricted cash ​ $ 2.4 ​ $ 2.4 ​ $ 2.4 ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 178.7 ​ $ 178.7 ​ $ 178.7 ​ $ — ​ $ — ​ CCF - Investments ​ $ 456.7 ​ $ 459.9 ​ $ 459.9 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 410.6 ​ $ 340.1 ​ $ — ​ $ 340.1 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) December 31, 2023 ​ Fair Value Measurements at December 31, 2023 ​ Cash and cash equivalents ​ $ 134.0 ​ $ 134.0 $ 134.0 ​ $ — ​ $ — ​ Restricted cash ​ $ 2.3 ​ $ 2.3 ​ $ 2.3 ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 599.4 ​ $ 599.4 ​ $ 599.4 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 440.6 ​ $ 359.9 ​ $ — ​ $ 359.9 ​ $ — ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ Nine Months Ended September 30, 2024 ​ ​ ​ 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 ​ $ 199.1 33.3 ​ $ 5.98 ​ $ 348.4 33.9 ​ $ 10.28 Effect of Dilutive Securities ​ ​ ​ 0.5 ​ ​ (0.09) ​ ​ ​ 0.5 ​ ​ (0.15) Diluted ​ $ 199.1 ​ 33.8 ​ $ 5.89 ​ $ 348.4 ​ 34.4 ​ $ 10.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ 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 ​ $ 119.9 35.1 ​ $ 3.42 ​ $ 234.7 35.6 ​ $ 6.59 Effect of Dilutive Securities ​ ​ ​ 0.2 ​ ​ (0.02) ​ ​ ​ 0.2 ​ ​ (0.03) Diluted ​ $ 119.9 ​ 35.3 ​ $ 3.40 ​ $ 234.7 ​ 35.8 ​ $ 6.56 ​

PENSION AND POST-RETIREMENT P_2

PENSION AND POST-RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2024
PENSION AND POST-RETIREMENT PLANS
Components of net periodic benefit cost (credit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Three Months Ended September 30, ​ Three Months Ended September 30, (In millions) 2024 2023 2024 2023 Components of net periodic benefit cost (credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 1.1 ​ $ 0.3 ​ $ — ​ $ 0.1 Interest cost ​ 2.4 ​ 2.5 ​ 0.3 ​ 0.3 Expected return on plan assets ​ (3.8) ​ (3.0) ​ — ​ — Amortization of net loss (gain) ​ 0.1 ​ 0.2 ​ (0.2) ​ (0.5) Amortization of prior service credit ​ — ​ — ​ (1.0) ​ (1.0) Net periodic benefit cost (credit) ​ $ (0.2) ​ $ (0.0) ​ $ (0.9) ​ $ (1.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ Nine Months Ended September 30, ​ Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Components of net periodic benefit cost (credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 2.8 ​ $ 2.3 ​ $ 0.2 ​ $ 0.2 Interest cost ​ 7.3 ​ 7.5 ​ 0.8 ​ 0.7 Expected return on plan assets ​ (11.4) ​ (10.4) ​ — ​ — Amortization of net loss (gain) ​ 0.3 ​ 0.9 ​ (0.6) ​ (1.5) Amortization of prior service credit ​ — ​ — ​ (2.8) ​ (2.8) Net periodic benefit cost (credit) ​ $ (1.0) ​ $ 0.3 ​ $ (2.4) ​ $ (3.4) ​

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	9 Months Ended
	Sep. 30, 2024 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 - PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Millions	Apr. 19, 2024	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Assets:
Prepaid fuel		$ 28.5	$ 22.5
Prepaid insurance and insurance related receivables		14.8	19.3
Prepaid operating expenses		8.6	8.2
Prepaid leases		3.4	4.1
Income tax receivables, net		1.8	125.2
Restricted cash - vessel construction obligations		2.4	2.3
Other		10.9	7.3
Total		$ 70.4	188.9
Other Long-term Assets
Income taxes receivable			$ 118.6
Income tax refund	$ 118.6
Interest on income tax refund	$ 10.2

