Matson (MATX) 10-K 28 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,863,714
Entity Public Float			$ 4,307,855,048
Entity Central Index Key	0000003453
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Location	Honolulu, Hawaii
Auditor Firm ID	34

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Revenue:
Total Operating Revenue	$ 3,421.8	$ 3,094.6	$ 4,343
Costs and Expenses:
Operating costs	(2,565.9)	(2,470.7)	(2,811.5)
(Loss) Income from SSAT	(1)	2.2	83.1
General and administrative	(303.6)	(283.3)	(261)
Total Costs and Expenses	(2,870.5)	(2,751.8)	(2,989.4)
Operating Income	551.3	342.8	1,353.6
Interest income	48.3	36	8.2
Interest expense	(7.5)	(12.2)	(18)
Other income (expense), net	7.3	6.4	8.5
Income before Taxes	599.4	373	1,352.3
Income taxes	(123)	(75.9)	(288.4)
Net Income	476.4	297.1	1,063.9
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income (Loss)	476.4	297.1	1,063.9
Other Comprehensive Income (Loss):
Net change in pension and post-retirement liabilities	3.2	(2.5)	23.8
Other adjustments	(1.5)	1.2	0.2
Total Other Comprehensive Income (Loss), Net of Income Taxes	1.7	(1.3)	24
Comprehensive Income	$ 478.1	$ 295.8	$ 1,087.9
Basic Earnings Per Share (in dollars per share)	$ 14.14	$ 8.42	$ 27.28
Diluted Earnings Per Share (in dollars per share)	$ 13.93	$ 8.32	$ 27.07
Weighted Average Number of Shares Outstanding:
Basic (in shares)	33.7	35.3	39
Diluted (in shares)	34.2	35.7	39.3
Ocean Transportation
Operating Revenue:
Total Operating Revenue	$ 2,809.7	$ 2,477	$ 3,544.6
Logistics
Operating Revenue:
Total Operating Revenue	$ 612.1	$ 617.6	$ 798.4

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 266.8	$ 134
Accounts receivable, net of allowance for credit losses of $9.8 million and $9.9 million, respectively	268.9	279.4
Prepaid expenses and other assets	73.9	188.9
Total current assets	609.6	602.3
Long-term Assets:
Investment in SSAT	84.1	85.5
Property and equipment, net	2,260.9	2,089.9
Operating lease right of use assets	357.7	289.6
Goodwill	327.8	327.8
Intangible assets, net	159.4	176.4
Capital Construction Fund	642.6	599.4
Deferred dry-docking costs, net	73.7	57.3
Other long-term assets	79.6	66.4
Total long-term assets	3,985.8	3,692.3
Total Assets	4,595.4	4,294.6
Current Liabilities:
Current portion of debt	39.7	39.7
Accounts payable and accruals	268.5	277.9
Operating lease liabilities	129	136.7
Other liabilities	123.2	108
Total current liabilities	560.4	562.3
Long-term Liabilities:
Long-term debt, net of deferred loan fees	350.8	389.3
Long-term operating lease liabilities	229.5	159.3
Deferred income taxes	693.4	669.3
Other long-term liabilities	109.3	113.7
Total long-term liabilities	1,383	1,331.6
Commitments and Contingencies (see Note 17)
Shareholders' Equity:
Common stock - common stock without par value; authorized, 150 million shares ($0.75 stated value per share): outstanding, 33.0 million shares in 2024 and 34.4 million shares in 2023	24.7	25.8
Additional paid in capital	296.7	293.4
Accumulated other comprehensive loss, net	(6.5)	(8.2)
Retained earnings	2,337.1	2,089.7
Total shareholders' equity	2,652	2,400.7
Total Liabilities and Shareholders' Equity	$ 4,595.4	$ 4,294.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for credit loss	$ 9.8	$ 9.9
Common stock, shares authorized	150	150
Common stock, stated value (in dollars per share)	$ 0.75	$ 0.75
Common stock, shares outstanding	33	34.4

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net income	$ 476.4	$ 297.1	$ 1,063.9
Reconciling adjustments:
Depreciation and amortization	153.1	142.2	139.2
Amortization of operating lease right of use assets	133.7	142	153
Deferred income taxes	20.9	19.6	90.2
(Gain) Loss on disposal of property and equipment	(2.3)	0.6	(1.5)
Share-based compensation expense	26.5	23.8	18.3
Loss (Income) from SSAT	1	(2.2)	(83.1)
Distributions from SSAT	14		47.3
Other	(10.3)	(0.5)	2.1
Changes in assets and liabilities:
Accounts receivable, net	9.8	(10.9)	74.6
Deferred dry-docking payments	(30.2)	(24.1)	(25.7)
Deferred dry-docking amortization	27.2	25.3	24.9
Prepaid expenses and other assets	94.8	33.5	(45.2)
Accounts payable, accruals and other liabilities	(5.6)	10.9	(31.7)
Operating lease assets and liabilities, net	(139.5)	(144.8)	(154.1)
Other long-term liabilities	(1.7)	(2)	(0.3)
Net cash provided by operating activities	767.8	510.5	1,271.9
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(95.6)	(52.9)	(62.4)
Capital expenditures (excluding vessel construction expenditures)	(214.5)	(195.5)	(146.9)
Proceeds from disposal of property and equipment, net	5.9	1.2	1.2
Payments for asset acquisitions	(0.8)	(12.4)	(3)
Cash and interest deposits into Capital Construction Fund	(120.7)	(128.5)	(582.8)
Withdrawals from Capital Construction Fund	89.6	49.9	64.6
Net cash used in investing activities	(336.1)	(338.2)	(729.3)
Cash Flows From Financing Activities:
Repayments of debt	(39.7)	(76.9)	(111.5)
Dividends paid	(44.8)	(45)	(48)
Repurchase of Matson common stock	(199.1)	(155.2)	(397)
Tax withholding related to net share settlements of restricted stock units	(17.6)	(12.6)	(20.1)
Net cash used in financing activities	(301.2)	(289.7)	(576.6)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	130.5	(117.4)	(34)
Cash, Cash Equivalents and Restricted Cash, Beginning of the Year	136.3	253.7	287.7
Cash, Cash Equivalents and Restricted Cash, End of the Year	266.8	136.3	253.7
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, at End of the Year:
Cash and Cash Equivalents	266.8	134	249.8
Restricted Cash		2.3	3.9
Total Cash, Cash Equivalents and Restricted Cash, End of the Year	266.8	136.3	253.7
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	5.9	11.1	16.2
Income tax paid, net of income tax refunds	(26.5)	7.5	215.2
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 7.9	10.8	5.5
Non-cash payments for intangible asset acquisitions		$ 2.7	$ 2.2

CONSOLIDATED STATEMENTS OF SHAR

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, 2021	$ 30.7	$ 314.1	$ (30.9)	$ 1,353.5	$ 1,667.4
Balance (in shares) at Dec. 31, 2021	41
Increase (Decrease) in Shareholders' Equity
Net income				1,063.9	1,063.9
Other comprehensive income (loss), net of tax			24		24
Share-based compensation		18.3			18.3
Shares issued, net of shares withheld for employee taxes	$ 0.2	(20.3)			(20.1)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Share repurchase	$ (3.7)	(21.7)		(371.6)	(397)
Share repurchase (in shares)	(5)
Equity interest in SSAT (see Note 4)				(11.6)	(11.6)
Dividends				(48)	(48)
Balance at the end 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				297.1	297.1
Other comprehensive income (loss), net of tax			(1.3)		(1.3)
Share-based compensation		23.8			23.8
Shares issued, net of shares withheld for employee taxes	$ 0.2	(12.7)		(0.1)	(12.6)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Share repurchase	$ (1.6)	(8.1)		(148.5)	(158.2)
Share repurchase (in shares)	(2.1)
Dividends				(45)	(45)
Balance at the end 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				34.4
Increase (Decrease) in Shareholders' Equity
Net income				476.4	$ 476.4
Other comprehensive income (loss), net of tax			1.7		1.7
Share-based compensation		26.5			26.5
Shares issued, net of shares withheld for employee taxes	$ 0.1	(17.7)			(17.6)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Share repurchase	$ (1.2)	(5.5)		(194.3)	(201)
Share repurchase (in shares)	(1.6)
Equity interest in SSAT (see Note 4)				10.1	10.1
Dividends				(44.8)	(44.8)
Balance at the end of the period at Dec. 31, 2024	$ 24.7	$ 296.7	$ (6.5)	$ 2,337.1	$ 2,652
Balance (in shares) at Dec. 31, 2024	33				33

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividends (in dollars per share)	$ 1.32	$ 1.26	$ 1.22

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	12 Months Ended
	Dec. 31, 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 segments, Ocean Transportation and Logistics. For financial information on the Company’s reportable segments for the three years ended December 31, 2024 (see Note 3). ​ 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 in Alaska. ​ Matson has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. 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 Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT’s operations (see Note 4). ​ 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). ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES ​ Principles of Consolidation: The Consolidated Financial Statements 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 (see Note 4). ​ Fiscal Year: The year end for Matson is December 31. The period end for MatNav occurred on the last Friday in December, except for certain Company subsidiaries whose period closed on December 31. Included in these Consolidated Financial Statements are ​ Foreign Currency Transactions: The United States (U.S.) dollar is the functional currency for substantially all of the financial statements of the Company’s foreign subsidiaries. Foreign currency denominated assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of accumulated other comprehensive loss (gain) within shareholders’ equity. The Company translates the result of operations of its foreign subsidiaries at the average exchange rate during the respective periods. Gains and losses resulting from foreign currency transactions are included in Costs and Expenses in the Consolidated Statements of Income and Comprehensive Income. ​ Use of Estimates: The preparation of the 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 including estimates for impairment charges; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions. ​ Cash, Cash Equivalents and Restricted Cash: Cash equivalents consist of highly-liquid investments with original maturities of three months or less. The Company carries these investments at cost, which approximates fair value. Restricted cash relates to amounts that are subject to contractual restrictions and are not readily available. Restricted cash was 31, 2023 and was included in prepaid expenses and other assets in the Consolidated Balance Sheets. The Company did not have any restricted cash at December 31, 2024. ​ Accounts Receivable, net: Accounts receivable represent amounts due from trade customers arising in the normal course of business. Accounts receivable are shown net of allowance for doubtful accounts receivable in the Consolidated Balance Sheets. Allowance for doubtful accounts receivable is established by management based on estimates of collectability. Estimates of collectability are principally based on an evaluation of the current financial condition of the customer and the potential risks to collection, the customer’s payment history, expected future credit losses and other factors which are regularly monitored by the Company. ​ Changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2024, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Write-offs Balance at Year (in millions) Beginning of Year Expense (1) and Other End of Year 2024 ​ $ 9.9 ​ $ 0.8 ​ $ (0.9) ​ $ 9.8 2023 ​ $ 13.0 ​ $ (2.1) ​ $ (1.0) ​ $ 9.9 2022 ​ $ 10.1 ​ $ 3.2 ​ $ (0.3) ​ $ 13.0 (1) Expense is shown net of amounts recovered from previously reserved doubtful accounts receivable. ​ Prepaid Expenses and Other Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Prepaid Expenses and Other Assets (in millions) 2024 2023 Prepaid fuel ​ $ 31.2 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 19.1 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.8 ​ ​ 8.2 ​ Income tax receivables, net ​ ​ 2.0 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ — ​ ​ 2.3 ​ Other ​ 12.8 ​ 11.4 ​ Total ​ $ 73.9 ​ $ 188.9 ​ ​ Income tax receivables for the year ended December 31, 2023 included a 2021 federal tax return refund of $118.6 million. On April 19, 2024, the Company received the federal income tax refund of ​ Deferred Loan Fees: The Company records deferred loan fees, excluding those related to the revolving credit facility, as a reduction to Total Debt in the Company’s Consolidated Balance Sheets. These costs are being amortized over the life of the related debt using the effective interest method (see Note 8). ​ Deferred loan fees related to the Company’s revolving credit facility are recorded in other long-term assets in the Company’s Consolidated Balance Sheets and are amortized using the straight-line method, as the difference between that method and the use of the effective interest method is not material. ​ Other Long-Term Assets: Other long-term assets consist of the following at December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Assets (in millions) 2024 2023 Pension plan assets ​ $ 49.0 ​ $ 34.8 ​ Vessel and equipment spare parts ​ ​ 15.9 ​ ​ 14.2 ​ Insurance related receivables ​ ​ 9.8 ​ ​ 10.2 ​ Other ​ ​ 4.9 ​ ​ 7.2 ​ Total ​ $ 79.6 ​ $ 66.4 ​ ​ Property and Equipment: Property and equipment is stated at cost. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range up to the following maximum lives: ​ ​ ​ ​ Classification Life Vessels 40 years Terminal cranes 30 years Containers and chassis ​ 15 years Terminal equipment and other property 35 years ​ Capitalized Interest: The Company capitalizes interest costs during the period the qualified assets are being readied for their intended use. The Company determined that 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 payments 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 Consolidated Balance Sheets (see Note 5). During the years ended December 31, 2024, 2023 and 2022, the Company capitalized ​ Leases: Accounting Standards Codification (“ASC”) 842, Leases requires lessees to record leases on their balance sheets but recognize the expenses in their income statements. ASC 842 states that a lessee would recognize a lease liability for the obligation to make lease payments, and a right-of-use asset for the underlying leased asset for the period of the lease term. Refer to Note 9 for additional information on the Company’s lease related disclosures. ​ Deferred Dry-docking Costs: U.S. flagged vessels must meet specified seaworthiness standards established by U.S. Coast Guard rules and classification society rules. These standards require U.S. flagged vessels to undergo between them. However, U.S. flagged vessels that are enrolled in the U.S. Coast Guard’s Underwater Survey in lieu of Dry-docking (“UWILD”) program are allowed to have their Intermediate Survey dry-docking requirement met with a less costly underwater inspection. Non-U.S. flagged vessels are required to meet applicable classification society rules and their own local standards for seaworthiness, which also mandate vessels to undergo . ​ The Company is responsible for maintaining its vessels in compliance with U.S. and international standards. As costs associated with dry-docking inspections provide future economic benefits to the Company through continued operation of the vessels, the costs are deferred and amortized until the scheduled date of the next required dry-docking, which is usually over a two period. Amortization of deferred dry-docking costs are charged to operating expenses of the Ocean Transportation segment in the Consolidated Statements of Income and Comprehensive Income. Routine vessel maintenance and repairs are charged to expense as incurred. ​ Goodwill and Intangible Assets: Goodwill and intangible assets arise as a result of acquisitions made by the Company (see Note 6). Intangible assets consist of customer relationships which are being amortized using the straight-line method over the expected useful lives ranging up to ​ Impairment Evaluation of Long-Lived Assets, Intangible Assets and Goodwill : The Company evaluates its long-lived assets, intangible assets and goodwill 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. ​ Long-lived assets and finite-lived intangible assets are grouped at the lowest level reporting unit for which identifiable cash flows are available. In evaluating for impairment, the estimated future undiscounted cash flows generated by each of these asset groups are compared with the carrying value recorded for each asset group to determine if its carrying value is recoverable. If this review determines that the amount recorded will not be recovered, the amount recorded for the asset group is reduced to its estimated fair value. ​ Indefinite-life intangible assets and goodwill are grouped at the lowest level reporting unit for which identifiable cash flows are available. In estimating the fair value of a reporting unit, the Company uses a combination of a discounted cash flow model and fair value based on market multiples of earnings before interest, taxes, depreciation and amortization. Based upon the Company’s evaluation of its indefinite-life intangible assets and goodwill for impairment, the Company determined that the fair value of each reporting unit exceeds book value. ​ Impairment Evaluation of SSAT: The Company’s investment in SSAT, a related party, is evaluated for impairment whenever there is evidence of impairment during the reporting period. If any impairment is identified, the Company evaluates if the decrease in the fair value of the investment below its carrying value is other-than-temporary. The Company did ​ Other Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Liabilities (in millions) 2024 2023 Employee incentives and other benefits ​ $ 36.6 ​ $ 33.9 ​ Payroll and vacation ​ ​ 36.1 ​ ​ 38.3 ​ Insurance reserves and other related liabilities - short term ​ ​ 27.2 ​ ​ 17.5 ​ Income tax and other tax related liabilities ​ ​ 8.6 ​ ​ 1.6 ​ Deferred revenues ​ ​ 5.5 ​ ​ 6.4 ​ Multi-employer withdrawal liabilities - short term ​ ​ 4.1 ​ ​ 4.1 ​ Other short-term liabilities ​ ​ 5.1 ​ ​ 6.2 ​ Total ​ $ 123.2 $ 108.0 ​ ​ Other Long-Term Liabilities: Other long-term liabilities consist of the following at December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Liabilities (in millions) 2024 2023 Multi-employer withdrawal liability ​ $ 44.2 ​ $ 46.5 ​ Insurance reserves and other related liabilities ​ ​ 25.6 ​ ​ 23.8 ​ Pension and post-retirement liabilities ​ ​ 21.3 ​ ​ 21.8 ​ Long-term tax liabilities ​ 9.1 ​ 8.9 ​ Other long-term liabilities ​ 9.1 ​ 12.7 ​ Total ​ $ 109.3 ​ $ 113.7 ​ ​ Pension and Post-Retirement Plans: The Company is a member of the Pacific Maritime Association (“PMA”) and the Hawaii Stevedoring Industry Committee, which negotiate multi-employer pension plans covering certain shoreside bargaining unit personnel. The Company directly negotiates multi-employer pension plans covering other bargaining unit personnel. Pension costs are accrued in accordance with contribution rates established by the PMA, the parties to a plan or the trustees of a plan. Several trusteed, non-contributory, single employer defined benefit plans and defined contribution plans cover substantially all other employees. ​ The estimation of the Company’s pension and post-retirement benefit expenses and liabilities requires that the Company make various assumptions. These assumptions include factors such as discount rates, expected long-term rates of return on pension plan assets, salary growth, health care cost trend rates, inflation, retirement rates, mortality rates, and expected contributions. Actual results that differ from the assumptions made could materially affect the Company’s financial condition or its future operating results. Additional information about the Company’s pension and post-retirement plans is included in Note 11. ​ Insurance Related Liabilities: The Company purchases insurance with deductibles or self-insured retentions to mitigate significant risks that it is exposed to. Such insurance includes, but is not limited to, employee health, workers’ compensation, marine liability, cybersecurity, auto liability and physical damage to property and equipment. For certain risks, the Company elects to not purchase insurance because of the excessive cost of insurance, the perceived remoteness of the risk or insurance coverage is not commercially available. The Company retains the risk of loss for insurance deductibles and self-insured retentions, for amounts that exceed the limits of the Company’s insurance policies, and for other risks not covered by insurance. ​ When estimating its reserves for retained risks and related liabilities, the Company considers a number of factors, including historical claims experience, demographic factors, current trends, and analyses provided by independent third parties. Periodically, management reviews its assumptions and estimates used to determine the adequacy of the Company’s reserves for retained risks and other related liabilities. ​ Recognition of Revenues and Expenses: Revenue in the Company’s 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Ocean Transportation (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Ocean Transportation services ​ $ 2,762.0 ​ $ 2,420.8 ​ $ 3,508.0 Terminal and other related services ​ ​ 32.0 ​ ​ 36.9 ​ ​ 18.5 Fuel sales ​ ​ 12.4 ​ ​ 12.3 ​ ​ 11.3 Vessel management and related services ​ ​ 3.3 ​ ​ 7.0 ​ ​ 6.8 Total ​ $ 2,809.7 ​ $ 2,477.0 ​ $ 3,544.6 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​ ● Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and 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. In July 2024, the Company discontinued its vessel management and related services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Logistics (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Transportation Brokerage and Freight Forwarding services ​ $ 538.1 ​ $ 546.8 ​ $ 695.1 Warehousing services ​ ​ 40.0 ​ ​ 42.5 ​ ​ 53.5 Supply Chain Management services ​ 34.0 ​ 28.3 ​ 49.8 Total ​ $ 612.1 ​ $ 617.6 ​ $ 798.4 (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 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 services revenue and related costs are recognized in proportion to the services performed. ● Supply Chain Management and other services revenue, and related costs are recognized in proportion to the services performed. ​ The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the customer. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income. ​ Dividends: ​ Repurchase of Shares: During the years ended December 31, 2024, 2023 and 2022, the Company repurchased approximately million, respectively. As of December 31, 2024, the number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately million shares. On February 27, 2025, the Company’s Board of Directors approved an additional 31, 2027. Shares may be repurchased in the open market from time to time, and may be made pursuant to a trading plan in accordance with Rule 10b5-1 of the Security Exchange Act of 1934. ​ Share-Based Compensation: The Company records compensation expense for all share-based awards made to employees and directors. The Company’s various stock-based compensation plans are more fully described in Note 15. ​ Income Taxes: The estimate of the Company’s income tax expense requires the Company to make various estimates and judgments. These estimates and judgments are applied in the calculation of taxable income, tax credits, tax benefits, CCF and other tax deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue, costs and expenses for tax purposes. The Company also considers the impact of expected future events such as changes in tax rates, changes in tax laws, regulations and rulings. Deferred tax assets and liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. ​ The Company records a valuation allowance if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. The Company’s income taxes are more fully described in Note 10. ​ Rounding: Amounts in the Consolidated Financial Statements and Notes to the Consolidated Financial Statements are rounded to tenth of millions, except for per share calculations and percentages which were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different. ​ Reclassifications: The Company reclassified amortization of deferred loan fees of 31, 2023 and 2022, respectively, to conform to current year cash flow presentation. There were ​ Recently adopted accounting pronouncements: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires companies to disclose on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted ASU 2023-07 during the year ended December 31, 2024 (see Note 3). ​ New Accounting Pronouncements: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure of certain expenses in the financial statements including employee compensation, depreciation and amortization of intangible assets on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be adopted either: (i) prospectively to the financial statements issued for reporting periods after the effective date of the ASU or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the effects of adopting ASU 2024-03 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	12 Months Ended
	Dec. 31, 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 (“CODM”) 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 CODM is its Chief Executive Officer. ​ The Company identified two reportable segments on the basis of internal information provided to the CODM: Ocean Transportation and Logistics which are described in Note 1. Each segment is managed separately based upon fundamental differences in the operations of each segment. The Company’s Ocean Transportation service primarily involves the transportation of customer cargo on Company owned and chartered vessels. The Company’s Logistics service provides customers with logistics solutions primarily using third-party purchased transportation. The Company’s CODM assesses the performance of each segment using operating income. The Company’s CODM reviews the performance of each segment using monthly internal reports which provide variance analysis of actual results by segment compared to budget, forecast and prior year. The Company’s CODM uses this information when making decisions about the allocation of operating and capital resources to each segment. Segment balance sheet information is not provided to the CODM as capital decisions are based upon the Company’s consolidated balance sheet. ​ Reportable segment financial information for the years ended December 31, 2024, 2023 and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2022 (In millions) Ocean Transportation Logistics ​ Total Ocean Transportation Logistics Total Ocean Transportation Logistics Total Operating Revenue (1)(2) ​ $ 2,809.7 ​ $ 612.1 ​ $ 3,421.8 ​ $ 2,477.0 ​ $ 617.6 ​ $ 3,094.6 ​ $ 3,544.6 ​ $ 798.4 ​ $ 4,343.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct cargo expense ​ ​ 980.1 ​ ​ — ​ ​ 980.1 ​ ​ 946.2 ​ ​ — ​ ​ 946.2 ​ ​ 1,003.8 ​ ​ — ​ ​ 1,003.8 Vessel operating expense ​ ​ 610.5 ​ ​ — ​ ​ 610.5 ​ ​ 580.4 ​ ​ — ​ ​ 580.4 ​ ​ 703.6 ​ ​ — ​ ​ 703.6 Operating overhead (3) ​ ​ 329.1 ​ ​ — ​ ​ 329.1 ​ ​ 297.7 ​ ​ — ​ ​ 297.7 ​ ​ 301.2 ​ ​ — ​ ​ 301.2 Direct operating costs ​ ​ — ​ ​ 493.1 ​ ​ 493.1 ​ ​ — ​ ​ 504.2 ​ ​ 504.2 ​ ​ — ​ ​ 663.7 ​ ​ 663.7 Depreciation and amortization ​ ​ 141.1 ​ ​ 12.0 ​ ​ 153.1 ​ ​ 130.6 ​ ​ 11.6 ​ ​ 142.2 ​ ​ 131.1 ​ ​ 8.1 ​ ​ 139.2 Total operating costs ​ ​ 2,060.8 ​ ​ 505.1 ​ ​ 2,565.9 ​ ​ 1,954.9 ​ ​ 515.8 ​ ​ 2,470.7 ​ ​ 2,139.7 ​ ​ 671.8 ​ ​ 2,811.5 Loss (Income) from SSAT ​ ​ 1.0 ​ ​ — ​ ​ 1.0 ​ ​ (2.2) ​ ​ — ​ ​ (2.2) ​ ​ (83.1) ​ ​ — ​ ​ (83.1) General and administrative ​ 247.0 ​ 56.6 ​ 303.6 ​ 229.5 ​ 53.8 ​ 283.3 ​ 206.8 ​ 54.2 ​ 261.0 Total Costs and Expenses ​ ​ 2,308.8 ​ ​ 561.7 ​ ​ 2,870.5 ​ ​ 2,182.2 ​ ​ 569.6 ​ ​ 2,751.8 ​ ​ 2,263.4 ​ ​ 726.0 ​ ​ 2,989.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income: ​ $ 500.9 ​ $ 50.4 ​ ​ 551.3 ​ $ 294.8 ​ $ 48.0 ​ ​ 342.8 ​ $ 1,281.2 ​ $ 72.4 ​ ​ 1,353.6 Interest income ​ ​ ​ ​ ​ ​ ​ ​ 48.3 ​ ​ ​ ​ ​ ​ ​ ​ 36.0 ​ ​ ​ ​ ​ ​ ​ ​ 8.2 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ (7.5) ​ ​ ​ ​ ​ ​ ​ ​ (12.2) ​ ​ ​ ​ ​ ​ ​ ​ (18.0) Other income (expense), net ​ ​ ​ ​ ​ ​ ​ 7.3 ​ ​ ​ ​ ​ ​ ​ 6.4 ​ ​ ​ ​ ​ ​ ​ 8.5 Income before Taxes ​ ​ ​ ​ ​ ​ ​ 599.4 ​ ​ ​ ​ ​ ​ ​ 373.0 ​ ​ ​ ​ ​ ​ ​ 1,352.3 Income taxes ​ ​ ​ ​ ​ ​ ​ (123.0) ​ ​ ​ ​ ​ ​ ​ (75.9) ​ ​ ​ ​ ​ ​ ​ (288.4) Net Income ​ ​ ​ ​ ​ ​ ​ $ 476.4 ​ ​ ​ ​ ​ ​ ​ $ 297.1 ​ ​ ​ ​ ​ ​ ​ $ 1,063.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Expenditures (4) ​ $ 298.9 ​ $ 11.2 ​ $ 310.1 ​ $ 240.2 ​ $ 8.2 ​ $ 248.4 ​ $ 190.9 ​ $ 18.4 ​ $ 209.3 ​ (1) Ocean Transportation operating revenue excludes inter-segment revenue of $92.8 million, $76.5 million and $93.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $153.0 million, $132.2 million and $177.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Ocean Transportation operating overhead includes dry-docking amortization of $27.2 million, $25.3 million and $24.9 million for the year ended December 31, 2024, 2023 and 2022, respectively. (4) Capital expenditures exclude accrued capital expenditures of $7.9 million, $10.8 million and $5.5 million as of December 31, 2024, 2023 and 2022, respectively. ​ Ocean Transportation’s operating expenses includes the following: ● Operating costs includes: o Direct Cargo Expense includes terminal handling costs including labor and wharfage, outside purchased transportation and other related costs. o Vessel Operating Expense includes crew wages and related costs; fuel; pilots, tugs, lines and related costs; vessel charter expenses; and other vessel operating related expenses. o Operating Overhead Expense includes vessel repair and maintenance costs, inactive vessel costs, dry-docking amortization, equipment lease costs, equipment repair costs, insurance, port engineers and other maintenance costs, other vessel and shoreside related overhead and other indirect costs. o Depreciation and Amortization Expense includes depreciation of property and equipment and amortization of intangible assets. ● Income from SSAT includes the Company’s share of income from its equity investment in SSAT and has been aggregated into the Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business (see Note 4). ● General and Administrative Expense includes employee salaries, wages and other related costs, equipment maintenance, computer hardware and software, professional fees and other general and administrative expenses. ​ Logistics’ operating expenses includes the following: ● Operating costs includes: o Direct Operating Expense includes transportation costs, transportation brokerage expenses, agency commissions, leases of warehouses, cross-dock and other facility operating costs, wages and other related costs, and other operating overhead. o Depreciation and Amortization Expense includes depreciation of property and equipment and amortization of intangible assets. ● General and Administrative Expense includes employee salaries, wages and other related costs, computer hardware and software, professional fees and other general and administrative expenses. ​ 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 million for the years ended December 31, 2024, 2023 and 2022, respectively, have been eliminated from operating revenues. 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. ​ Customer Concentration: The Company’s Ocean Transportation segment serves customers in numerous industries and carries a wide variety of cargo, mitigating its dependence upon any single customer or single type of cargo. The Company’s percent of the Company’s Ocean Transportation revenue. ​ The Company’s Logistics segment serves customers in numerous industries. The Company’s

