0001558370-24-006316 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 25.9	$ 134.0
Accounts receivable, net of allowance for credit losses of $10.5 million and $9.9 million, respectively	302.8	279.4
Prepaid expenses and other assets	183.3	188.9
Total current assets	512.0	602.3
Long-term Assets:
Investment in SSAT	85.2	85.5
Property and equipment, net	2,115.7	2,089.9
Operating lease right of use assets	274.9	289.6
Goodwill	327.8	327.8
Intangible assets, net	172.5	176.4
Capital Construction Fund	606.8	599.4
Deferred dry-docking costs, net	57.0	57.3
Other long-term assets	68.0	66.4
Total long-term assets	3,707.9	3,692.3
Total Assets	4,219.9	4,294.6
Current Liabilities:
Current portion of debt	39.7	39.7
Accounts payable and accruals	277.5	277.9
Operating lease liabilities	131.7	136.7
Other liabilities	81.6	108.0
Total current liabilities	530.5	562.3
Long-term Liabilities:
Long-term debt, net of deferred loan fees	379.4	389.3
Long-term operating lease liabilities	148.9	159.3
Deferred income taxes	674.8	669.3
Other long-term liabilities	112.5	113.7
Total long-term liabilities	1,315.6	1,331.6
Commitments and Contingencies (see Note 15)
Shareholders' Equity:
Common stock	25.6	25.8
Additional paid in capital	280.2	293.4
Accumulated other comprehensive loss, net	(9.8)	(8.2)
Retained earnings	2,077.8	2,089.7
Total shareholders' equity	2,373.8	2,400.7
Total Liabilities and Shareholders' Equity	$ 4,219.9	$ 4,294.6

CAPITAL CONSTRUCTION FUND

3 Months Ended

Mar. 31, 2024

CAPITAL CONSTRUCTION FUND

CAPITAL CONSTRUCTION FUND

7. CAPITAL CONSTRUCTION FUND

The CCF is described in Note 7 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. A summary of the activities within the CCF cash and cash equivalents, and investments account for the three months ended March 31, 2024 and 2023 consisted of the following:


	Three Months Ended
	March 31,
(In millions)	2024		2023
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period	$	599.4	$	518.2
Cash deposits into the CCF		—		100.0
Cash paid for purchase of U.S. Treasury debt securities and accrued interest		(449.8)		—
Interest earned on deposits and investments, net		5.1		5.5
Total CCF cash and cash equivalents balance at end of period		154.7		623.7
CCF Investments:
CCF investments balance at beginning of period		—		—
Purchase of U.S. Treasury debt securities		448.1		—
Accretion of investments		1.9		—
Total CCF investments balance at end of period		450.0		—
Accrued interest earned on Cash and Cash Equivalents, and Investments at end of period:		2.1		—
Total CCF cash and cash equivalents, and investments balance at end of period	$	606.8	$	623.7

CCF Cash and Cash Equivalents: Cash on deposit in the CCF cash and cash equivalents account is invested in a short-term U.S. Treasury obligations fund with daily liquidity. At March 31, 2024, short-term securities held within this account had a weighted average life of 77 days. The Company had $154.7 million and $599.4 million on deposit in the CCF cash and cash equivalents account as of March 31, 2024 and December 31, 2023, respectively.

CCF Investments: In February 2024, the Company purchased approximately $448.1 million of fixed-rate U.S. Treasuries with accrued interest of $1.7 million using CCF cash. The fixed-rate debt securities were purchased at a discount and have various maturity dates of up to 3 years. The cost of investments is adjusted for accretion of the discount until the securities mature. Such accretion is included in interest income in the Condensed Consolidated Statements of Income and Comprehensive Income. As of March 31, 2024, the Company had $450.0 million in held-to-maturity debt securities in the CCF investments account.

As of March 31, 2024, CCF investments maturities are as follows:


	As of
	March 31, 2024
Year (in millions)	Cost		Fair Value
Remainder of 2024	$	47.0	$	46.9
2025		186.3		185.7
2026		164.5		163.6
2027		52.2		51.9
Total CCF investments	$	450.0	$	448.1

CCF cash and cash equivalents, and investments are classified as a long-term asset on the Company’s Condensed Consolidated Balance Sheets as the Company intends to use withdrawals to fund qualified milestone progress payments for the construction of three new Jones Act vessels.

CCF Assigned Accounts Receivable: Activities within the CCF assigned accounts receivable account for the three months ended March 31, 2024 and 2023 consisted of the following:


	Three Months Ended
	March 31,
(In millions)	2024		2023
CCF assigned accounts receivable balance at beginning of period	$	218.1	$	9.9
Assigned accounts receivable		—		200.0
Interest earned on assigned accounts receivable		3.2		—
CCF assigned accounts receivable balance at end of period	$	221.3	$	209.9

During the three months ended March 31, 2023, the Company pledged $200.0 million of accounts receivable into the CCF. The Company did not pledge any accounts receivable into the CCF during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, eligible accounts receivable of $221.3 million and $218.1 million were assigned to the CCF, respectively. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income
Net Income, Basic	$ 36.1	$ 34.0
Net Income, Diluted	$ 36.1	$ 34.0
Weighted Average Common Shares
Basic (in shares)	34.4	36.1
Effect of Dilutive Securities (in shares)	0.2	0.2
Diluted (in shares)	34.6	36.3
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 1.05	$ 0.94
Effect of dilutive securities (in dollars per shares)	(0.01)
Net income, Diluted (in dollars per share)	$ 1.04	$ 0.94

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

12. EARNINGS PER SHARE

Basic earnings per share is determined by dividing net income by the weighted average common shares outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of unexercised non-qualified stock options and non-vested restricted stock units. The computation of weighted average common shares outstanding excluded a nominal amount of anti-dilutive non-qualified stock options for each period ended March 31, 2024 and 2023.

