0001558370-23-001961 | 10-K | XBRL Viewer

As of December 31,

Weighted average remaining operating lease term

Weighted average incremental borrowing rate

LEASES

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021. The Company did not have any finance leases during the years ended December 31, 2022 and 2021. 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		65 years
Vessel and barge charter leases		8 years
Operations equipment and other leases		8 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, 2022 and 2021:


	Years Ended
	December 31,
(In millions)	2022		2021
Operating lease cost	$	162.2	$	110.7
Short-term lease cost		0.6		3.1
Variable lease cost		0.8		0.6
Total lease cost	$	163.6	$	114.4

Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2022 and 2021:


	Years Ended
	December 31,
(In millions)	2022		2021
Cash paid for amounts included in operating lease liabilities	$	163.4	$	107.9
Right of use assets obtained in the exchange for new operating lease liabilities	$	131.4	$	321.7

Maturities of operating lease liabilities consist of the following at December 31, 2022:


	As of
Year (in millions)	December 31, 2022
2023	$	151.0
2024		123.2
2025		72.1
2026		29.6
2027		13.9
Thereafter		53.2
Total lease payments		443.0
Less: Interest		(36.9)
Present value of operating lease liabilities		406.1
Less: Short-term portion		(143.6)
Long-term operating lease liabilities	$	262.5

Sale and Leaseback of Equipment: On March 25, 2020, the Company entered into an agreement for the sale and leaseback of multiple tranches of chassis and container equipment. The net proceeds from the sales were $14.3 million, and the gain on the disposal of the equipment was not material to the Company’s Consolidated Financial Statements. The Company subsequently leased back the equipment under a five-year operating lease agreement, and the obligations under the lease are included in the maturities of operating lease liabilities table above. There were no sale and leaseback transactions during 2022 and 2021.

Termination of Vessel Charter: On July 7, 2021, MatNav entered into an agreement to acquire Maunalei which was previously operated under a vessel charter lease agreement for $95.8 million, thereby acquiring the vessel. The Company derecognized the related right-of-use (“ROU”) asset of $27.4 million and ROU liability of $28.5 million, and increased property and equipment by $94.7 million, net, during the year ended December 31, 2021.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

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 Period

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 53 weeks in the 2021 and 52 weeks in the 2022 and 2020 fiscal years for MatNav.

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; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income from SSAT; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions.

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 $3.9 million and $5.3 million at December 31, 2022 and 2021, respectively, and are included in prepaid expenses and other assets in the Consolidated Balance Sheets.

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, 2022, 2021 and 2020 were as follows:


	Balance at				Write-offs		Balance at
Year (in millions)	Beginning of Year		Expense (1)		and Other		End of Year
2022	$	10.1	$	3.2	$	(0.3)	$	13.0
2021	$	6.3	$	4.2	$	(0.4)	$	10.1
2020	$	4.3	$	2.9	$	(0.9)	$	6.3

(1)	Expense is shown net of amounts recovered from previously reserved doubtful accounts.

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets: Prepaid expenses and other assets consist of the following at December 31, 2022 and 2021:


	As of December 31,
Prepaid Expenses and Other Assets (in millions)	2022		2021
Income tax receivables	$	170.8	$	23.1
Prepaid fuel		26.3		22.6
Prepaid insurance and insurance related receivables		17.4		10.1
Restricted cash - vessel construction obligations		3.9		5.3
Other		22.9		17.3
Total	$	241.3	$	78.4

Income tax receivables include a federal income tax refund related to the Company’s 2021 federal tax return, overpayments of federal and state taxes paid during the year ended December 31, 2022, and other income tax receivables.

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)	2022		2021		2020
Ocean Transportation services	$	3,508.0	$	3,101.9	$	1,821.7
Terminal and other related services		18.5		16.0		19.1
Fuel sales		11.3		7.2		7.3
Vessel management and related services		6.8		7.7		5.8
Total	$	3,544.6	$	3,132.8	$	1,853.9

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred.

◾	Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred.

◾	Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.

◾	Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred.


	Years Ended December 31,
Logistics (in millions) (1)	2022		2021		2020
Transportation Brokerage and Freight Forwarding services	$	695.1	$	707.4	$	477.0
Warehousing and distribution services		53.5		44.7		36.2
Supply chain management and other services		49.8		40.4		16.2
Total	$	798.4	$	792.5	$	529.4

(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 and other services revenue categories which are denominated in foreign currencies.

◾

Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices.

◾

Warehousing and distribution services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the customer. Storage related costs are recognized as incurred. Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed.

◾	Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.

The Company generally invoices its customers at the commencement of the voyage or the transportation service being provided, or as other services are being performed. Revenue is deferred when services are invoiced in advance to the

customer. The Company’s receivables are classified as short-term as collection terms are for periods of less than one year. The Company expenses sales commissions and contract acquisition costs as incurred because the amounts are generally immaterial. These expenses are included in selling, general and administration expenses in the Consolidated Statements of Income and Comprehensive Income.

Allowance for Doubtful Accounts Receivable

Changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2022, 2021 and 2020 were as follows:


	Balance at				Write-offs		Balance at
Year (in millions)	Beginning of Year		Expense (1)		and Other		End of Year
2022	$	10.1	$	3.2	$	(0.3)	$	13.0
2021	$	6.3	$	4.2	$	(0.4)	$	10.1
2020	$	4.3	$	2.9	$	(0.9)	$	6.3

(1)	Expense is shown net of amounts recovered from previously reserved doubtful accounts.

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 in accordance with Accounting Standards Update (“ASU”) 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). 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 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, 2022 and 2021:


	As of December 31,
Other Long-Term Assets (in millions)	2022		2021
Vessel and equipment spare parts	$	13.2	$	12.8
Pension plan assets		18.9		1.3
Insurance related receivables		12.1		10.4
Other		9.4		14.9
Total	$	53.6	$	39.4

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 life:


Classification		Life
Vessels		40 years
Machinery and equipment		30 years
Terminal facilities		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 the vessel construction costs are considered qualifying assets for the purposes of capitalizing interest on these assets. The amount of capitalized interest is calculated based on the amount of 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, 2022, 2021 and 2020, the Company capitalized $0.7 million, $0.2 million and $7.4 million of interest related to the construction of new vessels, respectively.

Leases

Leases: Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) 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 two dry-docking inspections within a five-year period, with a maximum of 36 months 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 two dry-docking inspections every five years.

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 to five-year 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 21 years, and a trade name that has an indefinite life.

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. No impairment charges of long-lived assets and finite-lived intangible assets were recorded for the years ended December 31, 2022, 2021 and 2020.

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. No impairment charges of indefinite-life intangible assets and goodwill were recorded for the years ended December 31, 2022, 2021 and 2020.

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. No impairment was identified during the years ended December 31, 2022, 2021 and 2020.

Other liabilities

Other Liabilities: Other liabilities consist of the following at December 31, 2022 and 2021:


	As of December 31,
Other Liabilities (in millions)	2022		2021
Payroll and vacation	$	34.7	$	35.8
Employee incentives and other benefits		33.2		32.2
Insurance reserves and other related liabilities - short term		15.6		9.0
Multi-employer withdrawal liabilities - short term (see Note 12)		4.1		4.1
Income tax and other tax related liabilities		2.2		3.1
Other short-term liabilities		15.7		17.2
Total	$	105.5	$	101.4

Other long-term liabilities

Other Long-Term Liabilities: Other long-term liabilities consist of the following at December 31, 2022 and 2021:


	As of December 31,
Other Long-Term Liabilities (in millions)	2022		2021
Multi-employer withdrawal liability (see Note 12)	$	48.6	$	50.8
Pension and post-retirement liabilities (see Note 11)		17.8		43.3
Insurance reserves and other related liabilities		29.8		26.9
Other long-term liabilities		18.6		10.0
Total	$	114.8	$	131.0

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 is uninsured for certain risks but when feasible, many of these risks are mitigated by insurance. The Company purchases insurance with deductibles or self-insured retentions. 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 or the perceived remoteness of the risk. In addition, the Company retains all risk of loss

that exceeds the limits of the Company’s insurance policies, or for other risks where insurance is not commercially available.

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.

Customer Concentration

Customer Concentration: The 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. In 2022, the Company’s 10 largest Ocean Transportation customers accounted for approximately 15 percent of the Company’s Ocean Transportation operating revenue.

The Logistics segment serves customers in numerous industries and geographical locations. In 2022, the Company’s 10 largest Logistics customers accounted for approximately 18 percent of the Company’s Logistics operating revenue.

Dividends

Dividends: The Company recognizes dividends as a liability when approved by the Board of Directors.

Repurchase of Shares

Repurchase of Shares: During the years ended December 31, 2022 and 2021, the Company repurchased approximately 5.0 million and 2.5 million shares for a total cost of $397.0 million and $200.1 million, respectively. The Company did not repurchase any shares during the year ended December 31, 2019. As of December 31, 2022, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 1.5 million shares.

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 and 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. 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 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.

DEBT

12 Months Ended

Dec. 31, 2022

DEBT

DEBT

DEBT

The Company’s debt consists of the following as of December 31, 2022 and 2021:


	As of December 31,
(In millions)	2022		2021
Private Placement Term Loans:
3.66 %, payable through 2023	$	4.5	$	13.7
4.16 %, payable through 2027		—		28.8
3.37 %, payable through 2027		57.7		69.2
3.14 %, payable through 2031		132.8		151.2
4.31 %, payable through 2032		—		25.4
Title XI Debt:
5.34 %, payable through 2028		13.2		15.4
5.27 %, payable through 2029		15.4		17.6
1.22 %, payable through 2043		166.2		174.1
1.35 %, payable through 2044		127.7		133.6
Total Debt		517.5		629.0
Less: Current portion		(76.9)		(65.0)
Total Long-term Debt		440.6		564.0
Less: Deferred loan fees		(12.9)		(14.3)
Total Long-term Debt, net of deferred loan fees	$	427.7	$	549.7

The following is a description of the Company’s debt:

Private Placement Term Loans: During 2012, the Company issued $170.0 million of unsecured notes, which were funded in three tranches, $77.5 million at an interest rate of 3.66 percent, $55.0 million at an interest rate of 4.16 percent, and $37.5 million at an interest rate of 4.31 percent (the “2012 Notes”). Principal and interest are payable semi-annually. On September 15, 2022, the Company prepaid $26.2 million of outstanding principal on the 4.16 percent tranche due in 2027, and $24.2 million of outstanding principal on the 4.31 percent tranche due in 2032, representing all of the remaining outstanding principal for both tranches. In September 2016, the Company issued $200.0 million of 15-year senior unsecured notes (the “Series D Notes”) at an interest rate of 3.14 percent, payable semi-annually. In December 2016, the Company issued $75 million of 11-year senior unsecured notes at an interest rate of 3.37 percent, payable semi-annually (the “Series A Notes”).

Title XI Bonds: In September 2003, MatNav issued $55.0 million in U.S. Government guaranteed ship financing bonds (Title XI) to finance the delivery of Manukai (the “Manukai Title XI Bonds”). The Manukai Title XI Bonds have a final maturity in September 2028 with a coupon rate of 5.34 percent. The Manukai Title XI Bonds are amortized by semi-annual payments of $1.1 million plus interest. In August 2004, MatNav issued $55.0 million of U.S. Government guaranteed ship financing bonds (Title XI) to finance the delivery of Maunawili (the “Maunawili Title XI Bonds”, and together with the Manukai Title XI Bonds, the “Existing Title XI Bonds”). The Maunawili Title XI Bonds have a final maturity in July 2029 with a coupon rate of 5.27 percent. The Maunawili Title XI Bonds are amortized by semi-annual payments of $1.1 million plus interest.

On January 27, 2023, the Company prepaid $14.3 million of outstanding principal on the Maunawili Title XI Bonds representing all of the remaining outstanding principal for this bond. The Company is also expecting to prepay the outstanding principal of approximately $12.1 million on the Manukai Title XI Bonds in March 2023, representing all of the estimated outstanding principal for this bond.

On April 27, 2020, MatNav issued $185.9 million in U.S. Government guaranteed vessel financing bonds to partially refinance debt incurred in connection with the construction of Daniel K. Inouye (the “DKI Title XI Debt”). The secured DKI Title XI Debt matures on October 15, 2043 and has a cash interest rate of 1.22 percent, payable semi-annually in arrears.

On June 22, 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 “2020 Title XI Debt”). The secured KMH Title XI Debt matures on March 15, 2044 and has a cash interest rate of 1.35 percent, payable semi-annually in arrears.

MatNav may prepay any amounts outstanding under the 2020 Title XI Debt agreements subject to a potential prepayment premium or other adjustment, in accordance with the 2020 Title XI Debt agreements. Once amounts under the 2020 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 and Kaimana Hila (the “Vessels”).

Revolving Credit Facility:

On March 31, 2021, the Company entered into the Second Amended and Restated Credit Agreement (the “Credit Agreement”), which extended the maturity date to March 31, 2026, and retained the committed aggregate borrowings of up to $650 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 1.00 percent and 1.75 percent depending on the Company’s consolidated net leverage ratio, or base rate plus a margin between 0.00 percent and 0.75 percent depending on the Company’s consolidated net leverage ratio; and (ii) reducing 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. 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. The Company paid fees of approximately $2.2 million in connection with the closing of the Credit Agreement which is included in other long-term assets in the Company’s Consolidated Balance Sheets.

On February 9, 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, 2022, the Company had $642.1 million of remaining borrowing availability under the revolving credit facility. The Company used $7.9 million of the revolving credit facility for letters of credit outstanding as of December 31, 2022. 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”):

On March 31, 2021, the Company and the holders of the notes party thereto entered into amendments (collectively, the “2021 Note Amendments”) to each of (i) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 14, 2016, among the Company and the holders of the notes issued thereunder, as amended; and (ii) the Note Purchase Agreement dated December 21, 2016 among the Company and the holders of the notes issued thereunder, in each case as amended prior to such date.

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 $0.8 million related to the 2021 Note Amendments which is included in deferred loan fees in debt in the Company’s Consolidated Balance Sheets.

Debt Maturities: At December 31, 2022, debt maturities during the next five years and thereafter are as follows:


	As of
Year (in millions)	December 31, 2022
2023	$	76.9
2024		39.7
2025		39.7
2026		39.7
2027		39.7
Thereafter		281.8
Total Debt	$	517.5

Deferred Loan Fees: Activity relating to deferred loan fees for the year ended December 31, 2022 are as follows:


Deferred Loan Fees (in millions)	Amount
Deferred financing costs related to Title XI bonds and private placement debt amendments	$	14.3
Deferred fees expensed related to the redemption of private placement debt		(0.1)
Amortization expense for the year ended December 31, 2022		(1.3)
Balance at December 31, 2022	$	12.9

As of December 31, 2022, amortization expense relating to deferred loan fees during the next five years and thereafter are as follows:


Year (in millions)	Amount
2023	$	1.3
2024		1.2
2025		1.1
2026		1.0
2027		0.9
Thereafter		7.4
Total amortization expense of deferred loan fees	$	12.9

Debt Covenants in Existing Title XI Bonds and 2020 Title XI Debt Agreements: The Existing Title XI Bonds 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 and limitations as defined within the Existing Title XI Bonds. These covenants include, among other things, minimum working capital and net worth requirements, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales, sale and leaseback transactions, and transactions with affiliates as defined within the Existing Title XI Bonds. Certain of the covenants in the Existing Title XI Bonds are applicable only upon and during the continuance of either (i) an event of default or (ii) the failure of MatNav to meet certain financial requirements.

The 2020 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. As part of the 2020 Title XI Debt agreements, certain covenants contained in the Existing Title XI Bonds were eliminated. The covenants in the 2020 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 2020 Title XI Debt agreements. Certain of the covenants in the 2020 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 2020 Title XI Bonds and compliance with the leverage ratio set forth in the Credit Agreement.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of December 31, 2022 was unsecured, except for the Existing Title XI Bonds and the 2020 Title XI Debt.

Under the 2020 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 2020 Title XI Debt are secured by a mortgage on the Vessels and certain other related assets (the “Collateral”), as well as the Existing Vessels (as defined below). In addition, MatNav’s obligations to MARAD with respect to the 2020 Title XI Debt are guaranteed by the Company under an Affiliate Guaranty.

The 2020 Title XI Debt agreements also provide that the two vessels securing the Existing Title XI Bonds – Manukai and Maunawili (the “Existing Vessels”) – also secure the 2020 Title XI Debt until the Existing Title XI Bonds are retired in 2028 and 2029, respectively, subject to certain exceptions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

INVESTMENT IN SSAT

12 Months Ended

Dec. 31, 2022

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 $81.2 million and $58.7 million at December 31, 2022 and 2021, respectively. 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 $15.5 million in its investment in SSAT, an increase in deferred tax assets of $3.9 million, and a corresponding decrease in retained earnings of $11.6 million during the year ended

December 31, 2022. During the year ended December 31, 2020, the Company recorded an increase of $2.2 million in its investment in SSAT and a corresponding increase in retained earnings related to the formation of a new subsidiary of SSAT, whose controlling interest is retained by SSAT.

The Company’s share of income recorded in the Consolidated Statements of Income and Comprehensive Income and dividends received by the Company during the years ended December 31, 2022, 2021 and 2020 are as follows:


	Years Ended December 31,
(In millions)	2022		2021		2020
Company's share of net income	$	83.1	$	56.3	$	26.3
Distributions received	$	47.3	$	46.9	$	55.4

The Company’s Ocean Transportation segment operating costs include $308.3 million, $284.9 million and $251.6 million for the years ended December 31, 2022, 2021 and 2020, respectively, for terminal services provided by SSAT. Accounts payable and accrued liabilities in the Consolidated Balance Sheets include $43.6 million and $38.8 million for terminal services payable to SSAT at December 31, 2022 and 2021, respectively.