INVESTMENT IN SSAT

INVESTMENT IN SSAT	12 Months Ended
	Dec. 31, 2024
INVESTMENT IN SSAT
INVESTMENT IN SSAT	4. INVESTMENT IN SSAT ​ The Company accounts for its 35 percent ownership interest in SSAT using the equity method of accounting. The Company records its share of income from SSAT in costs and expenses within the Ocean Transportation segment due to operations of SSAT being an integral part of the Company’s Ocean Transportation business. The Company’s investment in SSAT was ​ 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 controlling interest in SSAT ST, while the third-party company increased its non-controlling interest to 50 percent in SSAT ST. As a result of this transaction, the Company recorded an increase in its investment in SSAT of approximately ​ On September 16, 2022, SSAT completed the purchase of a 20 percent equity interest in SSAT Terminals (Oakland), LLC (“SSAT Oakland”) from a third-party company. After completion of this transaction, SSAT Oakland became a wholly owned subsidiary of SSAT. The operating results of SSAT Oakland consolidate into the operating results of SSAT. As a result of this transaction, the Company recorded a decrease of ​ The Company’s share of income recorded in the Consolidated Statements of Income and Comprehensive Income and distributions received by the Company during the years ended December 31, 2024, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Company’s share of income from SSAT (1) ​ $ (1.0) ​ $ 2.2 ​ $ 83.1 Distributions received from SSAT ​ $ 14.0 ​ $ — ​ $ 47.3 (1) Includes an impairment charge of $18.4 million representing the Company’s portion of an impairment charge recorded by SSAT, which related to the write-down of an asset group which includes a terminal operating lease asset during the year ended December 31, 2024. No impairment charges were recorded during the years ended December 31, 2023 and 2022. ​ The Company’s Ocean Transportation segment operating costs for terminal services provided by SSAT include $320.9 million, $297.2 million and $308.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Accounts payable and accrued liabilities in the Consolidated Balance Sheets for terminal services payable to SSAT include ​ A summary of SSAT’s Condensed Balance Sheets at December 31, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Condensed Balance Sheets (in millions) 2024 2023 Current assets ​ $ 305.7 ​ $ 304.0 Non-current assets ​ 1,625.8 ​ 1,510.2 Total Assets ​ $ 1,931.5 ​ $ 1,814.2 ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ 271.9 ​ $ 271.8 Non-current liabilities ​ 1,371.5 ​ 1,255.3 Equity ​ 288.1 ​ 287.1 Total Liabilities and Equity ​ $ 1,931.5 ​ $ 1,814.2 ​ A summary of SSAT’s Condensed Statements of Operating Income and Net Income for the years ended December 31, 2024, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Condensed Statements of Operating Income and Net Income (in millions) 2024 2023 2022 Operating revenue ​ $ 1,193.3 ​ $ 1,025.1 ​ $ 1,466.9 Operating costs and expenses ​ 1,162.6 ​ 1,019.6 ​ 1,168.8 Operating income ​ 30.7 ​ 5.5 ​ 298.1 Net (Loss) Income (1)(2) ​ $ (6.4) ​ $ 11.9 ​ $ 249.6 (1) Includes an impairment charge related to the write-down of an asset group which includes a terminal operating lease asset during the year ended December 31, 2024. No impairment amounts were recorded during the years ended December 31, 2023 and 2022. (2) Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests and includes net income or loss attributable to noncontrolling interests.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2024
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT ​ Property and equipment consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ Accumulated ​ (In millions) ​ Cost ​ Depreciation ​ Net Book Value ​ Cost ​ Depreciation ​ Net Book Value Vessels ​ $ 2,475.2 ​ $ 961.9 ​ $ 1,513.3 ​ ​ $ 2,323.4 ​ $ 886.8 ​ $ 1,436.6 ​ Containers and equipment ​ 883.8 ​ ​ 465.9 ​ 417.9 ​ ​ 845.0 ​ 451.9 ​ 393.1 ​ Terminal equipment and other property ​ 152.3 ​ ​ 64.0 ​ 88.3 ​ ​ 148.0 ​ 58.6 ​ 89.4 ​ New vessel construction in progress ​ ​ 198.8 ​ ​ — ​ ​ 198.8 ​ ​ ​ 103.1 ​ ​ — ​ ​ 103.1 ​ Other construction in progress ​ 42.6 ​ ​ — ​ 42.6 ​ ​ 67.7 ​ — ​ 67.7 ​ Total ​ $ 3,752.7 ​ $ 1,491.8 ​ $ 2,260.9 ​ ​ $ 3,487.2 ​ $ 1,397.3 ​ $ 2,089.9 ​ ​ New vessel construction in progress at December 31, 2024 and 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels. Delivery of the first vessel is currently anticipated to be in the first quarter 2027, with subsequent deliveries expected in the third quarter 2027 and second quarter 2028. ​ Depreciation expense for the years ended December 31, 2024, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Depreciation expense ​ $ 135.4 ​ $ 124.4 ​ $ 123.5 ​ ​

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2024
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES	6. GOODWILL AND INTANGIBLE ASSETS ​ Goodwill by segment consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean ​ ​ ​ ​ ​ ​ (In millions) Transportation Logistics Total Goodwill ​ $ 222.6 ​ $ 105.2 ​ $ 327.8 ​ Ocean Transportation goodwill of $222.6 million includes $221.8 million related to the acquisition of Horizon Lines, Inc. (“Horizon”) in May 2015. Logistics goodwill of ​ Intangible assets by segment consist of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ Gross ​ Accumulated ​ ​ ​ ​ Gross ​ Accumulated ​ ​ ​ (In millions) Amount Amortization Net Book Value Amount Amortization Net Book Value Ocean Transportation - Customer relationships ​ $ 140.6 ​ $ 64.4 ​ $ 76.2 ​ ​ $ 140.6 ​ $ 57.9 ​ $ 82.7 ​ Logistics: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 106.2 ​ ​ 50.3 ​ ​ 55.9 ​ ​ ​ 110.4 ​ ​ 44.0 ​ ​ 66.4 ​ Trade name ​ 27.3 ​ ​ — ​ ​ 27.3 ​ ​ 27.3 ​ ​ — ​ ​ 27.3 ​ Total Logistics ​ 133.5 ​ ​ 50.3 ​ ​ 83.2 ​ ​ 137.7 ​ ​ 44.0 ​ ​ 93.7 ​ Total ​ $ 274.1 ​ $ 114.7 ​ $ 159.4 ​ ​ $ 278.3 ​ $ 101.9 ​ $ 176.4 ​ ​ In February 2023, the Company completed an asset acquisition consisting of customer relationship intangible assets for $16.5 million, which are being amortized over seven years. ​ Ocean Transportation intangible assets of $140.6 million relate to customer relationships acquired as part of the acquisition of Horizon, and are being amortized over 21 years . Logistics intangible assets include million of an indefinite life trade name, both acquired as part of the Span Alaska acquisition. The remaining Logistics customer relationships relate to various acquisitions and are being amortized over a period of ​ Intangible assets related amortization expense for the years ended December 31, 2024, 2023 and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Amortization expense ​ $ 12.8 ​ $ 13.6 ​ $ 11.4 ​ ​ As of December 31, 2024, estimated amortization expense related to customer relationship intangible assets during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ Customer ​ Year (in millions) ​ Relationships 2025 ​ $ 13.0 ​ 2026 ​ 12.5 ​ 2027 ​ 12.6 ​ 2028 ​ 12.5 ​ 2029 ​ 12.5 ​ Thereafter ​ 69.0 ​ Total ​ $ 132.1 ​ ​

CAPITAL CONSTRUCTION FUND

CAPITAL CONSTRUCTION FUND	12 Months Ended
	Dec. 31, 2024
CAPITAL CONSTRUCTION FUND
CAPITAL CONSTRUCTION FUND	7. CAPITAL CONSTRUCTION FUND ​ The Company is party to an agreement with the U.S. Department of Transportation, Maritime Administration (“MARAD”) that established a Capital Construction Fund (“CCF”) program under provisions of the Merchant Marine Act of 1936, as amended (the “Merchant Marine Act”). The CCF program was created to assist owners and operators of U.S. flagged vessels in raising capital necessary for the modernization and expansion of the U.S. merchant marine fleet. CCF funds may be used for the acquisition, construction, or reconstruction of vessels, and for repayment of existing vessel indebtedness through the deferment of federal income taxes on certain deposits of monies and other property placed into the CCF. Qualified withdrawals from the CCF must be used for investment in vessels built in the U.S. and used between covered U.S. ports as described by the Merchant Marine Act, and for other qualifying expenditures (see Item 1 of Part 1 for additional information on Maritime Laws and the Jones Act). Participants of the CCF must also meet certain U.S. citizenship requirements. ​ Cash deposits into the CCF are limited by certain applicable earnings and other conditions. Such cash deposits, once made, are available as tax deductions in the Company’s income tax provision. Qualified withdrawals from the CCF do not give rise to a current income tax liability, but reduce the depreciable basis of the vessels or certain related equipment for income tax purposes. However, if withdrawals are made from the CCF for general corporate purposes or other non-qualified purposes, or upon termination of the agreement, they are taxable with interest payable from the year of deposit. ​ Deposits not committed for qualified purposes within 25 years from the date of deposit will be treated as non-qualified withdrawals over the subsequent five years . Under the terms of the CCF agreement, the Company may designate certain qualified earnings as “accrued deposits” or may designate, as obligations of the CCF, qualified withdrawals to reimburse qualified expenditures initially made with operating funds. Such accrued deposits to, and withdrawals from, the CCF are reflected in the Consolidated Balance Sheets either as obligations of the Company’s current assets or as receivables from the CCF. ​ The Company may invest funds on deposit in the CCF in money market funds, U.S. Treasury Obligation Funds or other eligible credit-based investments for maturities of up to 3 years. ​ A summary of the activities within the CCF cash and cash equivalents, and investment accounts for the years ended December 31, 2024 and 2023 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 2023 CCF Cash and Cash Equivalents: ​ ​ ​ ​ ​ ​ CCF cash and cash equivalents balance at beginning of period ​ $ 599.4 ​ $ 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) ​ ​ — Proceeds from U.S. Treasury debt securities at maturity ​ ​ 48.1 ​ ​ — Interest income deposited into the CCF ​ ​ 18.8 ​ ​ 31.1 Repurchase of assigned accounts receivable ​ ​ 53.8 ​ ​ — Qualifying withdrawal payments out of the CCF ​ ​ (89.6) ​ ​ (49.9) Total CCF cash and cash equivalents balance at end of period ​ $ 230.7 ​ $ 599.4 ​ ​ ​ ​ ​ ​ ​ CCF Investments: ​ ​ ​ ​ ​ ​ CCF investments balance at beginning of period ​ $ — ​ $ — Purchase of U.S. Treasury debt securities ​ ​ 448.1 ​ ​ — Withdrawals of U.S. Treasury debt securities at maturity ​ ​ (48.1) ​ ​ — Accretion of investments ​ ​ 11.9 ​ ​ — Total CCF investments balance at end of period ​ ​ 411.9 ​ ​ — Total CCF cash and cash equivalents, and investments balance at end of period ​ $ 642.6 ​ $ 599.4 ​ Cash on deposit and assigned accounts receivables in the CCF as of December 31, 2024 and 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Capital Construction Fund: ​ ​ ​ ​ ​ ​ Cash and cash equivalents, and investments account ​ $ 642.6 ​ $ 599.4 Assigned accounts receivables ​ $ 178.1 ​ $ 218.1 ​ Cash on deposit in the CCF is invested in a U.S. Treasury obligations fund with daily liquidity. At December 31, 2024, securities held within the U.S. Treasury obligations fund had a weighted average life of 96 days . The Company’s CCF investments are in fixed-rate U.S. Treasury obligations with various maturity dates of up to 3 years. Cash on deposit and investment in the CCF 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 ​ Assigned accounts receivable in the CCF are classified as part of accounts receivable on the Company’s Consolidated Balance Sheets due to the nature of the assignment. During the year ended December 31, 2024, the Company repurchased assigned accounts receivables of million. During the year ended December 31, 2023, the Company assigned

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
DEBT
DEBT	8. DEBT ​ The Company’s debt consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.37 %, payable through 2027 ​ $ 34.6 ​ $ 46.2 3.14 %, payable through 2031 ​ ​ 100.1 ​ ​ 114.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 1.22 %, payable through 2043 ​ ​ 150.3 ​ ​ 158.2 1.35 %, payable through 2044 ​ ​ 115.9 ​ ​ 121.8 Total Debt ​ 400.9 ​ 440.6 Less: Current portion ​ (39.7) ​ (39.7) Total Long-term Debt ​ ​ 361.2 ​ ​ 400.9 Less: Deferred loan fees ​ ​ (10.4) ​ ​ (11.6) Total Long-term Debt, net of deferred loan fees ​ $ 350.8 ​ $ 389.3 ​ The following is a description of the Company’s debt: ​ Private Placement Term Loans : In September 2016, the Company issued percent, payable semi-annually. In December 2016, the Company issued ​ Title XI Bonds: In April 2020, MatNav issued Daniel K. Inouye (the “DKI Title XI Debt”). The secured DKI Title XI Debt matures in October 2043 and has a cash interest rate of percent, payable semi-annually in arrears. ​ In June 2020, MatNav issued $139.6 million in U.S. government guaranteed vessel financing bonds to partially refinance debt incurred in connection with the construction of Kaimana Hila (the “KMH Title XI Debt”, and together with the DKI Title XI Debt, the “Title XI Debt”). The secured KMH Title XI Debt matures in March 2044 and has a cash interest rate of percent, payable semi-annually in arrears. ​ MatNav may prepay any amounts outstanding under the Title XI Debt agreements subject to a potential prepayment premium or other adjustment, in accordance with the Title XI Debt agreements. Once amounts under the Title XI Debt are repaid, they may not be reborrowed. Mandatory prepayments are required under certain limited circumstances, including specified casualty events with respect to Daniel K. Inouye Kaimana Hila (the “Vessels”). ​ Revolving Credit Facility: million. The Credit Agreement amended certain covenants and other terms including (i) amending the pricing grid to provide for pricing ranging from, at the Company’s election, LIBOR plus a margin between to 1.0 in connection with a material acquisition. The Company may prepay any amounts outstanding under the Credit Agreement without premium or penalty. The Credit Agreement contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, and transactions with affiliates. The Credit Agreement also contains customary events of default. ​ In February 2023, the Company further amended the Credit Agreement to replace LIBOR with a new benchmark interest rate, the Secured Overnight Financing Rate (“SOFR”). There were no other significant changes to the Credit Agreement as a result of this amendment. ​ As of December 31, 2024, the Company had $643.9 million of remaining borrowing availability under the revolving credit facility. The Company used December 31, 2024. Borrowings under the revolving credit facility are classified as long-term debt in the Company’s Consolidated Balance Sheets, as principal payments are not required until the maturity date. ​ Amendments to Existing Private Placement Term Loan Facilities and New Shelf Facilities (“Private Loan Facilities”): ​ The 2021 Note Amendments amended certain covenants and other terms, including the reduction of the maximum permitted consolidated leverage ratio to 3.50 to 1.0, with an option for a one-time increase to 4.0 to 1.0 in connection with a material acquisition, with potential interest enhancement payments if leverage is over 3.25 to 1.0. The Company paid fees of approximately ​ Debt Maturities: At December 31, 2024, debt maturities during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ As of Year (in millions) December 31, 2024 2025 ​ $ 39.7 2026 ​ 39.7 2027 ​ 39.7 2028 ​ 28.2 2029 ​ 28.2 Thereafter ​ 225.4 Total Debt ​ $ 400.9 ​ Deferred Loan Fees: Activity relating to deferred loan fees for the year ended December 31, 2024 are as follows: ​ ​ ​ ​ ​ Deferred Loan Fees (in millions) Amount Balance at December 31, 2023 ​ $ 11.6 Amortization expense for the year ended December 31, 2024 ​ (1.2) Balance at December 31, 2024 ​ $ 10.4 ​ As of December 31, 2024, amortization expense relating to deferred loan fees during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ Year (in millions) Amount 2025 ​ $ 1.1 2026 ​ 1.0 2027 ​ 0.9 2028 ​ 0.9 2029 ​ 0.8 Thereafter ​ 5.7 Total amortization expense of deferred loan fees ​ $ 10.4 ​ Title XI Debt Covenants: The Title XI Debt agreements contain customary representations and warranties as well as affirmative and negative covenants, defaults and other provisions typical for MARAD-guaranteed financings of this type, with definitions, limitations and financial tests all as negotiated between MatNav and MARAD. The covenants in the Title XI Debt agreements include, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, sale and leasebacks, and transactions with affiliates as defined within the Title XI Debt agreements. Certain of the covenants in the Title XI Debt agreements are applicable only upon and during the continuance of either (i) an event of default or (ii) the failure of either the Company or MatNav to meet certain supplemental financial tests, including the following: ​ ● The supplemental financial tests applicable to MatNav include maintenance of a working capital minimum of $1 , and maintenance of a long-term debt to net worth ratio of greater than or equal to 2.0 to 1.0; and ● The supplemental financial tests applicable to the Company include maintenance of a net worth greater than or equal to 90% of the net worth of the Company as set forth in the most recent audited financial statements prior to closing of the issuance of the Title XI Bonds and compliance with the leverage ratio set forth in the Credit Agreement. ​ Debt Security and Guarantees: ​ Under the Title XI Debt agreements, MARAD has guaranteed certain obligations of MatNav. MatNav has agreed to reimburse MARAD for any payments it makes under the MARAD guaranty, and MatNav’s obligations to MARAD with respect to the Title XI Debt are secured by a mortgage on the Vessels and certain other related assets (the “Collateral”). In addition, MatNav’s obligations to MARAD with respect to the Title XI Debt are guaranteed by the Company under an Affiliate Guaranty.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2024
LEASES
LEASES	9. LEASES ​ Description of Operating Leases: The Company has different types of operating leases, the specific terms and conditions of which vary from lease to lease. Certain operating lease agreements include terms such as: (i) renewal and early termination options; (ii) early buy-out and purchase options; and (iii) rent escalation clauses. The lease agreements also include provisions for the maintenance of the leased asset and payment of lease related costs. The Company reviews the specific terms and conditions of each lease and, as appropriate, notifies the lessor of any intent to exercise any option in accordance with the terms of the lease. In the normal course of business, the Company expects to be able to renew or replace most of its operating leases with other similar leases as they expire. The Company’s leases do not contain any residual value guarantees. ​ The Company’s sub-lease income was nominal to the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024 and 2023. The Company did not have any finance leases during the years ended December 31, 2024 and 2023. Certain of the Company’s lease agreements include rental payments that may be adjusted in the future based on economic conditions and others include rental payments adjusted periodically for inflation. Variable lease expense is disclosed for the adjusted portion of such payments. ​ The lease type by underlying asset class and maximum terms of the Company’s operating leases are as follows: ​ ​ ​ ​ Lease Type: Term Real estate and terminal leases 50 years Vessel and barge charter leases 4 years Operations equipment and other leases 14 years ​ Incremental Borrowing Rate: As most of the Company’s operating leases do not provide an implicit rate, the Company uses an estimated incremental borrowing rate based on information available at the date of adoption and subsequent lease commencement dates in calculating the present value of its operating lease liabilities. The incremental borrowing rate is determined using the U.S. Treasury rate adjusted to account for the Company’s credit rating and the collateralized nature of operating leases. ​ Components of Lease Cost: Components of lease cost recorded in the Company’s Consolidated Statement of Income and Comprehensive Income consists of the following for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 ​ 2023 ​ 2022 Operating lease cost ​ $ 143.4 ​ $ 151.0 ​ $ 162.2 Short-term lease cost ​ 10.4 ​ 7.7 ​ 0.6 Variable lease cost ​ 0.6 ​ 0.6 ​ 0.8 Total lease cost ​ $ 154.4 ​ $ 159.3 ​ $ 163.6 ​ Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 ​ 2023 Cash paid for amounts included in operating lease liabilities ​ $ 148.7 ​ $ 154.3 Right of use assets obtained in the exchange for new operating lease liabilities ​ $ 205.8 ​ $ 40.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 2023 Weighted average remaining operating lease term ​ ​ 5.3 years ​ ​ 4.8 years Weighted average incremental borrowing rate ​ ​ 4.3% ​ ​ 3.1% ​ Maturities of operating lease liabilities consist of the following at December 31, 2024: ​ ​ ​ ​ ​ ​ As of Year (in millions) December 31, 2024 2025 ​ $ 133.3 2026 ​ 98.0 2027 ​ 71.2 2028 ​ 21.4 2029 ​ 10.1 Thereafter ​ 79.9 Total lease payments ​ ​ 413.9 Less: Interest ​ ​ (55.4) Present value of operating lease liabilities ​ ​ 358.5 Less: Short-term portion ​ ​ (129.0) Long-term operating lease liabilities ​ $ 229.5 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
INCOME TAXES
INCOME TAXES	10. INCOME TAXES ​ Income Taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 86.8 ​ $ 44.0 ​ $ 171.5 ​ State ​ 12.4 ​ 9.2 ​ 18.3 ​ Foreign ​ ​ 3.5 ​ ​ 3.0 ​ ​ 1.3 ​ Total current tax expense ​ 102.7 ​ 56.2 ​ 191.1 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 17.9 ​ ​ 18.2 ​ ​ 71.1 ​ State ​ ​ 2.8 ​ ​ — ​ ​ 24.3 ​ Foreign ​ ​ (0.4) ​ ​ 1.5 ​ ​ 1.9 ​ Total deferred tax expense ​ ​ 20.3 ​ ​ 19.7 ​ ​ 97.3 ​ Total income taxes ​ $ 123.0 ​ $ 75.9 ​ $ 288.4 ​ ​ Income taxes for the years ended December 31, 2024, 2023 and 2022 vary from amounts computed by applying the statutory U.S. federal income tax rate due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 2.3 % 2.6 % 2.8 % Foreign-derived intangible income (FDII) (2.6) % (2.0) % (2.4) % Foreign taxes 0.3 % 0.4 % 0.1 % Share-based payments 0.2 % 0.5 % — % Return to provision true-ups ​ (0.7) % (2.8) % 0.1 % Other, net — % 0.6 % (0.3) % Effective income tax rate 20.5 % 20.3 % 21.3 % ​ The tax effects of temporary differences that gave rise to significant positions of deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ $ 84.0 ​ $ 77.4 ​ Deferred compensation ​ 12.1 ​ ​ 11.8 ​ Multi-employer withdrawal liabilities ​ ​ 11.4 ​ ​ 12.8 ​ Insurance reserves ​ ​ 7.8 ​ ​ 6.3 ​ U.S. state alternative minimum tax credits ​ ​ 5.9 ​ ​ 7.4 ​ Other ​ 15.8 ​ 12.9 ​ Total deferred tax assets ​ 137.0 ​ 128.6 ​ Valuation allowance ​ ​ (5.0) ​ ​ (5.3) ​ Total deferred tax assets, net of valuation allowance ​ ​ 132.0 ​ ​ 123.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Basis differences for property and equipment ​ 482.7 ​ 451.4 ​ Capital Construction Fund ​ 192.1 ​ ​ 206.9 ​ Operating lease right of use assets ​ 83.8 ​ 75.8 ​ Intangibles ​ ​ 40.3 ​ ​ 42.3 ​ Other ​ ​ 26.5 ​ ​ 16.2 ​ Total deferred tax liabilities ​ 825.4 ​ 792.6 ​ Deferred tax liability, net ​ $ 693.4 ​ $ 669.3 ​ ​ Income Tax Receivables: The Company had income tax receivables of approximately 31, 2024 and 2023, respectively. The income tax receivable for the year ended December 31, 2023 included a 2021 federal income tax refund of approximately million. On April 19, 2024, the Company received the federal income tax refund of million earned on the federal income tax refund. These income tax receivable amounts have been included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets (see Note 2). ​ State Income Tax Operating Losses, State Tax Credit and Valuation Allowance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ Expiration Date 2024 2023 U.S. state income tax NOLs (1) ​ Various dates beginning in 2032 ​ $ 136.5 ​ $ 152.3 U.S. state alternative minimum tax credits ​ No expiration date ​ $ 5.9 ​ $ 7.3 (1) U.S. State income tax NOLs were acquired as part of the Horizon acquisition and are presented on a gross tax basis. These U.S. state income tax NOLs are excluded from the Company’s deferred tax assets and deferred tax liabilities above as the Company does not expect to benefit from any of the $136.5 million and $152.3 million balance as of December 31, 2024 and 2023, respectively. ​ The Company recorded a valuation allowance against its unusable portion of U.S. state income tax NOLs of $5.0 million and $5.3 million as of December 31, 2024 and 2023, respectively, as the Company believes that it is more likely than not that the benefit from these deferred assets will not be realized. ​ Unrecognized Tax Benefits: Total unrecognized benefits represent the amount that, if recognized, would favorably affect the Company’s income taxes and effective tax rate in future periods. The Company does not expect a material change in gross unrecognized benefits in the next twelve months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Unrecognized Tax Benefits (in millions) ​ 2024 2023 2022 Balance at beginning of year ​ $ 28.4 ​ $ 25.1 ​ $ 19.2 Tax position changes in current year ​ (0.7) ​ 3.6 ​ 5.8 Tax position changes in prior years ​ (0.1) ​ (0.1) ​ 0.3 Reductions for lapse of statute of limitations ​ ​ (0.9) ​ ​ (0.2) ​ ​ (0.2) Balance at end of year ​ $ 26.7 ​ $ 28.4 ​ $ 25.1 ​ Included in the balance of unrecognized tax benefits at December 31, 2024 are potential benefits of $22.9 million that, if recognized, would affect the Company’s income taxes and effective tax rate. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income taxes. To the extent interest and penalties are not ultimately assessed with respect to the settlement of uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the Company’s income taxes. Interest and penalties accrued related to the balance of unrecognized tax benefits were 31, 2023, respectively. During the years ended December 31, 2024 and 2023, the Company recognized ​ The Company is no longer subject to U.S. federal income tax audits for years before 2017. The Company is routinely involved in federal, state, local income and excise tax audits, and foreign tax audits.