The computations for basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
			Weighted	Per				Weighted	Per
			Average	Common				Average	Common
	Net		Common	Share		Net		Common	Share
(In millions, except per share amounts)	Income		Shares	Amount		Income		Shares	Amount
Basic:	$	36.1	34.4	$	1.05	$	34.0	36.1	$	0.94
Effect of Dilutive Securities:		—	0.2		(0.01)		—	0.2		—
Diluted:	$	36.1	34.6	$	1.04	$	34.0	36.3	$	0.94

LEASES - MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Maturities of operating lease liabilities
Remainder of 2024	$ 109.9
2025	85.4
2026	36.6
2027	19.8
2028	10.7
Thereafter	52.1
Total lease payments	314.5
Less: Interest	(33.9)
Present value of operating lease liabilities	280.6
Less: Short-term portion	(131.7)	$ (136.7)
Long-term operating lease liabilities	$ 148.9	$ 159.3

SHARE-BASED COMPENSATION (Details) - Time Based And Performance Based Shares - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SHARE-BASED AWARDS
Shares granted	144,700
Weighted average grant date fair value (in dollars per share)	$ 122.79
Total unrecognized compensation cost	$ 37.4
Unrecognized compensation cost over weighted average period to be recognized	2 years 2 months 12 days
Selling, general and administrative expenses
SHARE-BASED AWARDS
Total stock-based compensation cost	$ 5.7	$ 4.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

GOODWILL AND INTANGIBLES (Tables)

3 Months Ended

Mar. 31, 2024

GOODWILL AND INTANGIBLES

Schedule of goodwill


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

Schedule of intangible assets


	March 31,		December 31,
(In millions)	2024		2023
Customer Relationships:
Ocean Transportation	$	140.6	$	140.6
Logistics		109.7		110.4
Total		250.3		251.0
Less: Accumulated Amortization		(105.1)		(101.9)
Total Customer Relationships, net		145.2		149.1
Trade name – Logistics		27.3		27.3
Total Intangible Assets, net	$	172.5	$	176.4

- Definition

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

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+ Details

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 0.9	$ 1.0
Interest cost	2.4	2.5
Expected return on plan assets	(3.8)	(3.7)
Amortization of net loss (gain)	0.1	0.3
Net periodic benefit cost (credit)	(0.4)	0.1
Post-retirement benefits
Components of Net Periodic Benefit Cost (Credit):
Service cost	0.1	0.1
Interest cost	0.3	0.2
Amortization of net loss (gain)	(0.2)	(0.5)
Amortization of prior service credit	(0.9)	(0.9)
Net periodic benefit cost (credit)	$ (0.7)	$ (1.1)

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

Schedule of basic and diluted earnings per share

The computations for basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
			Weighted	Per				Weighted	Per
			Average	Common				Average	Common
	Net		Common	Share		Net		Common	Share
(In millions, except per share amounts)	Income		Shares	Amount		Income		Shares	Amount
Basic:	$	36.1	34.4	$	1.05	$	34.0	36.1	$	0.94
Effect of Dilutive Securities:		—	0.2		(0.01)		—	0.2		—
Diluted:	$	36.1	34.6	$	1.04	$	34.0	36.3	$	0.94

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2024 consisted of the following:


									Accumulated
			Post-		Non-				Other
	Pension		Retirement		Qualified				Comprehensive
(In millions)	Benefits		Benefits		Plans		Other		Income (Loss)
Balance at December 31, 2023	$	(20.3)	$	11.0	$	(0.2)	$	1.3	$	(8.2)
Amortization of prior service cost		—		(0.7)		—		—		(0.7)
Amortization of net gain (loss)		0.1		(0.2)		—		—		(0.1)
Foreign currency exchange		—		—		—		(0.9)		(0.9)
Other adjustments		—		—		—		0.1		0.1
Balance at March 31, 2024	$	(20.2)	$	10.1	$	(0.2)	$	0.5	$	(9.8)

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2023 consisted of the following:


									Accumulated
			Post-		Non-				Other
	Pension		Retirement		Qualified				Comprehensive
(In millions)	Benefits		Benefits		Plans		Other		Income (Loss)
Balance at December 31, 2022	$	(25.8)	$	18.7	$	0.1	$	0.1	$	(6.9)
Amortization of prior service cost		—		(0.7)		—		—		(0.7)
Amortization of net gain (loss)		0.3		(0.4)		—		—		(0.1)
Foreign currency exchange		—		—		—		(0.3)		(0.3)
Other adjustments		—		—		—		1.7		1.7
Balance at March 31, 2023	$	(25.5)	$	17.6	$	0.1	$	1.5	$	(6.3)