GENERAL AND SIGNIFICANT ACCOU_5

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total	$ 962	$ 827.5	$ 2,531.5	$ 2,305.7
Ocean Transportation
Ocean Transportation services	787.9	654.3	2,027.9	1,799.6
Terminal and other related services	7.4	10.8	27.1	24.3
Fuel sales	3.3	2.7	9.3	8.4
Vessel management and related services	0.1	1.6	3.3	5
Total	$ 798.7	$ 669.4	$ 2,067.6	$ 1,837.3
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency	3%	3%	3%	3%
Logistics
Transportation Brokerage and Freight Forwarding services	$ 143.1	$ 138.6	$ 409.7	$ 415.8
Warehousing and distribution services	10.6	11.9	30	31.5
Supply Chain Management services	9.6	7.6	24.2	21.1
Total	$ 163.3	$ 158.1	$ 463.9	$ 468.4
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency	3%	3%	3%	3%

GENERAL AND SIGNIFICANT ACCOU_6

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES- CAPITALIZED INTEREST (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Vessels
Capitalized Interest
Interest Costs Capitalized	$ 1.2	$ 0.8	$ 3	$ 1.7

GENERAL AND SIGNIFICANT ACCOU_7

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND OTHERS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Per Common Share Amount
Dividends (in dollars per share)	$ 0.34	$ 0.32			$ 0.31
Dividends declared per share (in dollars per share)		$ 0.34	$ 0.32		$ 0.32	$ 0.31
Shares repurchased (in shares)	0.4						1.4
Shares repurchased	$ 48.1	$ 72.2	$ 48.9	$ 25.8	$ 42.4	$ 42.1	$ 169.2
Maximum number of shares remaining to be repurchased	1						1
Dividend
Per Common Share Amount
Dividends declared date								Oct. 24, 2024
Dividends declared per share (in dollars per share)								$ 0.34
Dividends Paid date								Dec. 05, 2024
Dividends record date								Nov. 07, 2024

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment results
Number of segments | segment							2
Total Operating Revenue	$ 962			$ 827.5			$ 2,531.5	$ 2,305.7
Total Operating Income	242.3			132.1			403.8	267.5
Interest income	10.4			9.3			38	26.2
Interest expense	(1.8)			(2.4)			(6.1)	(9.8)
Other income (expense), net	1.9			1.2			5.5	4.8
Income before Taxes	252.8			140.2			441.2	288.7
Income taxes	(53.7)			(20.3)			(92.8)	(54)
Net Income	199.1	$ 113.2	$ 36.1	119.9	$ 80.8	$ 34	348.4	234.7
Deferred dry-docking amortization							21	18.6
Total Assets	4,442.2						4,442.2		$ 4,294.6
Income (Loss) from SSAT	6.9			1.3			8.5	(1.9)
SSAT
Segment results
Income (Loss) from SSAT	6.9			1.3			8.5	(1.9)
Intersegment Eliminations
Segment results
Total Operating Revenue	72.8			61.1			181.2	155.6
Ocean Transportation
Segment results
Income (Loss) from SSAT	6.9			1.3			8.5	(1.9)
Ocean Transportation | Operating segments
Segment results
Total Operating Revenue	798.7			669.4			2,067.6	1,837.3
Total Operating Income	226.9			118.2			363.5	228.4
Ocean Transportation | Intersegment Eliminations
Segment results
Total Operating Revenue	26.7			22.5			69.2	57.6
Logistics | Operating segments
Segment results
Total Operating Revenue	163.3			158.1			463.9	468.4
Total Operating Income	15.4			13.9			40.3	39.1
Logistics | Intersegment Eliminations
Segment results
Total Operating Revenue	$ 46.1			$ 38.6			$ 112	$ 98

INVESTMENT IN SSAT (Details)