PENSION AND POST-RETIREMENT PLA

PENSION AND POST-RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2024
PENSION AND POST-RETIREMENT PLANS
PENSION AND POST-RETIREMENT PLANS	11. PENSION AND POST-RETIREMENT PLANS ​ Qualified Pension and Post-retirement Benefits Plans: The Company provides a funded qualified single employer defined benefit pension plan that covers most non-bargaining employees and certain clerical bargaining unit employees. The Company also provides a post-retirement benefit plan that provides health and life insurance benefits, and covers substantially all salaried, non-bargaining employees hired before 2008, and certain bargaining unit employees. Employees are generally eligible for such benefits upon retirement and completion of a specified number of years of service. The Company does not pre-fund the post-retirement benefit plan and has the right to modify or terminate the plan in the future, with the exception of the benefits pertaining to the bargaining unit employees. Most non-bargaining retirees pay a portion of these post-retirement benefit costs. ​ Plan Administration, Investments and Asset Allocations: The Company has a Benefits Investment Committee that meets regularly with investment advisors to establish investment policies, direct investments and select investment options for the qualified plan. The Benefits Investment Committee is also responsible for appointing investment managers and monitoring their performance. The Company’s investment policy permits investments in marketable equity securities, such as domestic and foreign stocks, domestic and foreign bonds, real estate investments, and cash equivalents. The Company’s investment policy does not permit direct investment in certain types of assets, such as options or commodities, or the use of certain strategies, such as short selling or the purchase of securities on margin. ​ The Company’s investment strategy for its qualified pension plan assets is to achieve a diversified mix of investments that provides for long-term growth at an acceptable level of risk, and to provide sufficient liquidity to fund ongoing benefit payments. The Company has engaged a number of investment managers to implement various investment strategies to achieve the desired asset class mix, liquidity and risk diversification objectives. ​ The Company’s target and actual asset allocations at December 31, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Categories Target 2024 2023 Domestic equity securities 55 % 58 % 57 % International equity securities 15 % 16 % 16 % Debt securities 20 % 19 % 19 % Real estate 5 % 5 % 5 % Other and cash 5 % 2 % 3 % Total 100 % 100 % 100 % ​ The Company’s investments in equity securities primarily include domestic large-cap and mid-cap companies, but also includes an allocation to small-cap and international equity securities. Equity investments do not include any direct holdings of the Company’s stock but may include such holdings to the extent that the stock is included as part of certain mutual fund holdings. Debt securities include investment-grade and high-yield corporate bonds from diversified industries, mortgage-backed securities, and U.S. Treasuries. Other types of investments include funds that invest in commercial real estate assets. All assets within specific funds are allocated to the target asset allocation of the fund. ​ The expected return on plan assets is principally based on the Company’s historical returns combined with the Company’s long-term future expectations regarding asset class returns, the mix of plan assets, and inflation assumptions. ​ Actual return on plan assets for the periods presented are as follows: ​ ​ ​ ​ ​ Actual Return on Plan Assets Returns One-year return 9.9 % Three-year return 3.1 % Five-year return 7.1 % Long-term average return (since plan inception in 1989) 8.2 % ​ The Company’s pension plan assets are held in a trust and are stated at estimated fair values of the underlying investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. ​ Equity Securities: Domestic and international common stocks are valued by obtaining quoted prices on recognized and highly liquid exchanges. ​ Fixed Income Securities: Corporate bonds and U.S. government treasury and agency securities are valued based on the closing price reported in the market in which the security is traded. U.S. government agency and corporate asset-backed securities may utilize models, such as a matrix pricing model, that incorporate other observable inputs when broker/dealer quotes are not available, such as cash flow, security structure, or market information. ​ Real Estate and Certain International Equity Funds: The fair value of real estate and certain developed and emerging market equity funds is determined by the issuer based on their net asset value (“NAV”). NAV is determined by dividing the fund’s net assets, as recorded in the fund’s audited financial statements, by the number of units outstanding at the valuation date. Fair value for the underlying investments in real estate is determined through independent property appraisals. ​ The fair values of the Company’s pension plan assets at December 31, 2024 and 2023 by asset category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2024 ​ ​ ​ Quoted Prices in Significant Significant ​ ​ ​ ​ ​ Active Markets ​ Observable ​ Unobservable Asset Category (in millions) ​ Total ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) Cash ​ $ 5.1 ​ $ 5.1 ​ $ — ​ $ — ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large-cap ​ 90.9 ​ 90.9 ​ — ​ — ​ U.S. mid- and small-cap ​ 50.2 ​ 50.2 ​ — ​ — ​ International large-cap ​ 7.1 ​ 7.1 ​ — ​ — ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ 20.0 ​ 12.9 ​ 7.1 ​ — ​ Municipal bonds ​ 0.2 ​ — ​ 0.2 ​ — ​ Investment grade U.S. corporate bonds ​ ​ 24.9 ​ — ​ 24.9 ​ — ​ Convertible bonds ​ 0.1 ​ — ​ 0.1 ​ — ​ International fixed income securities ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ Total ​ ​ 198.6 ​ $ 166.2 ​ $ 32.4 ​ $ — ​ Investment measured at NAV (1) ​ ​ 42.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total plan assets ​ $ 241.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2023 ​ ​ ​ Quoted Prices in Significant Significant ​ ​ ​ ​ ​ Active Markets ​ Observable ​ Unobservable Asset Category (in millions) ​ Total ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) Cash ​ $ 6.1 ​ $ 6.1 ​ $ — ​ $ — ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large-cap ​ 82.8 ​ 82.8 ​ — ​ — ​ U.S. mid- and small-cap ​ 46.0 ​ 46.0 ​ — ​ — ​ International large-cap ​ 7.1 ​ 7.1 ​ — ​ — ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ 19.2 ​ — ​ 19.2 ​ — ​ Municipal bonds ​ 0.2 ​ — ​ 0.2 ​ — ​ Investment grade U.S. corporate bonds ​ 24.7 ​ — ​ 24.7 ​ — ​ Convertible bonds ​ ​ 0.1 ​ — ​ ​ 0.1 ​ ​ ​ ​ International fixed income securities ​ 0.1 ​ — ​ 0.1 ​ — ​ Total ​ ​ 186.3 ​ $ 142.0 ​ $ 44.3 ​ $ — ​ Investment measured at NAV (1) ​ ​ 41.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total plan assets ​ $ 227.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Certain funds for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total plan assets. These investments include real estate and certain developed and emerging market equity funds. ​ Contributions to the qualified single employer defined benefit pension plan are determined annually by the Company, taking into consideration recommendations from the actuary based upon the actuarially determined minimum required contributions under the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, the Pension Protection Act of 2006, and the maximum deductible contribution allowed for tax purposes. The Company’s funding policy is to contribute cash so that it meets at least the minimum required contributions, with an allowance for discretionary contributions. In 2024, 2023 and 2022, the Company contributed million, respectively, in pension contributions to this plan, which were in excess of the minimum required contributions. ​ The benefit formulas for employees who are members of collective bargaining units are determined according to the collective bargaining agreements, either using final average pay as the base, a flat dollar amount per year of service, or a cash balance formula. ​ Effective December 31, 2011, the Company froze benefit accruals under the final average pay formula for salaried, non-bargaining unit employees hired before January 1, 2008 and transitioned them to the same cash balance formula for employees hired on or after January 1, 2008. Retirement benefits under the cash balance formula are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year to year based on the ten-year U.S. Treasury rate. ​ Effective December 31, 2022, the Matson Pension Plan for Clerical Bargaining Unit Employees was merged into the Retirement Plan for Employees of Matson. ​ Benefit Plan Assets and Obligations: 31 of each year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post-retirement ​ ​ Pension Benefits ​ Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2024 2023 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 193.1 ​ $ 187.4 ​ $ 19.5 ​ $ 15.3 ​ Service cost ​ 3.7 ​ 3.1 ​ 0.2 ​ 0.2 ​ Interest cost ​ 9.7 ​ 10.0 ​ 1.0 ​ 0.8 ​ Participant contributions ​ — ​ — ​ 0.6 ​ 0.7 ​ Actuarial loss (gain) ​ (1.2) ​ 5.5 ​ (0.6) ​ 4.5 ​ Benefits paid, net of subsidies received ​ (13.1) ​ (12.9) ​ (2.3) ​ (2.0) ​ Benefit obligation at end of year ​ ​ 192.2 ​ ​ 193.1 ​ ​ 18.4 ​ ​ 19.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ ​ 227.9 ​ ​ 206.3 ​ ​ — ​ ​ — ​ Actual return on plan assets ​ 21.9 ​ 25.5 ​ — ​ — ​ Participant contributions ​ — ​ — ​ 0.6 ​ 0.7 ​ Employer contributions ​ 4.5 ​ 9.0 ​ 1.7 ​ 1.3 ​ Benefits paid, net of subsidies received ​ (13.1) ​ (12.9) ​ (2.3) ​ (2.0) ​ Fair value of plan assets at end of year ​ 241.2 ​ 227.9 ​ — ​ — ​ Funded Status and Recognized Plan Assets and Benefit Obligations ​ $ 49.0 ​ $ 34.8 ​ $ (18.4) ​ $ (19.5) ​ ​ Qualified pension and post-retirement benefit plan assets and liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post-retirement ​ ​ Pension Benefits ​ Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2024 2023 Non-current assets ​ $ 49.0 ​ $ 34.8 ​ $ — ​ $ — ​ Current liabilities ​ ​ — ​ ​ — ​ ​ (1.1) ​ ​ (1.1) ​ Non-current liabilities ​ — ​ — ​ (17.3) ​ (18.4) ​ Total ​ $ 49.0 ​ $ 34.8 ​ $ (18.4) ​ $ (19.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) gain, net of taxes ​ $ (14.0) ​ $ (20.3) ​ $ 2.5 ​ $ 2.7 ​ Prior service credit, net of taxes ​ — ​ — ​ 5.6 ​ 8.3 ​ Total ​ $ (14.0) ​ $ (20.3) ​ $ 8.1 ​ $ 11.0 ​ ​ Unrecognized gains and losses of the post-retirement benefit plans are amortized over five years . Although current health care costs are expected to increase, the Company attempts to mitigate these increases by maintaining caps on certain of its benefit plans, using lower cost health care plan options where possible, requiring that certain groups of employees pay a portion of their benefit costs, self-insuring for certain insurance plans, encouraging wellness programs for employees, and implementing measures to mitigate future benefit cost increases. ​ Components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the qualified pension plan and the post-retirement benefit plan during 2024, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2022 2024 2023 2022 Components of Net Periodic Benefit Cost (Credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3.7 ​ $ 3.1 ​ $ 4.8 ​ $ 0.2 ​ $ 0.2 ​ $ 0.7 ​ Interest cost ​ 9.7 ​ 10.0 ​ 7.0 ​ 1.0 ​ 0.8 ​ 0.8 ​ Expected return on plan assets ​ (15.1) ​ (13.9) ​ (16.0) ​ — ​ — ​ — ​ Amortization of net actuarial loss (gain) ​ 0.4 ​ 1.3 ​ 2.4 ​ (0.8) ​ (2.0) ​ 0.8 ​ Amortization of prior service credit ​ — ​ — ​ (1.0) ​ (3.7) ​ (3.7) ​ (3.6) ​ Net periodic benefit cost (credit) ​ ​ (1.3) ​ ​ 0.5 ​ ​ (2.8) ​ ​ (3.3) ​ ​ (4.7) ​ ​ (1.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (gain) loss ​ ​ (6.0) ​ ​ (4.5) ​ ​ (12.3) ​ ​ (0.5) ​ ​ 3.4 ​ ​ (10.7) ​ Amortization of net actuarial (loss) gain ​ (0.3) ​ (1.0) ​ (1.8) ​ 0.6 ​ 1.5 ​ (0.6) ​ Amortization of prior service credit ​ — ​ — ​ 0.8 ​ 2.8 ​ 2.8 ​ 2.7 ​ Total recognized in other comprehensive (income) loss ​ ​ (6.3) ​ ​ (5.5) ​ ​ (13.3) ​ ​ 2.9 ​ ​ 7.7 ​ ​ (8.6) ​ Total recognized in net periodic benefit cost and other comprehensive (income) loss ​ $ (7.6) ​ $ (5.0) ​ $ (16.1) ​ $ (0.4) ​ $ 3.0 ​ $ (9.9) ​ ​ The weighted average assumptions used to determine benefit information during 2024, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ December 31, ​ December 31, ​ ​ 2024 2023 2022 2024 2023 2022 Discount rate (1) 5.60 % 5.30 % 5.60 % 5.60 % 5.40 % 5.50 % Expected return on plan assets 6.85 % 6.85 % 6.75 % ​ ​ ​ ​ ​ ​ Rate of compensation increase 3.50 % 3.50 % 4.00 % - 3.50 % 3.50 % 3.50 % 4.00 % - 3.50 % Cash balance interest credit rate ​ 3.90 % - 4.42 % 4.50 % - 3.25 % 3.50 % - 3.25 % ​ ​ ​ ​ ​ ​ Immediate health care cost trend rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-65 group ​ ​ ​ ​ ​ ​ ​ 6.30 % 6.80 % 6.60 % Post-65 group ​ ​ ​ ​ ​ ​ ​ 6.50 % 7.10 % 6.10 % Ultimate health care cost trend rate ​ ​ ​ ​ ​ ​ ​ 3.90 % 3.90 % 4.00 % Year ultimate health care cost trend rate is reached ​ ​ ​ ​ ​ ​ ​ 2048 ​ 2048 ​ 2046 ​ (1) The Company derives a single equivalent rate utilizing a yield curve constructed from a portfolio of high-quality corporate bonds with various maturities. ​ Non-qualified Pension Plans: The Company has non-qualified supplemental pension plans covering certain employees and retirees, which provide for incremental pension payments from the Company’s general funds so that total pension benefits would be substantially equal to amounts that would have been payable from the Company’s qualified pension plans if it were not for limitations imposed by income tax law. A few employees and retirees receive additional supplemental pension benefits. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified ​ Pension Benefits ​ December 31, ​ (In millions) ​ 2024 2023 Current liabilities ​ $ (0.4) ​ $ (1.2) ​ Non-current liabilities ​ ​ (4.0) ​ ​ (3.4) ​ Total ​ $ (4.4) ​ $ (4.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss), net of taxes ​ $ (0.4) ​ $ (0.2) ​ Total ​ $ (0.4) ​ $ (0.2) ​ ​ Discount rates of 5.4 percent and 5.2 percent were used in determining the 2024 and 2023 non-qualified pension plan obligations, respectively. ​ Estimated Benefit Payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified ​ ​ ​ ​ Pension ​ Pension ​ Post-retirement ​ Year (in millions) ​ Benefits ​ Benefits ​ Benefits (1) 2025 ​ $ 15.3 ​ $ 0.4 ​ $ 1.1 ​ 2026 ​ 15.3 ​ 0.5 ​ 1.1 ​ 2027 ​ 15.8 ​ 0.5 ​ 1.1 ​ 2028 ​ 16.2 ​ 0.5 ​ 1.1 ​ 2029 ​ 16.1 ​ 0.7 ​ 1.1 ​ 2030-2034 ​ ​ 80.1 ​ ​ 2.7 ​ ​ 5.7 ​ Total ​ $ 158.8 ​ $ 5.3 ​ $ 11.2 ​ (1) Net of participant contributions and Medicare Part D subsidies. ​ Defined Contribution Plans: The Company sponsors defined contribution plans that qualify under Sections 401(a) and 401(k) of the Internal Revenue Code. The Company may make discretionary matching contributions equal to a specified percentage of each participant’s 401(k) contributions and makes other non-discretionary contributions. For the year ended December 31, 2024, the Company provided employees with discretionary matching contributions of up to percent of eligible employee compensation. The Company’s matching contributions and other contributions expensed in 2024, 2023 and 2022 were million, respectively. ​ The Company may also provide a discretionary profit sharing contribution under the qualified defined contribution plans to non-bargaining unit employees, if both a minimum threshold of Company performance is achieved and the Board of Directors has approved the profit sharing contribution. For certain eligible employees, supplemental profit sharing contributions are credited under a non-qualified plan to be paid after separation from service from the Company’s general funds so that total profit sharing contributions would be substantially equal to amounts that would have been contributed to the Company’s qualified defined contribution plans if it were not for limitations imposed by income tax law. Discretionary profit sharing contributions expensed in 2024, 2023 and 2022 were million, respectively. ​ Multi-employer Bargaining Plans: ​ The Company contributes to multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover its bargaining unit employees. Contributions are generally based on amounts paid for union labor or cargo volume. The risks of participating in multi-employer plans are different from single employer plans because assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. Additionally, if one employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. ​ The multi-employer pension plans are subject to the plan termination insurance provisions of ERISA and are paying premiums to the Pension Benefit Guaranty Corporation (“PBGC”). The statutes provide that an employer who withdraws from, or significantly reduces its contribution obligation to, a multi-employer plan generally will be required to continue funding its proportional share of the plan’s unfunded vested benefits. As of December 31, 2024, the Company’s estimated benefit plan withdrawal obligations were million. Except as described in Note 12, no withdrawal obligations have been recorded by the Company in the Consolidated Balance Sheets at December 31, 2024 and 2023, as the Company has no present intention of withdrawing from and does not anticipate termination of any of these plans. ​ Information regarding the Company’s participation in multi-employer pension plans is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2024 and 2023 is for the plan’s year-end at December 31, 2024 and 2023, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than six one percent funded. The funding improvement plan (“FIP”) or rehabilitation plan (“RP”) column indicates the status which is either pending or has been implemented. The last column lists the expiration dates of the collective-bargaining agreements to which the plans are subject. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Protection Act ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zone as of ​ FIP/RP Status ​ 5% ​ Contributions of Matson ​ ​ ​ ​ ​ ​ EIN/Pension ​ ​ ​ December 31, ​ Pending/ ​ Contributor ​ (in millions) ​ Surcharge ​ Expiration Pension Funds Plan Number Notes 2024 2023 Implemented in 2024 2024 2023 2022 Imposed Date (1) American Radio Association Pension Fund 13-6161999-001 ​ ​ Green Green Implemented ​ Yes ​ $ 1.0 ​ $ 1.0 ​ $ 1.1 No 6/15/2028 ​ Hawaii Longshore Pension Plan ​ 99-0314293-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 12.9 ​ ​ 12.1 ​ ​ 11.9 ​ No ​ 6/30/2028 ​ Master, Mates and Pilots Pension Plan 13-6372630-001 ​ ​ ​ Green Green No ​ Yes ​ 3.7 ​ 3.6 ​ 3.8 No ​ 6/15/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/15/2028 ​ Masters, Mates and Pilots Adjustable Pension Plan 37-1719247-001 ​ ​ ​ Green Green No ​ Yes ​ 2.1 ​ 2.0 ​ 2.1 No ​ 6/15/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/15/2028 ​ MEBA Pension Trust - Defined Benefit Plan 51-6029896-001 ​ ​ ​ Green Green No ​ Yes ​ 4.6 ​ 4.2 ​ 4.5 No 6/15/2028 ​ OCU Pension Trust Plan 26-1574440-001 ​ ​ ​ Green Green No ​ No ​ 0.6 ​ 0.4 ​ 0.5 No 6/30/2030 ​ MFOW Supplementary Pension Plan ​ 94-6201677-001 ​ ​ ​ Yellow ​ Yellow ​ No ​ Yes ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 6/30/2026 ​ SIU Pacific District Pension Plan ​ 94-6061923-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 1.3 ​ ​ 1.3 ​ ​ 1.5 ​ No ​ 6/30/2026 ​ Alaska Teamster - Employer Pension Plan ​ 92-6003463-024 ​ ​ ​ Red ​ Red ​ Implemented ​ Yes ​ ​ 3.8 ​ ​ 3.9 ​ ​ 4.0 ​ No ​ 6/30/2025, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2026, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2028 ​ All Alaska Longshore Pension Plan ​ 91-6085352-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 2.2 ​ ​ 1.8 ​ ​ 2.0 ​ No ​ 6/30/2028 ​ Western Conference of Teamsters Pension Plan ​ 91-6145047-001 ​ ​ ​ Green ​ Green ​ No ​ No ​ ​ 2.3 ​ ​ 2.1 ​ ​ 2.1 ​ No ​ 3/31/2028 ​ Western Conference of Teamsters Supplemental Benefit Trust ​ 95-3746907-001 ​ ​ ​ Green ​ Green ​ No ​ No ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 3/31/2028 ​ OPEIU Local 153 Pension Plan ​ 13-2864289-001 ​ ​ ​ Red ​ Red ​ Implemented ​ No ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 11/9/2028 ​ Seafarers Pension Plan ​ 13-6100329-001 ​ (2) ​ Green ​ Green ​ No ​ No ​ ​ — ​ ​ — ​ ​ — ​ No ​ 6/30/2027 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 34.8 ​ $ 32.7 ​ $ 33.8 ​ ​ ​ ​ ​ (1) Represents the expiration date of the collective bargaining agreement. (2) The Company does not make contributions directly to the Seafarers Pension Plan. Instead, contributions are made to the Seafarers Health and Benefits Plan, and are subsequently re-allocated to the Seafarers Pension Plan at the discretion of the plan Trustees. ​ The Company also contributes to multi-employer plans that provide post-retirement health and other benefits other than pensions under the terms of collective-bargaining agreements. Benefits provided to active and retired employees and their eligible dependents under these plans include medical, dental, vision and prescription drugs. These plans are not subject to the PBGC plan termination and withdrawal liability provisions of ERISA applicable to multi-employer defined benefit pension plans. Contributions made to these plans were ​ Multi-employer Defined Contribution Plans: multi-employer defined contribution pension plans. These plans are not subject to the withdrawal liability provisions of ERISA or the PBGC applicable to multi-employer defined benefit pension plans. Contributions made to these plans by the Company were