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - DIVIDENDS AND OTHERS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Apr. 25, 2024	Mar. 31, 2024	Mar. 31, 2023
Per Common Share Amount
Dividends (in dollars per share)		$ 0.32
Dividends declared per share (in dollars per share)	$ 0.32	$ 0.32	$ 0.31
Shares repurchased (in shares)		0.4
Shares repurchased		$ 48.9	$ 42.1
Maximum number of shares remaining to be repurchased		2.0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

11. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

The carrying value and fair value of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 are as follows:


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

(In millions)	March 31, 2024		Fair Value Measurements at March 31, 2024
Cash and cash equivalents	$	25.9	$	25.9	$	25.9	$	—	$	—
Restricted cash	$	2.3	$	2.3	$	2.3	$	—	$	—
CCF - Cash and cash equivalent	$	156.8	$	156.8	$	156.8	$	—	$	—
CCF - Investments	$	450.0	$	448.1	$	448.1	$	—	$	—
Fixed rate debt	$	430.5	$	345.8	$	—	$	345.8	$	—

(In millions)	December 31, 2023		Fair Value Measurements at December 31, 2023
Cash and cash equivalents	$	134.0	$	134.0	$	134.0	$	—	$	—
Restricted cash	$	2.3	$	2.3	$	2.3	$	—	$	—
CCF - Cash and cash equivalent	$	599.4	$	599.4	$	599.4	$	—	$	—
Fixed rate debt	$	440.6	$	359.9	$	—	$	359.9	$	—

The Company uses Level 1 inputs for the fair values of its cash and cash equivalents, restricted cash, and CCF cash and cash equivalents and investments, and Level 2 inputs for fixed rate debt. The fair values of cash and cash equivalents, restricted cash, and cash and cash equivalents in the CCF approximate their carrying values due to the nature of the instruments. The fair value of investments in the CCF is calculated based upon quoted prices available in active market. The fair value of fixed rate debt is calculated based upon interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for credit loss	$ 10.5	$ 9.9

REPORTABLE SEGMENTS (Details) $ in Millions	3 Months Ended
REPORTABLE SEGMENTS (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment results
Number of segments \| segment	2
Total Operating Revenue	$ 722.1	$ 704.8
Total Operating Income	36.9	38.7
Interest income	8.8	8.2
Interest expense	(2.2)	(4.5)
Other income (expense), net	1.8	1.8
Income before Taxes	45.3	44.2
Income taxes	(9.2)	(10.2)
Net Income	36.1	34.0
Deferred dry-docking amortization	6.8	6.2
Total Assets	4,219.9		$ 4,294.6
Income (Loss) from SSAT	0.4	(1.8)
SSAT
Segment results
Income (Loss) from SSAT	0.4	(1.8)
Intersegment Eliminations
Segment results
Total Operating Revenue	46.6	40.1
Ocean Transportation
Segment results
Income (Loss) from SSAT	0.4	(1.8)
Ocean Transportation \| Operating segments
Segment results
Total Operating Revenue	579.0	551.0
Total Operating Income	27.6	27.8
Ocean Transportation \| Intersegment Eliminations
Segment results
Total Operating Revenue	19.7	16.1
Logistics \| Operating segments
Segment results
Total Operating Revenue	143.1	153.8
Total Operating Income	9.3	10.9
Logistics \| Intersegment Eliminations
Segment results
Total Operating Revenue	$ 26.9	$ 24.0

DEBT - MATURITIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt maturities
Remainder of 2024	$ 29.6
2025	39.7
2026	39.7
2027	39.7
2028	28.2
Thereafter	253.6
Total Debt	$ 430.5	$ 440.6

- Definition

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

+ References + Details

DEBT

3 Months Ended

Mar. 31, 2024

DEBT

DEBT

8. DEBT

As of March 31, 2024 and December 31, 2023, the Company’s debt consisted of the following:


	March 31,		December 31,
(In millions)	2024		2023
Private Placement Term Loans:
3.37 %, payable through 2027	$	46.2	$	46.2
3.14 %, payable through 2031		107.3		114.4
Title XI Debt:
1.22 %, payable through 2043		158.2		158.2
1.35 %, payable through 2044		118.8		121.8
Total Debt		430.5		440.6
Less: Current portion		(39.7)		(39.7)
Total Long-term Debt		390.8		400.9
Less: Deferred loan fees		(11.4)		(11.6)
Total Long-term Debt, net of deferred loan fees	$	379.4	$	389.3

Except as described below, the Company’s debt is described in Note 8 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Revolving Credit Facility: The Company’s revolving credit facility has committed available borrowing of up to $650 million and matures on March 31, 2026. As of March 31, 2024, the Company had $644.2 million of remaining borrowing availability under the revolving credit facility. The Company used $5.8 million of the revolving credit facility for letters of credit outstanding as of March 31, 2024. There were no outstanding borrowings under the revolving credit facility as of March 31, 2024 and December 31, 2023.