A summary of the condensed balance sheets of SSAT at December 31, 2022 and 2021 are as follows:


	As of December 31,
Condensed Balance Sheets (in millions)	2022		2021
Current assets	$	324.7	$	343.4
Non-current assets		1,436.0		1,239.7
Total Assets	$	1,760.7	$	1,583.1

Current liabilities	$	342.1	$	302.7
Non-current liabilities		1,199.5		1,125.5
Equity		219.1		154.9
Total Liabilities and Equity	$	1,760.7	$	1,583.1

A summary of the condensed statements of operating income and net income of SSAT for years ended December 31, 2022, 2021 and 2020 are as follows:


	Years Ended December 31,
Condensed Statements of Operating Income and Net Income (in millions)	2022		2021		2020
Operating revenue	$	1,466.9	$	1,297.5	$	1,091.6
Operating costs and expenses		1,168.8		1,113.8		1,003.2
Operating income		298.1		183.7		88.4
Net Income (1)	$	249.6	$	161.7	$	76.6

(1)	Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests.

LEASES - OTHER INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Components of Lease Cost
Cash paid for amounts included in operating lease liabilities	$ 163.4	$ 107.9
Right of use assets obtained in the exchange for new operating lease liabilities	$ 131.4	$ 321.7
Weighted-average remaining operating lease term	4 years 10 months 24 days	5 years 1 month 6 days
Weighted-average incremental borrowing rate	2.40%	2.10%

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

6.	GOODWILL AND INTANGIBLE ASSETS

Goodwill by segment consists of the following as of December 31, 2022 and 2021:


	Ocean
(In millions)	Transportation		Logistics		Total
Goodwill	$	222.6	$	105.2	$	327.8

Logistics goodwill of $105.2 million includes $78.6 million acquired as part of the acquisition of Span Intermediate, LLC (“Span Alaska”) in August 2016 that was allocated to the Span Alaska reporting unit, and $26.6 million relates to other Logistics acquisitions that were allocated to the Logistics reporting unit.

Intangible assets by segment consist of the following as of December 31, 2022 and 2021:


	As of December 31, 2022						As of December 31, 2021
	Gross		Accumulated				Gross		Accumulated
(In millions)	Amount		Amortization		Net Book Value		Amount		Amortization		Net Book Value
Ocean Transportation - Customer relationships	$	140.6	$	51.2	$	89.4	$	140.6	$	44.6	$	96.0
Logistics:
Customer relationships		95.3		37.1		58.2		90.1		32.3		57.8
Trade name		27.3		—		27.3		27.3		—		27.3
Total Logistics		122.6		37.1		85.5		117.4		32.3		85.1
Total	$	263.2	$	88.3	$	174.9	$	258.0	$	76.9	$	181.1

Ocean Transportation intangible assets of $140.6 million relate to customer relationships acquired as part of the acquisition of Horizon Lines, Inc. (“Horizon”) on May 29, 2015, and are being amortized over 21 years. Logistics intangible assets include $79.3 million of customer relationships which are being amortized over 20 years, and $27.3 million of an indefinite life trade name, both acquired as part of the Span Alaska acquisition. The remaining Logistics customer relationships of $16.0 million are being amortized over a period of 3 to 13 years.

Intangible assets related amortization expense for 2022, 2021 and 2020, are as follows:


	Years Ended December 31,
(In millions)	2022		2021		2020
Amortization expense	$	11.4	$	10.9	$	10.9

As of December 31, 2022, estimated amortization expense related to customer relationship intangible assets during the next five years and thereafter are as follows:


	Customer
Year (in millions)	Relationships
2023	$	12.4
2024		12.4
2025		11.5
2026		10.7
2027		10.7
Thereafter		89.9
Total	$	147.6

DEBT - REVOLVING CREDIT FACILITY (Details)			1 Months Ended				12 Months Ended
DEBT - REVOLVING CREDIT FACILITY (Details)	Jan. 27, 2023 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Aug. 31, 2004 USD ($)	Sep. 30, 2003 USD ($)	Dec. 31, 2022 USD ($) item	Jun. 22, 2020 USD ($)	Apr. 27, 2020 USD ($)	Dec. 31, 2012 USD ($) item
Debt
Letters of credit							$ 7,900,000
MatNav
Debt
Annual principal payments	$ 14,300,000
Extinguishment of debt	$ 12,100,000
Standby commercial letters of credit
Debt
Used portion of revolving credit facility							7,900,000
Revolving Credit Facility
Debt
Ratio of debt instrument covenant threshold leverage		3.50
Ratio of debt instrument covenant threshold leverage connection with material acquisition		4.0
Fees paid		$ 2,200,000
Funds available under the revolving credit facility							$ 642,100,000
Revolving Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt
Variable rate margin		1.00%
Revolving Credit Facility \| Minimum \| Base rate
Debt
Variable rate margin		0.00%
Revolving Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt
Variable rate margin		1.75%
Revolving Credit Facility \| Maximum \| Base rate
Debt
Variable rate margin		0.75%
5.34 %, payable through 2028
Debt
Interest rate (as a percent)							5.34%
5.34 %, payable through 2028 \| MatNav
Debt
Debt issued					$ 55,000,000.0	$ 55,000,000.0
Semi-annual payments						$ 1,100,000
Interest rate (as a percent)						5.34%
5.27 %, payable through 2029
Debt
Interest rate (as a percent)							5.27%
5.27 %, payable through 2029 \| MatNav
Debt
Semi-annual payments					$ 1,100,000
Interest rate (as a percent)					5.27%
Unsecured Debt
Debt
Debt issued										$ 170,000,000.0
Number of tranches \| item										3
Unsecured debt, tranche maturing in 2023
Debt
Debt issued										$ 77,500,000
Interest rate (as a percent)										3.66%
Unsecured debt, tranche maturing in 2027
Debt
Debt issued										$ 55,000,000.0
Interest rate (as a percent)										4.16%
Unsecured debt, tranche maturing in 2032
Debt
Debt issued										$ 37,500,000
Interest rate (as a percent)										4.31%
Senior Unsecured Series A Notes
Debt
Debt issued			$ 75,000,000
Debt instrument term			11 years
Interest rate (as a percent)			3.37%
Title XI Notes
Debt
The number of vessels committed to securing debt \| item							2
Title XI Notes \| MatNav
Debt
Debt issued								$ 139,600,000	$ 185,900,000
Interest rate (as a percent)								1.35%	1.22%
Debt instrument covenant ratio, maintenance of net worth							90.00%
Minimum working capital covenant							$ 1
Title XI Notes \| MatNav \| Minimum
Debt
Debt instrument covenant, long-term debt to net worth							2.00%
The Senior Unsecured Notes (The "Series D Notes")
Debt
Debt issued				$ 200,000,000.0
Debt instrument term				15 years
Interest rate (as a percent)				3.14%
Amendment to 2021 Private Placement Term Loan
Debt
Ratio of debt instrument covenant threshold leverage		3.50
Ratio of debt instrument covenant threshold leverage connection with material acquisition		4.0
Ratio of debt instrument threshold leverage to trigger interest enhancement payments		3.25
Fees paid		$ 800,000

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

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
2022	$	10.1	$	3.2	$	(0.3)	$	13.0
2021	$	6.3	$	4.2	$	(0.4)	$	10.1
2020	$	4.3	$	2.9	$	(0.9)	$	6.3

(1)	Expense is shown net of amounts recovered from previously reserved doubtful accounts.

Schedule of prepaid expenses and other assets


	As of December 31,
Prepaid Expenses and Other Assets (in millions)	2022		2021
Income tax receivables	$	170.8	$	23.1
Prepaid fuel		26.3		22.6
Prepaid insurance and insurance related receivables		17.4		10.1
Restricted cash - vessel construction obligations		3.9		5.3
Other		22.9		17.3
Total	$	241.3	$	78.4

Schedule of other long-term assets


	As of December 31,
Other Long-Term Assets (in millions)	2022		2021
Vessel and equipment spare parts	$	13.2	$	12.8
Pension plan assets		18.9		1.3
Insurance related receivables		12.1		10.4
Other		9.4		14.9
Total	$	53.6	$	39.4

Schedule of estimated useful lives of property and equipment


Classification		Life
Vessels		40 years
Machinery and equipment		30 years
Terminal facilities		35 years

Schedule of other liabilities


	As of December 31,
Other Liabilities (in millions)	2022		2021
Payroll and vacation	$	34.7	$	35.8
Employee incentives and other benefits		33.2		32.2
Insurance reserves and other related liabilities - short term		15.6		9.0
Multi-employer withdrawal liabilities - short term (see Note 12)		4.1		4.1
Income tax and other tax related liabilities		2.2		3.1
Other short-term liabilities		15.7		17.2
Total	$	105.5	$	101.4

Schedule of other long-term liabilities


	As of December 31,
Other Long-Term Liabilities (in millions)	2022		2021
Multi-employer withdrawal liability (see Note 12)	$	48.6	$	50.8
Pension and post-retirement liabilities (see Note 11)		17.8		43.3
Insurance reserves and other related liabilities		29.8		26.9
Other long-term liabilities		18.6		10.0
Total	$	114.8	$	131.0

Ocean Transportation

Schedule of principal revenue generating activities by segment


	Years Ended December 31,
Ocean Transportation (in millions) (1)	2022		2021		2020
Ocean Transportation services	$	3,508.0	$	3,101.9	$	1,821.7
Terminal and other related services		18.5		16.0		19.1
Fuel sales		11.3		7.2		7.3
Vessel management and related services		6.8		7.7		5.8
Total	$	3,544.6	$	3,132.8	$	1,853.9

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

◾	Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred.

◾	Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.

◾	Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred.

Logistics

Schedule of principal revenue generating activities by segment


	Years Ended December 31,
Logistics (in millions) (1)	2022		2021		2020
Transportation Brokerage and Freight Forwarding services	$	695.1	$	707.4	$	477.0
Warehousing and distribution services		53.5		44.7		36.2
Supply chain management and other services		49.8		40.4		16.2
Total	$	798.4	$	792.5	$	529.4

(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 and other services revenue categories which are denominated in foreign currencies.

◾

◾	Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.

SIGNIFICANT ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total	$ 4,343.0	$ 3,925.3	$ 2,383.3
Ocean. Transportation.
Ocean Transportation services	3,508.0	3,101.9	1,821.7
Terminal and other related services	18.5	16.0	19.1
Fuel sales	11.3	7.2	7.3
Vessel management and related services	6.8	7.7	5.8
Total	$ 3,544.6	$ 3,132.8	$ 1,853.9
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency	3.00%	3.00%	3.00%
Logistics.
Transportation Brokerage and Freight Forwarding services	$ 695.1	$ 707.4	$ 477.0
Warehousing and distribution services	53.5	44.7	36.2
Supply chain management and other services	49.8	40.4	16.2
Total	$ 798.4	$ 792.5	$ 529.4
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency	3.00%	3.00%	3.00%

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

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 unexercised non-qualified stock options and non-vested stock units. The computation of weighted average dilutive shares outstanding excluded a nominal amount of anti-dilutive non-qualified stock options for each of the years 2022, 2021 and 2020.

The denominators used to compute basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020 are as follows:


	Year Ended December 31, 2022					Year Ended December 31, 2021					Year Ended December 31, 2020
			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:	$	1,063.9	39.0	$	27.28	$	927.4	42.8	$	21.67	$	193.1	43.1	$	4.48
Effect of Dilutive Securities:		—	0.3		(0.21)		—	0.4		(0.20)		—	0.4		(0.04)
Diluted:	$	1,063.9	39.3	$	27.07	$	927.4	43.2	$	21.47	$	193.1	43.5	$	4.44

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
Balance at the beginning of the period at Dec. 31, 2019	$ 32.2	$ 306.2	$ (36.9)	$ 504.2	$ 805.7
Balance (in shares) at Dec. 31, 2019	42.9
Increase (Decrease) in Shareholders' Equity
Net income				193.1	193.1
Other comprehensive income (loss), net of tax			(13.9)		(13.9)
Share-based compensation		18.8			18.8
Shares issued, net of shares withheld for employee taxes	$ 0.2	(3.5)		(2.2)	(5.5)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Equity interest in SSAT				2.2	2.2
Dividends				(39.2)	(39.2)
Balance at the end of the period at Dec. 31, 2020	$ 32.4	321.5	(50.8)	658.1	961.2
Balance (in shares) at Dec. 31, 2020	43.2
Increase (Decrease) in Shareholders' Equity
Net income				927.4	927.4
Other comprehensive income (loss), net of tax			19.9		19.9
Share-based compensation		19.3			19.3
Shares issued, net of shares withheld for employee taxes	$ 0.2	(14.7)		0.1	(14.4)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Share repurchase	$ (1.9)	(12.0)		(186.2)	$ (200.1)
Share repurchase (in shares)	(2.5)				(2.5)
Dividends				(45.9)	$ (45.9)
Balance at the end 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	41.0				41.0
Increase (Decrease) in Shareholders' Equity
Net income				1,063.9	$ 1,063.9
Other comprehensive income (loss), net of tax			24.0		24.0
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)	$ (397.0)
Share repurchase (in shares)	(5.0)				(5.0)
Equity interest in SSAT				(11.6)	$ (11.6)
Dividends				(48.0)	(48.0)
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				36.3

PENSION AND POST-RETIREMENT PLANS - ESTIMATED BENEFIT PAYMENTS (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension Benefits
Estimated future benefit payments
2023	$ 14.6
2024	14.8
2025	15.1
2026	15.2
2027	15.4
2028-2032	77.7
Total remaining future undiscounted payments due	152.8
Post-retirement benefits
Estimated future benefit payments
2023	0.9
2024	0.9
2025	1.0
2026	1.0
2027	1.0
2028-2032	4.9
Total remaining future undiscounted payments due	9.7
Nonqualified Plan \| Pension Benefits
Estimated future benefit payments
2023	0.7
2024	0.3
2025	0.4
2026	0.6
2027	0.9
2028-2032	2.7
Total remaining future undiscounted payments due	$ 5.6

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Amortization of net loss (gain)	$ (27.3)	$ (25.0)	$ 9.4
Amortization of prior service credit	$ 3.5	$ 4.6	4.7
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Discount rate used to determine obligation (as a percent)	5.50%	2.40%
Pension Benefits
Components of Net Periodic Benefit Cost (Benefit):
Service cost	$ 4.8	$ 4.8	5.1
Interest cost	7.0	6.4	7.9
Expected return on plan assets	(16.0)	(14.7)	(14.0)
Amortization of net loss (gain)	2.4	5.2	4.5
Amortization of prior service credit	(1.0)	(2.3)	(2.3)
Net periodic benefit cost (benefit)	(2.8)	(0.6)	1.2
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net loss (gain)	(12.3)	(20.4)	11.4
Amortization of net loss (gain)	(1.8)	(3.9)	(3.4)
Amortization of prior service credit	0.8	1.7	1.7
Total recognized in other comprehensive (income) loss	(13.3)	(22.6)	9.7
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ (16.1)	$ (23.2)	$ 10.9
Weighted Average Assumptions:
Discount rate (as a percent)	5.60%	2.90%	2.50%
Expected return plan assets (as a percent)	6.75%	7.00%	7.25%
Rate of compensation increase (as a percent)		3.00%	3.00%
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Benefit obligation at end of year	$ 187.4	$ 249.5	$ 263.1
Pension Benefits \| Minimum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)	3.50%
Cash balance interest credit rate	3.25%	1.50%	0.75%
Pension Benefits \| Maximum
Weighted Average Assumptions:
Rate of compensation increase (as a percent)	4.00%
Cash balance interest credit rate	3.50%	3.25%	3.25%
Post-retirement benefits
Components of Net Periodic Benefit Cost (Benefit):
Service cost	$ 0.7	$ 0.7	$ 0.5
Interest cost	0.8	0.7	0.8
Amortization of net loss (gain)	0.8	1.0	0.5
Amortization of prior service credit	(3.6)	(3.7)	(3.7)
Net periodic benefit cost (benefit)	(1.3)	(1.3)	(1.9)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net loss (gain)	(10.7)		2.0
Amortization of net loss (gain)	(0.6)	(0.7)	(0.3)
Amortization of prior service credit	2.7	2.8	2.8
Total recognized in other comprehensive (income) loss	(8.6)	2.1	4.5
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ (9.9)	$ 0.8	$ 2.6
Weighted Average Assumptions:
Discount rate (as a percent)	5.50%	3.00%	2.70%
Rate of compensation increase (as a percent)		3.00%	3.00%
Immediate health care cost trend rate, Pre-65 group (as a percent)	6.60%	5.70%	5.30%
Immediate health care cost trend rate, Post-65 group (as a percent)	6.10%	5.80%	5.40%
Ultimate health care cost trend rate (as a percent)	4.00%	4.00%	4.40%
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Benefit obligation at end of year	$ 15.3	$ 29.3	$ 29.1
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)	4.00%
Qualified Plan \| Pension Benefits
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Benefit obligation at end of year		247.8
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	$ (25.8)	(39.9)
Amount recognized as prior service credit, net of tax		0.8
Total	(25.8)	(39.1)
Qualified Plan \| Post-retirement benefits
Components of Net Periodic Benefit Cost (Benefit):
Current liabilities	0.9	0.9
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	7.6	(3.7)
Amount recognized as prior service credit, net of tax	11.1	13.9
Total	18.7	10.2
Nonqualified Plan \| Pension Benefits
Components of Net Periodic Benefit Cost (Benefit):
Current liabilities	0.7	1.8
Qualified Pension Plans, Non-qualified Pension Plans and Post-retirement Plans
Amounts recognized in accumulated other comprehensive income for net loss, net of tax	0.1	(0.7)
Total	$ 0.1	$ (0.7)