MULTI-EMPLOYER WITHDRAWAL LIABI

MULTI-EMPLOYER WITHDRAWAL LIABILITIES	12 Months Ended
	Dec. 31, 2024
MULTI-EMPLOYER WITHDRAWAL LIABILITIES
MULTI-EMPLOYER WITHDRAWAL LIABILITIES	12. MULTI-EMPLOYER WITHDRAWAL LIABILITIES ​ Horizon ceased all of its operations in Puerto Rico during the first quarter of 2015, which resulted in a mass withdrawal from its multi-employer ILA-PRSSA pension fund. The Company assumed this liability as part of the acquisition of Horizon on May 29, 2015. The Company estimated the mass withdrawal liability based upon the required undiscounted quarterly payment of approximately million to be paid to the ILA-PRSSA pension fund over a period which ends in March 2040, discounted to present value using the Company’s incremental borrowing rate. Future estimated annual payments to be paid to the ILA-PRSSA pension fund as of December 31, 2024 were as follows: ​ ​ ​ ​ ​ Year (in millions) ​ Total 2025 $ 4.1 2026 ​ ​ 4.1 2027 ​ ​ 4.1 2028 ​ ​ 4.1 2029 ​ ​ 4.1 Thereafter ​ ​ 43.1 Total remaining future undiscounted payments due to the ILA-PRSSA pension fund ​ ​ 63.6 Less: amount representing interest ​ ​ (15.3) Present value of multi-employer withdrawal liability ​ ​ 48.3 Current portion of multi-employer withdrawal liability (see Note 2) ​ ​ (4.1) Long-term portion of multi-employer withdrawal liability (see Note 2) $ 44.2 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ​ Changes in accumulated other comprehensive income (loss) by component, net of tax, consist of the following for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ Accumulated ​ ​ ​ ​ ​ Post- ​ Qualified ​ ​ ​ ​ Other ​ ​ Pension ​ Retirement ​ Pension ​ ​ ​ ​ Comprehensive (In millions) ​ Benefits ​ Benefits ​ Benefits ​ Other ​ Income (Loss) Balance at December 31, 2022 ​ $ (25.8) ​ $ 18.7 ​ $ 0.1 ​ $ 0.1 ​ $ (6.9) ​ Amortization of prior service cost ​ — ​ ​ (2.8) ​ ​ — ​ ​ — ​ (2.8) ​ Amortization of net gain (loss) ​ ​ 5.5 ​ ​ (4.9) ​ ​ (0.3) ​ ​ — ​ 0.3 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.5) ​ ​ (0.5) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ 1.7 ​ Balance at December 31, 2023 ​ (20.3) ​ 11.0 ​ (0.2) ​ 1.3 ​ (8.2) ​ Amortization of prior service cost ​ — ​ ​ (2.8) ​ ​ — ​ ​ — ​ (2.8) ​ Amortization of net gain (loss) ​ 6.3 ​ ​ (0.1) ​ ​ (0.2) ​ ​ — ​ 6.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.9) ​ ​ (1.9) ​ Other adjustments ​ — ​ ​ — ​ ​ — ​ ​ 0.4 ​ 0.4 ​ Balance at December 31, 2024 ​ $ (14.0) ​ $ 8.1 ​ $ (0.4) ​ $ (0.2) ​ $ (6.5) ​ ​ Other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income is shown net of tax benefit (expense) of $(2.5) million, $(1.2) million and $(9.3) million for the years ended December 2024, 2023 and 2022, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	14. EARNINGS PER SHARE ​ Basic earnings per share are determined by dividing net income by the weighted-average common shares outstanding during the year. The calculation of diluted earnings per share includes the dilutive effect of unvested restricted stock units. The computation of weighted average common shares excluded a nominal amount of anti-dilutive restricted stock units for each of the years 2024, 2023 and 2022. ​ The computations for basic and diluted earnings per share for the years ended December 31, 2024, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ Year Ended December 31, 2023 ​ Year Ended December 31, 2022 ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic: ​ $ 476.4 33.7 ​ $ 14.14 ​ $ 297.1 35.3 ​ $ 8.42 ​ $ 1,063.9 39.0 ​ $ 27.28 Effect of Dilutive Securities: ​ ​ — 0.5 ​ ​ (0.21) ​ ​ — 0.4 ​ ​ (0.10) ​ ​ — 0.3 ​ ​ (0.21) Diluted: ​ $ 476.4 ​ 34.2 ​ $ 13.93 ​ $ 297.1 ​ 35.7 ​ $ 8.32 ​ $ 1,063.9 ​ 39.3 ​ $ 27.07 ​

SHARE-BASED AWARDS

SHARE-BASED AWARDS	12 Months Ended
	Dec. 31, 2024
SHARE-BASED AWARDS
SHARE-BASED AWARDS	15. SHARE-BASED AWARDS ​ The Company has share-based compensation plans which are described as follows: ​ 2016 Incentive Compensation Plan: The Amended and Restated Matson, Inc. 2016 Incentive Compensation Plan (the “2016 Plan”) serves as a successor to the 2007 Incentive Compensation Plan and all other predecessor plans. further grants were made under the predecessor stock option plans. Under the 2016 Plan, ​ The 2016 Plan consists of four separate incentive compensation programs: (i) the discretionary grant program, (ii) the stock issuance program, (iii) the incentive bonus program, and (iv) the automatic grant program for the non- employee members of the Company’s Board of Directors. Share-based compensation is generally awarded under ​ Discretionary Grant Program percent of the fair market value (defined as the closing market price) of the Company’s common stock on the date of the grant. No stock options have been granted under the 2016 Plan. ​ Stock Issuance Program — Under the Stock Issuance Program, shares of common stock, restricted stock units or performance shares may be granted. Time-based equity awards generally vest ratably over . Provided certain anniversary date of the grant. ​ Automatic Grant Program — At each annual shareholder meeting, non-employee directors will receive an award of restricted stock units that entitle the holder to an equivalent number of shares of common stock upon vesting, under the Automatic Grant Program. Awards of restricted stock units granted under the program generally vest on the ​ The shares of common stock authorized to be issued under the 2016 Plan may be drawn from shares of the Company’s authorized but unissued common stock or from shares of its common stock that the Company acquires, including shares purchased on the open market or in private transactions. ​ Share-based compensation expense and other information related to share-based awards for the years ended December 31, 2024, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Share-based compensation expense, net of estimated forfeitures (in millions) 2024 2023 2022 Share-based compensation expense ​ $ 26.5 ​ $ 23.8 ​ $ 18.3 ​ Tax benefit realized upon stock vesting ​ $ 5.6 ​ $ 6.1 ​ $ 10.6 ​ Fair value of stock vested ​ $ 25.6 ​ $ 27.8 ​ $ 44.0 ​ ​ As of December 31, 2024, unrecognized compensation cost related to non-vested restricted stock units and performance-based equity awards was $24.5 million. Unrecognized compensation cost is expected to be recognized over a weighted average period of approximately ​ The following table summarizes non-vested restricted stock unit activity through December 31, 2024 (in thousands, except weighted average grant-date fair value amounts): ​ ​ ​ ​ ​ ​ ​ ​ 2016 Plan Weighted ​ ​ Restricted ​ Average Grant- ​ ​ ​ Stock Units ​ Date Fair Value Outstanding at December 31, 2023 533 $ 75.82 ​ Granted ​ 153 ​ $ 122.23 ​ Vested ​ (352) ​ $ 72.71 ​ Canceled ​ (5) ​ $ 85.27 ​ Added by performance factor (1) ​ 119 ​ $ 122.35 ​ Outstanding at December 31, 2024 448 $ 93.83 ​ (1) Represents shares paid out above target.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	16. FAIR VALUE OF FINANCIAL INSTRUMENTS ​ The Company values its financial instruments based on the fair value hierarchy of valuation techniques for fair value measurements. Level 1 inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. ​ The Company uses Level 1 inputs for the fair values of its cash and cash equivalents, restricted cash and cash on deposit, and investments in the CCF, and Level 2 inputs for its fixed rate debt. The fair values of cash and cash equivalents, restricted cash and cash on deposit in the CCF approximate their carrying values due to the nature of the instruments. The fair value of fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements. ​ The carrying value and fair value of the Company’s financial instruments consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant ​ Significant ​ ​ ​ Total ​ ​ ​ Active Markets ​ Observable ​ Unobservable ​ ​ Carrying Value Total (Level 1) Inputs (Level 2) Inputs (Level 3) ​ (In millions) ​ December 31, 2024 ​ Fair Value Measurements at December 31, 2024 ​ Cash and cash equivalents ​ $ 266.8 ​ $ 266.8 ​ $ 266.8 ​ $ — ​ $ — ​ Restricted cash ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 230.7 ​ $ 230.7 ​ $ 230.7 ​ $ — ​ $ — ​ CCF - Investments ​ $ 411.9 ​ $ 412.5 ​ $ 412.5 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 400.9 ​ $ 317.7 ​ $ — ​ $ 317.7 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ $ — ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES ​ Commitments: Commitments and contractual obligations, excluding debt obligations (see Note 8), lease commitments (see Note 9), pension and post-retirement plan obligations (see Note 11), and multi-employer withdrawal liabilities (see Note 12), are as follows as of December 31, 2024: ​ ​ ​ ​ ​ ​ Commitments and Contractual Obligations (in millions) Total Standby letters of credit (1) ​ $ 6.1 ​ Bonds (2) ​ $ 65.1 ​ Vessel construction obligations (3) ​ $ 814.0 ​ Vendor and other obligations (4) ​ $ 214.6 ​ (1) Standby letters of credit are required for the Company’s uninsured workers’ compensation and other insurance programs, and other needs. (2) Bonds are required for U.S. Customs and other related matters. (3) Vessel construction obligations represent remaining contractual obligations entered into for the construction of three new Jones Act vessels. (4) Vendor and other obligations include: (i) non-cancellable contractual capital project obligations; (ii) dry-docking related obligations; and (iii) other contractual obligations. Amounts are considered obligations if a contract has been agreed to specifying significant terms of the contract, and the amounts are not reflected in the Consolidated Balance Sheets as of December 31, 2024. ​ These amounts are not recorded on the Company’s Consolidated Balance Sheet as of December 31, 2024 and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments and contractual obligations. ​ Contingencies: Contingencies and other litigation related matters are described as follows: ​ ● Environmental Matters: The Company faces certain risks that could result in material expenditures related to environmental remediation. The Company believes, that based on all information currently 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 476.4	$ 297.1	$ 1,063.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy: . The main objectives of Matson’s approach to cyber and information security are to protect confidential information while maintaining data integrity and availability; support legal and regulatory compliance; and prevent disruptions to business operations. The Company regularly enhances its systems, controls and strategies in an effort to guard against security breaches and unauthorized access to Matson systems or data and develops policies to guide the appropriate handling and protection of sensitive information by Matson. It also maintains incident response and remediation plans which provide that cybersecurity incidents be communicated to the Company’s senior leaders who are responsible for assessing the risks associated with a cybersecurity incident and initiating the Company’s incident response plan. The Company’s incident response and remediation plans are further supported by ongoing security monitoring services as well as a dedicated management team focused on business continuity to help support operations and mitigate disruptions should a breach, unauthorized access or other disruption event occur. In addition, the Company has established a zero trust network access roadmap that includes key security controls designed to help protect Matson employees and contractors with access to Matson systems against phishing and brute force password attacks. ​ The risk management process occurs throughout the organization, but is facilitated through a risk management steering committee comprised of senior management whose members meet regularly to identify and address specific significant risks. At least twice a year, management assesses and categorizes key risks based on their potential impact to the Company and the likelihood of the risk occurring as part of Matson’s enterprise risk management (“ERM”) program. The ERM program includes regular cyber and information security risk assessments conducted by Results from these risk assessments, along with remediation recommendations, are provided to executive leadership and the Company’s Board of Directors (the “Board”). The Board also consults with outside advisors and experts, when appropriate, to anticipate future threats and trends, and their impact on the Company’s risk environment. In addition, the Company utilizes third-party audits to test its cybersecurity systems, incident response and remediation plans to help spot vulnerabilities and improve its ability to respond to unexpected events. For more information on Matson’s ERM program, see “— Governance ​ As part of its approach, the Company conducts varied due diligence on its key technology vendors to review their cybersecurity risk profiles and scores. This includes pre-contract award due diligence reviews of such vendors and cyber and information security requirements within its vendor contracts. Additionally, the Company leverages independent, third-party services to monitor the cyber and information security posture of key suppliers and vendors. The Company’s quarterly information security update to the Chief Executive Officer and Chief Financial Officer includes an update on the results of these reviews. ​ Training, education and awareness-building are mechanisms Matson uses to help embed a strong culture of cyber and information security within its workplace. The Company’s long-term aim is to have a workforce with high- functioning knowledge of cybersecurity. In furtherance of this aim, the Company conducts training annually for employees that addresses cyber and information security, and holds additional training typically at least three times per year for specific topics such as data and email security. Furthermore, Matson requires enhanced training for employees with access to particularly sensitive information. The Company also has specific escalation processes and resources in place for employees to raise a concern should they notice anything suspicious. ​ The design of Matson’s information technology systems is informed in part by the following third-party frameworks or standards: ● ● ● ● ● ● ● ● ​ In addition, Matson participates in the following organizations in its effort to better understand best practices and advance its systems and policies over time: ● ● ● ● ● ● ​ Since the beginning of the last fiscal year, Matson has not identified risks from known cybersecurity threats , including as a result of any prior cybersecurity incidents, that have materially affected the Company, but the Company faces certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect the Company. For more information on the risks and impacts of these matters to Matson, see Part I, Item 1A. Risk Factors – “ The Company’s information technology systems have in the past and may in the future be exposed to cybersecurity risks and other disruptions that could impair the Company’s ability to operate and adversely affect its business.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Risk management and strategy: . The main objectives of Matson’s approach to cyber and information security are to protect confidential information while maintaining data integrity and availability; support legal and regulatory compliance; and prevent disruptions to business operations. The Company regularly enhances its systems, controls and strategies in an effort to guard against security breaches and unauthorized access to Matson systems or data and develops policies to guide the appropriate handling and protection of sensitive information by Matson. It also maintains incident response and remediation plans which provide that cybersecurity incidents be communicated to the Company’s senior leaders who are responsible for assessing the risks associated with a cybersecurity incident and initiating the Company’s incident response plan. The Company’s incident response and remediation plans are further supported by ongoing security monitoring services as well as a dedicated management team focused on business continuity to help support operations and mitigate disruptions should a breach, unauthorized access or other disruption event occur. In addition, the Company has established a zero trust network access roadmap that includes key security controls designed to help protect Matson employees and contractors with access to Matson systems against phishing and brute force password attacks. ​ The risk management process occurs throughout the organization, but is facilitated through a risk management steering committee comprised of senior management whose members meet regularly to identify and address specific significant risks. At least twice a year, management assesses and categorizes key risks based on their potential impact to the Company and the likelihood of the risk occurring as part of Matson’s enterprise risk management (“ERM”) program. The ERM program includes regular cyber and information security risk assessments conducted by Results from these risk assessments, along with remediation recommendations, are provided to executive leadership and the Company’s Board of Directors (the “Board”). The Board also consults with outside advisors and experts, when appropriate, to anticipate future threats and trends, and their impact on the Company’s risk environment. In addition, the Company utilizes third-party audits to test its cybersecurity systems, incident response and remediation plans to help spot vulnerabilities and improve its ability to respond to unexpected events. For more information on Matson’s ERM program, see “— Governance ​ As part of its approach, the Company conducts varied due diligence on its key technology vendors to review their cybersecurity risk profiles and scores. This includes pre-contract award due diligence reviews of such vendors and cyber and information security requirements within its vendor contracts. Additionally, the Company leverages independent, third-party services to monitor the cyber and information security posture of key suppliers and vendors. The Company’s quarterly information security update to the Chief Executive Officer and Chief Financial Officer includes an update on the results of these reviews. ​ Training, education and awareness-building are mechanisms Matson uses to help embed a strong culture of cyber and information security within its workplace. The Company’s long-term aim is to have a workforce with high- functioning knowledge of cybersecurity. In furtherance of this aim, the Company conducts training annually for employees that addresses cyber and information security, and holds additional training typically at least three times per year for specific topics such as data and email security. Furthermore, Matson requires enhanced training for employees with access to particularly sensitive information. The Company also has specific escalation processes and resources in place for employees to raise a concern should they notice anything suspicious. ​ The design of Matson’s information technology systems is informed in part by the following third-party frameworks or standards: ● ● ● ● ● ● ● ● ​ In addition, Matson participates in the following organizations in its effort to better understand best practices and advance its systems and policies over time: ● ● ● ● ● ●
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance: Board has oversight of the Company’s risk management process, which includes overseeing our process for identifying, assessing and mitigating significant financial, operational, legal, strategic, and other risks that may affect the Company. These risks include, among other things, risks related to cybersecurity and information security. Risk oversight plays a role in major Board decisions, and the evaluation of key risks is a core part of the decision-making process – from guidance on strategy to review of major capital expenditures. ​ The Board administers its oversight role in part through its committees. The is responsible for overseeing and reviewing cyber and information security risks, policies and programs and reviews the Company’s risk assessment, risk management and compliance policies twice a year. Senior leaders, including Matson’s Chief Information Officer, review the Company’s cybersecurity program with the Board at least annually, and the Chief Information Officer meets with the Audit Committee at least twice per year. , who is a Certified Information Systems Security Professional, Certified Information Systems Auditor, and is AWS Certified. The Chief Information Officer and the Board, and the Audit Committee. These processes are part of the risk management processes described in the risk management and strategy section above. ​ The Audit Committee also oversees Matson’s ERM program, which includes cyber and information security risks. The ERM process, which follows the Committee of Sponsoring Organization Framework, is designed to promote visibility to the Board and management of critical risks and risk mitigation strategies across various time frames, including the short-, medium- and long- term. Risk mitigation efforts are integrated into strategic plans and budgets. The Chief Financial Officer and the udit review the Company’s risk management activities with the Audit Committee and the Board on a regular basis. Management also regularly updates the full Board at and between Board meetings on the ERM program and other risk-related matters. In addition, executive sessions of the Board, which are led by the Lead Independent Director, have focused on certain risk oversight topics from time to time. The Lead Independent Director consults with the Chairman of the Board regarding risk-focused topics at Board meetings.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Governance: Board has oversight of the Company’s risk management process, which includes overseeing our process for identifying, assessing and mitigating significant financial, operational, legal, strategic, and other risks that may affect the Company. These risks include, among other things, risks related to cybersecurity and information security. Risk oversight plays a role in major Board decisions, and the evaluation of key risks is a core part of the decision-making process – from guidance on strategy to review of major capital expenditures. ​ The Board administers its oversight role in part through its committees. The is responsible for overseeing and reviewing cyber and information security risks, policies and programs and reviews the Company’s risk assessment, risk management and compliance policies twice a year. Senior leaders, including Matson’s Chief Information Officer, review the Company’s cybersecurity program with the Board at least annually, and the Chief Information Officer meets with the Audit Committee at least twice per year. , who is a Certified Information Systems Security Professional, Certified Information Systems Auditor, and is AWS Certified. The Chief Information Officer and the Board, and the Audit Committee. These processes are part of the risk management processes described in the risk management and strategy section above. ​ The Audit Committee also oversees Matson’s ERM program, which includes cyber and information security risks. The ERM process, which follows the Committee of Sponsoring Organization Framework, is designed to promote visibility to the Board and management of critical risks and risk mitigation strategies across various time frames, including the short-, medium- and long- term. Risk mitigation efforts are integrated into strategic plans and budgets. The Chief Financial Officer and the udit review the Company’s risk management activities with the Audit Committee and the Board on a regular basis. Management also regularly updates the full Board at and between Board meetings on the ERM program and other risk-related matters. In addition, executive sessions of the Board, which are led by the Lead Independent Director, have focused on certain risk oversight topics from time to time. The Lead Independent Director consults with the Chairman of the Board regarding risk-focused topics at Board meetings.
Cybersecurity Risk Role of Management [Text Block]	Senior leaders, including Matson’s Chief Information Officer, review the Company’s cybersecurity program with the Board at least annually, and the Chief Information Officer meets with the Audit Committee at least twice per year. , who is a Certified Information Systems Security Professional, Certified Information Systems Auditor, and is AWS Certified. The Chief Information Officer and the Board, and the Audit Committee. These processes are part of the risk management processes described in the risk management and strategy section above.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Matson’s information security efforts are led by its Chief Information Officer, who has over 25 years of experience in enterprise software development, infrastructure and management, including over 18 years with Matson and 7 years at Charles Schwab as Senior Manager of Middleware Security, and the Chief Information Security Officer , who is a Certified Information Systems Security Professional, Certified Information Systems Auditor, and is AWS Certified. The Chief Information Officer and the Board, and the Audit Committee. These processes are part of the risk management processes described in the risk management and strategy section above.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board administers its oversight role in part through its committees. The is responsible for overseeing and reviewing cyber and information security risks, policies and programs and reviews the Company’s risk assessment, risk management and compliance policies twice a year. Senior leaders, including Matson’s Chief Information Officer, review the Company’s cybersecurity program with the Board at least annually, and the Chief Information Officer meets with the Audit Committee at least twice per year. , who is a Certified Information Systems Security Professional, Certified Information Systems Auditor, and is AWS Certified. The Chief Information Officer and the Board, and the Audit Committee. These processes are part of the risk management processes described in the risk management and strategy section above. ​ The Audit Committee also oversees Matson’s ERM program, which includes cyber and information security risks. The ERM process, which follows the Committee of Sponsoring Organization Framework, is designed to promote visibility to the Board and management of critical risks and risk mitigation strategies across various time frames, including the short-, medium- and long- term. Risk mitigation efforts are integrated into strategic plans and budgets. The Chief Financial Officer and the udit review the Company’s risk management activities with the Audit Committee and the Board on a regular basis. Management also regularly updates the full Board at and between Board meetings on the ERM program and other risk-related matters. In addition, executive sessions of the Board, which are led by the Lead Independent Director, have focused on certain risk oversight topics from time to time. The Lead Independent Director consults with the Chairman of the Board regarding risk-focused topics at Board meetings.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation: The Consolidated Financial Statements 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 (see Note 4).
Fiscal Year	Fiscal Year: The year end for Matson is December 31. The period end for MatNav occurred on the last Friday in December, except for certain Company subsidiaries whose period closed on December 31. Included in these Consolidated Financial Statements are
Foreign Currency Transactions	Foreign Currency Transactions: The United States (U.S.) dollar is the functional currency for substantially all of the financial statements of the Company’s foreign subsidiaries. Foreign currency denominated assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of accumulated other comprehensive loss (gain) within shareholders’ equity. The Company translates the result of operations of its foreign subsidiaries at the average exchange rate during the respective periods. Gains and losses resulting from foreign currency transactions are included in Costs and Expenses in the Consolidated Statements of Income and Comprehensive Income.
Use of Estimates	Use of Estimates: The preparation of the 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 including estimates for impairment charges; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: Cash equivalents consist of highly-liquid investments with original maturities of three months or less. The Company carries these investments at cost, which approximates fair value. Restricted cash relates to amounts that are subject to contractual restrictions and are not readily available. Restricted cash was 31, 2023 and was included in prepaid expenses and other assets in the Consolidated Balance Sheets. The Company did not have any restricted cash at December 31, 2024.
Accounts Receivable, net	Accounts Receivable, net: Accounts receivable represent amounts due from trade customers arising in the normal course of business. Accounts receivable are shown net of allowance for doubtful accounts receivable in the Consolidated Balance Sheets. Allowance for doubtful accounts receivable is established by management based on estimates of collectability. Estimates of collectability are principally based on an evaluation of the current financial condition of the customer and the potential risks to collection, the customer’s payment history, expected future credit losses and other factors which are regularly monitored by the Company. ​ Changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2024, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Write-offs Balance at Year (in millions) Beginning of Year Expense (1) and Other End of Year 2024 ​ $ 9.9 ​ $ 0.8 ​ $ (0.9) ​ $ 9.8 2023 ​ $ 13.0 ​ $ (2.1) ​ $ (1.0) ​ $ 9.9 2022 ​ $ 10.1 ​ $ 3.2 ​ $ (0.3) ​ $ 13.0 (1) Expense is shown net of amounts recovered from previously reserved doubtful accounts receivable.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Prepaid Expenses and Other Assets (in millions) 2024 2023 Prepaid fuel ​ $ 31.2 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 19.1 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.8 ​ ​ 8.2 ​ Income tax receivables, net ​ ​ 2.0 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ — ​ ​ 2.3 ​ Other ​ 12.8 ​ 11.4 ​ Total ​ $ 73.9 ​ $ 188.9 ​ ​ Income tax receivables for the year ended December 31, 2023 included a 2021 federal tax return refund of $118.6 million. On April 19, 2024, the Company received the federal income tax refund of
Deferred Loan Fees	Deferred Loan Fees: The Company records deferred loan fees, excluding those related to the revolving credit facility, as a reduction to Total Debt in the Company’s Consolidated Balance Sheets. These costs are being amortized over the life of the related debt using the effective interest method (see Note 8). ​ Deferred loan fees related to the Company’s revolving credit facility are recorded in other long-term assets in the Company’s Consolidated Balance Sheets and are amortized using the straight-line method, as the difference between that method and the use of the effective interest method is not material. ​
Other Long-Term Assets	Other Long-Term Assets: Other long-term assets consist of the following at December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Assets (in millions) 2024 2023 Pension plan assets ​ $ 49.0 ​ $ 34.8 ​ Vessel and equipment spare parts ​ ​ 15.9 ​ ​ 14.2 ​ Insurance related receivables ​ ​ 9.8 ​ ​ 10.2 ​ Other ​ ​ 4.9 ​ ​ 7.2 ​ Total ​ $ 79.6 ​ $ 66.4 ​
Property and Equipment	Property and Equipment: Property and equipment is stated at cost. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range up to the following maximum lives: ​ ​ ​ ​ Classification Life Vessels 40 years Terminal cranes 30 years Containers and chassis ​ 15 years Terminal equipment and other property 35 years ​
Capitalized Interest	Capitalized Interest: The Company capitalizes interest costs during the period the qualified assets are being readied for their intended use. The Company determined that 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 payments 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 Consolidated Balance Sheets (see Note 5). During the years ended December 31, 2024, 2023 and 2022, the Company capitalized
Leases	Leases: Accounting Standards Codification (“ASC”) 842, Leases requires lessees to record leases on their balance sheets but recognize the expenses in their income statements. ASC 842 states that a lessee would recognize a lease liability for the obligation to make lease payments, and a right-of-use asset for the underlying leased asset for the period of the lease term. Refer to Note 9 for additional information on the Company’s lease related disclosures.
Deferred Dry-docking Costs	Deferred Dry-docking Costs: U.S. flagged vessels must meet specified seaworthiness standards established by U.S. Coast Guard rules and classification society rules. These standards require U.S. flagged vessels to undergo between them. However, U.S. flagged vessels that are enrolled in the U.S. Coast Guard’s Underwater Survey in lieu of Dry-docking (“UWILD”) program are allowed to have their Intermediate Survey dry-docking requirement met with a less costly underwater inspection. Non-U.S. flagged vessels are required to meet applicable classification society rules and their own local standards for seaworthiness, which also mandate vessels to undergo . ​ The Company is responsible for maintaining its vessels in compliance with U.S. and international standards. As costs associated with dry-docking inspections provide future economic benefits to the Company through continued operation of the vessels, the costs are deferred and amortized until the scheduled date of the next required dry-docking, which is usually over a two period. Amortization of deferred dry-docking costs are charged to operating expenses of the Ocean Transportation segment in the Consolidated Statements of Income and Comprehensive Income. Routine vessel maintenance and repairs are charged to expense as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets: Goodwill and intangible assets arise as a result of acquisitions made by the Company (see Note 6). Intangible assets consist of customer relationships which are being amortized using the straight-line method over the expected useful lives ranging up to ​
Impairment Evaluation of Long-Lived Assets, Intangible Assets and Goodwill	Impairment Evaluation of Long-Lived Assets, Intangible Assets and Goodwill : The Company evaluates its long-lived assets, intangible assets and goodwill 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. ​ Long-lived assets and finite-lived intangible assets are grouped at the lowest level reporting unit for which identifiable cash flows are available. In evaluating for impairment, the estimated future undiscounted cash flows generated by each of these asset groups are compared with the carrying value recorded for each asset group to determine if its carrying value is recoverable. If this review determines that the amount recorded will not be recovered, the amount recorded for the asset group is reduced to its estimated fair value. ​ Indefinite-life intangible assets and goodwill are grouped at the lowest level reporting unit for which identifiable cash flows are available. In estimating the fair value of a reporting unit, the Company uses a combination of a discounted cash flow model and fair value based on market multiples of earnings before interest, taxes, depreciation and amortization. Based upon the Company’s evaluation of its indefinite-life intangible assets and goodwill for impairment, the Company determined that the fair value of each reporting unit exceeds book value.
Impairment Evaluation of SSAT	Impairment Evaluation of SSAT: The Company’s investment in SSAT, a related party, is evaluated for impairment whenever there is evidence of impairment during the reporting period. If any impairment is identified, the Company evaluates if the decrease in the fair value of the investment below its carrying value is other-than-temporary. The Company did
Other Liabilities	Other Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Liabilities (in millions) 2024 2023 Employee incentives and other benefits ​ $ 36.6 ​ $ 33.9 ​ Payroll and vacation ​ ​ 36.1 ​ ​ 38.3 ​ Insurance reserves and other related liabilities - short term ​ ​ 27.2 ​ ​ 17.5 ​ Income tax and other tax related liabilities ​ ​ 8.6 ​ ​ 1.6 ​ Deferred revenues ​ ​ 5.5 ​ ​ 6.4 ​ Multi-employer withdrawal liabilities - short term ​ ​ 4.1 ​ ​ 4.1 ​ Other short-term liabilities ​ ​ 5.1 ​ ​ 6.2 ​ Total ​ $ 123.2 $ 108.0 ​
Other Long-Term Liabilities	Other Long-Term Liabilities: Other long-term liabilities consist of the following at December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Liabilities (in millions) 2024 2023 Multi-employer withdrawal liability ​ $ 44.2 ​ $ 46.5 ​ Insurance reserves and other related liabilities ​ ​ 25.6 ​ ​ 23.8 ​ Pension and post-retirement liabilities ​ ​ 21.3 ​ ​ 21.8 ​ Long-term tax liabilities ​ 9.1 ​ 8.9 ​ Other long-term liabilities ​ 9.1 ​ 12.7 ​ Total ​ $ 109.3 ​ $ 113.7 ​
Pension and Post-Retirement Plans	Pension and Post-Retirement Plans: The Company is a member of the Pacific Maritime Association (“PMA”) and the Hawaii Stevedoring Industry Committee, which negotiate multi-employer pension plans covering certain shoreside bargaining unit personnel. The Company directly negotiates multi-employer pension plans covering other bargaining unit personnel. Pension costs are accrued in accordance with contribution rates established by the PMA, the parties to a plan or the trustees of a plan. Several trusteed, non-contributory, single employer defined benefit plans and defined contribution plans cover substantially all other employees. ​ The estimation of the Company’s pension and post-retirement benefit expenses and liabilities requires that the Company make various assumptions. These assumptions include factors such as discount rates, expected long-term rates of return on pension plan assets, salary growth, health care cost trend rates, inflation, retirement rates, mortality rates, and expected contributions. Actual results that differ from the assumptions made could materially affect the Company’s financial condition or its future operating results. Additional information about the Company’s pension and post-retirement plans is included in Note 11.
Insurance Related Liabilities	Insurance Related Liabilities: The Company purchases insurance with deductibles or self-insured retentions to mitigate significant risks that it is exposed to. Such insurance includes, but is not limited to, employee health, workers’ compensation, marine liability, cybersecurity, auto liability and physical damage to property and equipment. For certain risks, the Company elects to not purchase insurance because of the excessive cost of insurance, the perceived remoteness of the risk or insurance coverage is not commercially available. The Company retains the risk of loss for insurance deductibles and self-insured retentions, for amounts that exceed the limits of the Company’s insurance policies, and for other risks not covered by insurance. ​ When estimating its reserves for retained risks and related liabilities, the Company considers a number of factors, including historical claims experience, demographic factors, current trends, and analyses provided by independent third parties. Periodically, management reviews its assumptions and estimates used to determine the adequacy of the Company’s reserves for retained risks and other related liabilities.
Recognition of Revenues and Expenses	Recognition of Revenues and Expenses: Revenue in the Company’s 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Ocean Transportation (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Ocean Transportation services ​ $ 2,762.0 ​ $ 2,420.8 ​ $ 3,508.0 Terminal and other related services ​ ​ 32.0 ​ ​ 36.9 ​ ​ 18.5 Fuel sales ​ ​ 12.4 ​ ​ 12.3 ​ ​ 11.3 Vessel management and related services ​ ​ 3.3 ​ ​ 7.0 ​ ​ 6.8 Total ​ $ 2,809.7 ​ $ 2,477.0 ​ $ 3,544.6 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​ ● Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and 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. In July 2024, the Company discontinued its vessel management and related services. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Logistics (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Transportation Brokerage and Freight Forwarding services ​ $ 538.1 ​ $ 546.8 ​ $ 695.1 Warehousing services ​ ​ 40.0 ​ ​ 42.5 ​ ​ 53.5 Supply Chain Management services ​ 34.0 ​ 28.3 ​ 49.8 Total ​ $ 612.1 ​ $ 617.6 ​ $ 798.4 (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 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 services revenue and related costs are recognized in proportion to the services performed. ● Supply Chain Management and other services revenue, and related costs are recognized in proportion to the services performed. ​ The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the customer. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income.
Dividends	Dividends:
Repurchase of Shares	Repurchase of Shares: During the years ended December 31, 2024, 2023 and 2022, the Company repurchased approximately million, respectively. As of December 31, 2024, the number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately million shares. On February 27, 2025, the Company’s Board of Directors approved an additional 31, 2027. Shares may be repurchased in the open market from time to time, and may be made pursuant to a trading plan in accordance with Rule 10b5-1 of the Security Exchange Act of 1934.
Share-Based Compensation	Share-Based Compensation: The Company records compensation expense for all share-based awards made to employees and directors. The Company’s various stock-based compensation plans are more fully described in Note 15.
Income Taxes	Income Taxes: The estimate of the Company’s income tax expense requires the Company to make various estimates and judgments. These estimates and judgments are applied in the calculation of taxable income, tax credits, tax benefits, CCF and other tax deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue, costs and expenses for tax purposes. The Company also considers the impact of expected future events such as changes in tax rates, changes in tax laws, regulations and rulings. Deferred tax assets and liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. ​ The Company records a valuation allowance if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. The Company’s income taxes are more fully described in Note 10.
Rounding	Rounding: Amounts in the Consolidated Financial Statements and Notes to the Consolidated Financial Statements are rounded to tenth of millions, except for per share calculations and percentages which were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different.
Reclassifications	Reclassifications: The Company reclassified amortization of deferred loan fees of 31, 2023 and 2022, respectively, to conform to current year cash flow presentation. There were
Recently adopted accounting pronouncements and New Accounting Pronouncements	Recently adopted accounting pronouncements: Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires companies to disclose on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker. The Company adopted ASU 2023-07 during the year ended December 31, 2024 (see Note 3). ​ New Accounting Pronouncements: In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure of certain expenses in the financial statements including employee compensation, depreciation and amortization of intangible assets on an annual and interim basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be adopted either: (i) prospectively to the financial statements issued for reporting periods after the effective date of the ASU or (ii) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the effects of adopting ASU 2024-03 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of changes in the allowance for doubtful accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Write-offs Balance at Year (in millions) Beginning of Year Expense (1) and Other End of Year 2024 ​ $ 9.9 ​ $ 0.8 ​ $ (0.9) ​ $ 9.8 2023 ​ $ 13.0 ​ $ (2.1) ​ $ (1.0) ​ $ 9.9 2022 ​ $ 10.1 ​ $ 3.2 ​ $ (0.3) ​ $ 13.0 (1) Expense is shown net of amounts recovered from previously reserved doubtful accounts receivable.
Schedule of prepaid expenses and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Prepaid Expenses and Other Assets (in millions) 2024 2023 Prepaid fuel ​ $ 31.2 ​ $ 22.5 ​ Prepaid insurance and insurance related receivables ​ 19.1 ​ 19.3 ​ Prepaid operating expenses ​ ​ 8.8 ​ ​ 8.2 ​ Income tax receivables, net ​ ​ 2.0 ​ ​ 125.2 ​ Restricted cash - vessel construction obligations ​ ​ — ​ ​ 2.3 ​ Other ​ 12.8 ​ 11.4 ​ Total ​ $ 73.9 ​ $ 188.9 ​
Schedule of other long-term assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Assets (in millions) 2024 2023 Pension plan assets ​ $ 49.0 ​ $ 34.8 ​ Vessel and equipment spare parts ​ ​ 15.9 ​ ​ 14.2 ​ Insurance related receivables ​ ​ 9.8 ​ ​ 10.2 ​ Other ​ ​ 4.9 ​ ​ 7.2 ​ Total ​ $ 79.6 ​ $ 66.4 ​
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ Classification Life Vessels 40 years Terminal cranes 30 years Containers and chassis ​ 15 years Terminal equipment and other property 35 years
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Liabilities (in millions) 2024 2023 Employee incentives and other benefits ​ $ 36.6 ​ $ 33.9 ​ Payroll and vacation ​ ​ 36.1 ​ ​ 38.3 ​ Insurance reserves and other related liabilities - short term ​ ​ 27.2 ​ ​ 17.5 ​ Income tax and other tax related liabilities ​ ​ 8.6 ​ ​ 1.6 ​ Deferred revenues ​ ​ 5.5 ​ ​ 6.4 ​ Multi-employer withdrawal liabilities - short term ​ ​ 4.1 ​ ​ 4.1 ​ Other short-term liabilities ​ ​ 5.1 ​ ​ 6.2 ​ Total ​ $ 123.2 $ 108.0 ​
Schedule of other long-term liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Other Long-Term Liabilities (in millions) 2024 2023 Multi-employer withdrawal liability ​ $ 44.2 ​ $ 46.5 ​ Insurance reserves and other related liabilities ​ ​ 25.6 ​ ​ 23.8 ​ Pension and post-retirement liabilities ​ ​ 21.3 ​ ​ 21.8 ​ Long-term tax liabilities ​ 9.1 ​ 8.9 ​ Other long-term liabilities ​ 9.1 ​ 12.7 ​ Total ​ $ 109.3 ​ $ 113.7 ​
Ocean Transportation
Schedule of principal revenue generating activities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Ocean Transportation (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Ocean Transportation services ​ $ 2,762.0 ​ $ 2,420.8 ​ $ 3,508.0 Terminal and other related services ​ ​ 32.0 ​ ​ 36.9 ​ ​ 18.5 Fuel sales ​ ​ 12.4 ​ ​ 12.3 ​ ​ 11.3 Vessel management and related services ​ ​ 3.3 ​ ​ 7.0 ​ ​ 6.8 Total ​ $ 2,809.7 ​ $ 2,477.0 ​ $ 3,544.6 (1) Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies. ​
Logistics
Schedule of principal revenue generating activities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Logistics (in millions) (1) ​ 2024 ​ 2023 ​ 2022 Transportation Brokerage and Freight Forwarding services ​ $ 538.1 ​ $ 546.8 ​ $ 695.1 Warehousing services ​ ​ 40.0 ​ ​ 42.5 ​ ​ 53.5 Supply Chain Management services ​ 34.0 ​ 28.3 ​ 49.8 Total ​ $ 612.1 ​ $ 617.6 ​ $ 798.4 (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. ​