Title XI Bonds: On January 27, 2023, the Company prepaid $14.3 million of outstanding principal on the 5.27 percent Title XI Bond representing all of the remaining outstanding principal for this bond. On March 3, 2023, the Company also prepaid $12.1 million of outstanding principal on the 5.34 percent Title XI Bond representing all of the outstanding principal for this bond.

Debt Security and Guarantees: All of the debt of the Company and MatNav, including related guarantees, as of March 31, 2024 was unsecured, except for the Title XI debt.

Debt Maturities: As of March 31, 2024, debt maturities during the next five years and thereafter are as follows:


	As of
Year (in millions)	March 31, 2024
Remainder of 2024	$	29.6
2025		39.7
2026		39.7
2027		39.7
2028		28.2
Thereafter		253.6
Total Debt	$	430.5

- 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

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+ Details

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES - PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Millions	Apr. 19, 2024	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expenses and Other Assets:
Income tax receivables, net		$ 119.7	$ 125.2
Prepaid fuel		26.0	22.5
Prepaid insurance and insurance related receivables		16.9	19.3
Restricted cash - vessel construction obligations		2.3	2.3
Other		18.4	19.6
Total		183.3	$ 188.9
Other Long-term Assets
Income taxes receivable		$ 118.6
Income tax refund	$ 118.6
Interest on income tax refund	$ 10.2

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares		3 Months Ended
	Apr. 25, 2024	Mar. 31, 2024	Mar. 31, 2023
Condensed Condensed Consolidated Statements of Shareholders' Equity
Dividends declared per share (in dollars per share)	$ 0.32	$ 0.32	$ 0.31
Dividends (in dollars per share)		$ 0.32

CAPITAL CONSTRUCTION FUND - Investment maturity (Details) $ in Millions	Mar. 31, 2024 USD ($) item
CAPITAL CONSTRUCTION FUND
Remainder of 2024	$ 47.0
2025	186.3
2026	164.5
2027	52.2
Total CCF investments	450.0
Remainder of 2024	46.9
2025	185.7
2026	163.6
2027	51.9
Total CCF investments	$ 448.1
Number of vessels under agreements for construction \| item	3

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

Environmental Matters: The Company’s Ocean Transportation business has certain risks that could result in expenditures for environmental remediation. The Company believes that based on all information available to it, the Company is currently in compliance, in all material respects, with applicable environmental laws and regulations.

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

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

DEBT

Schedule of debt


	March 31,		December 31,
(In millions)	2024		2023
Private Placement Term Loans:
3.37 %, payable through 2027	$	46.2	$	46.2
3.14 %, payable through 2031		107.3		114.4
Title XI Debt:
1.22 %, payable through 2043		158.2		158.2
1.35 %, payable through 2044		118.8		121.8
Total Debt		430.5		440.6
Less: Current portion		(39.7)		(39.7)
Total Long-term Debt		390.8		400.9
Less: Deferred loan fees		(11.4)		(11.6)
Total Long-term Debt, net of deferred loan fees	$	379.4	$	389.3

Schedule of maturities of debt


	As of
Year (in millions)	March 31, 2024
Remainder of 2024	$	29.6
2025		39.7
2026		39.7
2027		39.7
2028		28.2
Thereafter		253.6
Total Debt	$	430.5

- 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.

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+ Details

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13. SHARE-BASED COMPENSATION

The Company granted time-based restricted stock units and performance-based shares to certain of its employees totaling approximately 144,700 shares with a weighted average grant date fair value of $122.79 per share during the three months ended March 31, 2024.

Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $5.7 million and $4.6 million for the three months ended March 31, 2024 and 2023, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $37.4 million at March 31, 2024, and is expected to be recognized over a weighted average period of approximately 2.2 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

2. GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited, and include the accounts of Matson, Inc. and all wholly-owned subsidiaries, after elimination of intercompany amounts and transactions. Significant investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. The Company accounts for its investment in SSAT using the equity method of accounting.

Due to the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim periods, and do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete consolidated financial statements.

The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024.

Fiscal Period: The period end for Matson covered by this report is March 31, 2024. The period end for MatNav and its subsidiaries covered by this report is March 29, 2024.

Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates: The preparation of the interim Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for but not limited to: impairment of investments; impairment of long-lived assets, intangible assets and goodwill; capitalized interest; allowance for doubtful accounts and other receivables; legal contingencies; insurance reserves and other related liabilities; contingent acquisition related consideration; accrual estimates; pension and post-retirement estimates; multi-employer withdrawal liabilities; operating lease assets and liabilities; income (loss) from SSAT; and income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions.

Prepaid Expenses and Other Assets: Prepaid expenses and other assets consisted of the following at March 31, 2024 and December 31, 2023:


	March 31,		December 31,
Prepaid Expenses and Other Assets (in millions)	2024		2023
Income tax receivables, net	$	119.7	$	125.2
Prepaid fuel		26.0		22.5
Prepaid insurance and insurance related receivables		16.9		19.3
Restricted cash - vessel construction obligations		2.3		2.3
Other		18.4		19.6
Total	$	183.3	$	188.9

Income tax receivables primarily include a federal income tax refund related to the Company’s 2021 federal tax return of $118.6 million and other income tax receivables. On April 19, 2024, the Company received the federal income tax refund of $118.6 million and interest of $10.2 million earned on the federal income tax refund.