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

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, cash equivalents, restricted cash and Capital Construction Fund, and Level 2 inputs for its variable and fixed rate debt. The fair values of cash, cash equivalents and restricted cash, Capital Construction Fund and variable rate debt approximate their carrying values due to the nature of the instruments. The fair value of fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

The carrying value and fair value of the Company’s financial instruments consists of the following as of December 31, 2022 and 2021:


					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, 2022		Fair Value Measurements at December 31, 2022
Cash and cash equivalents	$	249.8	$	249.8	$	249.8	$	—	$	—
Restricted cash	$	3.9	$	3.9	$	3.9	$	—	$	—
Capital Construction Fund	$	518.2	$	518.2	$	518.2	$	—	$	—
Fixed rate debt	$	517.5	$	427.3	$	—	$	427.3	$	—

(In millions)	December 31, 2021		Fair Value Measurements at December 31, 2021
Cash and cash equivalents	$	282.4	$	282.4	$	282.4	$	—	$	—
Restricted cash	$	5.3	$	5.3	$	5.3	$	—	$	—
Fixed rate debt	$	629.0	$	615.1	$	—	$	615.1	$	—

SIGNIFICANT ACCOUNTING POLICIES - ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Impairment charges related to finite-lived intangible assets	$ 0.0	$ 0.0	$ 0.0
Impairment charges related to indefinite-lived intangible assets and goodwill for impairment	0.0	0.0	$ 0.0
Accrued and other liabilities
Payroll and vacation	34.7	35.8
Employee incentives and other benefits	33.2	32.2
Insurance reserves and other related liabilities - short term	15.6	9.0
Multi-employer withdrawal liability - short-term (see Note 12)	4.1	4.1
Income tax and other tax related liabilities	2.2	3.1
Other short-term liabilities	15.7	17.2
Total	105.5	101.4
Other long-term liabilities
Multi-employer withdrawal liability (see Note 12)	48.6	50.8
Pension and post-retirement liabilities (see Note 11)	17.8	43.3
Insurance reserves and other related liabilities	29.8	26.9
Other long-term liabilities	18.6	10.0
Total	$ 114.8	$ 131.0
Customer Relationships \| Maximum
Intangible assets
Expected useful lives	21 years

INCOME TAXES - SUMMARY (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - SUMMARY (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 171.5	$ 181.2
State	18.3	35.6	$ 8.7
Foreign	1.3	2.5	1.4
Total	191.1	219.3	10.1
Deferred:
Deferred tax expense	97.3	24.6	55.8
Total income taxes	$ 288.4	$ 243.9	$ 65.9
Difference of Income tax expense from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes
Computed federal income tax expense (as a percent)	21.00%	21.00%	21.00%
State income tax (as a percent)	2.80%	3.10%	3.50%
Foreign-derived intangible income (FDII) (as a percent)	(2.40%)	(2.50%)
Valuation allowance (as a percent)		(0.30%)	(0.20%)
Foreign taxes (as a percent)	0.10%	0.20%	0.60%
Share-based payments (as a percent)		(0.20%)	(0.50%)
Other-net (as a percent)	(0.20%)	(0.50%)	1.00%
Effective income tax rate , Percent, Total	21.30%	20.80%	25.40%
Valuation allowances	$ 7.4	$ 5.3
Deferred tax assets:
Operating lease liabilities	102.9	111.7
Multi-employer withdrawal liabilities	13.3	13.8
Deferred compensation	10.9	10.4
U.S. State alternative minimum tax credits	8.8	4.6
Pension and post-retirement plans		11.1
Other	22.7	24.6
Total deferred tax assets	158.6	176.2
Valuation allowance	(7.4)	(5.3)
Total Deferred tax assets, net of valuation allowance	151.2	170.9
Deferred tax liabilities:
Basis differences for property and equipment	433.1	423.5
Operating lease right of use assets	100.7	109.3
Intangibles	42.0	41.3
Investment in SSAT	18.7	12.4
Capital Construction Fund	194.0	1.3
Other	9.2	6.0
Total deferred tax liabilities	797.7	593.8
Deferred tax liability, net , Total	$ 646.5	$ 422.9

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of income tax expense


	Years Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	171.5	$	181.2	$	—
State		18.3		35.6		8.7
Foreign		1.3		2.5		1.4
Total		191.1		219.3		10.1
Deferred:
Deferred tax expense		97.3		24.6		55.8
Total income taxes	$	288.4	$	243.9	$	65.9

Schedule of effective income tax rate


	Years Ended December 31,
	2022		2021		2020
Computed federal income tax expense	21.0	%	21.0	%	21.0	%
State income tax	2.8	%	3.1	%	3.5	%
Foreign-derived intangible income (FDII)	(2.4)	%	(2.5)	%	—	%
Valuation allowance	—	%	(0.3)	%	(0.2)	%
Foreign taxes	0.1	%	0.2	%	0.6	%
Share-based payments	—	%	(0.2)	%	(0.5)	%
Other — net	(0.2)	%	(0.5)	%	1.0	%
Effective income tax rate	21.3	%	20.8	%	25.4	%

Schedule of tax effects of temporary differences


	As of December 31,
(In millions)	2022		2021
Deferred tax assets:
Operating lease liabilities	$	102.9	$	111.7
Multi-employer withdrawal liabilities		13.3		13.8
Deferred compensation		10.9		10.4
U.S. State alternative minimum tax credits		8.8		4.6
Pension and post-retirement plans		—		11.1
Other		22.7		24.6
Total deferred tax assets		158.6		176.2
Valuation allowance		(7.4)		(5.3)
Total deferred tax assets, net of valuation allowance		151.2		170.9

Deferred tax liabilities:
Basis differences for property and equipment		433.1		423.5
Capital Construction Fund		194.0		1.3
Operating lease right of use assets		100.7		109.3
Intangibles		42.0		41.3
Investment in SSAT		18.7		12.4
Other		9.2		6.0
Total deferred tax liabilities		797.7		593.8
Deferred tax liability, net	$	646.5	$	422.9

Schedule of company's net operating losses ("NOLs") and tax credit carryforwards


(In millions)	Expiration Date	2022		2021
U.S. Federal income tax NOLs	Various dates beginning in 2027	$	0.8	$	2.4
U.S. State income tax NOLs (1)	Various dates beginning in 2032	$	157.9	$	159.8
U.S. State alternative minimum tax credit	No expiration date	$	8.6	$	4.4
Foreign income tax NOLs	No expiration date	$	—	$	8.8

(1)	U.S. State income tax NOLs are presented on a gross tax basis. The Company does not expect to benefit from $157.9 million of U.S. State income tax NOLs as of December 31, 2022 and 2021.

Reconciliation of unrecognized tax benefits


Unrecognized Tax Benefits (in millions)	Amount
Balance at December 31, 2019	$	16.4
Changes in tax positions of prior years, net		2.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2020		18.3
Changes in tax positions of prior years, net		1.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2021		19.2
Changes in tax positions of prior years, net		6.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2022	$	25.1

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

Schedule of basic and diluted earnings per share


	Year Ended December 31, 2022					Year Ended December 31, 2021					Year Ended December 31, 2020
			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:	$	1,063.9	39.0	$	27.28	$	927.4	42.8	$	21.67	$	193.1	43.1	$	4.48
Effect of Dilutive Securities:		—	0.3		(0.21)		—	0.4		(0.20)		—	0.4		(0.04)
Diluted:	$	1,063.9	39.3	$	27.07	$	927.4	43.2	$	21.47	$	193.1	43.5	$	4.44

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Feb. 17, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value of financial instruments
Restricted Cash		$ 3.9	$ 5.3	$ 5.3
CCF - cash on deposit	$ 100.0	518.2
Carrying value
Fair value of financial instruments
Cash and cash equivalents		249.8	282.4
Restricted Cash		3.9	5.3
Capital construction fund		518.2
Fixed rate debt		517.5	629.0
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents		249.8	282.4
Restricted Cash		3.9	5.3
Capital construction fund		518.2
Fixed rate debt		427.3	615.1
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents		249.8	282.4
Restricted Cash		3.9	5.3
Capital construction fund		518.2
Fair Value Measurement \| Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt		$ 427.3	$ 615.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value measurement


					Quoted Prices in		Significant		Significant
	Total				Active Markets		Observable		Unobservable
	Carrying Value		Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)

(In millions)	December 31, 2022		Fair Value Measurements at December 31, 2022
Cash and cash equivalents	$	249.8	$	249.8	$	249.8	$	—	$	—
Restricted cash	$	3.9	$	3.9	$	3.9	$	—	$	—
Capital Construction Fund	$	518.2	$	518.2	$	518.2	$	—	$	—
Fixed rate debt	$	517.5	$	427.3	$	—	$	427.3	$	—

(In millions)	December 31, 2021		Fair Value Measurements at December 31, 2021
Cash and cash equivalents	$	282.4	$	282.4	$	282.4	$	—	$	—
Restricted cash	$	5.3	$	5.3	$	5.3	$	—	$	—
Fixed rate debt	$	629.0	$	615.1	$	—	$	615.1	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

PENSION AND POST-RETIREMENT PLANS

12 Months Ended

Dec. 31, 2022

PENSION AND POST-RETIREMENT PLANS

PENSION AND POST-RETIREMENT PLANS

11.

PENSION AND POST-RETIREMENT PLANS

The Company had two funded qualified single-employer defined benefit pension plans that cover certain non-bargaining unit employees and bargaining unit employees. Effective December 31, 2022, the plans were merged into a single pension plan. In addition, the Company has plans that provide certain retiree health care and life insurance benefits to substantially all salaried, non-bargaining employees hired before 2008 and to 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 these health care and life insurance benefits, and has the right to modify or terminate certain of these plans in the future. Most non-bargaining retirees pay a portion of the 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, venture capital, 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, 2022 and 2021 were as follows:


Asset Categories	Target		2022		2021
Domestic equity securities	53	%	53	%	61	%
International equity securities	15	%	16	%	16	%
Debt securities	22	%	20	%	15	%
Real estate	5	%	7	%	6	%
Other and cash	5	%	4	%	2	%
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	(11.6)	%
Three-year return	4.4	%
Five-year return	5.5	%
Long-term average return (since plan inception in 1989)	8.0	%

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 Private Equity Funds: The fair value of real estate and private 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 underlying investments in real estate is determined through independent property appraisals.

The fair values of the Company’s pension plan assets at December 31, 2022 and 2021 by asset category were as follows:


	Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	8.8	$	8.8	$	—	$	—
Equity securities:
U.S. large-cap		69.1		69.1		—		—
U.S. mid- and small-cap		41.5		41.5		—		—
International large-cap		6.2		6.2		—		—
Fixed income securities:
U.S. Treasuries		17.4		—		17.4		—
Municipal bonds		0.2		—		0.2		—
Investment grade U.S. corporate bonds		22.8		—		22.8		—
Convertible Bonds		0.3		—		0.3		—
International Fixed Income		0.1		—		0.1		—
Total		166.4	$	125.6	$	40.8	$	—
Investment measured at NAV (1)		40.0
Total plan assets	$	206.4


	Fair Value Measurements at December 31, 2021
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	10.7	$	10.7	$	—	$	—
Equity securities:
U.S. large-cap		80.9		80.9		—		—
U.S. mid- and small-cap		61.7		61.7		—		—
International large-cap		7.5		7.5		—		—
Fixed income securities:
U.S. Treasuries		9.6		—		9.6		—
Investment grade U.S. corporate bonds		24.5		—		24.5		—
High-yield U.S. corporate bonds / Non-U.S. Bonds		0.2		—		0.2		—
Total		195.1	$	160.8	$	34.3	$	—
Investment measured at NAV (1)		44.4
Total plan assets	$	239.5

(1)	Real estate and private equity 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.

Contributions to the qualified single-employer defined benefit pension plans are determined annually by the Company’s pension administrative committee, based upon the actuarially determined minimum required contribution 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 contribution requirements, with an allowance for discretionary contributions. In 2022, 2021 and 2020, the Company contributed $9.0 million, $9.0 million and $9.0 million, respectively, in pension contributions to these plans.

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 or a flat dollar amount per year of service.

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.

Benefit Plan Assets and Obligations: The measurement date for the Company’s benefit plan disclosures is December 31 of each year.

The status of the funded qualified defined benefit pension plan and the unfunded post-retirement benefit plan at December 31, 2022 and 2021 are shown below:


					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2022		2021		2022		2021
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	249.5	$	263.1	$	29.3	$	29.1
Service cost		4.8		4.8		0.7		0.7
Interest cost		7.0		6.4		0.8		0.7
Participant contributions		—		—		0.7		0.8
Actuarial (gain) loss		(59.0)		(10.7)		(14.2)		0.1
Benefits paid, net of subsidies received		(14.1)		(13.0)		(2.0)		(2.1)
Expenses paid		(0.8)		(1.1)		—		—
Benefit obligation at end of year		187.4		249.5		15.3		29.3

Change in Plan Assets:
Fair value of plan assets at beginning of year		238.9		212.8		—		—
Actual return on plan assets		(26.7)		31.2		—		—
Participant contributions		—		—		0.7		0.8
Employer contributions		9.0		9.0		1.3		1.3
Benefits paid, net of subsidies received		(14.1)		(13.0)		(2.0)		(2.1)
Expenses paid		(0.8)		(1.1)		—		—
Fair value of plan assets at end of year		206.3		238.9		—		—
Funded Status and Recognized Liability	$	18.9	$	(10.6)	$	(15.3)	$	(29.3)

Qualified pension and post-retirement benefit plans liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2022 and 2021 were as follows:


					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2022		2021		2022		2021
Non-current assets	$	18.9	$	1.3	$	—	$	—
Current liabilities		—		—		(0.9)		(0.9)
Non-current liabilities		—		(11.9)		(14.4)		(28.4)
Total	$	18.9	$	(10.6)	$	(15.3)	$	(29.3)

Net (loss) gain, net of taxes	$	(25.8)	$	(39.9)	$	7.6	$	(3.7)
Prior service credit, net of taxes		—		0.8		11.1		13.9
Total	$	(25.8)	$	(39.1)	$	18.7	$	10.2

The information for qualified defined benefit pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021 are shown below:


(In millions)	2022		2021
Projected benefit obligation	$	—	$	247.8
Accumulated benefit obligation	$	—	$	247.4
Fair value of plan assets	$	—	$	235.8

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 plans and the post-retirement benefit plans during 2022, 2021 and 2020 were as follows:


	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
(In millions)	2022		2021		2020		2022		2021		2020
Components of Net Periodic Benefit Cost (Benefit):
Service cost	$	4.8	$	4.8	$	5.1	$	0.7	$	0.7	$	0.5
Interest cost		7.0		6.4		7.9		0.8		0.7		0.8
Expected return on plan assets		(16.0)		(14.7)		(14.0)		—		—		—
Amortization of net loss (gain)		2.4		5.2		4.5		0.8		1.0		0.5
Amortization of prior service credit		(1.0)		(2.3)		(2.3)		(3.6)		(3.7)		(3.7)
Net periodic benefit cost		(2.8)		(0.6)		1.2		(1.3)		(1.3)		(1.9)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net (gain) loss		(12.3)		(20.4)		11.4		(10.7)		—		2.0
Amortization of net (loss) gain		(1.8)		(3.9)		(3.4)		(0.6)		(0.7)		(0.3)
Amortization of prior service credit		0.8		1.7		1.7		2.7		2.8		2.8
Total recognized in other comprehensive (income) loss		(13.3)		(22.6)		9.7		(8.6)		2.1		4.5
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(16.1)	$	(23.2)	$	10.9	$	(9.9)	$	0.8	$	2.6

The weighted average assumptions used to determine benefit information during 2022, 2021 and 2020 were as follows:


	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
	2022		2021		2020		2022		2021		2020
Discount rate (1)	5.60	%	2.90	%	2.50	%	5.50	%	3.00	%	2.70	%
Expected return on plan assets	6.75	%	7.00	%	7.25	%
Rate of compensation increase	4.00 % - 3.50	%	3.00	%	3.00	%	4.00 % - 3.50	%	3.00	%	3.00	%
Cash balance interest credit rate	3.50 % - 3.25	%	1.50 % - 3.25	%	0.75 % - 3.25	%
Immediate health care cost trend rate:
Pre-65 group							6.60	%	5.70	%	5.30	%
Post-65 group							6.10	%	5.80	%	5.40	%
Ultimate health care cost trend rate							4.00	%	4.00	%	4.40	%
Year ultimate health care cost trend rate is reached:
Pre-65 group							2046		2045		2037
Post-65 group							2046		2045		2036

(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 plan liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2022 and 2021 are as follows:


	Non-qualified
	Pension Benefits
	December 31,
(In millions)	2022		2021
Current liabilities	$	(0.7)	$	(1.8)
Non-current liabilities		(3.4)		(3.0)
Total	$	(4.1)	$	(4.8)

Net loss, net of taxes	$	0.1	$	(0.7)
Total	$	0.1	$	(0.7)

Discount rates of 5.5 percent and 2.4 percent were used in determining the 2022 and 2021 non-qualified pension plan obligations, respectively.