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
REPORTABLE SEGMENTS
Schedule of reportable segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2022 (In millions) Ocean Transportation Logistics ​ Total Ocean Transportation Logistics Total Ocean Transportation Logistics Total Operating Revenue (1)(2) ​ $ 2,809.7 ​ $ 612.1 ​ $ 3,421.8 ​ $ 2,477.0 ​ $ 617.6 ​ $ 3,094.6 ​ $ 3,544.6 ​ $ 798.4 ​ $ 4,343.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct cargo expense ​ ​ 980.1 ​ ​ — ​ ​ 980.1 ​ ​ 946.2 ​ ​ — ​ ​ 946.2 ​ ​ 1,003.8 ​ ​ — ​ ​ 1,003.8 Vessel operating expense ​ ​ 610.5 ​ ​ — ​ ​ 610.5 ​ ​ 580.4 ​ ​ — ​ ​ 580.4 ​ ​ 703.6 ​ ​ — ​ ​ 703.6 Operating overhead (3) ​ ​ 329.1 ​ ​ — ​ ​ 329.1 ​ ​ 297.7 ​ ​ — ​ ​ 297.7 ​ ​ 301.2 ​ ​ — ​ ​ 301.2 Direct operating costs ​ ​ — ​ ​ 493.1 ​ ​ 493.1 ​ ​ — ​ ​ 504.2 ​ ​ 504.2 ​ ​ — ​ ​ 663.7 ​ ​ 663.7 Depreciation and amortization ​ ​ 141.1 ​ ​ 12.0 ​ ​ 153.1 ​ ​ 130.6 ​ ​ 11.6 ​ ​ 142.2 ​ ​ 131.1 ​ ​ 8.1 ​ ​ 139.2 Total operating costs ​ ​ 2,060.8 ​ ​ 505.1 ​ ​ 2,565.9 ​ ​ 1,954.9 ​ ​ 515.8 ​ ​ 2,470.7 ​ ​ 2,139.7 ​ ​ 671.8 ​ ​ 2,811.5 Loss (Income) from SSAT ​ ​ 1.0 ​ ​ — ​ ​ 1.0 ​ ​ (2.2) ​ ​ — ​ ​ (2.2) ​ ​ (83.1) ​ ​ — ​ ​ (83.1) General and administrative ​ 247.0 ​ 56.6 ​ 303.6 ​ 229.5 ​ 53.8 ​ 283.3 ​ 206.8 ​ 54.2 ​ 261.0 Total Costs and Expenses ​ ​ 2,308.8 ​ ​ 561.7 ​ ​ 2,870.5 ​ ​ 2,182.2 ​ ​ 569.6 ​ ​ 2,751.8 ​ ​ 2,263.4 ​ ​ 726.0 ​ ​ 2,989.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income: ​ $ 500.9 ​ $ 50.4 ​ ​ 551.3 ​ $ 294.8 ​ $ 48.0 ​ ​ 342.8 ​ $ 1,281.2 ​ $ 72.4 ​ ​ 1,353.6 Interest income ​ ​ ​ ​ ​ ​ ​ ​ 48.3 ​ ​ ​ ​ ​ ​ ​ ​ 36.0 ​ ​ ​ ​ ​ ​ ​ ​ 8.2 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ (7.5) ​ ​ ​ ​ ​ ​ ​ ​ (12.2) ​ ​ ​ ​ ​ ​ ​ ​ (18.0) Other income (expense), net ​ ​ ​ ​ ​ ​ ​ 7.3 ​ ​ ​ ​ ​ ​ ​ 6.4 ​ ​ ​ ​ ​ ​ ​ 8.5 Income before Taxes ​ ​ ​ ​ ​ ​ ​ 599.4 ​ ​ ​ ​ ​ ​ ​ 373.0 ​ ​ ​ ​ ​ ​ ​ 1,352.3 Income taxes ​ ​ ​ ​ ​ ​ ​ (123.0) ​ ​ ​ ​ ​ ​ ​ (75.9) ​ ​ ​ ​ ​ ​ ​ (288.4) Net Income ​ ​ ​ ​ ​ ​ ​ $ 476.4 ​ ​ ​ ​ ​ ​ ​ $ 297.1 ​ ​ ​ ​ ​ ​ ​ $ 1,063.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital Expenditures (4) ​ $ 298.9 ​ $ 11.2 ​ $ 310.1 ​ $ 240.2 ​ $ 8.2 ​ $ 248.4 ​ $ 190.9 ​ $ 18.4 ​ $ 209.3 ​ (1) Ocean Transportation operating revenue excludes inter-segment revenue of $92.8 million, $76.5 million and $93.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Logistics operating revenue excludes inter-segment revenue of $153.0 million, $132.2 million and $177.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Ocean Transportation operating overhead includes dry-docking amortization of $27.2 million, $25.3 million and $24.9 million for the year ended December 31, 2024, 2023 and 2022, respectively. (4) Capital expenditures exclude accrued capital expenditures of $7.9 million, $10.8 million and $5.5 million as of December 31, 2024, 2023 and 2022, respectively.

INVESTMENT IN SSAT (Tables)

INVESTMENT IN SSAT (Tables)	12 Months Ended
	Dec. 31, 2024
INVESTMENT IN SSAT
Schedule of condensed income statement information for SSAT	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Company’s share of income from SSAT (1) ​ $ (1.0) ​ $ 2.2 ​ $ 83.1 Distributions received from SSAT ​ $ 14.0 ​ $ — ​ $ 47.3 (1) Includes an impairment charge of $18.4 million representing the Company’s portion of an impairment charge recorded by SSAT, which related to the write-down of an asset group which includes a terminal operating lease asset during the year ended December 31, 2024. No impairment charges were recorded during the years ended December 31, 2023 and 2022.
Unaudited condensed financial information for SSAT - Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Condensed Balance Sheets (in millions) 2024 2023 Current assets ​ $ 305.7 ​ $ 304.0 Non-current assets ​ 1,625.8 ​ 1,510.2 Total Assets ​ $ 1,931.5 ​ $ 1,814.2 ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ $ 271.9 ​ $ 271.8 Non-current liabilities ​ 1,371.5 ​ 1,255.3 Equity ​ 288.1 ​ 287.1 Total Liabilities and Equity ​ $ 1,931.5 ​ $ 1,814.2 ​
Unaudited condensed financial information for SSAT - Statement of Operating Income and Net Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Condensed Statements of Operating Income and Net Income (in millions) 2024 2023 2022 Operating revenue ​ $ 1,193.3 ​ $ 1,025.1 ​ $ 1,466.9 Operating costs and expenses ​ 1,162.6 ​ 1,019.6 ​ 1,168.8 Operating income ​ 30.7 ​ 5.5 ​ 298.1 Net (Loss) Income (1)(2) ​ $ (6.4) ​ $ 11.9 ​ $ 249.6 (1) Includes an impairment charge related to the write-down of an asset group which includes a terminal operating lease asset during the year ended December 31, 2024. No impairment amounts were recorded during the years ended December 31, 2023 and 2022. (2) Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests and includes net income or loss attributable to noncontrolling interests.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2024
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ ​ Accumulated ​ ​ ​ Accumulated ​ (In millions) ​ Cost ​ Depreciation ​ Net Book Value ​ Cost ​ Depreciation ​ Net Book Value Vessels ​ $ 2,475.2 ​ $ 961.9 ​ $ 1,513.3 ​ ​ $ 2,323.4 ​ $ 886.8 ​ $ 1,436.6 ​ Containers and equipment ​ 883.8 ​ ​ 465.9 ​ 417.9 ​ ​ 845.0 ​ 451.9 ​ 393.1 ​ Terminal equipment and other property ​ 152.3 ​ ​ 64.0 ​ 88.3 ​ ​ 148.0 ​ 58.6 ​ 89.4 ​ New vessel construction in progress ​ ​ 198.8 ​ ​ — ​ ​ 198.8 ​ ​ ​ 103.1 ​ ​ — ​ ​ 103.1 ​ Other construction in progress ​ 42.6 ​ ​ — ​ 42.6 ​ ​ 67.7 ​ — ​ 67.7 ​ Total ​ $ 3,752.7 ​ $ 1,491.8 ​ $ 2,260.9 ​ ​ $ 3,487.2 ​ $ 1,397.3 ​ $ 2,089.9 ​
Schedule of depreciation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Depreciation expense ​ $ 135.4 ​ $ 124.4 ​ $ 123.5 ​ ​