Capital Construction Fund Investments: Capital Construction Fund (“CCF”) investments are held in fixed-rate U.S. Treasuries with various maturity dates of up to three years. These held-to-maturity debt securities are initially recognized at cost and subsequently measured at accreted cost, less any expected credit losses. The accreted cost is adjusted for accretion of discounts to maturity. The Company has classified these securities as held-to-maturity as the Company has the intent and ability to hold such securities until maturity.

Recognition of Revenues and Expenses: Revenue in the Company’s Condensed Consolidated Financial Statements is presented net of elimination of intercompany transactions. The following is a description of the Company’s principal revenue generating activities by segment, and the Company’s revenue recognition policy for each activity for the periods presented:


	March 31,
Ocean Transportation (in millions) (1)	2024		2023
Ocean Transportation services	$	565.8	$	539.5
Terminal and other related services		8.7		6.9
Fuel sales		2.9		2.9
Vessel management and related services		1.6		1.7
Total	$	579.0	$	551.0

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

◾

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

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

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

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


	March 31,
Logistics (in millions) (1)	2024		2023
Transportation Brokerage and Freight Forwarding services	$	127.4	$	137.7
Warehousing and distribution services		9.1		9.6
Supply chain management and other services		6.6		6.5
Total	$	143.1	$	153.8

(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 administrative expenses in the Condensed Consolidated Statements of Income and Comprehensive Income.

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 expenditures incurred related to the construction of these vessels using a weighted average interest rate. The weighted average interest rate is determined using the Company’s average borrowings outstanding during the period. Capitalized interest is included in vessel construction in progress in property and equipment in the Company’s Condensed Consolidated Balance Sheets (see Note 5). During the three months ended March 31, 2024 and 2023, the Company capitalized $0.8 million and $0.4 million of interest related to the construction of new vessels, respectively.

Dividends: The Company’s first quarter 2024 cash dividend of $0.32 per share was paid on March 7, 2024. On April 25, 2024, the Company’s Board of Directors declared a cash dividend of $0.32 per share payable on June 6, 2024 to shareholders of record on May 9, 2024.

Repurchase of Shares: During the three months ended March 31, 2024, the Company repurchased approximately 0.4 million shares for a total cost of $48.9 million. As of March 31, 2024, the maximum number of remaining shares that may be repurchased under the Company’s share repurchase program was approximately 2.0 million shares.

New Accounting Pronouncements: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the

financial statements. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU 2023-07 but does not expect it will have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The Company is currently evaluating the effects of adoption ASU 2023-09 but does not expect it to have a material impact on the Company’s consolidated financial statements.

LEASES

3 Months Ended

Mar. 31, 2024

LEASES

LEASES

9. LEASES

The Company’s leases are described in Note 9 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Components of Lease Cost: Components of lease cost recorded in the Company’s Condensed Consolidated Statement of Income and Comprehensive Income for the three months ended March 31, 2024 and 2023 consisted of the following:


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating lease cost	$	35.9	$	41.8
Short-term lease cost		2.0		0.2
Variable lease cost		0.2		0.2
Total lease cost	$	38.1	$	42.2

Maturities of operating lease liabilities at March 31, 2024 are as follows:


	As of
Year (in millions)	March 31, 2024
Remainder of 2024	$	109.9
2025		85.4
2026		36.6
2027		19.8
2028		10.7
Thereafter		52.1
Total lease payments		314.5
Less: Interest		(33.9)
Present value of operating lease liabilities		280.6
Less: Short-term portion		(131.7)
Long-term operating lease liabilities	$	148.9

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Fiscal Year

Fiscal Period: The period end for Matson covered by this report is March 31, 2024. The period end for MatNav and its subsidiaries covered by this report is March 29, 2024.

Significant Accounting Policies

Use of Estimates

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets: Prepaid expenses and other assets consisted of the following at March 31, 2024 and December 31, 2023:


	March 31,		December 31,
Prepaid Expenses and Other Assets (in millions)	2024		2023
Income tax receivables, net	$	119.7	$	125.2
Prepaid fuel		26.0		22.5
Prepaid insurance and insurance related receivables		16.9		19.3
Restricted cash - vessel construction obligations		2.3		2.3
Other		18.4		19.6
Total	$	183.3	$	188.9

Capital Construction Fund Investments

Recognition of Revenues and Expenses


	March 31,
Ocean Transportation (in millions) (1)	2024		2023
Ocean Transportation services	$	565.8	$	539.5
Terminal and other related services		8.7		6.9
Fuel sales		2.9		2.9
Vessel management and related services		1.6		1.7
Total	$	579.0	$	551.0

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

◾

◾	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.


	March 31,
Logistics (in millions) (1)	2024		2023
Transportation Brokerage and Freight Forwarding services	$	127.4	$	137.7
Warehousing and distribution services		9.1		9.6
Supply chain management and other services		6.6		6.5
Total	$	143.1	$	153.8

(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.