Estimated Benefit Payments: The estimated future benefit payments for the next ten years consist of the following as of December 31, 2022:



			Non-qualified
	Pension		Pension		Post-retirement
Year (in millions)	Benefits		Benefits		Benefits (1)
2023	$	14.6	$	0.7	$	0.9
2024		14.8		0.3		0.9
2025		15.1		0.4		1.0
2026		15.2		0.6		1.0
2027		15.4		0.9		1.0
2028-2032		77.7		2.7		4.9
Total	$	152.8	$	5.6	$	9.7

(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, 2022, the Company provided discretionary matching contributions of up to 3 percent of eligible employee compensation. The Company’s matching contributions expensed in 2022, 2021 and 2020 were $3.6 million, $3.2 million and $3.0 million, respectively.

The Company may also provide a discretionary profit sharing contribution under the qualified defined contribution plans, to salaried, non-bargaining unit employees, if both a minimum threshold of Company performance is achieved and the Board 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 2022, 2021 and 2020 were $2.8 million, $2.5 million and $2.2 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, 2022, the Company’s estimated benefit plan withdrawal obligations were $170.1 million. Except as described in Note 12, no withdrawal obligations have been recorded by the Company in the Consolidated Balance Sheets at December 31, 2022 and 2021, 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 2022 and 2021 is for the plan’s year-end at December 31, 2022 and 2021, 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 65 percent funded; plans in the orange zone are both a) less than 80 percent funded and b) have an accumulated/expected funding deficiency in any of the next six plan years, net of any amortization extensions; plans in the yellow zone meet either one of the criteria mentioned in the orange zone; and plans in the green zone are at least 80 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

Contributions of Matson

EIN/Pension

December 31,

Pending/

Contributor

(in millions)

Surcharge

Expiration

Pension Funds

Plan Number

Notes

2022

2021

Implemented

in 2022

2022

2021

2020

Imposed

Date (2)

American Radio Association Pension Fund

13-6161999-001

Green

Implemented

Yes

1.1

1.0

6/15/2028

Hawaii Longshore Pension Plan

99-0314293-001

(1)

Green

Yes

11.9

11.1

—

6/30/2022

Hawaii Terminals Multiemployer Pension Plan

20-0389370-001

(1)

N/A

—

5.8

N/A

Hawaii Stevedoring Multiemployer Retirement Plan

99-0314293-001

(1)

N/A

—

4.6

N/A

Master, Mates and Pilots Pension Plan

13-6372630-001

Green

Yes

3.8

3.5

3.2

6/15/2027,

6/15/2028

Masters, Mates and Pilots Adjustable Pension Plan

37-1719247-001

Green

Yes

2.1

2.0

1.8

6/15/2027,

6/15/2028

MEBA Pension Trust - Defined Benefit Plan

51-6029896-001

Green

Yes

4.5

4.3

4.1

6/15/2028

OCU Pension Trust Plan

26-1574440-001

Green

0.5

0.3

0.2

6/30/2023

MFOW Supplementary Pension Plan

94-6201677-001

Yellow

Yes

0.1

6/30/2026

SIU Pacific District Pension Plan

94-6061923-001

Green

Yes

1.5

1.4

1.3

6/30/2026

Alaska Teamster - Employer Pension Plan

92-6003463-024

Red

Implemented

Yes

4.0

3.6

3.3

6/30/2023,

6/30/2024,

6/30/2025,

6/30/2026

All Alaska Longshore Pension Plan

91-6085352-001

Green

Yes

2.0

1.6

1.3

6/30/2022

Western Conference of Teamsters Pension Plan

91-6145047-001

Green

2.1

1.9

1.6

3/31/2023

Western Conference of Teamsters Supplemental Benefit Trust

95-3746907-001

Green

0.1

—

3/31/2023

OPEIU Local 153 Pension Plan

13-2864289-001

Red

Implemented

0.1

11/9/2023

Seafarers Pension Plan

13-6100329-001

(3)

Green

—

6/30/2027

Total

33.8

31.0

28.4

(1)	The Hawaii Terminals Multiemployer Pension Plan merged into the Hawaii Stevedoring Multiemployer Retirement Plan effective January 1, 2021 and is formally known as the Hawaii Longshore Pension Plan.

(2)	Represents the expiration date of the collective bargaining agreement. Certain collective bargaining agreements have expired and are currently being renegotiated.

(3)	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 Trustee.

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 for these multi-employer postretirement health and other benefits were $37.7 million, $34.7 million and $32.5 million in 2022, 2021 and 2020, respectively.

Multi-employer Defined Contribution Plans: The Company contributes to six 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 $6.0 million, $5.6 million and $5.1 million in 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

REPORTABLE SEGMENTS

12 Months Ended

Dec. 31, 2022

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

3.REPORTABLE SEGMENTS

Reportable segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s chief operating decision maker is its Chief Executive Officer.

The Company consists of two reportable segments, Ocean Transportation and Logistics, which are further described in Note 1. Reportable segments are measured based on operating income. In arrangements where the customer purchases ocean transportation and logistics services, the revenues are allocated to each reportable segment based upon the contractual amounts for each type of service. The Company’s SSAT segment has been aggregated into the Company’s Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business (see Note 4).

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 $270.9 million, $213.8 million and $115.5 million for the years ended December 31, 2022, 2021 and 2020, respectively, have been eliminated from operating revenues in the table below.

Reportable segment financial information for the years ended December 31, 2022, 2021 and 2020, are as follows:


	Years Ended December 31,
(In millions)	2022		2021		2020
Operating Revenue:
Ocean Transportation (1)	$	3,544.6	$	3,132.8	$	1,853.9
Logistics (2)		798.4		792.5		529.4
Total Operating Revenue	$	4,343.0	$	3,925.3	$	2,383.3
Operating Income:
Ocean Transportation (3)	$	1,281.2	$	1,137.7	$	244.8
Logistics		72.4		49.8		35.5
Total Operating Income		1,353.6		1,187.5		280.3
Interest income		8.2		—		—
Interest expense		(18.0)		(22.6)		(27.4)
Other income (expense), net		8.5		6.4		6.1
Income before Taxes		1,352.3		1,171.3		259.0
Income taxes		(288.4)		(243.9)		(65.9)
Net Income	$	1,063.9	$	927.4	$	193.1

Capital Expenditures:
Ocean Transportation	$	190.9	$	322.4	$	190.0
Logistics		18.4		2.9		2.3
Total Capital Expenditures	$	209.3	$	325.3	$	192.3

Depreciation and Amortization:
Ocean Transportation	$	133.2	$	128.6	$	107.4
Logistics		8.1		7.3		7.5
		141.3		135.9		114.9
Deferred dry-docking amortization - Ocean Transportation		24.9		24.3		25.1
Total Depreciation and Amortization	$	166.2	$	160.2	$	140.0

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $93.6 million, $81.0 million and $59.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $177.3 million, $132.8 million and $56.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(3)	Ocean Transportation segment information includes $83.1 million, $56.3 million, and $26.3 million of equity in income from the Company’s equity investment in SSAT for the years ended December 31, 2022, 2021 and 2020, respectively.


	As of December 31,
(In millions)	2022		2021
Identifiable Assets:
Ocean Transportation (1)	$	3,705.2	$	3,096.6
Logistics		624.8		596.5
Total Assets	$	4,330.0	$	3,693.1

(1)	The Ocean Transportation segment includes $81.2 million and $58.7 million related to the Company’s equity investment in SSAT as of December 31, 2022 and 2021, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

10.

INCOME TAXES

Income Taxes:

Income taxes consist of the following for the years ended December 31, 2022, 2021 and 2020:


	Years Ended December 31,
(In millions)	2022		2021		2020
Current:
Federal	$	171.5	$	181.2	$	—
State		18.3		35.6		8.7
Foreign		1.3		2.5		1.4
Total		191.1		219.3		10.1
Deferred:
Deferred tax expense		97.3		24.6		55.8
Total income taxes	$	288.4	$	243.9	$	65.9

Income taxes for the years ended December 31, 2022, 2021 and 2020 differ from amounts computed by applying the statutory federal rate to income before income taxes for the following reasons:


	Years Ended December 31,
	2022		2021		2020
Computed federal income tax expense	21.0	%	21.0	%	21.0	%
State income tax	2.8	%	3.1	%	3.5	%
Foreign-derived intangible income (FDII)	(2.4)	%	(2.5)	%	—	%
Valuation allowance	—	%	(0.3)	%	(0.2)	%
Foreign taxes	0.1	%	0.2	%	0.6	%
Share-based payments	—	%	(0.2)	%	(0.5)	%
Other — net	(0.2)	%	(0.5)	%	1.0	%
Effective income tax rate	21.3	%	20.8	%	25.4	%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021, were as follows:


	As of December 31,
(In millions)	2022		2021
Deferred tax assets:
Operating lease liabilities	$	102.9	$	111.7
Multi-employer withdrawal liabilities		13.3		13.8
Deferred compensation		10.9		10.4
U.S. State alternative minimum tax credits		8.8		4.6
Pension and post-retirement plans		—		11.1
Other		22.7		24.6
Total deferred tax assets		158.6		176.2
Valuation allowance		(7.4)		(5.3)
Total deferred tax assets, net of valuation allowance		151.2		170.9

Deferred tax liabilities:
Basis differences for property and equipment		433.1		423.5
Capital Construction Fund		194.0		1.3
Operating lease right of use assets		100.7		109.3
Intangibles		42.0		41.3
Investment in SSAT		18.7		12.4
Other		9.2		6.0
Total deferred tax liabilities		797.7		593.8
Deferred tax liability, net	$	646.5	$	422.9

Valuation Allowance: Valuation allowances are recorded against the Company’s foreign income tax net operating losses (“NOLs”), unusable state income tax NOLs and alternative minimum tax credits, and were $7.4 million and $5.3 million as of December 31, 2022 and 2021, respectively. The Company believes that it is more likely than not that the benefit from these deferred assets will not be realized.

Net Operating Losses and Tax Credit Carryforwards: The Company’s NOLs and tax credit carryforwards consist of the following at December 31, 2022 and 2021:


(In millions)	Expiration Date	2022		2021
U.S. Federal income tax NOLs	Various dates beginning in 2027	$	0.8	$	2.4
U.S. State income tax NOLs (1)	Various dates beginning in 2032	$	157.9	$	159.8
U.S. State alternative minimum tax credit	No expiration date	$	8.6	$	4.4
Foreign income tax NOLs	No expiration date	$	—	$	8.8

(1)	U.S. State income tax NOLs are presented on a gross tax basis. The Company does not expect to benefit from $157.9 million of U.S. State income tax NOLs as of December 31, 2022 and 2021.

The U.S. federal and state income tax NOLs in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those NOLs are presented net of these unrecognized tax benefits. As a result of changes in tax legislation, the use of a portion of the Company’s domestic NOL and tax credit carryforwards may be limited in future periods. Further, a portion of the federal and state income tax NOLs and tax credit carryforwards may expire before being applied to reduce future income tax liabilities.

Unrecognized Tax Benefits: Total unrecognized benefits represent the amount that, if recognized, would favorably affect the Company’s incomes 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. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


Unrecognized Tax Benefits (in millions)	Amount
Balance at December 31, 2019	$	16.4
Changes in tax positions of prior years, net		2.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2020		18.3
Changes in tax positions of prior years, net		1.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2021		19.2
Changes in tax positions of prior years, net		6.1
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2022	$	25.1

Included in the balance of unrecognized tax benefits at December 31, 2022 are potential benefits of $25.1 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 accrued related to the balance of unrecognized tax benefits were nominal as of December 31, 2022 and 2021.

The Company is no longer subject to U.S. federal income tax audits for years before 2015. The Company is routinely involved in federal, state, local income and excise tax audits, and foreign tax audits.

Recent U.S. Tax Legislation: On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law in the United States. The new provisions impose a one percent excise tax on the fair market value of share repurchases after December 31, 2022. The Company does not expect the one percent excise tax to have a material impact on the Company’s financial statements in future periods. Because the excise tax is not an income tax, any amount paid by the Company will be recorded as a component of shareholders’ equity.

The provisions of the IRA also include a 15 percent alternative minimum tax rate that generally applies to U.S. corporations with three-year average adjusted financial statement income in excess of $1 billion, and is effective in taxable years beginning after December 31, 2022. The Company continues to review the provisions of the IRA and monitor the issuance of any guidance related to these provisions. However, based upon its preliminary assessment, the Company does not expect these provisions to have a material impact on the Company’s tax provision in future periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

DEBT - DEFERRED LOAN FEES (Details) $ in Millions	12 Months Ended
DEBT - DEFERRED LOAN FEES (Details) $ in Millions	Dec. 31, 2022 USD ($)
DEBT
Deferred financing costs related to Title XI bonds and private placement debt amendments	$ 14.3
Deferred fees expensed related to the redemption of private placement debt	(0.1)
Amortization expense	(1.3)
Ending Balance	$ 12.9

PENSION AND POST-RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

PENSION AND POST-RETIREMENT PLANS

Schedule of the Company's target and actual asset allocations


Asset Categories	Target		2022		2021
Domestic equity securities	53	%	53	%	61	%
International equity securities	15	%	16	%	16	%
Debt securities	22	%	20	%	15	%
Real estate	5	%	7	%	6	%
Other and cash	5	%	4	%	2	%
Total	100	%	100	%	100	%

Schedule of the Company's actual return on plan assets


Actual Return on Plan Assets	Returns
One-year return	(11.6)	%
Three-year return	4.4	%
Five-year return	5.5	%
Long-term average return (since plan inception in 1989)	8.0	%

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, 2022 and 2021 by asset category were as follows:


	Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	8.8	$	8.8	$	—	$	—
Equity securities:
U.S. large-cap		69.1		69.1		—		—
U.S. mid- and small-cap		41.5		41.5		—		—
International large-cap		6.2		6.2		—		—
Fixed income securities:
U.S. Treasuries		17.4		—		17.4		—
Municipal bonds		0.2		—		0.2		—
Investment grade U.S. corporate bonds		22.8		—		22.8		—
Convertible Bonds		0.3		—		0.3		—
International Fixed Income		0.1		—		0.1		—
Total		166.4	$	125.6	$	40.8	$	—
Investment measured at NAV (1)		40.0
Total plan assets	$	206.4


	Fair Value Measurements at December 31, 2021
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	10.7	$	10.7	$	—	$	—
Equity securities:
U.S. large-cap		80.9		80.9		—		—
U.S. mid- and small-cap		61.7		61.7		—		—
International large-cap		7.5		7.5		—		—
Fixed income securities:
U.S. Treasuries		9.6		—		9.6		—
Investment grade U.S. corporate bonds		24.5		—		24.5		—
High-yield U.S. corporate bonds / Non-U.S. Bonds		0.2		—		0.2		—
Total		195.1	$	160.8	$	34.3	$	—
Investment measured at NAV (1)		44.4
Total plan assets	$	239.5

(1)	Real estate and private equity 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.