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2024
GOODWILL AND INTANGIBLES
Schedule of goodwill	Goodwill by segment consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ocean ​ ​ ​ ​ ​ ​ (In millions) Transportation Logistics Total Goodwill ​ $ 222.6 ​ $ 105.2 ​ $ 327.8
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ Gross ​ Accumulated ​ ​ ​ ​ Gross ​ Accumulated ​ ​ ​ (In millions) Amount Amortization Net Book Value Amount Amortization Net Book Value Ocean Transportation - Customer relationships ​ $ 140.6 ​ $ 64.4 ​ $ 76.2 ​ ​ $ 140.6 ​ $ 57.9 ​ $ 82.7 ​ Logistics: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 106.2 ​ ​ 50.3 ​ ​ 55.9 ​ ​ ​ 110.4 ​ ​ 44.0 ​ ​ 66.4 ​ Trade name ​ 27.3 ​ ​ — ​ ​ 27.3 ​ ​ 27.3 ​ ​ — ​ ​ 27.3 ​ Total Logistics ​ 133.5 ​ ​ 50.3 ​ ​ 83.2 ​ ​ 137.7 ​ ​ 44.0 ​ ​ 93.7 ​ Total ​ $ 274.1 ​ $ 114.7 ​ $ 159.4 ​ ​ $ 278.3 ​ $ 101.9 ​ $ 176.4 ​
Schedule of intangible asset related amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Amortization expense ​ $ 12.8 ​ $ 13.6 ​ $ 11.4 ​
Schedule of estimated amortization expenses related to intangible assets	As of December 31, 2024, estimated amortization expense related to customer relationship intangible assets during the next five years and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ Customer ​ Year (in millions) ​ Relationships 2025 ​ $ 13.0 ​ 2026 ​ 12.5 ​ 2027 ​ 12.6 ​ 2028 ​ 12.5 ​ 2029 ​ 12.5 ​ Thereafter ​ 69.0 ​ Total ​ $ 132.1 ​ ​

CAPITAL CONSTRUCTION FUND (Tabl

CAPITAL CONSTRUCTION FUND (Tables)	12 Months Ended
	Dec. 31, 2024
CAPITAL CONSTRUCTION FUND
Schedule of capital construction fund	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 2023 CCF Cash and Cash Equivalents: ​ ​ ​ ​ ​ ​ CCF cash and cash equivalents balance at beginning of period ​ $ 599.4 ​ $ 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) ​ ​ — Proceeds from U.S. Treasury debt securities at maturity ​ ​ 48.1 ​ ​ — Interest income deposited into the CCF ​ ​ 18.8 ​ ​ 31.1 Repurchase of assigned accounts receivable ​ ​ 53.8 ​ ​ — Qualifying withdrawal payments out of the CCF ​ ​ (89.6) ​ ​ (49.9) Total CCF cash and cash equivalents balance at end of period ​ $ 230.7 ​ $ 599.4 ​ ​ ​ ​ ​ ​ ​ CCF Investments: ​ ​ ​ ​ ​ ​ CCF investments balance at beginning of period ​ $ — ​ $ — Purchase of U.S. Treasury debt securities ​ ​ 448.1 ​ ​ — Withdrawals of U.S. Treasury debt securities at maturity ​ ​ (48.1) ​ ​ — Accretion of investments ​ ​ 11.9 ​ ​ — Total CCF investments balance at end of period ​ ​ 411.9 ​ ​ — Total CCF cash and cash equivalents, and investments balance at end of period ​ $ 642.6 ​ $ 599.4
Schedule of assigned eligible accounts receivable, and on deposit to the Capital Construction Fund	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Capital Construction Fund: ​ ​ ​ ​ ​ ​ Cash and cash equivalents, and investments account ​ $ 642.6 ​ $ 599.4 Assigned accounts receivables ​ $ 178.1 ​ $ 218.1

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
DEBT
Schedule of debt	The Company’s debt consists of the following as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Private Placement Term Loans: ​ ​ ​ ​ ​ ​ 3.37 %, payable through 2027 ​ $ 34.6 ​ $ 46.2 3.14 %, payable through 2031 ​ ​ 100.1 ​ ​ 114.4 Title XI Debt: ​ ​ ​ ​ ​ ​ 1.22 %, payable through 2043 ​ ​ 150.3 ​ ​ 158.2 1.35 %, payable through 2044 ​ ​ 115.9 ​ ​ 121.8 Total Debt ​ 400.9 ​ 440.6 Less: Current portion ​ (39.7) ​ (39.7) Total Long-term Debt ​ ​ 361.2 ​ ​ 400.9 Less: Deferred loan fees ​ ​ (10.4) ​ ​ (11.6) Total Long-term Debt, net of deferred loan fees ​ $ 350.8 ​ $ 389.3
Schedule of maturities of debt	​ ​ ​ ​ ​ ​ ​ As of Year (in millions) December 31, 2024 2025 ​ $ 39.7 2026 ​ 39.7 2027 ​ 39.7 2028 ​ 28.2 2029 ​ 28.2 Thereafter ​ 225.4 Total Debt ​ $ 400.9
Schedule of deferred loan fees	​ ​ ​ ​ ​ Deferred Loan Fees (in millions) Amount Balance at December 31, 2023 ​ $ 11.6 Amortization expense for the year ended December 31, 2024 ​ (1.2) Balance at December 31, 2024 ​ $ 10.4
Schedule of estimated amortization expense relating to deferred loan fees	​ ​ ​ ​ ​ Year (in millions) Amount 2025 ​ $ 1.1 2026 ​ 1.0 2027 ​ 0.9 2028 ​ 0.9 2029 ​ 0.8 Thereafter ​ 5.7 Total amortization expense of deferred loan fees ​ $ 10.4

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2024
LEASES
Summary of lease type by underlying asset class and maximum terms	​ ​ ​ ​ Lease Type: Term Real estate and terminal leases 50 years Vessel and barge charter leases 4 years Operations equipment and other leases 14 years
Components of Lease Cost	Components of Lease Cost: Components of lease cost recorded in the Company’s Consolidated Statement of Income and Comprehensive Income consists of the following for the years ended December 31, 2024, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 ​ 2023 ​ 2022 Operating lease cost ​ $ 143.4 ​ $ 151.0 ​ $ 162.2 Short-term lease cost ​ 10.4 ​ 7.7 ​ 0.6 Variable lease cost ​ 0.6 ​ 0.6 ​ 0.8 Total lease cost ​ $ 154.4 ​ $ 159.3 ​ $ 163.6 ​ Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, (In millions) 2024 ​ 2023 Cash paid for amounts included in operating lease liabilities ​ $ 148.7 ​ $ 154.3 Right of use assets obtained in the exchange for new operating lease liabilities ​ $ 205.8 ​ $ 40.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2024 2023 Weighted average remaining operating lease term ​ ​ 5.3 years ​ ​ 4.8 years Weighted average incremental borrowing rate ​ ​ 4.3% ​ ​ 3.1% ​
Summary of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ As of Year (in millions) December 31, 2024 2025 ​ $ 133.3 2026 ​ 98.0 2027 ​ 71.2 2028 ​ 21.4 2029 ​ 10.1 Thereafter ​ 79.9 Total lease payments ​ ​ 413.9 Less: Interest ​ ​ (55.4) Present value of operating lease liabilities ​ ​ 358.5 Less: Short-term portion ​ ​ (129.0) Long-term operating lease liabilities ​ $ 229.5 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
INCOME TAXES
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (In millions) 2024 2023 2022 Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 86.8 ​ $ 44.0 ​ $ 171.5 ​ State ​ 12.4 ​ 9.2 ​ 18.3 ​ Foreign ​ ​ 3.5 ​ ​ 3.0 ​ ​ 1.3 ​ Total current tax expense ​ 102.7 ​ 56.2 ​ 191.1 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ 17.9 ​ ​ 18.2 ​ ​ 71.1 ​ State ​ ​ 2.8 ​ ​ — ​ ​ 24.3 ​ Foreign ​ ​ (0.4) ​ ​ 1.5 ​ ​ 1.9 ​ Total deferred tax expense ​ ​ 20.3 ​ ​ 19.7 ​ ​ 97.3 ​ Total income taxes ​ $ 123.0 ​ $ 75.9 ​ $ 288.4 ​ ​
Schedule of effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2024 2023 2022 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 2.3 % 2.6 % 2.8 % Foreign-derived intangible income (FDII) (2.6) % (2.0) % (2.4) % Foreign taxes 0.3 % 0.4 % 0.1 % Share-based payments 0.2 % 0.5 % — % Return to provision true-ups ​ (0.7) % (2.8) % 0.1 % Other, net — % 0.6 % (0.3) % Effective income tax rate 20.5 % 20.3 % 21.3 %
Schedule of tax effects of temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, (In millions) 2024 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities ​ $ 84.0 ​ $ 77.4 ​ Deferred compensation ​ 12.1 ​ ​ 11.8 ​ Multi-employer withdrawal liabilities ​ ​ 11.4 ​ ​ 12.8 ​ Insurance reserves ​ ​ 7.8 ​ ​ 6.3 ​ U.S. state alternative minimum tax credits ​ ​ 5.9 ​ ​ 7.4 ​ Other ​ 15.8 ​ 12.9 ​ Total deferred tax assets ​ 137.0 ​ 128.6 ​ Valuation allowance ​ ​ (5.0) ​ ​ (5.3) ​ Total deferred tax assets, net of valuation allowance ​ ​ 132.0 ​ ​ 123.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Basis differences for property and equipment ​ 482.7 ​ 451.4 ​ Capital Construction Fund ​ 192.1 ​ ​ 206.9 ​ Operating lease right of use assets ​ 83.8 ​ 75.8 ​ Intangibles ​ ​ 40.3 ​ ​ 42.3 ​ Other ​ ​ 26.5 ​ ​ 16.2 ​ Total deferred tax liabilities ​ 825.4 ​ 792.6 ​ Deferred tax liability, net ​ $ 693.4 ​ $ 669.3 ​
Schedule of company's net operating losses ("NOLs") and tax credit carryforwards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In millions) ​ Expiration Date 2024 2023 U.S. state income tax NOLs (1) ​ Various dates beginning in 2032 ​ $ 136.5 ​ $ 152.3 U.S. state alternative minimum tax credits ​ No expiration date ​ $ 5.9 ​ $ 7.3 (1) U.S. State income tax NOLs were acquired as part of the Horizon acquisition and are presented on a gross tax basis. These U.S. state income tax NOLs are excluded from the Company’s deferred tax assets and deferred tax liabilities above as the Company does not expect to benefit from any of the $136.5 million and $152.3 million balance as of December 31, 2024 and 2023, respectively. ​
Reconciliation of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Unrecognized Tax Benefits (in millions) ​ 2024 2023 2022 Balance at beginning of year ​ $ 28.4 ​ $ 25.1 ​ $ 19.2 Tax position changes in current year ​ (0.7) ​ 3.6 ​ 5.8 Tax position changes in prior years ​ (0.1) ​ (0.1) ​ 0.3 Reductions for lapse of statute of limitations ​ ​ (0.9) ​ ​ (0.2) ​ ​ (0.2) Balance at end of year ​ $ 26.7 ​ $ 28.4 ​ $ 25.1

PENSION AND POST-RETIREMENT P_2

PENSION AND POST-RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2024
PENSION AND POST-RETIREMENT PLANS
Schedule of the Company's target and actual asset allocations	​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Categories Target 2024 2023 Domestic equity securities 55 % 58 % 57 % International equity securities 15 % 16 % 16 % Debt securities 20 % 19 % 19 % Real estate 5 % 5 % 5 % Other and cash 5 % 2 % 3 % Total 100 % 100 % 100 %
Schedule of the Company's actual return on plan assets	​ ​ ​ ​ ​ Actual Return on Plan Assets Returns One-year return 9.9 % Three-year return 3.1 % Five-year return 7.1 % Long-term average return (since plan inception in 1989) 8.2 %
Schedule of the fair values of the Company's pension plan assets by asset category	The fair values of the Company’s pension plan assets at December 31, 2024 and 2023 by asset category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2024 ​ ​ ​ Quoted Prices in Significant Significant ​ ​ ​ ​ ​ Active Markets ​ Observable ​ Unobservable Asset Category (in millions) ​ Total ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) Cash ​ $ 5.1 ​ $ 5.1 ​ $ — ​ $ — ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large-cap ​ 90.9 ​ 90.9 ​ — ​ — ​ U.S. mid- and small-cap ​ 50.2 ​ 50.2 ​ — ​ — ​ International large-cap ​ 7.1 ​ 7.1 ​ — ​ — ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ 20.0 ​ 12.9 ​ 7.1 ​ — ​ Municipal bonds ​ 0.2 ​ — ​ 0.2 ​ — ​ Investment grade U.S. corporate bonds ​ ​ 24.9 ​ — ​ 24.9 ​ — ​ Convertible bonds ​ 0.1 ​ — ​ 0.1 ​ — ​ International fixed income securities ​ ​ 0.1 ​ ​ — ​ ​ 0.1 ​ ​ — ​ Total ​ ​ 198.6 ​ $ 166.2 ​ $ 32.4 ​ $ — ​ Investment measured at NAV (1) ​ ​ 42.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total plan assets ​ $ 241.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2023 ​ ​ ​ Quoted Prices in Significant Significant ​ ​ ​ ​ ​ Active Markets ​ Observable ​ Unobservable Asset Category (in millions) ​ Total ​ (Level 1) ​ Inputs (Level 2) ​ Inputs (Level 3) Cash ​ $ 6.1 ​ $ 6.1 ​ $ — ​ $ — ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large-cap ​ 82.8 ​ 82.8 ​ — ​ — ​ U.S. mid- and small-cap ​ 46.0 ​ 46.0 ​ — ​ — ​ International large-cap ​ 7.1 ​ 7.1 ​ — ​ — ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasuries ​ 19.2 ​ — ​ 19.2 ​ — ​ Municipal bonds ​ 0.2 ​ — ​ 0.2 ​ — ​ Investment grade U.S. corporate bonds ​ 24.7 ​ — ​ 24.7 ​ — ​ Convertible bonds ​ ​ 0.1 ​ — ​ ​ 0.1 ​ ​ ​ ​ International fixed income securities ​ 0.1 ​ — ​ 0.1 ​ — ​ Total ​ ​ 186.3 ​ $ 142.0 ​ $ 44.3 ​ $ — ​ Investment measured at NAV (1) ​ ​ 41.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total plan assets ​ $ 227.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Certain funds for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total plan assets. These investments include real estate and certain developed and emerging market equity funds.
Schedule of change in benefit obligation and plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post-retirement ​ ​ Pension Benefits ​ Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2024 2023 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ 193.1 ​ $ 187.4 ​ $ 19.5 ​ $ 15.3 ​ Service cost ​ 3.7 ​ 3.1 ​ 0.2 ​ 0.2 ​ Interest cost ​ 9.7 ​ 10.0 ​ 1.0 ​ 0.8 ​ Participant contributions ​ — ​ — ​ 0.6 ​ 0.7 ​ Actuarial loss (gain) ​ (1.2) ​ 5.5 ​ (0.6) ​ 4.5 ​ Benefits paid, net of subsidies received ​ (13.1) ​ (12.9) ​ (2.3) ​ (2.0) ​ Benefit obligation at end of year ​ ​ 192.2 ​ ​ 193.1 ​ ​ 18.4 ​ ​ 19.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ ​ 227.9 ​ ​ 206.3 ​ ​ — ​ ​ — ​ Actual return on plan assets ​ 21.9 ​ 25.5 ​ — ​ — ​ Participant contributions ​ — ​ — ​ 0.6 ​ 0.7 ​ Employer contributions ​ 4.5 ​ 9.0 ​ 1.7 ​ 1.3 ​ Benefits paid, net of subsidies received ​ (13.1) ​ (12.9) ​ (2.3) ​ (2.0) ​ Fair value of plan assets at end of year ​ 241.2 ​ 227.9 ​ — ​ — ​ Funded Status and Recognized Plan Assets and Benefit Obligations ​ $ 49.0 ​ $ 34.8 ​ $ (18.4) ​ $ (19.5) ​
Schedule of amounts recognized on the consolidated balance sheets and in accumulated other comprehensive income (loss)	Qualified pension and post-retirement benefit plan assets and liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2024 and 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post-retirement ​ ​ Pension Benefits ​ Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2024 2023 Non-current assets ​ $ 49.0 ​ $ 34.8 ​ $ — ​ $ — ​ Current liabilities ​ ​ — ​ ​ — ​ ​ (1.1) ​ ​ (1.1) ​ Non-current liabilities ​ — ​ — ​ (17.3) ​ (18.4) ​ Total ​ $ 49.0 ​ $ 34.8 ​ $ (18.4) ​ $ (19.5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) gain, net of taxes ​ $ (14.0) ​ $ (20.3) ​ $ 2.5 ​ $ 2.7 ​ Prior service credit, net of taxes ​ — ​ — ​ 5.6 ​ 8.3 ​ Total ​ $ (14.0) ​ $ (20.3) ​ $ 8.1 ​ $ 11.0 ​
Schedule of components of the net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)	Components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the qualified pension plan and the post-retirement benefit plan during 2024, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ December 31, ​ December 31, ​ (In millions) 2024 2023 2022 2024 2023 2022 Components of Net Periodic Benefit Cost (Credit): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3.7 ​ $ 3.1 ​ $ 4.8 ​ $ 0.2 ​ $ 0.2 ​ $ 0.7 ​ Interest cost ​ 9.7 ​ 10.0 ​ 7.0 ​ 1.0 ​ 0.8 ​ 0.8 ​ Expected return on plan assets ​ (15.1) ​ (13.9) ​ (16.0) ​ — ​ — ​ — ​ Amortization of net actuarial loss (gain) ​ 0.4 ​ 1.3 ​ 2.4 ​ (0.8) ​ (2.0) ​ 0.8 ​ Amortization of prior service credit ​ — ​ — ​ (1.0) ​ (3.7) ​ (3.7) ​ (3.6) ​ Net periodic benefit cost (credit) ​ ​ (1.3) ​ ​ 0.5 ​ ​ (2.8) ​ ​ (3.3) ​ ​ (4.7) ​ ​ (1.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (gain) loss ​ ​ (6.0) ​ ​ (4.5) ​ ​ (12.3) ​ ​ (0.5) ​ ​ 3.4 ​ ​ (10.7) ​ Amortization of net actuarial (loss) gain ​ (0.3) ​ (1.0) ​ (1.8) ​ 0.6 ​ 1.5 ​ (0.6) ​ Amortization of prior service credit ​ — ​ — ​ 0.8 ​ 2.8 ​ 2.8 ​ 2.7 ​ Total recognized in other comprehensive (income) loss ​ ​ (6.3) ​ ​ (5.5) ​ ​ (13.3) ​ ​ 2.9 ​ ​ 7.7 ​ ​ (8.6) ​ Total recognized in net periodic benefit cost and other comprehensive (income) loss ​ $ (7.6) ​ $ (5.0) ​ $ (16.1) ​ $ (0.4) ​ $ 3.0 ​ $ (9.9) ​
Schedule of weighted average assumptions used to determine benefit information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Benefits ​ Post-retirement Benefits ​ ​ December 31, ​ December 31, ​ ​ 2024 2023 2022 2024 2023 2022 Discount rate (1) 5.60 % 5.30 % 5.60 % 5.60 % 5.40 % 5.50 % Expected return on plan assets 6.85 % 6.85 % 6.75 % ​ ​ ​ ​ ​ ​ Rate of compensation increase 3.50 % 3.50 % 4.00 % - 3.50 % 3.50 % 3.50 % 4.00 % - 3.50 % Cash balance interest credit rate ​ 3.90 % - 4.42 % 4.50 % - 3.25 % 3.50 % - 3.25 % ​ ​ ​ ​ ​ ​ Immediate health care cost trend rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pre-65 group ​ ​ ​ ​ ​ ​ ​ 6.30 % 6.80 % 6.60 % Post-65 group ​ ​ ​ ​ ​ ​ ​ 6.50 % 7.10 % 6.10 % Ultimate health care cost trend rate ​ ​ ​ ​ ​ ​ ​ 3.90 % 3.90 % 4.00 % Year ultimate health care cost trend rate is reached ​ ​ ​ ​ ​ ​ ​ 2048 ​ 2048 ​ 2046 ​ (1) The Company derives a single equivalent rate utilizing a yield curve constructed from a portfolio of high-quality corporate bonds with various maturities.
Schedule of amounts recognized on balance sheet and accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified ​ Pension Benefits ​ December 31, ​ (In millions) ​ 2024 2023 Current liabilities ​ $ (0.4) ​ $ (1.2) ​ Non-current liabilities ​ ​ (4.0) ​ ​ (3.4) ​ Total ​ $ (4.4) ​ $ (4.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss), net of taxes ​ $ (0.4) ​ $ (0.2) ​ Total ​ $ (0.4) ​ $ (0.2) ​
Schedule of estimated benefit payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified ​ ​ ​ ​ Pension ​ Pension ​ Post-retirement ​ Year (in millions) ​ Benefits ​ Benefits ​ Benefits (1) 2025 ​ $ 15.3 ​ $ 0.4 ​ $ 1.1 ​ 2026 ​ 15.3 ​ 0.5 ​ 1.1 ​ 2027 ​ 15.8 ​ 0.5 ​ 1.1 ​ 2028 ​ 16.2 ​ 0.5 ​ 1.1 ​ 2029 ​ 16.1 ​ 0.7 ​ 1.1 ​ 2030-2034 ​ ​ 80.1 ​ ​ 2.7 ​ ​ 5.7 ​ Total ​ $ 158.8 ​ $ 5.3 ​ $ 11.2 ​ (1) Net of participant contributions and Medicare Part D subsidies.
Schedule of information regarding the Company's participation in the multi-employer pension plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Protection Act ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Zone as of ​ FIP/RP Status ​ 5% ​ Contributions of Matson ​ ​ ​ ​ ​ ​ EIN/Pension ​ ​ ​ December 31, ​ Pending/ ​ Contributor ​ (in millions) ​ Surcharge ​ Expiration Pension Funds Plan Number Notes 2024 2023 Implemented in 2024 2024 2023 2022 Imposed Date (1) American Radio Association Pension Fund 13-6161999-001 ​ ​ Green Green Implemented ​ Yes ​ $ 1.0 ​ $ 1.0 ​ $ 1.1 No 6/15/2028 ​ Hawaii Longshore Pension Plan ​ 99-0314293-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 12.9 ​ ​ 12.1 ​ ​ 11.9 ​ No ​ 6/30/2028 ​ Master, Mates and Pilots Pension Plan 13-6372630-001 ​ ​ ​ Green Green No ​ Yes ​ 3.7 ​ 3.6 ​ 3.8 No ​ 6/15/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/15/2028 ​ Masters, Mates and Pilots Adjustable Pension Plan 37-1719247-001 ​ ​ ​ Green Green No ​ Yes ​ 2.1 ​ 2.0 ​ 2.1 No ​ 6/15/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/15/2028 ​ MEBA Pension Trust - Defined Benefit Plan 51-6029896-001 ​ ​ ​ Green Green No ​ Yes ​ 4.6 ​ 4.2 ​ 4.5 No 6/15/2028 ​ OCU Pension Trust Plan 26-1574440-001 ​ ​ ​ Green Green No ​ No ​ 0.6 ​ 0.4 ​ 0.5 No 6/30/2030 ​ MFOW Supplementary Pension Plan ​ 94-6201677-001 ​ ​ ​ Yellow ​ Yellow ​ No ​ Yes ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 6/30/2026 ​ SIU Pacific District Pension Plan ​ 94-6061923-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 1.3 ​ ​ 1.3 ​ ​ 1.5 ​ No ​ 6/30/2026 ​ Alaska Teamster - Employer Pension Plan ​ 92-6003463-024 ​ ​ ​ Red ​ Red ​ Implemented ​ Yes ​ ​ 3.8 ​ ​ 3.9 ​ ​ 4.0 ​ No ​ 6/30/2025, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2026, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2027, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6/30/2028 ​ All Alaska Longshore Pension Plan ​ 91-6085352-001 ​ ​ ​ Green ​ Green ​ No ​ Yes ​ ​ 2.2 ​ ​ 1.8 ​ ​ 2.0 ​ No ​ 6/30/2028 ​ Western Conference of Teamsters Pension Plan ​ 91-6145047-001 ​ ​ ​ Green ​ Green ​ No ​ No ​ ​ 2.3 ​ ​ 2.1 ​ ​ 2.1 ​ No ​ 3/31/2028 ​ Western Conference of Teamsters Supplemental Benefit Trust ​ 95-3746907-001 ​ ​ ​ Green ​ Green ​ No ​ No ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 3/31/2028 ​ OPEIU Local 153 Pension Plan ​ 13-2864289-001 ​ ​ ​ Red ​ Red ​ Implemented ​ No ​ ​ 0.1 ​ ​ 0.1 ​ ​ 0.1 ​ No ​ 11/9/2028 ​ Seafarers Pension Plan ​ 13-6100329-001 ​ (2) ​ Green ​ Green ​ No ​ No ​ ​ — ​ ​ — ​ ​ — ​ No ​ 6/30/2027 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 34.8 ​ $ 32.7 ​ $ 33.8 ​ ​ ​ ​ ​ (1) Represents the expiration date of the collective bargaining agreement. (2) The Company does not make contributions directly to the Seafarers Pension Plan. Instead, contributions are made to the Seafarers Health and Benefits Plan, and are subsequently re-allocated to the Seafarers Pension Plan at the discretion of the plan Trustees. ​