INVESTMENT IN SSAT (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Mar. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments in affiliates
Investment in SSAT		$ 93.3		$ 93.3		$ 85.5
Financial information for equity method investment
Company Share of SSAT's Net Income (Loss)		6.9	$ 1.3	8.5	$ (1.9)
SSAT ST
Investments in affiliates
Ownership percentage, noncontrolling owner	50%
SSAT
Investments in affiliates
Investment in SSAT		93.3		93.3		$ 85.5
Increase in equity method investment in SSAT	$ 13.2
Equity Method Investments, Increase (decrease) in deferred income taxes expense (benefit),	3.1
Equity method investments, increase (decrease) in retained earnings	$ 10.1
Financial information for equity method investment
Operating revenue		320.8	268.4	865	742.1
Operating costs and expenses		(301.3)	(269.4)	(858.2)	(754.2)
Operating loss		19.5	(1)	6.8	(12.1)
Net Profit (Loss)		21.6	1.5	19.9	(7.4)
SSAT
Financial information for equity method investment
Company Share of SSAT's Net Income (Loss)		$ 6.9	$ 1.3	$ 8.5	$ (1.9)
SSAT | SSAT ST
Investments in affiliates
Percentage of interests sold in SSAT ST	25%
SSAT's ownership interest in SSAT ST (as a percent)	50%

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) $ in Millions	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Property and equipment
Property and Equipment	$ 3,658.2	$ 3,487.2
Less: Accumulated Depreciation	(1,467.6)	(1,397.3)
Total Property and Equipment, net	$ 2,190.6	2,089.9
Number of vessels under agreements for construction | item	3
Vessels
Property and equipment
Property and Equipment	$ 2,398.2	2,323.4
Containers and equipment
Property and equipment
Property and Equipment	880.4	845
Terminal facilities and other property
Property and equipment
Property and Equipment	149.2	148
New vessel construction in progress
Property and equipment
Property and Equipment	$ 142.9	$ 103.1
Number of vessels under agreements for construction | item	3	3
Other construction in progress
Property and equipment
Property and Equipment	$ 87.5	$ 67.7

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS - GOODWILL (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Total Goodwill	$ 327.8	$ 327.8
Ocean Transportation
Goodwill [Line Items]
Total Goodwill	222.6
Logistics
Goodwill [Line Items]
Total Goodwill	$ 105.2

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Feb. 27, 2023	Sep. 30, 2024	Dec. 31, 2023
Intangible assets
Total Intangible Assets, net		$ 164	$ 176.4
Trade name - Logistics
Intangible assets
Indefinite-Lived intangible asset		27.3	27.3
Customer Relationships
Intangible assets
Expected useful life	7 years
Finite-Lived intangible assets acquired	$ 16.5
Total		248.5	251
Less: Accumulated Amortization		(111.8)	(101.9)
Total Customer Relationships, net		136.7	149.1
Ocean Transportation | Customer Relationships
Intangible assets
Total		140.6	140.6
Logistics | Customer Relationships
Intangible assets
Total		$ 107.9	$ 110.4

CAPITAL CONSTRUCTION FUND - Sum

CAPITAL CONSTRUCTION FUND - Summary of the activities of the CCF cash and cash equivalents, and investments account (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
CCF Cash and Cash Equivalents:
CCF cash balance at beginning of period		$ 596.7	$ 518.2
Cash deposits into the CCF		50	100
Cash paid for purchase of U.S. Treasury debt securities and accrued interest		(449.8)
Interest income deposited into the CCF		15.4	20.8
Qualifying withdrawal payments out of the CCF		(35.8)	(49.9)
Total CCF cash balance at end of period		176.5	589.1
Accrued interest earned on CCF Cash and Investments at end of period		2.2	2.5
Total CCF cash and cash equivalents balance at end of period		178.7	591.6	$ 599.4
CCF Investments:
Purchase of U.S. Treasury debt securities	$ 448.1	448.1
Accretion of investments		8.6
Total CCF investments balance at end of period		456.7
Accrued interest earned on Cash and Cash Equivalents at end of period:		2.2		2.7
Total CCF cash and cash equivalents, and investments balance at end of period		$ 635.4	$ 591.6	$ 599.4
Weighted average life of securities held within the fund		68 days
Capital construction fund, accrued interest on investments	$ 1.7
Debt security investments maturity term	3 years

CAPITAL CONSTRUCTION FUND - Inv

CAPITAL CONSTRUCTION FUND - Investment maturity (Details) $ in Millions	Sep. 30, 2024 USD ($) item
CAPITAL CONSTRUCTION FUND
Remainder of 2024	$ 47.8
2025	189.8
2026	166.9
2027	52.2
Total CCF investments	456.7
Remainder of 2024	47.8
2025	190.5
2026	168.6
2027	53
Total CCF investments	$ 459.9
Number of vessels under agreements for construction | item	3