Schedule of change in benefit obligation and plan assets

The status of the funded qualified defined benefit pension plan and the unfunded post-retirement benefit plan at December 31, 2022 and 2021 are shown below:


					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2022		2021		2022		2021
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	249.5	$	263.1	$	29.3	$	29.1
Service cost		4.8		4.8		0.7		0.7
Interest cost		7.0		6.4		0.8		0.7
Participant contributions		—		—		0.7		0.8
Actuarial (gain) loss		(59.0)		(10.7)		(14.2)		0.1
Benefits paid, net of subsidies received		(14.1)		(13.0)		(2.0)		(2.1)
Expenses paid		(0.8)		(1.1)		—		—
Benefit obligation at end of year		187.4		249.5		15.3		29.3

Change in Plan Assets:
Fair value of plan assets at beginning of year		238.9		212.8		—		—
Actual return on plan assets		(26.7)		31.2		—		—
Participant contributions		—		—		0.7		0.8
Employer contributions		9.0		9.0		1.3		1.3
Benefits paid, net of subsidies received		(14.1)		(13.0)		(2.0)		(2.1)
Expenses paid		(0.8)		(1.1)		—		—
Fair value of plan assets at end of year		206.3		238.9		—		—
Funded Status and Recognized Liability	$	18.9	$	(10.6)	$	(15.3)	$	(29.3)

Schedule of amounts recognized on the consolidated balance sheets and in accumulated other comprehensive income (loss)


					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2022		2021		2022		2021
Non-current assets	$	18.9	$	1.3	$	—	$	—
Current liabilities		—		—		(0.9)		(0.9)
Non-current liabilities		—		(11.9)		(14.4)		(28.4)
Total	$	18.9	$	(10.6)	$	(15.3)	$	(29.3)

Net (loss) gain, net of taxes	$	(25.8)	$	(39.9)	$	7.6	$	(3.7)
Prior service credit, net of taxes		—		0.8		11.1		13.9
Total	$	(25.8)	$	(39.1)	$	18.7	$	10.2

Schedule of information for qualified pension plans with an accumulated benefit obligation in excess of plan assets

The information for qualified defined benefit pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021 are shown below:


(In millions)	2022		2021
Projected benefit obligation	$	—	$	247.8
Accumulated benefit obligation	$	—	$	247.4
Fair value of plan assets	$	—	$	235.8

Schedule of components of the net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)


	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
(In millions)	2022		2021		2020		2022		2021		2020
Components of Net Periodic Benefit Cost (Benefit):
Service cost	$	4.8	$	4.8	$	5.1	$	0.7	$	0.7	$	0.5
Interest cost		7.0		6.4		7.9		0.8		0.7		0.8
Expected return on plan assets		(16.0)		(14.7)		(14.0)		—		—		—
Amortization of net loss (gain)		2.4		5.2		4.5		0.8		1.0		0.5
Amortization of prior service credit		(1.0)		(2.3)		(2.3)		(3.6)		(3.7)		(3.7)
Net periodic benefit cost		(2.8)		(0.6)		1.2		(1.3)		(1.3)		(1.9)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net (gain) loss		(12.3)		(20.4)		11.4		(10.7)		—		2.0
Amortization of net (loss) gain		(1.8)		(3.9)		(3.4)		(0.6)		(0.7)		(0.3)
Amortization of prior service credit		0.8		1.7		1.7		2.7		2.8		2.8
Total recognized in other comprehensive (income) loss		(13.3)		(22.6)		9.7		(8.6)		2.1		4.5
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(16.1)	$	(23.2)	$	10.9	$	(9.9)	$	0.8	$	2.6

Schedule of weighted average assumptions used to determine benefit information


	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
	2022		2021		2020		2022		2021		2020
Discount rate (1)	5.60	%	2.90	%	2.50	%	5.50	%	3.00	%	2.70	%
Expected return on plan assets	6.75	%	7.00	%	7.25	%
Rate of compensation increase	4.00 % - 3.50	%	3.00	%	3.00	%	4.00 % - 3.50	%	3.00	%	3.00	%
Cash balance interest credit rate	3.50 % - 3.25	%	1.50 % - 3.25	%	0.75 % - 3.25	%
Immediate health care cost trend rate:
Pre-65 group							6.60	%	5.70	%	5.30	%
Post-65 group							6.10	%	5.80	%	5.40	%
Ultimate health care cost trend rate							4.00	%	4.00	%	4.40	%
Year ultimate health care cost trend rate is reached:
Pre-65 group							2046		2045		2037
Post-65 group							2046		2045		2036

(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 comprehensive income (loss)


	Non-qualified
	Pension Benefits
	December 31,
(In millions)	2022		2021
Current liabilities	$	(0.7)	$	(1.8)
Non-current liabilities		(3.4)		(3.0)
Total	$	(4.1)	$	(4.8)

Net loss, net of taxes	$	0.1	$	(0.7)
Total	$	0.1	$	(0.7)

Schedule of estimated benefit payments



			Non-qualified
	Pension		Pension		Post-retirement
Year (in millions)	Benefits		Benefits		Benefits (1)
2023	$	14.6	$	0.7	$	0.9
2024		14.8		0.3		0.9
2025		15.1		0.4		1.0
2026		15.2		0.6		1.0
2027		15.4		0.9		1.0
2028-2032		77.7		2.7		4.9
Total	$	152.8	$	5.6	$	9.7

(1)	Net of participant contributions and Medicare Part D subsidies.

Schedule of information regarding the entity's participation in the multi-employer pension plans

Pension

Protection Act

Zone as of

FIP/RP Status

Contributions of Matson

EIN/Pension

December 31,

Pending/

Contributor

(in millions)

Surcharge

Expiration

Pension Funds

Plan Number

Notes

2022

2021

Implemented

in 2022

2022

2021

2020

Imposed

Date (2)

American Radio Association Pension Fund

13-6161999-001

Green

Implemented

Yes

1.1

1.0

6/15/2028

Hawaii Longshore Pension Plan

99-0314293-001

(1)

Green

Yes

11.9

11.1

—

6/30/2022

Hawaii Terminals Multiemployer Pension Plan

20-0389370-001

(1)

N/A

—

5.8

N/A

Hawaii Stevedoring Multiemployer Retirement Plan

99-0314293-001

(1)

N/A

—

4.6

N/A

Master, Mates and Pilots Pension Plan

13-6372630-001

Green

Yes

3.8

3.5

3.2

6/15/2027,

6/15/2028

Masters, Mates and Pilots Adjustable Pension Plan

37-1719247-001

Green

Yes

2.1

2.0

1.8

6/15/2027,

6/15/2028

MEBA Pension Trust - Defined Benefit Plan

51-6029896-001

Green

Yes

4.5

4.3

4.1

6/15/2028

OCU Pension Trust Plan

26-1574440-001

Green

0.5

0.3

0.2

6/30/2023

MFOW Supplementary Pension Plan

94-6201677-001

Yellow

Yes

0.1

6/30/2026

SIU Pacific District Pension Plan

94-6061923-001

Green

Yes

1.5

1.4

1.3

6/30/2026

Alaska Teamster - Employer Pension Plan

92-6003463-024

Red

Implemented

Yes

4.0

3.6

3.3

6/30/2023,

6/30/2024,

6/30/2025,

6/30/2026

All Alaska Longshore Pension Plan

91-6085352-001

Green

Yes

2.0

1.6

1.3

6/30/2022

Western Conference of Teamsters Pension Plan

91-6145047-001

Green

2.1

1.9

1.6

3/31/2023

Western Conference of Teamsters Supplemental Benefit Trust

95-3746907-001

Green

0.1

—

3/31/2023

OPEIU Local 153 Pension Plan

13-2864289-001

Red

Implemented

0.1

11/9/2023

Seafarers Pension Plan

13-6100329-001

(3)

Green

—

6/30/2027

Total

33.8

31.0

28.4

(1)	The Hawaii Terminals Multiemployer Pension Plan merged into the Hawaii Stevedoring Multiemployer Retirement Plan effective January 1, 2021 and is formally known as the Hawaii Longshore Pension Plan.

(2)	Represents the expiration date of the collective bargaining agreement. Certain collective bargaining agreements have expired and are currently being renegotiated.

(3)	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 Trustee.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 1,667.4	$ 961.2	$ 805.7
Amortization of prior service cost	(3.5)	(4.6)	(4.7)
Amortization of net loss (gain)	27.3	25.0	(9.4)
Other adjustments	0.2	(0.5)	0.2
Balance at the end of the period	2,296.9	1,667.4	961.2
Comprehensive Income (Loss):
Tax benefit (expense) on other comprehensive income (loss)	(9.3)	(8.1)	4.2
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(39.1)	(61.7)
Amortization of prior service cost	(0.8)	(1.7)
Amortization of net loss (gain)	14.1	24.3
Balance at the end of the period	(25.8)	(39.1)	(61.7)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	10.1	12.2
Amortization of prior service cost	(2.7)	(2.8)
Amortization of net loss (gain)	11.3	0.7
Balance at the end of the period	18.7	10.1	12.2
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.7)	(0.6)
Amortization of prior service cost		(0.1)
Amortization of net loss (gain)	0.8
Balance at the end of the period	0.1	(0.7)	(0.6)
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(1.2)	(0.7)
Amortization of net loss (gain)	1.1
Foreign currency exchange	(0.4)	(0.9)
Other adjustments	0.6	0.4
Balance at the end of the period	0.1	(1.2)	(0.7)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(30.9)	(50.8)	(36.9)
Amortization of prior service cost	(3.5)	(4.6)
Amortization of net loss (gain)	27.3	25.0
Foreign currency exchange	(0.4)	(0.9)
Other adjustments	0.6	0.4
Balance at the end of the period	$ (6.9)	$ (30.9)	$ (50.8)

SHARE-BASED AWARDS - RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted Stock Units shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Non-vested restricted stock unit activity
Outstanding, beginning of period (in shares)	691
Granted (in shares)	183
Vested (in shares)	(470)
Cancelled (in shares)	(23)
Added by performance factor (in shares)	165
Outstanding, end of period (in shares)	546
Weighted Average Grant-Date Fair Value
Outstanding, weighted average grant-date fair value, beginning of period (in dollars per share) \| $ / shares	$ 47.61
Granted, weighted average grant-date fair value (in dollars per share) \| $ / shares	100.50
Vested, weighted average grant-date fair value (in dollars per share) \| $ / shares	37.85
Cancelled, weighted average grant-date fair value (in dollars per shares) \| $ / shares	72.90
Added by performance factor , weighted average grant-date fair value (in dollars per share) \| $ / shares	33.12
Outstanding, weighted average grant-date fair value, end of period (in dollars per shares) \| $ / shares	$ 68.38
2007 Plan
Non-vested restricted stock unit activity
Outstanding, beginning of period (in shares)	1
Vested (in shares)	(1)
2016 Plan
Non-vested restricted stock unit activity
Outstanding, beginning of period (in shares)	690
Granted (in shares)	183
Vested (in shares)	(469)
Cancelled (in shares)	(23)
Added by performance factor (in shares)	165
Outstanding, end of period (in shares)	546

SHARE-BASED AWARDS - SUMMARY (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) plan $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based expense (net of estimated forfeitures)
Share-based compensation expense	$ 18.3	$ 19.3	$ 18.8
Intrinsic value of options exercised			5.8
Tax benefit realized upon stock vesting	10.6	8.0	3.3
Fair value of stock vested	44.0	$ 33.5	$ 13.1
Non-vested restricted stock units and performance-based equity awards
Share-based expense (net of estimated forfeitures)
Unrecognized compensation cost	$ 18.4
Unrecognized compensation cost, weighted average period for recognition	1 year 8 months 12 days
Restricted Stock Units
Share-based compensation
Options granted, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 100.50
Activity in the entity's stock option plans
Added by performance factor (in shares) \| shares	165
2016 Plan
Share-based compensation
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 entity's incentive compensation programs \| plan	3
2016 Plan \| Discretionary Grant Program
Share-based compensation
Minimum exercise price as a percentage of fair market value of common stock	100.00%
2016 Plan \| Time Based Restricted Stock Units \| Stock Issuance Program
Share-based compensation
Vesting period of awards granted	3 years
2016 Plan \| Time Based Restricted Stock Units \| Automatic Grant Program
Share-based compensation
Vesting period of awards granted	1 year
2016 Plan \| Performance Based Restricted Stock Units \| Stock Issuance Program
Share-based compensation
Vesting period of awards granted	3 years
2016 Plan \| Restricted Stock Units
Activity in the entity's stock option plans
Added by performance factor (in shares) \| shares	165

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020	$	(61.7)	$	12.2	$	(0.6)	$	(0.7)	$	(50.8)
Amortization of prior service cost		(1.7)		(2.8)		(0.1)		—		(4.6)
Amortization of net loss (gain)		24.3		0.7		—		—		25.0
Foreign currency exchange		—		—		—		(0.9)		(0.9)
Other adjustments		—		—		—		0.4		0.4
Balance at December 31, 2021		(39.1)		10.1		(0.7)		(1.2)		(30.9)
Amortization of prior service cost		(0.8)		(2.7)		—		—		(3.5)
Amortization of net loss (gain)		14.1		11.3		0.8		1.1		27.3
Foreign currency exchange		—		—		—		(0.4)		(0.4)
Other adjustments		—		—		—		0.6		0.6
Balance at December 31, 2022	$	(25.8)	$	18.7	$	0.1	$	0.1	$	(6.9)

PENSION AND POST-RETIREMENT PLANS - FAIR VALUE (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension and Post-retirement Plans
Total	$ 206.3	$ 238.9	$ 212.8
Fair Value Measurement
Pension and Post-retirement Plans
Total	166.4	195.1
Total plan assets	206.4	239.5
Fair Value Measurement \| Cash
Pension and Post-retirement Plans
Total	8.8	10.7
Fair Value Measurement \| U S large-cap
Pension and Post-retirement Plans
Total	69.1	80.9
Fair Value Measurement \| U S mid and small-cap
Pension and Post-retirement Plans
Total	41.5	61.7
Fair Value Measurement \| International large-cap
Pension and Post-retirement Plans
Total	6.2	7.5
Fair Value Measurement \| U S Treasuries
Pension and Post-retirement Plans
Total	17.4	9.6
Fair Value Measurement \| Municipal bonds
Pension and Post-retirement Plans
Total	0.2
Fair Value Measurement \| Investment grade U S corporate bonds
Pension and Post-retirement Plans
Total	22.8	24.5
Fair Value Measurement \| Convertible Bonds
Pension and Post-retirement Plans
Total	0.3
Fair Value Measurement \| International Fixed Income
Pension and Post-retirement Plans
Total	0.1
Fair Value Measurement \| High-yield U.S. corporate bonds / Non-U.S. Bonds
Pension and Post-retirement Plans
Total		0.2
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1)
Pension and Post-retirement Plans
Total	125.6	160.8
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1) \| Cash
Pension and Post-retirement Plans
Total	8.8	10.7
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1) \| U S large-cap
Pension and Post-retirement Plans
Total	69.1	80.9
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1) \| U S mid and small-cap
Pension and Post-retirement Plans
Total	41.5	61.7
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1) \| International large-cap
Pension and Post-retirement Plans
Total	6.2	7.5
Fair Value Measurement \| Significant Observable Inputs (Level 2)
Pension and Post-retirement Plans
Total	40.8	34.3
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| U S Treasuries
Pension and Post-retirement Plans
Total	17.4	9.6
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| Municipal bonds
Pension and Post-retirement Plans
Total	0.2
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| Investment grade U S corporate bonds
Pension and Post-retirement Plans
Total	22.8	24.5
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| Convertible Bonds
Pension and Post-retirement Plans
Total	0.3
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| International Fixed Income
Pension and Post-retirement Plans
Total	0.1
Fair Value Measurement \| Significant Observable Inputs (Level 2) \| High-yield U.S. corporate bonds / Non-U.S. Bonds
Pension and Post-retirement Plans
Total		0.2
Fair Value Measurement \| Investment measured at NAV
Pension and Post-retirement Plans
Total	$ 40.0	$ 44.4

PENSION AND POST-RETIREMENT PLANS - STATUS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year	$ 249.5	$ 263.1
Service cost	4.8	4.8	$ 5.1
Interest cost	7.0	6.4	7.9
Actuarial (gain) loss	(59.0)	(10.7)
Benefits paid, net of subsidies received	(14.1)	(13.0)
Expenses paid	(0.8)	(1.1)
Benefit obligation at end of year	187.4	249.5	263.1
Change in Plan Assets:
Balance at the beginning of the period	238.9	212.8
Actual return on plan assets	(26.7)	31.2
Employer contribution	9.0	9.0	9.0
Benefits paid, net of subsidies received	(14.1)	(13.0)
Expenses paid	(0.8)	(1.1)
Balance at the end of the period	206.3	238.9	212.8
Funded Status and Recognized Liability	18.9	(10.6)
Post-retirement benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year	29.3	29.1
Service cost	0.7	0.7	0.5
Interest cost	0.8	0.7	0.8
Participant contributions	0.7	0.8
Actuarial (gain) loss	(14.2)	0.1
Benefits paid, net of subsidies received	(2.0)	(2.1)
Benefit obligation at end of year	15.3	29.3	$ 29.1
Change in Plan Assets:
Participant contributions	0.7	0.8
Employer contribution	1.3	1.3
Benefits paid, net of subsidies received	(2.0)	(2.1)
Funded Status and Recognized Liability	(15.3)	(29.3)
Qualified Plan \| Pension Benefits
Change in Benefit Obligation:
Benefit obligation at beginning of year	247.8
Benefit obligation at end of year		247.8
Change in Plan Assets:
Balance at the beginning of the period	$ 235.8
Balance at the end of the period		$ 235.8

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill

Goodwill by segment consists of the following as of December 31, 2022 and 2021:


	Ocean
(In millions)	Transportation		Logistics		Total
Goodwill	$	222.6	$	105.2	$	327.8

Schedule of intangible assets


	As of December 31, 2022						As of December 31, 2021
	Gross		Accumulated				Gross		Accumulated
(In millions)	Amount		Amortization		Net Book Value		Amount		Amortization		Net Book Value
Ocean Transportation - Customer relationships	$	140.6	$	51.2	$	89.4	$	140.6	$	44.6	$	96.0
Logistics:
Customer relationships		95.3		37.1		58.2		90.1		32.3		57.8
Trade name		27.3		—		27.3		27.3		—		27.3
Total Logistics		122.6		37.1		85.5		117.4		32.3		85.1
Total	$	263.2	$	88.3	$	174.9	$	258.0	$	76.9	$	181.1

Schedule of intangible asset related amortization expense


	Years Ended December 31,
(In millions)	2022		2021		2020
Amortization expense	$	11.4	$	10.9	$	10.9

Schedule of estimated amortization expenses related to intangible assets

As of December 31, 2022, estimated amortization expense related to customer relationship intangible assets during the next five years and thereafter are as follows:


	Customer
Year (in millions)	Relationships
2023	$	12.4
2024		12.4
2025		11.5
2026		10.7
2027		10.7
Thereafter		89.9
Total	$	147.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