MULTI-EMPLOYER WITHDRAWAL LIA_2

MULTI-EMPLOYER WITHDRAWAL LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2024
MULTI-EMPLOYER WITHDRAWAL LIABILITIES
Schedule of future estimated annual payments to the multi-employer pension plan	​ ​ ​ ​ ​ Year (in millions) ​ Total 2025 $ 4.1 2026 ​ ​ 4.1 2027 ​ ​ 4.1 2028 ​ ​ 4.1 2029 ​ ​ 4.1 Thereafter ​ ​ 43.1 Total remaining future undiscounted payments due to the ILA-PRSSA pension fund ​ ​ 63.6 Less: amount representing interest ​ ​ (15.3) Present value of multi-employer withdrawal liability ​ ​ 48.3 Current portion of multi-employer withdrawal liability (see Note 2) ​ ​ (4.1) Long-term portion of multi-employer withdrawal liability (see Note 2) $ 44.2 ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ Accumulated ​ ​ ​ ​ ​ Post- ​ Qualified ​ ​ ​ ​ Other ​ ​ Pension ​ Retirement ​ Pension ​ ​ ​ ​ Comprehensive (In millions) ​ Benefits ​ Benefits ​ Benefits ​ Other ​ Income (Loss) Balance at December 31, 2022 ​ $ (25.8) ​ $ 18.7 ​ $ 0.1 ​ $ 0.1 ​ $ (6.9) ​ Amortization of prior service cost ​ — ​ ​ (2.8) ​ ​ — ​ ​ — ​ (2.8) ​ Amortization of net gain (loss) ​ ​ 5.5 ​ ​ (4.9) ​ ​ (0.3) ​ ​ — ​ 0.3 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.5) ​ ​ (0.5) ​ Other adjustments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1.7 ​ 1.7 ​ Balance at December 31, 2023 ​ (20.3) ​ 11.0 ​ (0.2) ​ 1.3 ​ (8.2) ​ Amortization of prior service cost ​ — ​ ​ (2.8) ​ ​ — ​ ​ — ​ (2.8) ​ Amortization of net gain (loss) ​ 6.3 ​ ​ (0.1) ​ ​ (0.2) ​ ​ — ​ 6.0 ​ Foreign currency exchange ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.9) ​ ​ (1.9) ​ Other adjustments ​ — ​ ​ — ​ ​ — ​ ​ 0.4 ​ 0.4 ​ Balance at December 31, 2024 ​ $ (14.0) ​ $ 8.1 ​ $ (0.4) ​ $ (0.2) ​ $ (6.5) ​ ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ Year Ended December 31, 2023 ​ Year Ended December 31, 2022 ​ ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ Weighted Per ​ ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ ​ ​ Average ​ Common ​ ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share ​ Net ​ Common ​ Share (In millions, except per share amounts) ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount ​ Income ​ Shares ​ Amount Basic: ​ $ 476.4 33.7 ​ $ 14.14 ​ $ 297.1 35.3 ​ $ 8.42 ​ $ 1,063.9 39.0 ​ $ 27.28 Effect of Dilutive Securities: ​ ​ — 0.5 ​ ​ (0.21) ​ ​ — 0.4 ​ ​ (0.10) ​ ​ — 0.3 ​ ​ (0.21) Diluted: ​ $ 476.4 ​ 34.2 ​ $ 13.93 ​ $ 297.1 ​ 35.7 ​ $ 8.32 ​ $ 1,063.9 ​ 39.3 ​ $ 27.07 ​

SHARE-BASED AWARDS (Tables)

SHARE-BASED AWARDS (Tables)	12 Months Ended
	Dec. 31, 2024
SHARE-BASED AWARDS
Summary of Compensation Expense and Other Information Related to Share-Based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Share-based compensation expense, net of estimated forfeitures (in millions) 2024 2023 2022 Share-based compensation expense ​ $ 26.5 ​ $ 23.8 ​ $ 18.3 ​ Tax benefit realized upon stock vesting ​ $ 5.6 ​ $ 6.1 ​ $ 10.6 ​ Fair value of stock vested ​ $ 25.6 ​ $ 27.8 ​ $ 44.0 ​
Non-Vested Restricted Stock Unit Activity	The following table summarizes non-vested restricted stock unit activity through December 31, 2024 (in thousands, except weighted average grant-date fair value amounts): ​ ​ ​ ​ ​ ​ ​ ​ 2016 Plan Weighted ​ ​ Restricted ​ Average Grant- ​ ​ ​ Stock Units ​ Date Fair Value Outstanding at December 31, 2023 533 $ 75.82 ​ Granted ​ 153 ​ $ 122.23 ​ Vested ​ (352) ​ $ 72.71 ​ Canceled ​ (5) ​ $ 85.27 ​ Added by performance factor (1) ​ 119 ​ $ 122.35 ​ Outstanding at December 31, 2024 448 $ 93.83 ​ (1) Represents shares paid out above target.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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) ​ December 31, 2024 ​ Fair Value Measurements at December 31, 2024 ​ Cash and cash equivalents ​ $ 266.8 ​ $ 266.8 ​ $ 266.8 ​ $ — ​ $ — ​ Restricted cash ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ CCF - Cash and cash equivalent ​ $ 230.7 ​ $ 230.7 ​ $ 230.7 ​ $ — ​ $ — ​ CCF - Investments ​ $ 411.9 ​ $ 412.5 ​ $ 412.5 ​ $ — ​ $ — ​ Fixed rate debt ​ $ 400.9 ​ $ 317.7 ​ $ — ​ $ 317.7 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ $ — ​ ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
COMMITMENTS AND CONTINGENCIES
Schedule of Commitments and Contractual Obligations	Commitments: Commitments and contractual obligations, excluding debt obligations (see Note 8), lease commitments (see Note 9), pension and post-retirement plan obligations (see Note 11), and multi-employer withdrawal liabilities (see Note 12), are as follows as of December 31, 2024: ​ ​ ​ ​ ​ ​ Commitments and Contractual Obligations (in millions) Total Standby letters of credit (1) ​ $ 6.1 ​ Bonds (2) ​ $ 65.1 ​ Vessel construction obligations (3) ​ $ 814.0 ​ Vendor and other obligations (4) ​ $ 214.6 ​ (1) Standby letters of credit are required for the Company’s uninsured workers’ compensation and other insurance programs, and other needs. (2) Bonds are required for U.S. Customs and other related matters. (3) Vessel construction obligations represent remaining contractual obligations entered into for the construction of three new Jones Act vessels. (4) Vendor and other obligations include: (i) non-cancellable contractual capital project obligations; (ii) dry-docking related obligations; and (iii) other contractual obligations. Amounts are considered obligations if a contract has been agreed to specifying significant terms of the contract, and the amounts are not reflected in the Consolidated Balance Sheets as of December 31, 2024. ​

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	12 Months Ended
	Dec. 31, 2024 segment facility
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

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - FISCAL YEAR (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Fiscal Period Duration	364 days	364 days	364 days

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - CASH AND ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CAPITAL CONSTRUCTION FUND
Restricted Cash		$ 2.3
Allowance for doubtful accounts
Balance at Beginning of year	$ 9.9	13	$ 10.1
Expense	0.8	(2.1)	3.2
Write-offs and Other	(0.9)	(1)	(0.3)
Balance at End of Year	$ 9.8	$ 9.9	$ 13

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Millions	Apr. 19, 2024	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Assets:
Prepaid fuel		$ 31.2	$ 22.5
Prepaid insurance and insurance related receivables		19.1	19.3
Prepaid operating expenses		8.8	8.2
Income tax receivables, net		2	125.2
Restricted cash - vessel construction obligations			2.3
Other		12.8	11.4
Total		73.9	188.9
Other Long-term Assets
Pension plan assets		49	34.8
Vessel and equipment spare parts		15.9	14.2
Insurance related receivables		9.8	10.2
Other		4.9	7.2
Total		$ 79.6	66.4
Income taxes receivable			$ 118.6
Income tax refund	$ 118.6
Interest on income tax refund	$ 10.2

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES- PROPERTY AND EQUIPMENT AND OTHER (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Impairment of Investment
Impairment charges related to investment in SSAT	$ 0	$ 0	$ 0
Capitalized Interest
Interest Costs Capitalized	$ 4.4	$ 2.6	$ 0.7
Dry-docking
Number of dry-docking inspections to be made within a specified period | item	2
Dry-dock inspections interval, maximum	36 months
Minimum
Dry-docking
Period within which number of specified dry-docking inspections to be made	2 years
Maximum
Dry-docking
Period within which number of specified dry-docking inspections to be made	5 years
Vessels
Depreciation
Useful life	40 years
Terminal cranes
Depreciation
Useful life	30 years
Containers and chassis
Depreciation
Useful life	15 years
Terminal equipment and other property
Depreciation
Useful life	35 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - OTHER LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Impairment charges related to finite-lived intangible assets	$ 0	$ 0	$ 0
Impairment charges related to indefinite-lived intangible assets and goodwill for impairment	0	0	$ 0
Accrued and other liabilities
Employee incentives and other benefits	36.6	33.9
Payroll and vacation	36.1	38.3
Insurance reserves and other related liabilities - short term	27.2	17.5
Income tax and other tax related liabilities	8.6	1.6
Deferred revenues	5.5	6.4
Other short-term liabilities	5.1	6.2
Multi-employer withdrawal liability - short-term	4.1	4.1
Total	123.2	108
Other long-term liabilities
Multi-employer withdrawal liability	44.2	46.5
Insurance reserves and other related liabilities	25.6	23.8
Pension and post-retirement liabilities	21.3	21.8
Long-term tax liabilities	9.1	8.9
Other long-term liabilities	9.1	12.7
Total	$ 109.3	$ 113.7
Customer Relationships | Maximum
Intangible assets
Expected useful lives	21 years

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total	$ 3,421.8	$ 3,094.6	$ 4,343
Ocean Transportation
Ocean Transportation services	2,762	2,420.8	3,508
Terminal and other related services	32	36.9	18.5
Fuel sales	12.4	12.3	11.3
Vessel management and related services	3.3	7	6.8
Total	$ 2,809.7	$ 2,477	$ 3,544.6
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency	3%	3%	3%
Logistics
Transportation Brokerage and Freight Forwarding services	$ 538.1	$ 546.8	$ 695.1
Warehousing services	40	42.5	53.5
Supply Chain Management services	34	28.3	49.8
Total	$ 612.1	$ 617.6	$ 798.4
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency	3%	3%	3%

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND OTHERS (Details) - USD ($) shares in Millions, $ in Millions		12 Months Ended
	Feb. 27, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares repurchased (in shares)		1.6	2.1	5
Shares repurchased		$ 201	$ 158.2	$ 397
Maximum number of shares remaining to be repurchased		0.8
Reclassified amortization			2.2	2.1
Net cash provided by operating activities			$ 0	$ 0
Subsequent Event
Increase in number of shares for repurchase program (in shares)	3

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) customer segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment results
Number of segments | segment	2
Total Operating Revenue	$ 3,421.8	$ 3,094.6	$ 4,343
Operating costs:
Direct cargo expense	980.1	946.2	1,003.8
Vessel operating expense	610.5	580.4	703.6
Operating overhead	329.1	297.7	301.2
Direct operating costs	493.1	504.2	663.7
Depreciation and amortization	153.1	142.2	139.2
Total operating costs	2,565.9	2,470.7	2,811.5
Loss (Income) from SSAT	1	(2.2)	(83.1)
General and administrative	303.6	283.3	261
Total Costs and Expenses	2,870.5	2,751.8	2,989.4
Total Operating Income	551.3	342.8	1,353.6
Interest income	48.3	36	8.2
Interest expense	(7.5)	(12.2)	(18)
Other income (expense), net	7.3	6.4	8.5
Income before Taxes	599.4	373	1,352.3
Income taxes	(123)	(75.9)	(288.4)
Net Income	476.4	297.1	1,063.9
Capital Expenditure	310.1	248.4	209.3
Capital expenditures included in accounts payable, accruals and other liabilities	7.9	10.8	5.5
Operating segments
Segment results
Total Operating Revenue	3,421.8	3,094.6	4,343
Intersegment Eliminations
Segment results
Total Operating Revenue	245.8	208.7	270.9
Ocean Transportation
Operating costs:
Direct cargo expense	980.1	946.2	1,003.8
Vessel operating expense	610.5	580.4	703.6
Operating overhead	329.1	297.7	301.2
Depreciation and amortization	141.1	130.6	131.1
Total operating costs	2,060.8	1,954.9	2,139.7
Loss (Income) from SSAT	1	(2.2)	(83.1)
General and administrative	247	229.5	206.8
Total Costs and Expenses	2,308.8	2,182.2	2,263.4
Total Operating Income	500.9	294.8	1,281.2
Capital Expenditure	298.9	240.2	190.9
Dry-docking amortization	$ 27.2	25.3	24.9
Ocean Transportation | Revenue | Serves customers
Operating costs:
Transportation customers | customer	10
Concentration percentage	18%
Ocean Transportation | Operating segments
Segment results
Total Operating Revenue	$ 2,809.7	2,477	3,544.6
Ocean Transportation | Intersegment Eliminations
Segment results
Total Operating Revenue	92.8	76.5	93.6
Logistics
Operating costs:
Direct operating costs	493.1	504.2	663.7
Depreciation and amortization	12	11.6	8.1
Total operating costs	505.1	515.8	671.8
General and administrative	56.6	53.8	54.2
Total Costs and Expenses	561.7	569.6	726
Total Operating Income	50.4	48	72.4
Capital Expenditure	$ 11.2	8.2	18.4
Logistics | Revenue | Serves customers
Operating costs:
Transportation customers | customer	10
Concentration percentage	17%
Logistics | Operating segments
Segment results
Total Operating Revenue	$ 612.1	617.6	798.4
Logistics | Intersegment Eliminations
Segment results
Total Operating Revenue	$ 153	$ 132.2	$ 177.3

INVESTMENT IN SSAT (Details)

INVESTMENT IN SSAT (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 16, 2022
Investments in affiliates
Investment in SSAT		$ 84.1	$ 85.5
Impairment charges related to investment in SSAT		0	0	$ 0
Financial information for equity method investment
Company's Share of SSAT's Net Income (Loss)		(1)	2.2	83.1
Distributions Received		14		47.3
Current assets		609.6	602.3
Non-current assets		3,985.8	3,692.3
Total Assets		4,595.4	4,294.6
Current liabilities		560.4	562.3
Non-current liabilities		1,383	1,331.6
Total Liabilities and Shareholders' Equity		4,595.4	4,294.6
SSAT ST
Investments in affiliates
Ownership percentage, noncontrolling owner	50%
SSAT
Investments in affiliates
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
Equity method investment decrease in investment in subsidiary				15.5
Equity method investment increase in deferred tax assets in subsidiary				3.9
Equity method investment decrease in retained earnings in subsidiary				11.6
Ocean Transportation
Financial information for equity method investment
Company's Share of SSAT's Net Income (Loss)		(1)	2.2	83.1
Ocean Transportation | SSAT
Financial information for equity method investment
Current assets		305.7	304
Non-current assets		1,625.8	1,510.2
Total Assets		1,931.5	1,814.2
Current liabilities		271.9	271.8
Non-current liabilities		1,371.5	1,255.3
Equity		288.1	287.1
Total Liabilities and Shareholders' Equity		1,931.5	1,814.2
Operating revenue		1,193.3	1,025.1	1,466.9
Operating costs and expenses		(1,162.6)	(1,019.6)	(1,168.8)
Operating income		30.7	5.5	298.1
Net (Loss) Income		(6.4)	11.9	249.6
SSAT
Investments in affiliates
Asset impairment		18.4	0	0
SSAT | Ocean Transportation
Investments in affiliates
Cost of services from transactions with unconsolidated affiliate		320.9	297.2	$ 308.3
Accounts payable and accrued liabilities		$ 34.4	$ 43.4
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%
SSAT | SSAT Terminals Oakland
Investments in affiliates
Investment in SSAT, interest acquired (as a percent)					20%

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Property and equipment
Property and Equipment	$ 3,752.7	$ 3,487.2
Less: Accumulated Depreciation	(1,491.8)	(1,397.3)
Total Property and Equipment, net	$ 2,260.9	2,089.9
Number of vessels under agreements for construction | item	3
Depreciation Expense	$ 135.4	124.4	$ 123.5
Vessels
Property and equipment
Property and Equipment	2,475.2	2,323.4
Less: Accumulated Depreciation	(961.9)	(886.8)
Total Property and Equipment, net	1,513.3	1,436.6
Containers and equipment
Property and equipment
Property and Equipment	883.8	845
Less: Accumulated Depreciation	(465.9)	(451.9)
Total Property and Equipment, net	417.9	393.1
Terminal equipment and other property
Property and equipment
Property and Equipment	152.3	148
Less: Accumulated Depreciation	(64)	(58.6)
Total Property and Equipment, net	88.3	89.4
New vessel construction in progress
Property and equipment
Property and Equipment	198.8	103.1
Total Property and Equipment, net	$ 198.8	$ 103.1
Number of vessels under agreements for construction | item	3	3
Other construction in progress
Property and equipment
Property and Equipment	$ 42.6	$ 67.7
Total Property and Equipment, net	$ 42.6	$ 67.7

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS - GOODWILL (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Total Goodwill	$ 327.8	$ 327.8
Ocean Transportation
Goodwill [Line Items]
Total Goodwill	222.6
Ocean Transportation | Horizon
Goodwill [Line Items]
Total Goodwill	221.8
Logistics
Goodwill [Line Items]
Total Goodwill	105.2
Logistics | Span Alaska
Goodwill [Line Items]
Total Goodwill	78.6
Logistics | Other Acquisitions
Goodwill [Line Items]
Total Goodwill	$ 26.6

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Gross Amount		$ 274.1	$ 278.3
Total Intangible Assets, net		159.4	176.4
Aggregate intangible asset amortization		12.8	13.6	$ 11.4
Less: Accumulated Amortization		(114.7)	(101.9)
Total Customer Relationships, net		132.1
Estimated amortization expenses related to intangibles
2025		13
2026		12.5
2027		12.6
2028		12.5
2029		12.5
Thereafter		69
Total Customer Relationships, net		$ 132.1
Customer Relationships | Maximum
Intangible assets
Expected useful life		21 years
Ocean Transportation | Customer Relationships
Intangible assets
Gross Amount		$ 140.6	140.6
Total Intangible Assets, net		76.2	82.7
Less: Accumulated Amortization		$ (64.4)	(57.9)
Ocean Transportation | Customer Relationships | Horizon
Intangible assets
Expected useful life		21 years
Finite-Lived intangible assets acquired		$ 140.6
Logistics
Intangible assets
Gross Amount		133.5	137.7
Total Intangible Assets, net		83.2	93.7
Less: Accumulated Amortization		(50.3)	(44)
Logistics | Trade Names
Intangible assets
Indefinite-Lived intangible asset		27.3	27.3
Logistics | Span Alaska | Trade Names
Intangible assets
Indefinite-Lived intangible asset acquired		27.3
Logistics | Customer Relationships
Intangible assets
Gross Amount		106.2	110.4
Total Intangible Assets, net		55.9	66.4
Expected useful life	7 years
Finite-Lived intangible assets acquired	$ 16.5
Less: Accumulated Amortization		$ (50.3)	$ (44)
Logistics | Customer Relationships | Minimum
Intangible assets
Expected useful life		3 years
Logistics | Customer Relationships | Maximum
Intangible assets
Expected useful life		13 years
Logistics | Customer Relationships | Span Alaska
Intangible assets
Total Intangible Assets, net		$ 79.3
Expected useful life		20 years

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period	$ 599.4	$ 518.2
Cash deposits into the CCF	50	100
Cash paid for purchase of U.S. Treasury debt securities and accrued interest	(449.8)
Proceeds from U.S. Treasury debt securities at maturity	48.1
Interest income deposited into the CCF	18.8	31.1
Repurchase of assigned accounts receivable	53.8
Qualifying withdrawal payments out of the CCF	(89.6)	(49.9)
Total CCF cash and cash equivalents balance at end of period	230.7	599.4
CCF Investments:
Purchase of U.S. Treasury debt securities	448.1
Withdrawals of U.S. Treasury debt securities at maturity	(48.1)
Accretion of investments	11.9
Total CCF investments balance at end of period	411.9
Cash and cash equivalents, and investments account	$ 642.6	$ 599.4

CAPITAL CONSTRUCTION FUND - S_2

CAPITAL CONSTRUCTION FUND - Summary of the activities within the CCF Assigned Accounts Receivable account (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024
CAPITAL CONSTRUCTION FUND
Cash and cash equivalents, and investments account	$ 599.4	$ 642.6
Assigned accounts receivables	$ 200

CAPITAL CONSTRUCTION FUND (Deta

CAPITAL CONSTRUCTION FUND (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Maximum period to commit fund deposits for qualified purposes	25 years
Period over which deposits will be treated as non-qualified withdrawals	5 years
Number of vessels under agreements for construction | item	3
Repurchase of assigned accounts receivable	$ 53.8
Assigned accounts receivables		$ 200
Eligible Accounts Receivable Assigned to CCF
Weighted average life of securities held within the fund	96 days
Assigned accounts receivables	$ 178.1	$ 218.1

DEBT - SUMMARY (Details)

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt
Total debt	$ 400.9	$ 440.6
Less: Current portion	(39.7)	(39.7)
Total Long-term Debt	361.2	400.9
Less: Deferred loan fees	(10.4)	(11.6)
Total Long-term Debt, net of deferred loan fees	350.8	389.3
3.37 %, payable through 2027
Debt
Total debt	$ 34.6	$ 46.2
Interest rate (as a percent)	3.37%	3.37%
3.14%, payable through 2031
Debt
Total debt	$ 100.1	$ 114.4
Interest rate (as a percent)	3.14%	3.14%
1.22 %, payable through 2043
Debt
Total debt	$ 150.3	$ 158.2
Interest rate (as a percent)	1.22%	1.22%
1.35 %, payable through 2044
Debt
Total debt	$ 115.9	$ 121.8
Interest rate (as a percent)	1.35%	1.35%

DEBT - REVOLVING CREDIT FACILIT

DEBT - REVOLVING CREDIT FACILITY (Details)	1 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2020 USD ($)
Senior Unsecured Series A Notes
Debt
Debt Instrument, Interest Rate, Stated Percentage		3.37%
Debt issued		$ 75,000,000
Debt instrument term		11 years
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility	$ 650,000,000
Ratio of debt instrument covenant threshold leverage	3.5
Ratio of debt instrument covenant threshold leverage connection with material acquisition	4
Funds available under the revolving credit facility				$ 643,900,000
Standby commercial letters of credit
Debt
Used portion of revolving credit facility				6,100,000
Amendment to 2021 Private Placement Term Loan
Debt
Ratio of debt instrument covenant threshold leverage	3.5
Ratio of debt instrument covenant threshold leverage connection with material acquisition	4
Fees paid	$ 800,000
Debt Instrument, Threshold Leverage Ratio To Trigger Interest Enhancement Payments	3.25
The Senior Unsecured Notes (The "Series D Notes")
Debt
Debt Instrument, Interest Rate, Stated Percentage			3.14%
Debt issued			$ 200,000,000
Debt instrument term			15 years
LIBOR | Revolving Credit Facility | Minimum
Debt
Variable rate margin	1%
LIBOR | Revolving Credit Facility | Maximum
Debt
Variable rate margin	1.75%
Base rate | Revolving Credit Facility | Minimum
Debt
Variable rate margin	0%
Base rate | Revolving Credit Facility | Maximum
Debt
Variable rate margin	0.75%
MatNav | Title XI Notes
Debt
Debt Instrument, Interest Rate, Stated Percentage					1.35%	1.22%
Minimum working capital covenant				$ 1
Debt instrument covenant ratio, maintenance of net worth				90%
Debt issued					$ 139,600,000	$ 185,900,000
MatNav | Minimum | Title XI Notes
Debt
Debt instrument covenant, long-term debt to net worth				2

DEBT - MATURITIES (Details)

DEBT - MATURITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt maturities
2025	$ 39.7
2026	39.7
2027	39.7
2028	28.2
2029	28.2
Thereafter	225.4
Total Debt	$ 400.9	$ 440.6

DEBT - DEFERRED LOAN FEES (Deta

DEBT - DEFERRED LOAN FEES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
DEBT
Deferred financing costs related to Title XI bonds and private placement debt amendments	$ 11.6
Amortization expense	(1.2)
Ending Balance	$ 10.4

DEBT - AMORTIZATION EXPENSE (De

DEBT - AMORTIZATION EXPENSE (Details) $ in Millions	Dec. 31, 2024 USD ($)
DEBT
2025	$ 1.1
2026	1
2027	0.9
2028	0.9
2029	0.8
Thereafter	5.7
Total amortization expense of deferred loan fees	$ 10.4

LEASES - LEASE TERM (Details)

LEASES - LEASE TERM (Details)	Dec. 31, 2024
Real estate and terminal leases
Lessee, Lease, Description [Line Items]
Base term	50 years
Vessel and barge charter leases
Lessee, Lease, Description [Line Items]
Base term	4 years
Operations equipment and other leases
Lessee, Lease, Description [Line Items]
Base term	14 years

LEASES - COMPONENTS OF LEASE CO

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Lease Cost
Operating lease cost	$ 143.4	$ 151	$ 162.2
Short-term lease cost	10.4	7.7	0.6
Variable lease cost	0.6	0.6	0.8
Total lease cost	$ 154.4	$ 159.3	$ 163.6