CAPITAL CONSTRUCTION FUND - S_2

CAPITAL CONSTRUCTION FUND - Summary of the activities within the CCF Assigned Accounts Receivable account (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CAPITAL CONSTRUCTION FUND
CCF assigned accounts receivable balance at beginning of period	$ 218.1	$ 9.9
Assigned accounts receivable		200
Interest earned on assigned accounts receivable	10.2	3.3
CCF assigned accounts receivable balance at end of period	$ 228.3	$ 213.2

CAPITAL CONSTRUCTION FUND (Deta

CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, net	$ 311.1	$ 279.4
Eligible Accounts Receivable Assigned to CCF
Accounts receivable, net	$ 228.3	$ 218.1

DEBT - SUMMARY (Details)

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt
Total debt	$ 410.6	$ 440.6
Less: Current portion	(39.7)	(39.7)
Total Long-term Debt	370.9	400.9
Less: Deferred loan fees	(10.7)	(11.6)
Total Long-term Debt, net of deferred loan fees	360.2	389.3
3.37 %, payable through 2027
Debt
Total debt	$ 40.3	46.2
Interest rate (as a percent)	3.37%
3.14%, payable through 2031
Debt
Total debt	$ 100.1	114.4
Interest rate (as a percent)	3.14%
1.22 %, payable through 2043
Debt
Total debt	$ 154.3	158.2
Interest rate (as a percent)	1.22%
1.35 %, payable through 2044
Debt
Total debt	$ 115.9	$ 121.8
Interest rate (as a percent)	1.35%

DEBT - REVOLVING CREDIT FACILIT

DEBT - REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Standby commercial letters of credit
Debt
Used portion of revolving credit facility	$ 5.8
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility	650
Funds available under the revolving credit facility	644.2
Used portion of revolving credit facility	$ 0	$ 0

DEBT - MATURITIES (Details)

DEBT - MATURITIES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt maturities
Remainder of 2024	$ 9.7
2025	39.7
2026	39.7
2027	39.7
2028	28.2
Thereafter	253.6
Total Debt	$ 410.6	$ 440.6

LEASES - COMPONENTS OF LEASE CO

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of Lease Cost
Operating lease cost	$ 36.2	$ 34.7	$ 108.4	$ 114.8
Short-term lease cost	2.5	3.8	9.9	5.5
Variable lease cost	0.1	0.1	0.5	0.5
Total lease cost	$ 38.8	$ 38.6	$ 118.8	$ 120.8

LEASES - MATURITIES OF OPERATIN

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Maturities of operating lease liabilities
Remainder of 2024	$ 36.3
2025	98.7
2026	48.2
2027	31.2
2028	18.6
Thereafter	65
Total lease payments	298
Less: Interest	(40.9)
Present value of operating lease liabilities	257.1
Less: Short-term portion	(106.6)	$ (136.7)
Long-term operating lease liabilities	$ 150.5	$ 159.3