PENSION AND POST-RETIREMENT PLANS - MULTI-EMPLOYER DEFINED BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Multiemployer Plans
Estimated benefit plan withdrawal obligations	$ 170.1
Pension Benefits \| Hawaii Longshore Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	11.9	$ 11.1
Multiemployer Health and Benefit Plans
Multiemployer Plans
Contributions of Matson	37.7	34.7	$ 32.5
Multi-employer defined contribution pension plans
Multiemployer Plans
Contributions of Matson	$ 33.8	31.0	28.4
Multi-employer defined contribution pension plans \| Orange Zone
Multiemployer Plans
Expected funding deficiency period	6 years
Multi-employer defined contribution pension plans \| Minimum \| Green Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80.00%
Multi-employer defined contribution pension plans \| Maximum \| Red Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	65.00%
Multi-employer defined contribution pension plans \| Maximum \| Yellow Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80.00%
Multi-employer defined contribution pension plans \| Maximum \| Orange Zone
Multiemployer Plans
Funded status of multiemployer plan (as a percent)	80.00%
Multi-employer defined contribution pension plans \| American Radio Association Pension Fund \| Green Zone
Multiemployer Plans
Contributions of Matson	$ 1.1	1.1	1.0
Multi-employer defined contribution pension plans \| Hawaii Terminals Multiemployer Pension Plan \| Yellow Zone
Multiemployer Plans
Contributions of Matson			5.8
Multi-employer defined contribution pension plans \| Hawaii Stevedoring Multiemployer Retirement Plan \| Green Zone
Multiemployer Plans
Contributions of Matson			4.6
Multi-employer defined contribution pension plans \| Master Mates And Pilots Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	3.8	3.5	3.2
Multi-employer defined contribution pension plans \| Masters, Mates and Pilots Adjustable Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	2.1	2.0	1.8
Multi-employer defined contribution pension plans \| MEBA Pension Trust - Defined Benefit Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	4.5	4.3	4.1
Multi-employer defined contribution pension plans \| OCU Pension Trust Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	0.5	0.3	0.2
Multi-employer defined contribution pension plans \| MFOW Supplementary Pension Plan \| Yellow Zone
Multiemployer Plans
Contributions of Matson	0.1	0.1	0.1
Multi-employer defined contribution pension plans \| SIU Pacific District Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	1.5	1.4	1.3
Multi-employer defined contribution pension plans \| Alaska Teamster - Employer Pension Plan \| Red Zone
Multiemployer Plans
Contributions of Matson	4.0	3.6	3.3
Multi-employer defined contribution pension plans \| All Alaska Longshore Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	2.0	1.6	1.3
Multi-employer defined contribution pension plans \| Western Conference of Teamsters Pension Plan \| Green Zone
Multiemployer Plans
Contributions of Matson	2.1	1.9	1.6
Multi-employer defined contribution pension plans \| Western Conference Of Teamsters Supplemental Benefit Trust \| Green Zone
Multiemployer Plans
Contributions of Matson	0.1
Multi-employer defined contribution pension plans \| OPEIU Local 153 Pension Plan \| Red Zone
Multiemployer Plans
Contributions of Matson	$ 0.1	$ 0.1	$ 0.1

GOODWILL AND INTANGIBLE ASSETS - AMORTIZATION EXPENSE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-lived Intangible Assets
Less: Accumulated Amortization	$ (88.3)	$ (76.9)
Total estimated amortization expense related to intangibles	147.6
Gross Amount at the beginning of the year	258.0
Gross Amount at the end of the year	263.2	258.0
Total Intangible Assets, net	174.9	181.1
Aggregate intangible asset amortization	11.4	10.9	$ 10.9
Estimated amortization expenses related to intangibles
2023	12.4
2024	12.4
2025	11.5
2025	10.7
2026	10.7
Thereafter	89.9
Ocean Transportation \| Customer Relationships
Finite-lived Intangible Assets
Less: Accumulated Amortization	(51.2)	(44.6)
Gross Amount at the beginning of the year	140.6
Gross Amount at the end of the year	140.6	140.6
Total Intangible Assets, net	89.4	96.0
Logistics
Finite-lived Intangible Assets
Less: Accumulated Amortization	(37.1)	(32.3)
Gross Amount at the beginning of the year	117.4
Gross Amount at the end of the year	122.6	117.4
Total Intangible Assets, net	85.5	85.1
Logistics \| Trade Names
Finite-lived Intangible Assets
Indefinite-Lived intangible asset	27.3	27.3
Logistics \| Customer Relationships
Finite-lived Intangible Assets
Less: Accumulated Amortization	(37.1)	(32.3)
Gross Amount at the beginning of the year	90.1
Gross Amount at the end of the year	95.3	90.1
Total Intangible Assets, net	$ 58.2	$ 57.8

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5.	PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2022 and 2021, and depreciation expense for the years ended December 31, 2022, 2021 and 2020 are as follows:


	As of December 31, 2022						As of December 31, 2021
			Accumulated						Accumulated
(In millions)	Cost		Depreciation		Net Book Value		Cost		Depreciation		Net Book Value
Vessels	$	2,278.6	$	838.8	$	1,439.8	$	2,243.8	$	760.5	$	1,483.3
Containers and equipment		762.7		433.8		328.9		680.9		399.4		281.5
Terminal facilities and other property		131.5		53.6		77.9		128.3		49.2		79.1
Vessel construction in progress		50.2		—		50.2		14.9		—		14.9
Other construction in progress		65.7		—		65.7		19.5		—		19.5
Total	$	3,288.7	$	1,326.2	$	1,962.5	$	3,087.4	$	1,209.1	$	1,878.3

Vessel construction in progress at December 31, 2022 includes milestone progress payments and capitalized interest related to the construction of three new Jones Act vessels. Delivery of the first vessel is currently anticipated to be in the fourth quarter of 2026, with subsequent deliveries in the second and fourth quarters of 2027.


	Years Ended December 31,
(In millions)	2022		2021		2020
Depreciation expense	$	123.5	$	117.1	$	97.1

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Shareholders' Equity
Dividends (per share)	$ 1.22	$ 1.06	$ 0.90

SHARE-BASED AWARDS (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Share-based compensation expense	$	18.3	$	19.3	$	18.8
Intrinsic value of options exercised	$	—	$	—	$	5.8
Tax benefit realized upon stock vesting	$	10.6	$	8.0	$	3.3
Fair value of stock vested	$	44.0	$	33.5	$	13.1

Non-Vested Restricted Stock Unit Activity

The following table summarizes non-vested restricted stock unit activity through December 31, 2022 (in thousands, except weighted average grant-date fair value amounts):


	2007 Plan	2016 Plan	Total	Weighted
	Restricted	Restricted	Restricted	Average Grant-
	Stock Units	Stock Units	Stock Units	Date Fair Value
Outstanding at December 31, 2021	1	690	691	$	47.61
Granted	—	183	183		100.50
Vested	(1)	(469)	(470)		37.85
Canceled	—	(23)	(23)		72.90
Added by performance factor (1)	—	165	165		33.12
Outstanding at December 31, 2022	—	546	546	$	68.38

(1)	Represents shares paid out above target.

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 249.8	$ 282.4
Accounts receivable, net of allowance for credit losses of $13.0 million and $10.1 million, respectively	268.5	343.7
Prepaid expenses and other assets	241.3	78.4
Total current assets	759.6	704.5
Long-term Assets:
Investment in SSAT	81.2	58.7
Property and equipment, net	1,962.5	1,878.3
Operating lease right of use assets	396.9	434.6
Goodwill	327.8	327.8
Intangible assets, net	174.9	181.1
Capital Construction Fund	518.2
Deferred dry-docking costs, net	55.3	68.7
Other long-term assets	53.6	39.4
Total long-term assets	3,570.4	2,988.6
Total Assets	4,330.0	3,693.1
Current Liabilities:
Current portion of debt	76.9	65.0
Accounts payable and accruals	255.6	308.4
Operating lease liabilities	143.6	137.6
Other liabilities	105.5	101.4
Total current liabilities	581.6	612.4
Long-term Liabilities:
Long-term debt, net of deferred loan fees	427.7	549.7
Long-term operating lease liabilities	262.5	307.4
Deferred income taxes	646.5	425.2
Other long-term liabilities	114.8	131.0
Total long-term liabilities	1,451.5	1,413.3
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, 36.3 million shares in 2022 and 41.0 million shares in 2021	27.2	30.7
Additional paid in capital	290.4	314.1
Accumulated other comprehensive loss, net	(6.9)	(30.9)
Retained earnings	1,986.2	1,353.5
Total shareholders' equity	2,296.9	1,667.4
Total Liabilities and Shareholders' Equity	$ 4,330.0	$ 3,693.1

SHARE-BASED AWARDS

12 Months Ended

Dec. 31, 2022

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. No further grants will be made under the predecessor stock option plans. Under the 2016 Plan, 4.35 million shares of common stock were reserved for issuance.

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 three of the four programs, as more fully described below.

Discretionary Grant Program — Under the Discretionary Grant Program, stock options may be granted with an exercise price no less than 100 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 three years. Provided certain three-year performance targets are achieved, performance-based equity awards generally vest on the three-year 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 one-year anniversary of the grant date.

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, 2022, 2021 and 2020 are as follows:


	Years Ended December 31,
Share-based compensation expense, net of estimated forfeitures (in millions)	2022		2021		2020
Share-based compensation expense	$	18.3	$	19.3	$	18.8
Intrinsic value of options exercised	$	—	$	—	$	5.8
Tax benefit realized upon stock vesting	$	10.6	$	8.0	$	3.3
Fair value of stock vested	$	44.0	$	33.5	$	13.1

As of December 31, 2022, unrecognized compensation cost related to non-vested restricted stock units and performance-based equity awards was $18.4 million. Unrecognized compensation cost is expected to be recognized over a weighted average period of approximately 1.7 years.

The following table summarizes non-vested restricted stock unit activity through December 31, 2022 (in thousands, except weighted average grant-date fair value amounts):


	2007 Plan	2016 Plan	Total	Weighted
	Restricted	Restricted	Restricted	Average Grant-
	Stock Units	Stock Units	Stock Units	Date Fair Value
Outstanding at December 31, 2021	1	690	691	$	47.61
Granted	—	183	183		100.50
Vested	(1)	(469)	(470)		37.85
Canceled	—	(23)	(23)		72.90
Added by performance factor (1)	—	165	165		33.12
Outstanding at December 31, 2022	—	546	546	$	68.38

(1)	Represents shares paid out above target.

SIGNIFICANT ACCOUNTING POLICIES - FISCAL YEAR (Details)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES - FISCAL YEAR (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Fiscal Period Duration	364 days	371 days	364 days

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2.	SIGNIFICANT ACCOUNTING POLICIES

resulting from foreign currency transactions are included in Costs and Expenses in the Consolidated Statements of Income and Comprehensive Income.

Changes in the allowance for doubtful accounts receivable for the three years ended December 31, 2022, 2021 and 2020 were as follows:


	Balance at				Write-offs		Balance at
Year (in millions)	Beginning of Year		Expense (1)		and Other		End of Year
2022	$	10.1	$	3.2	$	(0.3)	$	13.0
2021	$	6.3	$	4.2	$	(0.4)	$	10.1
2020	$	4.3	$	2.9	$	(0.9)	$	6.3

(1)	Expense is shown net of amounts recovered from previously reserved doubtful accounts.

Prepaid Expenses and Other Assets: Prepaid expenses and other assets consist of the following at December 31, 2022 and 2021:


	As of December 31,
Prepaid Expenses and Other Assets (in millions)	2022		2021
Income tax receivables	$	170.8	$	23.1
Prepaid fuel		26.3		22.6
Prepaid insurance and insurance related receivables		17.4		10.1
Restricted cash - vessel construction obligations		3.9		5.3
Other		22.9		17.3
Total	$	241.3	$	78.4

Other Long-Term Assets: Other long-term assets consist of the following at December 31, 2022 and 2021:


	As of December 31,
Other Long-Term Assets (in millions)	2022		2021
Vessel and equipment spare parts	$	13.2	$	12.8
Pension plan assets		18.9		1.3
Insurance related receivables		12.1		10.4
Other		9.4		14.9
Total	$	53.6	$	39.4


Classification		Life
Vessels		40 years
Machinery and equipment		30 years
Terminal facilities		35 years

Other Liabilities: Other liabilities consist of the following at December 31, 2022 and 2021:


	As of December 31,
Other Liabilities (in millions)	2022		2021
Payroll and vacation	$	34.7	$	35.8
Employee incentives and other benefits		33.2		32.2
Insurance reserves and other related liabilities - short term		15.6		9.0
Multi-employer withdrawal liabilities - short term (see Note 12)		4.1		4.1
Income tax and other tax related liabilities		2.2		3.1
Other short-term liabilities		15.7		17.2
Total	$	105.5	$	101.4

Other Long-Term Liabilities: Other long-term liabilities consist of the following at December 31, 2022 and 2021:


	As of December 31,
Other Long-Term Liabilities (in millions)	2022		2021
Multi-employer withdrawal liability (see Note 12)	$	48.6	$	50.8
Pension and post-retirement liabilities (see Note 11)		17.8		43.3
Insurance reserves and other related liabilities		29.8		26.9
Other long-term liabilities		18.6		10.0
Total	$	114.8	$	131.0

that exceeds the limits of the Company’s insurance policies, or for other risks where insurance is not commercially available.


	Years Ended December 31,
Ocean Transportation (in millions) (1)	2022		2021		2020
Ocean Transportation services	$	3,508.0	$	3,101.9	$	1,821.7
Terminal and other related services		18.5		16.0		19.1
Fuel sales		11.3		7.2		7.3
Vessel management and related services		6.8		7.7		5.8
Total	$	3,544.6	$	3,132.8	$	1,853.9

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

◾	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.


	Years Ended December 31,
Logistics (in millions) (1)	2022		2021		2020
Transportation Brokerage and Freight Forwarding services	$	695.1	$	707.4	$	477.0
Warehousing and distribution services		53.5		44.7		36.2
Supply chain management and other services		49.8		40.4		16.2
Total	$	798.4	$	792.5	$	529.4

(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 and other services revenue categories which are denominated in foreign currencies.

◾

◾	Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.

Dividends: The Company recognizes dividends as a liability when approved by the Board of Directors.

PROPERTY AND EQUIPMENT (Details) $ in Millions	12 Months Ended
PROPERTY AND EQUIPMENT (Details) $ in Millions	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property and equipment
Property and Equipment	$ 3,288.7	$ 3,087.4
Less: Accumulated Depreciation	(1,326.2)	(1,209.1)
Property and equipment, net	1,962.5	1,878.3
Depreciation Expense	123.5	117.1	$ 97.1
Vessels
Property and equipment
Property and Equipment	2,278.6	2,243.8
Less: Accumulated Depreciation	(838.8)	(760.5)
Property and equipment, net	1,439.8	1,483.3
Containers and equipment
Property and equipment
Property and Equipment	762.7	680.9
Less: Accumulated Depreciation	(433.8)	(399.4)
Property and equipment, net	328.9	281.5
Terminal facilities and other property
Property and equipment
Property and Equipment	131.5	128.3
Less: Accumulated Depreciation	(53.6)	(49.2)
Property and equipment, net	77.9	79.1
Vessel construction in progress
Property and equipment
Property and Equipment	50.2	14.9
Property and equipment, net	$ 50.2	14.9
Number of vesels under agreements for contstruction \| item	3
Other construction in progress
Property and equipment
Property and Equipment	$ 65.7	19.5
Property and equipment, net	$ 65.7	$ 19.5

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-34187
Entity Registrant Name	Matson, Inc.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	99-0032630
Entity Address, Address Line One	1411 Sand Island Parkway
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96819
City Area Code	808
Local Phone Number	848-1211
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MATX
Security Exchange Name	NYSE
Entity 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,107,352
Entity Public Float			$ 2,788,983,218
Entity Central Index Key	0000003453
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Location	Honolulu, Hawaii
Auditor Firm ID	34

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 15, 2022	Dec. 31, 2021	Mar. 31, 2021
Debt
Total Debt	$ 517.5		$ 629.0
Less: Current portion	(76.9)		(65.0)
Total Long-term Debt	440.6		564.0
Less: Deferred loan fees	(12.9)		(14.3)
Total Long-term Debt, net of deferred loan fees	427.7		549.7
3.66 %, payable through 2023
Debt
Total Debt	$ 4.5		13.7
Interest rate (as a percent)	3.66%
4.16 %, payable through 2027
Debt
Total Debt			28.8
Interest rate (as a percent)	4.16%	4.16%
3.37 %, payable through 2027
Debt
Total Debt	$ 57.7		69.2
Interest rate (as a percent)	3.37%
3.14%, payable through 2031
Debt
Total Debt	$ 132.8		151.2
Interest rate (as a percent)	3.14%
4.31 %, payable through 2032
Debt
Total Debt			25.4
Interest rate (as a percent)	4.31%	4.31%
5.34 %, payable through 2028
Debt
Total Debt	$ 13.2		15.4
Interest rate (as a percent)	5.34%
5.27 %, payable through 2029
Debt
Total Debt	$ 15.4		17.6
Interest rate (as a percent)	5.27%
1.22 %, payable through 2043
Debt
Total Debt	$ 166.2		174.1
Interest rate (as a percent)	1.22%
1.35 %, payable through 2044
Debt
Total Debt	$ 127.7		$ 133.6
Interest rate (as a percent)	1.35%
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility				$ 650.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net income	$ 1,063.9	$ 927.4	$ 193.1
Reconciling adjustments:
Depreciation and amortization	141.3	135.9	114.9
Amortization of operating lease right of use assets	153.0	103.3	74.8
Deferred income taxes	90.2	33.2	52.1
(Gain) Loss on disposal of property and equipment	(1.5)	(0.8)	2.8
Share-based compensation expense	18.3	19.3	18.8
Income from SSAT	(83.1)	(56.3)	(26.3)
Distributions from SSAT	47.3	46.9	55.4
Changes in assets and liabilities:
Accounts receivable, net	74.6	(90.3)	(48.0)
Deferred dry-docking payments	(25.7)	(36.3)	(16.8)
Deferred dry-docking amortization	24.9	24.3	25.1
Prepaid expenses and other assets	(45.2)	(48.1)	21.9
Accounts payable, accruals and other liabilities	(31.7)	39.6	44.8
Operating lease liabilities	(154.1)	(99.7)	(75.9)
Other long-term liabilities	(0.3)	(14.3)	(6.9)
Net cash provided by operating activities	1,271.9	984.1	429.8
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(62.4)	(14.9)	(87.8)
Other capital expenditures	(146.9)	(310.4)	(104.5)
Proceeds from disposal of property and equipment, and other	(1.8)	1.9	15.3
Cash and interest deposits into Capital Construction Fund	(582.8)	(31.2)	(132.4)
Withdrawals from Capital Construction Fund	64.6	31.2	132.4
Net cash used in investing activities	(729.3)	(323.4)	(177.0)
Cash Flows From Financing Activities:
Proceeds from issuance of debt			325.5
Repayments of debt	(111.5)	(59.3)	(216.5)
Proceeds from revolving credit facility		304.3	648.0
Repayments of revolving credit facility		(376.1)	(955.3)
Payment of financing costs		(3.0)	(18.5)
Proceeds from issuance of capital stock			0.1
Dividends paid	(48.0)	(45.9)	(39.2)
Repurchase of Matson common stock	(397.0)	(198.3)
Tax withholding related to net share settlements of restricted stock units	(20.1)	(14.4)	(5.6)
Net cash used in financing activities	(576.6)	(392.7)	(261.5)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(34.0)	268.0	(8.7)
Cash, Cash Equivalents and Restricted Cash, Beginning of the Year	287.7	19.7	28.4
Cash, Cash Equivalents and Restricted Cash, End of the Year	253.7	287.7	19.7
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, at End of the Year:
Cash and Cash Equivalents	249.8	282.4	14.4
Restricted Cash	3.9	5.3	5.3
Total Cash, Cash Equivalents and Restricted Cash, End of the Year	253.7	287.7	19.7
Supplemental Cash Flow Information:
Income tax paid, net of income tax refunds	16.2	19.3	26.2
Income tax payments, net of refunds	215.2	241.6	(16.1)
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 5.5	$ 6.4	$ 24.7

SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND OTHERS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Per Common Share Amount
Dividends (per share)	$ 1.22	$ 1.06	$ 0.90
Shares repurchased (in shares)	5.0	2.5
Shares repurchased	$ 397.0	$ 200.1
Maximum number of shares remaining to be repurchased	1.5

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

17.