LEASES - OTHER INFORMATION (Det

LEASES - OTHER INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Components of Lease Cost
Cash paid for amounts included in operating lease liabilities	$ 148.7	$ 154.3
Right of use assets obtained in the exchange for new operating lease liabilities	$ 205.8	$ 40
Weighted-average remaining operating lease term	5 years 3 months 18 days	4 years 9 months 18 days
Weighted-average incremental borrowing rate	4.30%	3.10%

LEASES - MATURITIES OF OPERATIN

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Maturities of operating lease liabilities
2025	$ 133.3
2026	98
2027	71.2
2028	21.4
2029	10.1
Thereafter	79.9
Total lease payments	413.9
Less: Interest	(55.4)
Present value of operating lease liabilities	358.5
Less: Short-term portion	(129)	$ (136.7)
Long-term operating lease liabilities	$ 229.5	$ 159.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Liabilities, Current

INCOME TAXES - SUMMARY (Details

INCOME TAXES - SUMMARY (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 86.8	$ 44	$ 171.5
State	12.4	9.2	18.3
Foreign	3.5	3	1.3
Total	102.7	56.2	191.1
Deferred:
Federal	17.9	18.2	71.1
State	2.8		24.3
Foreign	(0.4)	1.5	1.9
Total deferred tax expense	20.3	19.7	97.3
Total income taxes	$ 123	$ 75.9	$ 288.4
Difference of Income tax expense from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes
U.S. federal income tax rate (as a percent)	21%	21%	21%
State and local taxes, net of federal benefit (as a percent)	2.30%	2.60%	2.80%
Foreign-derived intangible income (FDII) (as a percent)	(2.60%)	(2.00%)	(2.40%)
Foreign taxes (as a percent)	0.30%	0.40%	0.10%
Share-based payments (as a percent)	0.20%	0.50%
Return to provision true-ups (as a percent)	(0.70%)	(2.80%)	0.10%
Other-net (as a percent)		0.60%	(0.30%)
Effective income tax rate , Percent, Total	20.50%	20.30%	21.30%
Valuation allowance	$ 5	$ 5.3
Deferred tax assets:
Operating lease liabilities	84	77.4
Multi-employer withdrawal liabilities	11.4	12.8
Deferred compensation	12.1	11.8
U.S. State alternative minimum tax credits	5.9	7.4
Insurance reserves	7.8	6.3
Other	15.8	12.9
Total deferred tax assets	137	128.6
Valuation allowance	(5)	(5.3)
Total Deferred tax assets, net of valuation allowance	132	123.3
Deferred tax liabilities:
Basis differences for property and equipment	482.7	451.4
Operating lease right of use assets	83.8	75.8
Intangibles	40.3	42.3
Capital Construction Fund	192.1	206.9
Other	26.5	16.2
Total deferred tax liabilities	825.4	792.6
Deferred tax liability, net , Total	$ 693.4	$ 669.3

INCOME TAXES - OPERATING LOSS A

INCOME TAXES - OPERATING LOSS AND TAX CREDIT CARRYFORWARDS (Details) - USD ($) $ in Millions	Apr. 19, 2024	Dec. 31, 2024	Dec. 31, 2023
Operating Loss and Tax Credit Carryforwards
Valuation allowance		$ 5	$ 5.3
Operating loss carryforwards, not expected to benefit the Company		136.5	152.3
Income tax receivables, net		2	125.2
Income tax refund	$ 118.6
Interest on income tax refund	$ 10.2
U.S. Federal Income Tax
Operating Loss and Tax Credit Carryforwards
Income tax receivables, net			118.6
State Income Tax
Operating Loss and Tax Credit Carryforwards
Net operating losses carryforwards		136.5	152.3
Alternative minimum tax credit carryforwards		5.9	7.3
Operating loss carryforwards, valuation allowance		$ 5	$ 5.3

INCOME TAXES - UNRECOGNIZED TAX

INCOME TAXES - UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of the period	$ 28.4	$ 25.1	$ 19.2
Tax position changes in current year	(0.7)	3.6	5.8
Tax position changes in prior years	(0.1)	(0.1)
Tax position changes in prior years			0.3
Reductions for lapse of statute of limitations	(0.9)	(0.2)	(0.2)
Balance at the end of the period	26.7	28.4	$ 25.1
Unrecognized tax benefits that, if recognized, would impact the effective rate	22.9
Interest accrued related to unrecognized tax benefits	1.2	0.9
Accrued for a tax position claimed	1.4	1.5
Income taxes related to interest and penalties	$ 0.4	$ 0.7

PENSION AND POST-RETIREMENT P_3

PENSION AND POST-RETIREMENT PLANS - ASSET ALLOCATION (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee benefit plans
Target allocation (as a percent)	100%
Asset allocations (as a percent)	100%	100%
One year returns (losses) on plan assets (as a percent)	9.90%
Three year returns (losses) on plan assets (as a percent)	3.10%
Five year returns (losses) on plan assets (as a percent)	7.10%
Long-term average return on plan assets since inception (as a percent)	8.20%
Domestic equity securities
Employee benefit plans
Target allocation (as a percent)	55%
Asset allocations (as a percent)	58%	57%
International equity securities
Employee benefit plans
Target allocation (as a percent)	15%
Asset allocations (as a percent)	16%	16%
Debt securities
Employee benefit plans
Target allocation (as a percent)	20%
Asset allocations (as a percent)	19%	19%
Real estate
Employee benefit plans
Target allocation (as a percent)	5%
Asset allocations (as a percent)	5%	5%
Other and cash
Employee benefit plans
Target allocation (as a percent)	5%
Asset allocations (as a percent)	2%	3%

PENSION AND POST-RETIREMENT P_4

PENSION AND POST-RETIREMENT PLANS - FAIR VALUE (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension and Post-retirement Plans
Total	$ 241.2	$ 227.9	$ 206.3
Fair Value Measurement
Pension and Post-retirement Plans
Total	198.6	186.3
Total plan assets	241.2	227.9
Fair Value Measurement | Cash
Pension and Post-retirement Plans
Total	5.1	6.1
Fair Value Measurement | U S large-cap
Pension and Post-retirement Plans
Total	90.9	82.8
Fair Value Measurement | U S mid and small-cap
Pension and Post-retirement Plans
Total	50.2	46
Fair Value Measurement | International large-cap
Pension and Post-retirement Plans
Total	7.1	7.1
Fair Value Measurement | U S Treasuries
Pension and Post-retirement Plans
Total	20	19.2
Fair Value Measurement | Municipal bonds
Pension and Post-retirement Plans
Total	0.2	0.2
Fair Value Measurement | Investment grade U S corporate bonds
Pension and Post-retirement Plans
Total	24.9	24.7
Fair Value Measurement | Convertible Bonds
Pension and Post-retirement Plans
Total	0.1	0.1
Fair Value Measurement | International Fixed Income
Pension and Post-retirement Plans
Total	0.1	0.1
Fair Value Measurement | Quoted Prices in Active Markets (Level 1)
Pension and Post-retirement Plans
Total	166.2	142
Fair Value Measurement | Quoted Prices in Active Markets (Level 1) | Cash
Pension and Post-retirement Plans
Total	5.1	6.1
Fair Value Measurement | Quoted Prices in Active Markets (Level 1) | U S large-cap
Pension and Post-retirement Plans
Total	90.9	82.8
Fair Value Measurement | Quoted Prices in Active Markets (Level 1) | U S mid and small-cap
Pension and Post-retirement Plans
Total	50.2	46
Fair Value Measurement | Quoted Prices in Active Markets (Level 1) | International large-cap
Pension and Post-retirement Plans
Total	7.1	7.1
Fair Value Measurement | Quoted Prices in Active Markets (Level 1) | U S Treasuries
Pension and Post-retirement Plans
Total	12.9
Fair Value Measurement | Significant Observable Inputs (Level 2)
Pension and Post-retirement Plans
Total	32.4	44.3
Fair Value Measurement | Significant Observable Inputs (Level 2) | U S Treasuries
Pension and Post-retirement Plans
Total	7.1	19.2
Fair Value Measurement | Significant Observable Inputs (Level 2) | Municipal bonds
Pension and Post-retirement Plans
Total	0.2	0.2
Fair Value Measurement | Significant Observable Inputs (Level 2) | Investment grade U S corporate bonds
Pension and Post-retirement Plans
Total	24.9	24.7
Fair Value Measurement | Significant Observable Inputs (Level 2) | Convertible Bonds
Pension and Post-retirement Plans
Total	0.1	0.1
Fair Value Measurement | Significant Observable Inputs (Level 2) | International Fixed Income
Pension and Post-retirement Plans
Total	0.1	0.1
Fair Value Measurement | Investment measured at NAV
Pension and Post-retirement Plans
Total	$ 42.6	$ 41.6

PENSION AND POST-RETIREMENT P_5

PENSION AND POST-RETIREMENT PLANS - STATUS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year	$ 193.1	$ 187.4
Service cost	3.7	3.1	$ 4.8
Interest cost	9.7	10	7
Actuarial (gain) loss	(1.2)	5.5
Benefits paid, net of subsidies received	(13.1)	(12.9)
Benefit obligation at end of year	192.2	193.1	187.4
Change in Plan Assets:
Balance at the beginning of the period	227.9	206.3
Actual return on plan assets	21.9	25.5
Employer contribution	4.5	9	9
Benefits paid, net of subsidies received	(13.1)	(12.9)
Balance at the end of the period	241.2	227.9	206.3
Funded Status and Recognized Plan Assets and Benefit Obligations	49	34.8
Post-retirement benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year	19.5	15.3
Service cost	0.2	0.2	0.7
Interest cost	1	0.8	0.8
Participant contributions	0.6	0.7
Actuarial (gain) loss	(0.6)	4.5
Benefits paid, net of subsidies received	(2.3)	(2)
Benefit obligation at end of year	18.4	19.5	$ 15.3
Change in Plan Assets:
Participant contributions	0.6	0.7
Employer contribution	1.7	1.3
Benefits paid, net of subsidies received	(2.3)	(2)
Funded Status and Recognized Plan Assets and Benefit Obligations	$ (18.4)	$ (19.5)

PENSION AND POST-RETIREMENT P_6

PENSION AND POST-RETIREMENT PLANS - AMOUNTS INCLUDED IN FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee benefit plans
Non-current assets	$ 49	$ 34.8
Non-current liabilities	(21.3)	(21.8)
Pension Benefits
Employee benefit plans
Projected benefit obligations	192.2	193.1	$ 187.4
Fair value of plan assets at end of year	241.2	227.9	206.3
Pension Benefits | Qualified Plan
Employee benefit plans
Non-current assets	49	34.8
Total	49	34.8
Net (loss) gain, net of taxes	(14)	(20.3)
Total	(14)	(20.3)
Pension Benefits | Nonqualified Plan
Employee benefit plans
Current liabilities	(0.4)	(1.2)
Non-current liabilities	(4)	(3.4)
Total	(4.4)	(4.6)
Net (loss) gain, net of taxes	(0.4)	(0.2)
Total	(0.4)	(0.2)
Post-retirement benefits
Employee benefit plans
Projected benefit obligations	$ 18.4	19.5	$ 15.3
Amortization period of unrecognized gains and losses	5 years
Post-retirement benefits | Qualified Plan
Employee benefit plans
Current liabilities	$ (1.1)	(1.1)
Non-current liabilities	(17.3)	(18.4)
Total	(18.4)	(19.5)
Net (loss) gain, net of taxes	2.5	2.7
Prior service credit, net of taxes	5.6	8.3
Total	$ 8.1	$ 11

PENSION AND POST-RETIREMENT P_7

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Total recognized in other comprehensive (income) loss	$ (3.2)	$ 2.5	$ (23.8)
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Discount rate used to determine obligation (as a percent)	5.40%	5.20%
Pension Benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 3.7	$ 3.1	4.8
Interest cost	9.7	10	7
Expected return on plan assets	(15.1)	(13.9)	(16)
Amortization of net actuarial loss (gain)	0.4	1.3	2.4
Amortization of prior service credit			(1)
Net periodic benefit cost (credit)	(1.3)	0.5	(2.8)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net loss (gain)	(6)	(4.5)	(12.3)
Amortization of net actuarial (loss) gain	(0.3)	(1)	(1.8)
Amortization of prior service credit			0.8
Total recognized in other comprehensive (income) loss	(6.3)	(5.5)	(13.3)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ (7.6)	$ (5)	$ (16.1)
Weighted Average Assumptions:
Discount rate (as a percent)	5.60%	5.30%	5.60%
Expected return on plan assets (as a percent)	6.85%	6.85%	6.75%
Rate of compensation increase (as a percent)	3.50%	3.50%
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Benefit obligation at end of year	$ 192.2	$ 193.1	$ 187.4
Pension Benefits | Minimum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)			3.50%
Cash balance interest credit rate	3.90%	3.25%	3.25%
Pension Benefits | Maximum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)			4%
Cash balance interest credit rate	4.42%	4.50%	3.50%
Post-retirement benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 0.2	$ 0.2	$ 0.7
Interest cost	1	0.8	0.8
Amortization of net actuarial loss (gain)	(0.8)	(2)	0.8
Amortization of prior service credit	(3.7)	(3.7)	(3.6)
Net periodic benefit cost (credit)	(3.3)	(4.7)	(1.3)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net loss (gain)	(0.5)	3.4	(10.7)
Amortization of net actuarial (loss) gain	0.6	1.5	(0.6)
Amortization of prior service credit	2.8	2.8	2.7
Total recognized in other comprehensive (income) loss	2.9	7.7	(8.6)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ (0.4)	$ 3	$ (9.9)
Weighted Average Assumptions:
Discount rate (as a percent)	5.60%	5.40%	5.50%
Rate of compensation increase (as a percent)	3.50%	3.50%
Immediate health care cost trend rate, Pre-65 group (as a percent)	6.30%	6.80%	6.60%
Immediate health care cost trend rate, Post-65 group (as a percent)	6.50%	7.10%	6.10%
Ultimate health care cost trend rate (as a percent)	3.90%	3.90%	4%
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Benefit obligation at end of year	$ 18.4	$ 19.5	$ 15.3
Post-retirement benefits | Minimum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)			3.50%
Post-retirement benefits | Maximum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)			4%
Qualified Plan | Pension Benefits
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	(14)	(20.3)
Total	(14)	(20.3)
Qualified Plan | Post-retirement benefits
Components of Net Periodic Benefit Cost (Credit):
Current liabilities	1.1	1.1
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	2.5	2.7
Amount recognized as prior service credit, net of tax	5.6	8.3
Total	8.1	11
Nonqualified Plan | Pension Benefits
Components of Net Periodic Benefit Cost (Credit):
Current liabilities	0.4	1.2
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	(0.4)	(0.2)
Total	$ (0.4)	$ (0.2)

PENSION AND POST-RETIREMENT P_8

PENSION AND POST-RETIREMENT PLANS - ESTIMATED BENEFIT PAYMENTS (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Benefits
Estimated future pension benefit payments
2025	$ 15.3
2026	15.3
2027	15.8
2028	16.2
2029	16.1
2030-2034	80.1
Total remaining future benefit payments due	158.8
Post-retirement benefits
Estimated future pension benefit payments
2025	1.1
2026	1.1
2027	1.1
2028	1.1
2029	1.1
2030-2034	5.7
Total remaining future benefit payments due	11.2
Nonqualified Plan | Pension Benefits
Estimated future pension benefit payments
2025	0.4
2026	0.5
2027	0.5
2028	0.5
2029	0.7
2030-2034	2.7
Total remaining future benefit payments due	$ 5.3

PENSION AND POST-RETIREMENT P_9

PENSION AND POST-RETIREMENT PLANS - DEFINED CONTRIBUTION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
401 K plan
Defined Contribution Plans
Employer matching contribution expenses	$ 4.6	$ 4.2	$ 3.6
401 K plan | Maximum
Defined Contribution Plans
Employer matching contribution (as a percent)	3%
Employer matching contribution for select group of employees (as a percent)	4%
Profit sharing plan
Defined Contribution Plans
Profit sharing expense recorded	$ 3.1	$ 3.1	$ 2.8

PENSION AND POST-RETIREMENT _10

PENSION AND POST-RETIREMENT PLANS - MULTI-EMPLOYER DEFINED BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Multiemployer Plans
Estimated benefit plan withdrawal obligations	$ 155.5
Pension Benefits | Hawaii Longshore Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	12.9	$ 12.1	$ 11.9
Multiemployer Health and Benefit Plans
Multiemployer Plans
Contributions of Matson	41.2	37.7	37.7
Multi-employer defined benefit pension plans
Multiemployer Plans
Contributions of Matson	$ 34.8	32.7	33.8
Multi-employer defined benefit pension plans | Orange Zone
Multiemployer Plans
Expected funding deficiency period	6 years
Multi-employer defined benefit pension plans | Minimum | Green Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80%
Multi-employer defined benefit pension plans | Maximum | Red Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	65%
Multi-employer defined benefit pension plans | Maximum | Yellow Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80%
Multi-employer defined benefit pension plans | Maximum | Orange Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80%
Multi-employer defined benefit pension plans | American Radio Association Pension Fund | Green Zone
Multiemployer Plans
Contributions of Matson	$ 1	1	1.1
Multi-employer defined benefit pension plans | Master Mates And Pilots Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	3.7	3.6	3.8
Multi-employer defined benefit pension plans | Masters, Mates and Pilots Adjustable Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	2.1	2	2.1
Multi-employer defined benefit pension plans | MEBA Pension Trust - Defined Benefit Plan | Green Zone
Multiemployer Plans
Contributions of Matson	4.6	4.2	4.5
Multi-employer defined benefit pension plans | OCU Pension Trust Plan | Green Zone
Multiemployer Plans
Contributions of Matson	0.6	0.4	0.5
Multi-employer defined benefit pension plans | MFOW Supplementary Pension Plan | Yellow Zone
Multiemployer Plans
Contributions of Matson	0.1	0.1	0.1
Multi-employer defined benefit pension plans | SIU Pacific District Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	1.3	1.3	1.5
Multi-employer defined benefit pension plans | Alaska Teamster - Employer Pension Plan | Red Zone
Multiemployer Plans
Contributions of Matson	3.8	3.9	4
Multi-employer defined benefit pension plans | All Alaska Longshore Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	2.2	1.8	2
Multi-employer defined benefit pension plans | Western Conference of Teamsters Pension Plan | Green Zone
Multiemployer Plans
Contributions of Matson	2.3	2.1	2.1
Multi-employer defined benefit pension plans | Western Conference Of Teamsters Supplemental Benefit Trust | Green Zone
Multiemployer Plans
Contributions of Matson	0.1	0.1	0.1
Multi-employer defined benefit pension plans | OPEIU Local 153 Pension Plan | Red Zone
Multiemployer Plans
Contributions of Matson	$ 0.1	$ 0.1	$ 0.1

PENSION AND POST-RETIREMENT _11

PENSION AND POST-RETIREMENT PLANS - MULTI-EMPLOYER DEFINED CONTRIBUTION PLANS (Details) - Multi-employer defined contribution pension plans $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) plan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Contribution Plans
Number of Multiemployer Plans | plan	6
Employer contributions | $	$ 6	$ 5.7	$ 6

MULTI-EMPLOYER WITHDRAWAL LIA_3

MULTI-EMPLOYER WITHDRAWAL LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Multi-employer withdrawal liability
Quarterly payments to ILA-PRSSA over an estimated period	$ 1
Estimated future pension liability payments
Current portion of multi-employer withdrawal liability	(4.1)	$ (4.1)
Long-term portion of multi-employer withdrawal liability	44.2	$ 46.5
Horizon | ILA-PRSSA Pension Fund
Estimated future pension liability payments
2025	4.1
2026	4.1
2027	4.1
2028	4.1
2029	4.1
Thereafter	43.1
Total remaining future benefit payments due	63.6
Less: amount representing interest	(15.3)
Present value of multi-employer withdrawal liability	48.3
Current portion of multi-employer withdrawal liability	(4.1)
Long-term portion of multi-employer withdrawal liability	$ 44.2

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 2,400.7	$ 2,296.9	$ 1,667.4
Other adjustments	(1.5)	1.2	0.2
Balance at the end of the period	2,652	2,400.7	2,296.9
Comprehensive Income (Loss):
Tax benefit (expense) on other comprehensive income (loss)	(2.5)	(1.2)	(9.3)
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(20.3)	(25.8)
Amortization of net gain (loss)	6.3	5.5
Balance at the end of the period	(14)	(20.3)	(25.8)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	11	18.7
Amortization of prior service cost	(2.8)	(2.8)
Amortization of net gain (loss)	(0.1)	(4.9)
Balance at the end of the period	8.1	11	18.7
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.2)	0.1
Amortization of net gain (loss)	(0.2)	(0.3)
Balance at the end of the period	(0.4)	(0.2)	0.1
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	1.3	0.1
Foreign currency exchange	(1.9)	(0.5)
Other adjustments	0.4	1.7
Balance at the end of the period	(0.2)	1.3	0.1
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(8.2)	(6.9)	(30.9)
Amortization of prior service cost	(2.8)	(2.8)
Amortization of net gain (loss)	6	0.3
Foreign currency exchange	(1.9)	(0.5)
Other adjustments	0.4	1.7
Balance at the end of the period	$ (6.5)	$ (8.2)	$ (6.9)

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Income
Net Income, Basic	$ 476.4	$ 297.1	$ 1,063.9
Net Income, Diluted	$ 476.4	$ 297.1	$ 1,063.9
Weighted Average Common Shares
Basic (in shares)	33.7	35.3	39
Effect of Dilutive Securities (in shares)	0.5	0.4	0.3
Diluted (in shares)	34.2	35.7	39.3
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 14.14	$ 8.42	$ 27.28
Effect of dilutive securities (in dollars per shares)	(0.21)	(0.1)	(0.21)
Net income, Diluted (in dollars per share)	$ 13.93	$ 8.32	$ 27.07

SHARE-BASED AWARDS - SUMMARY (D

SHARE-BASED AWARDS - SUMMARY (Details) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) plan shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Share-based expense (net of estimated forfeitures)
Share-based compensation expense	$ 26.5	$ 23.8	$ 18.3
Tax benefit realized upon stock vesting	5.6	6.1	10.6
Fair value of stock vested	25.6	$ 27.8	$ 44
Non-vested restricted stock units and performance-based equity awards
Share-based expense (net of estimated forfeitures)
Unrecognized compensation cost	$ 24.5
Unrecognized compensation cost, weighted average period for recognition	1 year 8 months 12 days
2016 Plan
SHARE-BASED AWARDS
Common stock initially available for future issuance (in shares) | shares	4,350
Additional shares authorized for issuance | shares	0
Number of separate incentive compensation programs | plan	4
Number of share based compensation plans within the Company's incentive compensation programs | plan	3
2016 Plan | Discretionary Grant Program
SHARE-BASED AWARDS
Minimum exercise price as a percentage of fair market value of common stock	100%
2016 Plan | Time Based Restricted Stock Units | Stock Issuance Program
SHARE-BASED AWARDS
Vesting period of awards granted	3 years
2016 Plan | Time Based Restricted Stock Units | Automatic Grant Program
SHARE-BASED AWARDS
Vesting period of awards granted	1 year
2016 Plan | Performance Based Restricted Stock Units | Stock Issuance Program
SHARE-BASED AWARDS
Vesting period of awards granted	3 years

SHARE-BASED AWARDS - RESTRICTED

SHARE-BASED AWARDS - RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Weighted Average Grant-Date Fair Value
Outstanding, weighted average grant-date fair value, beginning of period (in dollars per share) | $ / shares	$ 75.82
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares	122.23
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares	72.71
Cancelled, weighted average grant-date fair value (in dollars per shares) | $ / shares	85.27
Added by performance factor , weighted average grant-date fair value (in dollars per share) | $ / shares	122.35
Outstanding, weighted average grant-date fair value, end of period (in dollars per shares) | $ / shares	$ 93.83
2016 Plan
Non-vested restricted stock unit activity
Outstanding, beginning of period (in shares) | shares	533
Granted (in shares) | shares	153
Vested (in shares) | shares	(352)
Cancelled (in shares) | shares	(5)
Added by performance factor (in shares) | shares	119
Outstanding, end of period (in shares) | shares	448

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair value of financial instruments
Restricted Cash		$ 2.3	$ 3.9
Carrying value
Fair value of financial instruments
Cash and cash equivalents	$ 266.8	134
Restricted Cash		2.3
CCF - Cash and cash equivalent	230.7	599.4
CCF - Investments	411.9
Fixed rate debt	400.9	440.6
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	266.8	134
Restricted Cash		2.3
CCF - Cash and cash equivalent	230.7	599.4
CCF - Investments	412.5
Fixed rate debt	317.7	359.9
Fair Value Measurement | Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	266.8	134
Restricted Cash		2.3
CCF - Cash and cash equivalent	230.7	599.4
CCF - Investments	412.5
Fair Value Measurement | Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt	$ 317.7	$ 359.9

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 item
Commitments, Guarantees and Contingencies
Standby letters of credit	$ 6.1
Vessel construction obligations	814
Vendor and other obligations	$ 214.6
Number of vessels under agreements for construction | item	3
Vessel construction in progress
Commitments, Guarantees and Contingencies
Number of vessels under agreements for construction | item	3	3
U.S. Custom Bond
Commitments, Guarantees and Contingencies
Bonds	$ 65.1