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 2,398.5	$ 2,373.8	$ 2,400.7	$ 2,290	$ 2,270.3	$ 2,296.9	$ 2,400.7	$ 2,296.9
Other adjustments	1			(0.6)			0.5	0.1
Balance at the end of the period	2,556.7	2,398.5	2,373.8	2,390.3	2,290	2,270.3	2,556.7	2,390.3
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(20.1)	(20.2)	(20.3)	(25.3)	(25.5)	(25.8)	(20.3)	(25.8)
Amortization of net gain (loss)		0.1	0.1	0.2	0.2	0.3
Balance at the end of the period	(20.1)	(20.1)	(20.2)	(25.1)	(25.3)	(25.5)	(20.1)	(25.1)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	9.3	10.1	11	16.5	17.6	18.7	11	18.7
Amortization of prior service cost	(0.7)	(0.7)	(0.7)	(0.7)	(0.7)	(0.7)
Amortization of net gain (loss)	(0.1)	(0.1)	(0.2)	(0.3)	(0.4)	(0.4)
Balance at the end of the period	8.5	9.3	10.1	15.5	16.5	17.6	8.5	15.5
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.2)	(0.2)	(0.2)	0.1	0.1	0.1	(0.2)	0.1
Balance at the end of the period	(0.2)	(0.2)	(0.2)	0.1	0.1	0.1	(0.2)	0.1
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	0.8	0.5	1.3	0.8	1.5	0.1	1.3	0.1
Foreign currency exchange	1	0.3	(0.9)	(0.6)	(0.7)	(0.3)
Other adjustments			0.1			1.7
Balance at the end of the period	1.8	0.8	0.5	0.2	0.8	1.5	1.8	0.2
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(10.2)	(9.8)	(8.2)	(7.9)	(6.3)	(6.9)	(8.2)	(6.9)
Amortization of prior service cost	(0.7)	(0.7)	(0.7)	(0.7)	(0.7)	(0.7)
Amortization of net gain (loss)	(0.1)		(0.1)	(0.1)	(0.2)	(0.1)
Foreign currency exchange	1	0.3	(0.9)	(0.6)	(0.7)	(0.3)
Other adjustments			0.1			1.7
Balance at the end of the period	$ (10)	$ (10.2)	$ (9.8)	$ (9.3)	$ (7.9)	$ (6.3)	$ (10)	$ (9.3)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair value of financial instruments
Restricted Cash	$ 2.4		$ 3.9
Carrying value
Fair value of financial instruments
Cash and cash equivalents	270.3	$ 134
Restricted Cash	2.4	2.3
CCF - Cash and cash equivalent	178.7	599.4
CCF - Investments	456.7
Fixed rate debt	410.6	440.6
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	270.3	134
Restricted Cash	2.4	2.3
CCF - Cash and cash equivalent	178.7	599.4
CCF - Investments	459.9
Fixed rate debt	340.1	359.9
Fair Value Measurement | Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	270.3	134
Restricted Cash	2.4	2.3
CCF - Cash and cash equivalent	178.7	599.4
CCF - Investments	459.9
Fair Value Measurement | Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt	$ 340.1	$ 359.9

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income
Net Income, Basic	$ 199.1	$ 119.9	$ 348.4	$ 234.7
Net Income, Diluted	$ 199.1	$ 119.9	$ 348.4	$ 234.7
Weighted Average Common Shares
Basic (in shares)	33.3	35.1	33.9	35.6
Effect of Dilutive Securities (in shares)	0.5	0.2	0.5	0.2
Diluted (in shares)	33.8	35.3	34.4	35.8
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 5.98	$ 3.42	$ 10.28	$ 6.59
Effect of dilutive securities (in dollars per shares)	(0.09)	(0.02)	(0.15)	(0.03)
Net income, Diluted (in dollars per share)	$ 5.89	$ 3.40	$ 10.13	$ 6.56

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SHARE-BASED AWARDS
Shares granted	500		152,600
Weighted average grant date fair value (in dollars per share)	$ 129.25		$ 122.17
Total unrecognized compensation cost	$ 28.1		$ 28.1
Unrecognized compensation cost over weighted average period to be recognized			1 year 8 months 12 days
Selling, general and administrative expenses
SHARE-BASED AWARDS
Total stock-based compensation cost	$ 7.1	$ 7.8	$ 19.1	$ 17.6

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 1.1	$ 0.3	$ 2.8	$ 2.3
Interest cost	2.4	2.5	7.3	7.5
Expected return on plan assets	(3.8)	(3)	(11.4)	(10.4)
Amortization of net loss (gain)	0.1	0.2	0.3	0.9
Net periodic benefit cost (credit)	(0.2)	0	(1)	0.3
Post-retirement benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost		0.1	0.2	0.2
Interest cost	0.3	0.3	0.8	0.7
Amortization of net loss (gain)	(0.2)	(0.5)	(0.6)	(1.5)
Amortization of prior service credit	(1)	(1)	(2.8)	(2.8)
Net periodic benefit cost (credit)	$ (0.9)	$ (1.1)	$ (2.4)	$ (3.4)