COMMITMENTS AND CONTINGENCIES

Commitments and contractual obligations, excluding debt obligations (see Note 8), lease commitments (see Note 9), pension and post-retirement plan commitments, and multi-employer bargaining plan withdrawal obligations (see Note 11 and 12), are as follows as of December 31, 2022:


Commitments and Contractual Obligations (in millions)	Total
Standby letters of credit (1)	$	7.9
Bonds (2)	$	33.3
Vessel construction obligations (3)	$	949.0
Vendor and other obligations (4)	$	99.3

(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.

These amounts are not recorded on the Company’s Consolidated Balance Sheet and it is not expected that the Company or its subsidiaries will be called upon to advance funds under these commitments.

Contingencies: Contingencies and other litigation related matters are described as follows:

Environmental Matters: The Company’s Ocean Transportation segment has certain risks that could result in expenditures for environmental remediation.

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

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

CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	12 Months Ended
CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Feb. 17, 2023
Maximum period to commit fund deposits for qualified purposes	25 years
Period over which deposits will be treated as non-qualified withdrawals	5 years
Capital construction fund - cash on deposit	$ 518.2		$ 100.0
Accounts receivable, net	268.5	$ 343.7
Interest income from capital construction fund	4.9	0.0
Eligible Accounts Receivable Assigned to CCF
Accounts receivable, net	$ 9.9	$ 9.8
Amount pledged to capital construction fund			$ 200.0

INCOME TAXES - OPERATING LOSS AND TAX CREDIT CARRYFORWARDS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Loss and Tax Credit Carryforwards
Valuation allowances	$ 7.4	$ 5.3
Operating loss carryforwards, not expected to benefit the entity	157.9	157.9
U.S. Federal Income Tax
Operating Loss and Tax Credit Carryforwards
Net operating losses carryforwards	0.8	2.4
State Income Tax
Operating Loss and Tax Credit Carryforwards
Net operating losses carryforwards	157.9	159.8
Alternative minimum tax credit carryforwards	$ 8.6	4.4
Foreign Income Tax
Operating Loss and Tax Credit Carryforwards
Net operating losses carryforwards		$ 8.8

DEBT - MATURITIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt maturities
2023	$ 76.9
2024	39.7
2025	39.7
2026	39.7
2027	39.7
Thereafter	281.8
Total Debt	$ 517.5	$ 629.0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

MULTI-EMPLOYER WITHDRAWAL LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Multi-employer withdrawal liability
Quarterly payments to ILA-PRSSA over an estimated period	$ 1.0
Estimated future benefit payments
Current portion of multi-employer withdrawal liability	(4.1)	$ (4.1)
Long-term portion of multi-employer withdrawal liability	48.6	50.8
Horizon \| ILA-PRSSA Pension Fund
Estimated future benefit payments
2023	4.1
2024	4.1
2025	4.1
2026	4.1
2027	4.1
Thereafter	51.4
Total remaining future undiscounted payments due	71.9
Less: amount representing interest	(19.2)
Present value of multi-employer withdrawal liability	52.7
Current portion of multi-employer withdrawal liability	(4.1)
Long-term portion of multi-employer withdrawal liability	$ 48.6
Horizon \| Local 153 Fund of the OPEIU
Estimated future benefit payments
Present value of multi-employer withdrawal liability		$ 6.5

LEASES - LEASE TERM (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Retained earnings	$ 1,986.2	$ 1,353.5
Real estate and terminal leases
Lessee, Lease, Description [Line Items]
Base term	65 years
Vessel charter leases
Lessee, Lease, Description [Line Items]
Base term	8 years
Operations equipment and other leases
Lessee, Lease, Description [Line Items]
Base term	8 years

DEBT - PRIVATE PLACEMENT TERM LOANS (Details) - USD ($) $ in Millions	Sep. 15, 2022	Dec. 31, 2022
4.16 %, payable through 2027
Principal	$ 26.2
Interest rate (as a percent)	4.16%	4.16%
4.31 %, payable through 2032
Principal	$ 24.2
Interest rate (as a percent)	4.31%	4.31%

SIGNIFICANT ACCOUNTING POLICIES - PROPERTY AND EQUIPMENT AND OTHER (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Impairment of Investment
Impairment charges related to investment in SSAT	$ 0.0	$ 0.0	$ 0.0
Capitalized Interest
Interest Costs Capitalized	$ 0.7	$ 0.2	$ 7.4
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
Machinery and Equipment
Depreciation
Useful life	30 years
Terminal Facilities
Depreciation
Useful life	35 years

MULTI-EMPLOYER WITHDRAWAL LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

Schedule of future estimated annual payments to the multi-employer pension plan


Year (in millions)	Total
2023	$	4.1
2024		4.1
2025		4.1
2026		4.1
2027		4.1
Thereafter		51.4
Total remaining future undiscounted payments due to the ILA-PRSSA pension fund		71.9
Less: amount representing interest		(19.2)
Present value of multi-employer withdrawal liability		52.7
Current portion of multi-employer withdrawal liability (see Note 2)		(4.1)
Long-term portion of multi-employer withdrawal liability (see Note 2)	$	48.6

CAPITAL CONSTRUCTION FUND

12 Months Ended

Dec. 31, 2022

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.

As of December 31, 2022 and 2021, $9.9 million and $9.8 million of eligible accounts receivable were assigned to the CCF, respectively. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Consolidated Balance Sheets. At December 31, 2022, the Company had $518.2 million on deposit in the CCF invested in U.S. Treasury Obligation Funds, which are classified as long-term assets in the Company’s Consolidated Balance Sheets. Amount on deposit in the CCF as of December 31, 2021 was nominal. During the year ended December 31, 2022, the Company earned $4.9 million of interest from deposits in the CCF. No interest was earned during the year ended December 31, 2021.

On February 17, 2023, the Company pledged an additional $200.0 million of eligible accounts receivables to the CCF, and deposited an additional $100.0 million of cash into the CCF.

DEBT - AMORTIZATION EXPENSE (Details) $ in Millions	Dec. 31, 2022 USD ($)
DEBT
2023	$ 1.3
2024	1.2
2025	1.1
2026	1.0
2027	0.9
Thereafter	7.4
Total amortization expense of deferred loan fees	$ 12.9

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Income
Net Income, Basic	$ 1,063.9	$ 927.4	$ 193.1
Net Income, Diluted	$ 1,063.9	$ 927.4	$ 193.1
Weighted Average Common Shares
Basic (in shares)	39.0	42.8	43.1
Effect of Dilutive Securities (in shares)	0.3	0.4	0.4
Diluted (in shares)	39.3	43.2	43.5
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 27.28	$ 21.67	$ 4.48
Effect of Dilutive Securities (in dollars per shares)	(0.21)	(0.20)	(0.04)
Net income, Diluted (in dollars per share)	$ 27.07	$ 21.47	$ 4.44

PENSION AND POST-RETIREMENT PLANS - ASSET ALLOCATION (Details) - plan	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee benefit plans
Number of single-employer defined benefit pension funded plans	2
Pension Benefits
Employee benefit plans
Target allocation (as a percent)	100.00%
Asset allocations (as a percent)	100.00%	100.00%
One year returns (losses) on plan assets (as a percent)	(11.60%)
Three year returns (losses) on plan assets (as a percent)	4.40%
Five year returns (losses) on plan assets (as a percent)	5.50%
Long-term average return on plan assets since inception (as a percent)	8.00%
Pension Benefits \| Domestic equity securities
Employee benefit plans
Target allocation (as a percent)	53.00%
Asset allocations (as a percent)	53.00%	61.00%
Pension Benefits \| International equity securities
Employee benefit plans
Target allocation (as a percent)	15.00%
Asset allocations (as a percent)	16.00%	16.00%
Pension Benefits \| Debt securities
Employee benefit plans
Target allocation (as a percent)	22.00%
Asset allocations (as a percent)	20.00%	15.00%
Pension Benefits \| Real estate
Employee benefit plans
Target allocation (as a percent)	5.00%
Asset allocations (as a percent)	7.00%	6.00%
Pension Benefits \| Other and cash
Employee benefit plans
Target allocation (as a percent)	5.00%
Asset allocations (as a percent)	4.00%	2.00%

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2022 USD ($) item
Commitments, Guarantees and Contingencies
Standby letters of credit	$ 7.9
Vessel construction obligations	949.0
Vendor and other obligations	$ 99.3
Vessel construction in progress
Commitments, Guarantees and Contingencies
Number of vesels under agreements for contstruction \| item	3
U.S. Custom Bond
Commitments, Guarantees and Contingencies
Bonds	$ 33.3

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY AND EQUIPMENT

Schedule of property and equipment


	As of December 31, 2022						As of December 31, 2021
			Accumulated						Accumulated
(In millions)	Cost		Depreciation		Net Book Value		Cost		Depreciation		Net Book Value
Vessels	$	2,278.6	$	838.8	$	1,439.8	$	2,243.8	$	760.5	$	1,483.3
Containers and equipment		762.7		433.8		328.9		680.9		399.4		281.5
Terminal facilities and other property		131.5		53.6		77.9		128.3		49.2		79.1
Vessel construction in progress		50.2		—		50.2		14.9		—		14.9
Other construction in progress		65.7		—		65.7		19.5		—		19.5
Total	$	3,288.7	$	1,326.2	$	1,962.5	$	3,087.4	$	1,209.1	$	1,878.3

Schedule of depreciation expense


	Years Ended December 31,
(In millions)	2022		2021		2020
Depreciation expense	$	123.5	$	117.1	$	97.1

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments and Contractual Obligations


Commitments and Contractual Obligations (in millions)	Total
Standby letters of credit (1)	$	7.9
Bonds (2)	$	33.3
Vessel construction obligations (3)	$	949.0
Vendor and other obligations (4)	$	99.3

(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)

GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Gross Amount	$ 263.2	$ 258.0
Total Intangible Assets, net	174.9	181.1
Aggregate intangible asset amortization	11.4	10.9	$ 10.9
Less: Accumulated Amortization	(88.3)	(76.9)
Total estimated amortization expense related to intangibles	$ 147.6
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	89.4	96.0
Less: Accumulated Amortization	$ (51.2)	(44.6)
Ocean Transportation \| Customer Relationships \| Horizon
Intangible assets
Expected useful life	21 years
Finite-Lived intangible assets acquired	$ 140.6
Logistics
Intangible assets
Gross Amount	122.6	117.4
Total Intangible Assets, net	85.5	85.1
Less: Accumulated Amortization	(37.1)	(32.3)
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	95.3	90.1
Total Intangible Assets, net	58.2	57.8
Net Remaining Amount	16.0
Less: Accumulated Amortization	$ (37.1)	$ (32.3)
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

DESCRIPTION OF THE BUSINESS

12 Months Ended

Dec. 31, 2022

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS

1.	DESCRIPTION OF THE BUSINESS

Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics. For financial information on the Company’s reportable segments for the three years ended December 31, 2022, 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 Dutch Harbor, Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and for MatNav and other ocean carriers in Alaska.

Matson has a 35 percent ownership interest in SSA Terminals, LLC, a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. (“SSAT”). SSAT currently provides terminal and stevedoring services to various carriers at eight terminal facilities on the U.S. West Coast, including three 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) supply chain management, non-vessel operating common carrier (“NVOCC”) freight forwarding and other services.

INCOME TAXES - UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of the period	$ 19.2	$ 18.3	$ 16.4
Changes in tax positions of prior years, net			2.1
Changes in tax positions of prior years, net	6.1	1.1
Reductions for lapse of statute of limitations	(0.2)	(0.2)	(0.2)
Balance at the end of the period	25.1	$ 19.2	$ 18.3
Unrecognized tax benefits that, if recognized, would impact the effective rate	$ 25.1

INVESTMENT IN SSAT (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENT IN SSAT

Schedule of condensed income statement information for SSAT


	Years Ended December 31,
(In millions)	2022		2021		2020
Company's share of net income	$	83.1	$	56.3	$	26.3
Distributions received	$	47.3	$	46.9	$	55.4

Unaudited condensed financial information for SSAT - Balance Sheet


	As of December 31,
Condensed Balance Sheets (in millions)	2022		2021
Current assets	$	324.7	$	343.4
Non-current assets		1,436.0		1,239.7
Total Assets	$	1,760.7	$	1,583.1

Current liabilities	$	342.1	$	302.7
Non-current liabilities		1,199.5		1,125.5
Equity		219.1		154.9
Total Liabilities and Equity	$	1,760.7	$	1,583.1

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)	2022		2021		2020
Operating revenue	$	1,466.9	$	1,297.5	$	1,091.6
Operating costs and expenses		1,168.8		1,113.8		1,003.2
Operating income		298.1		183.7		88.4
Net Income (1)	$	249.6	$	161.7	$	76.6

(1)	Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests.