Capitalized Interest

Dividends

Repurchase of Shares

New Accounting Pronouncements

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	$ 2,400.7	$ 2,296.9
Other adjustments	(0.8)	1.4
Balance at the end of the period	2,373.8	2,270.3
Pensions
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(20.3)	(25.8)
Amortization of net gain (loss)	0.1	0.3
Balance at the end of the period	(20.2)	(25.5)
Post Retirement
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	11.0	18.7
Amortization of prior service cost	(0.7)	(0.7)
Amortization of net gain (loss)	(0.2)	(0.4)
Balance at the end of the period	10.1	17.6
Non-Qualified Plans
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(0.2)	0.1
Balance at the end of the period	(0.2)	0.1
Other
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	1.3	0.1
Foreign currency exchange	(0.9)	(0.3)
Other adjustments	0.1	1.7
Balance at the end of the period	0.5	1.5
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) by component, net of taxes
Balance at the beginning of the period	(8.2)	(6.9)
Amortization of prior service cost	(0.7)	(0.7)
Amortization of net gain (loss)	(0.1)	(0.1)
Foreign currency exchange	(0.9)	(0.3)
Other adjustments	0.1	1.7
Balance at the end of the period	$ (9.8)	$ (6.3)

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31,		December 31,
(In millions)	2024		2023
Cost:
Vessels	$	2,329.3	$	2,323.4
Containers and equipment		859.5		845.0
Terminal facilities and other property		148.9		148.0
New vessel construction in progress		104.3		103.1
Other construction in progress		93.9		67.7
Total Property and Equipment		3,535.9		3,487.2
Less: Accumulated Depreciation		(1,420.2)		(1,397.3)
Total Property and Equipment, net	$	2,115.7	$	2,089.9

New vessel construction in progress at March 31, 2024 and December 31, 2023 includes milestone progress payments, capitalized interest and other costs related to the construction of three new Jones Act vessels.

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

- 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair value of financial instruments
Restricted Cash	$ 2.3		$ 3.9
Carrying value
Fair value of financial instruments
Cash and cash equivalents	25.9	$ 134.0
Restricted Cash	2.3	2.3
CCF - Cash and cash equivalent	156.8	599.4
CCF - Investments	450.0
Fixed rate debt	430.5	440.6
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	25.9	134.0
Restricted Cash	2.3	2.3
CCF - Cash and cash equivalent	156.8	599.4
CCF - Investments	448.1
Fixed rate debt	345.8	359.9
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	25.9	134.0
Restricted Cash	2.3	2.3
CCF - Cash and cash equivalent	156.8	599.4
CCF - Investments	448.1
Fair Value Measurement \| Significant Observable Inputs (Level 2)
Fair value of financial instruments
Fixed rate debt	$ 345.8	$ 359.9

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES- PROPERTY AND EQUIPMENT AND OTHER (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Vessels
Capitalized Interest
Interest Costs Capitalized	$ 0.8	$ 0.4

CAPITAL CONSTRUCTION FUND - Summary of the activities of the CCF cash and cash equivalents, and investments account (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period		$ 599.4	$ 518.2
Cash deposits into the CCF			100.0
Cash paid for purchase of U.S. Treasury debt securities and accrued interest		(449.8)
Interest earned on deposits and investments, net		5.1	5.5
Total CCF cash and cash equivalents balance at end of period		154.7	623.7
CCF Investments:
Purchase of U.S. Treasury debt securities	$ 448.1	448.1
Accretion of investments		1.9
Total CCF investments balance at end of period		450.0
Accrued interest earned on Cash and Cash Equivalents, and Investments at end of period:		2.1
Total CCF cash and cash equivalents, and investments balance at end of period		$ 606.8	$ 623.7	$ 599.4
Weighted average life of securities held within the fund		77 days
Capital construction fund, accrued interest on investments	$ 1.7
Debt security investments maturity term	3 years

CAPITAL CONSTRUCTION FUND (Tables)

3 Months Ended

Mar. 31, 2024

CAPITAL CONSTRUCTION FUND

Schedule of capital construction fund


	Three Months Ended
	March 31,
(In millions)	2024		2023
CCF Cash and Cash Equivalents:
CCF cash and cash equivalents balance at beginning of period	$	599.4	$	518.2
Cash deposits into the CCF		—		100.0
Cash paid for purchase of U.S. Treasury debt securities and accrued interest		(449.8)		—
Interest earned on deposits and investments, net		5.1		5.5
Total CCF cash and cash equivalents balance at end of period		154.7		623.7
CCF Investments:
CCF investments balance at beginning of period		—		—
Purchase of U.S. Treasury debt securities		448.1		—
Accretion of investments		1.9		—
Total CCF investments balance at end of period		450.0		—
Accrued interest earned on Cash and Cash Equivalents, and Investments at end of period:		2.1		—
Total CCF cash and cash equivalents, and investments balance at end of period	$	606.8	$	623.7