PENSION AND POST-RETIREMENT PLANS - DEFINED CONTRIBUTION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
401 K plan
Defined Contribution Plans
Employer matching contribution (as a percent)	3.00%
Employer matching contribution expenses	$ 3.6	$ 3.2	$ 3.0
Profit sharing plan
Defined Contribution Plans
Profit sharing expense recorded	$ 2.8	$ 2.5	$ 2.2

REPORTABLE SEGMENTS (Details) $ in Millions	12 Months Ended
REPORTABLE SEGMENTS (Details) $ in Millions	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment results
Number of segments \| segment	2
Fiscal Period Duration	364 days	371 days	364 days
Total Operating Revenue	$ 4,343.0	$ 3,925.3	$ 2,383.3
Total Operating Income	1,353.6	1,187.5	280.3
Interest income	8.2
Interest expense	(18.0)	(22.6)	(27.4)
Other income (expense), net	8.5	6.4	6.1
Income before Taxes	1,352.3	1,171.3	259.0
Income taxes	(288.4)	(243.9)	(65.9)
Net Income	1,063.9	927.4	193.1
Deferred dry-docking amortization	24.9	24.3	25.1
Total Depreciation and Amortization	166.2	160.2	140.0
Total Assets	4,330.0	3,693.1
Income from SSAT	83.1	56.3	26.3
Operating segments
Segment results
Total Operating Revenue	4,343.0	3,925.3	2,383.3
Total Operating Income	1,353.6	1,187.5	280.3
Total Capital Expenditures	209.3	325.3	192.3
Depreciation and Amortization	141.3	135.9	114.9
Total Assets	4,330.0	3,693.1
Intersegment Eliminations
Segment results
Total Operating Revenue	270.9	213.8	115.5
Ocean Transportation \| SSAT
Segment results
Income from SSAT	83.1	56.3	26.3
Equity method investments	81.2	58.7
Ocean Transportation \| Operating segments
Segment results
Total Operating Revenue	3,544.6	3,132.8	1,853.9
Total Operating Income	1,281.2	1,137.7	244.8
Total Capital Expenditures	190.9	322.4	190.0
Depreciation and Amortization	133.2	128.6	107.4
Deferred dry-docking amortization	24.9	24.3	25.1
Total Assets	3,705.2	3,096.6
Ocean Transportation \| Intersegment Eliminations
Segment results
Total Operating Revenue	93.6	81.0	59.1
Logistics \| Operating segments
Segment results
Total Operating Revenue	798.4	792.5	529.4
Total Operating Income	72.4	49.8	35.5
Total Capital Expenditures	18.4	2.9	2.3
Depreciation and Amortization	8.1	7.3	7.5
Total Assets	624.8	596.5
Logistics \| Intersegment Eliminations
Segment results
Total Operating Revenue	$ 177.3	$ 132.8	$ 56.4

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Summary of lease type by underlying asset class and maximum terms


Lease Type:		Term
Real estate and terminal leases		65 years
Vessel and barge charter leases		8 years
Operations equipment and other leases		8 years

Components of Lease Cost


	Years Ended
	December 31,
(In millions)	2022		2021
Operating lease cost	$	162.2	$	110.7
Short-term lease cost		0.6		3.1
Variable lease cost		0.8		0.6
Total lease cost	$	163.6	$	114.4

Other Lease Information: Other information related to the Company’s operating leases consists of the following for the years ended December 31, 2022 and 2021:


	Years Ended
	December 31,
(In millions)	2022		2021
Cash paid for amounts included in operating lease liabilities	$	163.4	$	107.9
Right of use assets obtained in the exchange for new operating lease liabilities	$	131.4	$	321.7

Summary of maturities of operating lease liabilities


	As of
Year (in millions)	December 31, 2022
2023	$	151.0
2024		123.2
2025		72.1
2026		29.6
2027		13.9
Thereafter		53.2
Total lease payments		443.0
Less: Interest		(36.9)
Present value of operating lease liabilities		406.1
Less: Short-term portion		(143.6)
Long-term operating lease liabilities	$	262.5

LEASES - TERMINATION OF VESSEL CHARTER (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 07, 2021	Dec. 31, 2021	Dec. 31, 2022
Sale and Leaseback Transaction [Line Items]
Present value of operating lease liabilities			$ 406.1
Bareboat Charter Agreement
Sale and Leaseback Transaction [Line Items]
Payment of termination fee per charter agreement	$ 95.8
Derecognized right-of-use asset		$ 27.4
Derecognized right-of-use liability		28.5
Increase in property and equipment		$ 94.7

MULTI-EMPLOYER WITHDRAWAL LIABILITIES

12 Months Ended

Dec. 31, 2022

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 $1.0 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, 2022 were as follows:


Year (in millions)	Total
2023	$	4.1
2024		4.1
2025		4.1
2026		4.1
2027		4.1
Thereafter		51.4
Total remaining future undiscounted payments due to the ILA-PRSSA pension fund		71.9
Less: amount representing interest		(19.2)
Present value of multi-employer withdrawal liability		52.7
Current portion of multi-employer withdrawal liability (see Note 2)		(4.1)
Long-term portion of multi-employer withdrawal liability (see Note 2)	$	48.6

Furthermore, the Company assumed a partial withdrawal liability related to the Local 153 Fund of the OPEIU. The partial withdrawal liability resulted from a decline in the number of contribution base units related to the Local 153 Fund caused by Horizon terminating all of its operations in Puerto Rico during the first quarter of 2015. The Company paid off this partial withdrawal liability of $6.5 million during 2021.

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Revenue:
Total Operating Revenue	$ 4,343.0	$ 3,925.3	$ 2,383.3
Costs and Expenses:
Operating costs	(2,811.5)	(2,557.6)	(1,904.3)
Income from SSAT	83.1	56.3	26.3
Selling, general and administrative	(261.0)	(236.5)	(225.0)
Total Costs and Expenses	(2,989.4)	(2,737.8)	(2,103.0)
Operating Income	1,353.6	1,187.5	280.3
Interest income	8.2
Interest expense	(18.0)	(22.6)	(27.4)
Other income (expense), net	8.5	6.4	6.1
Income before Taxes	1,352.3	1,171.3	259.0
Income taxes	(288.4)	(243.9)	(65.9)
Net Income	1,063.9	927.4	193.1
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income	1,063.9	927.4	193.1
Other Comprehensive Income (Loss):
Amortization of prior service cost	(3.5)	(4.6)	(4.7)
Amortization of net loss (gain)	27.3	25.0	(9.4)
Other adjustments	0.2	(0.5)	0.2
Total Other Comprehensive Income (Loss)	24.0	19.9	(13.9)
Comprehensive Income	$ 1,087.9	$ 947.3	$ 179.2
Basic Earnings Per Share (in dollars per share)	$ 27.28	$ 21.67	$ 4.48
Diluted Earnings Per Share (in dollars per share)	$ 27.07	$ 21.47	$ 4.44
Weighted Average Number of Shares Outstanding:
Basic (in shares)	39.0	42.8	43.1
Diluted (in shares)	39.3	43.2	43.5
Ocean. Transportation.
Operating Revenue:
Total Operating Revenue	$ 3,544.6	$ 3,132.8	$ 1,853.9
Logistics.
Operating Revenue:
Total Operating Revenue	$ 798.4	$ 792.5	$ 529.4

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Maturities of operating lease liabilities
2023	$ 151.0
2024	123.2
2025	72.1
2026	29.6
2027	13.9
Thereafter	53.2
Total lease payments	443.0
Less: Interest	(36.9)
Present value of operating lease liabilities	406.1
Less: Short-term portion	(143.6)	$ (137.6)
Long-term operating lease liabilities	$ 262.5	$ 307.4
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Liabilities, Current

PENSION AND POST-RETIREMENT PLANS - AMOUNTS INCLUDED IN FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee benefit plans
Non-current assets	$ 18.9	$ 1.3
Non-current liabilities	(17.8)	(43.3)
Pension Benefits
Employee benefit plans
Projected benefit obligations	187.4	249.5	$ 263.1
Fair value of plan assets at end of year	206.3	238.9	212.8
Pension Benefits \| Qualified Plan
Employee benefit plans
Non-current assets	18.9	1.3
Non-current liabilities		(11.9)
Total	18.9	(10.6)
Net (loss) gain, net of taxes	(25.8)	(39.9)
Prior service credit, net of taxes		0.8
Total	(25.8)	(39.1)
Projected benefit obligations		247.8
Accumulated benefit obligation		247.4
Fair value of plan assets at end of year		235.8
Pension Benefits \| Nonqualified Plan
Employee benefit plans
Current liabilities	(0.7)	(1.8)
Non-current liabilities	(3.4)	(3.0)
Total	4.1	4.8
Net (loss) gain, net of taxes	0.1	(0.7)
Total	0.1	(0.7)
Post-retirement benefits
Employee benefit plans
Projected benefit obligations	$ 15.3	29.3	$ 29.1
Amortization period of unrecognized gains and losses	5 years
Post-retirement benefits \| Qualified Plan
Employee benefit plans
Current liabilities	$ (0.9)	(0.9)
Non-current liabilities	(14.4)	(28.4)
Total	(15.3)	(29.3)
Net (loss) gain, net of taxes	7.6	(3.7)
Prior service credit, net of taxes	11.1	13.9
Total	$ 18.7	$ 10.2

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

DEBT

Schedule of debt

The Company’s debt consists of the following as of December 31, 2022 and 2021:


	As of December 31,
(In millions)	2022		2021
Private Placement Term Loans:
3.66 %, payable through 2023	$	4.5	$	13.7
4.16 %, payable through 2027		—		28.8
3.37 %, payable through 2027		57.7		69.2
3.14 %, payable through 2031		132.8		151.2
4.31 %, payable through 2032		—		25.4
Title XI Debt:
5.34 %, payable through 2028		13.2		15.4
5.27 %, payable through 2029		15.4		17.6
1.22 %, payable through 2043		166.2		174.1
1.35 %, payable through 2044		127.7		133.6
Total Debt		517.5		629.0
Less: Current portion		(76.9)		(65.0)
Total Long-term Debt		440.6		564.0
Less: Deferred loan fees		(12.9)		(14.3)
Total Long-term Debt, net of deferred loan fees	$	427.7	$	549.7

Schedule of maturities of debt


	As of
Year (in millions)	December 31, 2022
2023	$	76.9
2024		39.7
2025		39.7
2026		39.7
2027		39.7
Thereafter		281.8
Total Debt	$	517.5

Schedule of deferred loan fees


Deferred Loan Fees (in millions)	Amount
Deferred financing costs related to Title XI bonds and private placement debt amendments	$	14.3
Deferred fees expensed related to the redemption of private placement debt		(0.1)
Amortization expense for the year ended December 31, 2022		(1.3)
Balance at December 31, 2022	$	12.9

Schedule of estimated amortization expense relating to deferred laon fees


Year (in millions)	Amount
2023	$	1.3
2024		1.2
2025		1.1
2026		1.0
2027		0.9
Thereafter		7.4
Total amortization expense of deferred loan fees	$	12.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
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-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Components of Lease Cost
Operating lease cost	$ 162.2	$ 110.7
Short-term lease cost	0.6	3.1
Variable lease cost	0.8	0.6
Total lease cost	$ 163.6	$ 114.4

SIGNIFICANT ACCOUNTING POLICIES - CUSTOMER CONCENTRATION (Details) - Serves customers	12 Months Ended
	Dec. 31, 2022 customer
Ocean Transportation
Number of largest customers	10
Ocean Transportation \| Revenue
Concentration percentage	15.00%
Logistics
Number of largest customers	10
Logistics \| Revenue
Concentration percentage	18.00%

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021:


					Non-				Accumulated
			Post-		Qualified				Other
	Pension		Retirement		Pension				Comprehensive
(In millions)	Benefits		Benefits		Benefits		Other		Income (Loss)
Balance at December 31, 2020	$	(61.7)	$	12.2	$	(0.6)	$	(0.7)	$	(50.8)
Amortization of prior service cost		(1.7)		(2.8)		(0.1)		—		(4.6)
Amortization of net loss (gain)		24.3		0.7		—		—		25.0
Foreign currency exchange		—		—		—		(0.9)		(0.9)
Other adjustments		—		—		—		0.4		0.4
Balance at December 31, 2021		(39.1)		10.1		(0.7)		(1.2)		(30.9)
Amortization of prior service cost		(0.8)		(2.7)		—		—		(3.5)
Amortization of net loss (gain)		14.1		11.3		0.8		1.1		27.3
Foreign currency exchange		—		—		—		(0.4)		(0.4)
Other adjustments		—		—		—		0.6		0.6
Balance at December 31, 2022	$	(25.8)	$	18.7	$	0.1	$	0.1	$	(6.9)

Other comprehensive income (loss) in the Consolidated Statements of Income and Comprehensive Income is shown net of tax benefit (expense) of $(9.3) million, $(8.1) million and $4.2 million for the years ended December 2022, 2021 and 2020, respectively.

SIGNIFICANT ACCOUNTING POLICIES - CASH AND ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 17, 2023
Cash and Cash Equivalents
Restricted cash	$ 3.9	$ 5.3
Allowance for doubtful accounts
Balance at Beginning of year	10.1	6.3	$ 4.3
Expense	3.2	4.2	2.9
Write-offs and Other	(0.3)	(0.4)	(0.9)
Balance at End of Year	13.0	10.1	$ 6.3
Prepaid and Other Assets:
Income tax receivables	170.8	23.1
Prepaid fuel	26.3	22.6
Prepaid insurance and insurance related receivables	17.4	10.1
Restricted cash - vessel construction obligations	3.9	5.3
Other	22.9	17.3
Total	241.3	78.4
Other Long-term Assets
Vessel and equipment spare parts	13.2	12.8
Pension plan assets	18.9	1.3
Insurance related receivables	12.1	10.4
Other	9.4	14.9
Total	53.6	$ 39.4
Capital construction fund - cash on deposit	$ 518.2			$ 100.0

PENSION AND POST-RETIREMENT PLANS - MULTI-EMPLOYER DEFINED CONTRIBUTION PLANS (Details) - Multi-employer defined contribution pension plans $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Contribution Plans
Number of Multiemployer Plans \| plan	6
Employer contributions \| $	$ 6.0	$ 5.6	$ 5.1

REPORTABLE SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2022

REPORTABLE SEGMENTS

Schedule of reportable segment financial information


	Years Ended December 31,
(In millions)	2022		2021		2020
Operating Revenue:
Ocean Transportation (1)	$	3,544.6	$	3,132.8	$	1,853.9
Logistics (2)		798.4		792.5		529.4
Total Operating Revenue	$	4,343.0	$	3,925.3	$	2,383.3
Operating Income:
Ocean Transportation (3)	$	1,281.2	$	1,137.7	$	244.8
Logistics		72.4		49.8		35.5
Total Operating Income		1,353.6		1,187.5		280.3
Interest income		8.2		—		—
Interest expense		(18.0)		(22.6)		(27.4)
Other income (expense), net		8.5		6.4		6.1
Income before Taxes		1,352.3		1,171.3		259.0
Income taxes		(288.4)		(243.9)		(65.9)
Net Income	$	1,063.9	$	927.4	$	193.1

Capital Expenditures:
Ocean Transportation	$	190.9	$	322.4	$	190.0
Logistics		18.4		2.9		2.3
Total Capital Expenditures	$	209.3	$	325.3	$	192.3

Depreciation and Amortization:
Ocean Transportation	$	133.2	$	128.6	$	107.4
Logistics		8.1		7.3		7.5
		141.3		135.9		114.9
Deferred dry-docking amortization - Ocean Transportation		24.9		24.3		25.1
Total Depreciation and Amortization	$	166.2	$	160.2	$	140.0

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $93.6 million, $81.0 million and $59.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $177.3 million, $132.8 million and $56.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(3)	Ocean Transportation segment information includes $83.1 million, $56.3 million, and $26.3 million of equity in income from the Company’s equity investment in SSAT for the years ended December 31, 2022, 2021 and 2020, respectively.


	As of December 31,
(In millions)	2022		2021
Identifiable Assets:
Ocean Transportation (1)	$	3,705.2	$	3,096.6
Logistics		624.8		596.5
Total Assets	$	4,330.0	$	3,693.1

(1)	The Ocean Transportation segment includes $81.2 million and $58.7 million related to the Company’s equity investment in SSAT as of December 31, 2022 and 2021, respectively.

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Accounts receivable, allowance for credit loss	$ 13.0	$ 10.1
Common stock, shares authorized	150.0	150.0
Common stock, stated value (in dollars per share)	$ 0.75	$ 0.75
Common stock, shares outstanding	36.3	41.0

LEASES - SALE AND LEASEBACK OF EQUIPMENT (Details) - Multiple Tranches of Chassis and Container Equipment $ in Millions	Mar. 25, 2020 USD ($)
Sale and Leaseback Transaction [Line Items]
Net proceeds	$ 14.3
Base term	5 years

INVESTMENT IN SSAT (Details) - USD ($) $ in Millions	12 Months Ended
INVESTMENT IN SSAT (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 16, 2022
Investments in affiliates
Investment in SSAT	$ 81.2	$ 58.7
Financial information for equity method investment
Company's share of net income	83.1	56.3	$ 26.3
Distributions Received	47.3	46.9	55.4
Total Current assets	759.6	704.5
Total Non-current assets	3,570.4	2,988.6
Total Assets	4,330.0	3,693.1
Total Current liabilities	581.6	612.4
Total Non-current liabilities	1,451.5	1,413.3
Total Liabilities and Shareholders' Equity	4,330.0	3,693.1
SSAT Terminals Oakland \| SSAT
Investments in affiliates
Investment in SSAT, interest acquired (as a percent)				20.00%
SSAT
Investments in affiliates
Increase in investment in SSAT			2.2
Equity method investment decrease in investment in subsidiary	15.5
Equity method investment decrease in deferred tax assets in subsidiary	3.9
Equity method investment decrease in retained earnings in subsidiary	11.6
Ocean Transportation \| SSAT
Financial information for equity method investment
Total Current assets	324.7	343.4
Total Non-current assets	1,436.0	1,239.7
Total Assets	1,760.7	1,583.1
Total Current liabilities	342.1	302.7
Total Non-current liabilities	1,199.5	1,125.5
Equity	219.1	154.9
Total Liabilities and Shareholders' Equity	1,760.7	1,583.1
Operating revenue	1,466.9	1,297.5	1,091.6
Operating costs and expenses	1,168.8	1,113.8	1,003.2
Operating Income	298.1	183.7	88.4
Net Income	$ 249.6	161.7	76.6
Ocean Transportation \| SSAT
Investments in affiliates
Ownership interest accounted in the related party terminal joint venture (as a percent)	35.00%
Cost of services from transactions with unconsolidated affiliate	$ 308.3	284.9	251.6
Accounts payable and accrued liabilities	43.6	38.8
Financial information for equity method investment
Company's share of net income	$ 83.1	$ 56.3	$ 26.3

DESCRIPTION OF THE BUSINESS (Details)	12 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Dec. 31, 2022 facility segment
DESCRIPTION OF THE BUSINESS
Number of reportable segments \| segment	2
Ocean Transportation \| SSAT
DESCRIPTION OF THE BUSINESS
Ownership interest in SSAT (as a percent)	35.00%
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

GOODWILL AND INTANGIBLE ASSETS - CHANGES IN GOODWILL (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Total Goodwill	$ 327.8	$ 327.8
Ocean Transportation
Goodwill [Line Items]
Total Goodwill	222.6
Logistics
Goodwill [Line Items]
Total Goodwill	105.2
Logistics \| Span Alaska
Goodwill [Line Items]
Total Goodwill	78.6
Logistics \| Other Acquisitions
Goodwill [Line Items]
Total Goodwill	$ 26.6

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details