Schedule of maturities of capital construction fund investments


	As of
	March 31, 2024
Year (in millions)	Cost		Fair Value
Remainder of 2024	$	47.0	$	46.9
2025		186.3		185.7
2026		164.5		163.6
2027		52.2		51.9
Total CCF investments	$	450.0	$	448.1

Schedule of CCF assigned accounts receivable


	Three Months Ended
	March 31,
(In millions)	2024		2023
CCF assigned accounts receivable balance at beginning of period	$	218.1	$	9.9
Assigned accounts receivable		—		200.0
Interest earned on assigned accounts receivable		3.2		—
CCF assigned accounts receivable balance at end of period	$	221.3	$	209.9

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of prepaid expenses and other assets


	March 31,		December 31,
Prepaid Expenses and Other Assets (in millions)	2024		2023
Income tax receivables, net	$	119.7	$	125.2
Prepaid fuel		26.0		22.5
Prepaid insurance and insurance related receivables		16.9		19.3
Restricted cash - vessel construction obligations		2.3		2.3
Other		18.4		19.6
Total	$	183.3	$	188.9

Ocean Transportation

Schedule of principal revenue generating activities by segment


	March 31,
Ocean Transportation (in millions) (1)	2024		2023
Ocean Transportation services	$	565.8	$	539.5
Terminal and other related services		8.7		6.9
Fuel sales		2.9		2.9
Vessel management and related services		1.6		1.7
Total	$	579.0	$	551.0

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

◾

◾	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


	March 31,
Logistics (in millions) (1)	2024		2023
Transportation Brokerage and Freight Forwarding services	$	127.4	$	137.7
Warehousing and distribution services		9.1		9.6
Supply chain management and other services		6.6		6.5
Total	$	143.1	$	153.8

(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.

PENSION AND POST-RETIREMENT PLANS

3 Months Ended

Mar. 31, 2024

PENSION AND POST-RETIREMENT PLANS

PENSION AND POST-RETIREMENT PLANS

14. PENSION AND POST-RETIREMENT PLANS

The Company’s pension and post-retirement plans are described in Note 11 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Components of net periodic benefit cost and other amounts recognized in Other Comprehensive Income (Loss) for the qualified pension plans and the post-retirement benefit plans for the three months ended March 31, 2024 and 2023 consisted of the following:


	Pension Benefits				Post-retirement Benefits
	Three Months Ended March 31,				Three Months Ended March 31,
(In millions)	2024		2023		2024		2023
Components of net periodic benefit cost (credit):
Service cost	$	0.9	$	1.0	$	0.1	$	0.1
Interest cost		2.4		2.5		0.3		0.2
Expected return on plan assets		(3.8)		(3.7)		—		—
Amortization of net loss (gain)		0.1		0.3		(0.2)		(0.5)
Amortization of prior service credit		—		—		(0.9)		(0.9)
Net periodic benefit cost (credit)	$	(0.4)	$	0.1	$	(0.7)	$	(1.1)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

GOODWILL AND INTANGIBLES

3 Months Ended

Mar. 31, 2024

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES

6. GOODWILL AND INTANGIBLES

Goodwill by segment as of March 31, 2024 and December 31, 2023 consisted of the following:


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

Intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31,		December 31,
(In millions)	2024		2023
Customer Relationships:
Ocean Transportation	$	140.6	$	140.6
Logistics		109.7		110.4
Total		250.3		251.0
Less: Accumulated Amortization		(105.1)		(101.9)
Total Customer Relationships, net		145.2		149.1
Trade name – Logistics		27.3		27.3
Total Intangible Assets, net	$	172.5	$	176.4

On February 27, 2023, the Company completed an asset acquisition consisting of Logistics customer relationship intangible assets for $16.5 million, which are being amortized over seven years.

The Company evaluates its goodwill and intangible assets for possible impairment in the fourth quarter, or whenever events or changes in circumstances indicate that it is more likely than not that the fair value is less than its carrying amount. The Company has reporting units within the Ocean Transportation and Logistics reportable segments. The Company considered the general economic and market conditions and its impact on the performance of each of the Company’s reporting units. Based on the Company’s assessment of its market capitalization, future forecasts and the amount of excess of fair value over the carrying value of the reporting units in the 2023 annual impairment tests, the Company concluded that an impairment triggering event did not occur during the three months ended March 31, 2024.

The Company will monitor events and changes in circumstances that could negatively impact the key assumptions used in determining the fair value, including the amount and timing of estimated future cash flows generated by the reporting units, long-term growth and discount rates, comparable company market valuations, and industry and economic trends. It is possible that future changes in such circumstances, including future changes in the assumptions and estimates used in assessing the fair value of the reporting unit, could require the Company to record a non-cash impairment charge.

INVESTMENT IN SSAT (Details) - USD ($) $ in Millions		3 Months Ended
INVESTMENT IN SSAT (Details) - USD ($) $ in Millions	Mar. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments in affiliates
Investment in SSAT		$ 85.2		$ 85.5
Financial information for equity method investment
Company Share of SSAT's Net Income (Loss)		0.4	$ (1.8)
SSAT ST
Investments in affiliates
Ownership percentage, noncontrolling owner	50.00%
SSAT
Investments in affiliates
Investment in SSAT		85.2		$ 85.5
Increase in equity method investment in SSAT	$ 13.2
Equity Method Investments, Increase (decrease) in deferred income taxes expense (benefit),	3.1
Equity method investments, increase (decrease) in retained earnings	$ 10.1
Financial information for equity method investment
Operating revenue		270.3	230.8
Operating costs and expenses		(278.4)	(235.9)
Operating loss		(8.1)	(5.1)
Net Loss		(3.8)	(4.8)
SSAT
Financial information for equity method investment
Company Share of SSAT's Net Income (Loss)		$ 0.4	$ (1.8)
SSAT \| SSAT ST
Investments in affiliates
Percentage of interests sold in SSAT ST	25.00%
SSAT's ownership interest in SSAT ST (as a percent)	50.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value measurement


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

(In millions)	March 31, 2024		Fair Value Measurements at March 31, 2024
Cash and cash equivalents	$	25.9	$	25.9	$	25.9	$	—	$	—
Restricted cash	$	2.3	$	2.3	$	2.3	$	—	$	—
CCF - Cash and cash equivalent	$	156.8	$	156.8	$	156.8	$	—	$	—
CCF - Investments	$	450.0	$	448.1	$	448.1	$	—	$	—
Fixed rate debt	$	430.5	$	345.8	$	—	$	345.8	$	—

(In millions)	December 31, 2023		Fair Value Measurements at December 31, 2023
Cash and cash equivalents	$	134.0	$	134.0	$	134.0	$	—	$	—
Restricted cash	$	2.3	$	2.3	$	2.3	$	—	$	—
CCF - Cash and cash equivalent	$	599.4	$	599.4	$	599.4	$	—	$	—
Fixed rate debt	$	440.6	$	359.9	$	—	$	359.9	$	—

DESCRIPTION OF THE BUSINESS

3 Months Ended

Mar. 31, 2024

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS

1. DESCRIPTION OF THE BUSINESS

Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (“Matson” or the “Company”), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics.

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 an ocean carrier in Alaska.

Matson has a 35 percent ownership interest in SSA Terminals, LLC, a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. (“SSAT”). SSAT currently provides terminal and stevedoring services to various carriers at 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 Condensed Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT’s operations.

Logistics: Matson’s logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics extends the geographic reach of Matson’s transportation network throughout North America and Asia, and is an asset-light business that provides a variety of logistics services to its customers including: (i) multimodal transportation brokerage of domestic and international rail intermodal services, long-haul and regional highway trucking services, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively, “Transportation Brokerage” services); (ii) less-than-container load (“LCL”) consolidation and freight forwarding services (collectively, “Freight Forwarding” services); (iii) warehousing, trans-loading, value-added packaging and distribution services (collectively, “Warehousing” services); and (iv) supply chain management, non-vessel operating common carrier (“NVOCC”) freight forwarding and other services.

INVESTMENT IN SSAT

3 Months Ended

Mar. 31, 2024

INVESTMENT IN SSAT

INVESTMENT IN SSAT

4. INVESTMENT IN SSAT

The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Condensed income statement information for SSAT for the three months ended March 31, 2024 and 2023 consisted of the following:


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating revenue	$	270.3	$	230.8
Operating costs and expenses		(278.4)		(235.9)
Operating loss		(8.1)		(5.1)
Net Loss (1)	$	(3.8)	$	(4.8)
Company Share of SSAT’s Net Income (Loss) (2)	$	0.4	$	(1.8)

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

(2)	The Company records its share of net income (loss) from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

The Company’s investment in SSAT was $85.2 million and $85.5 million at March 31, 2024 and December 31, 2023, respectively.

On March 1, 2024, SSAT completed the sale of 25 percent of its equity interest in SSA Terminals (Seattle Terminals), LLC (“SSAT ST”) to a third-party company. After the completion of this transaction, SSAT retains a 50 percent controlling interest in SSAT ST, while the third-party company increased its non-controlling interest to 50 percent in SSAT ST. As a result of this transaction, the Company recorded an increase in its investment in SSAT of approximately $13.2 million and increase in deferred income taxes of $3.1 million, and a corresponding increase in retained earnings of $10.1 million.

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Additional Paid In Capital	AOCI Attributable to Parent [Member]	Retained Earnings	Total
Balance at the beginning of the period at Dec. 31, 2022	$ 27.2	$ 290.4	$ (6.9)	$ 1,986.2	$ 2,296.9
Balance (in shares) at Dec. 31, 2022	36.3
Increase (Decrease) in Shareholders' Equity
Net income				34.0	34.0
Other comprehensive income (loss), net of tax			0.6		0.6
Share-based compensation		4.6			4.6
Shares issued, net of shares withheld for employee taxes	$ 0.2	(12.6)			(12.4)
Shares issued, net of shares withheld for employee taxes (in shares)	0.3
Shares repurchased	$ (0.5)	(2.7)		(38.9)	(42.1)
Shares repurchased (in shares)	(0.7)
Dividends				(11.3)	(11.3)
Balance at the end of the period at Mar. 31, 2023	$ 26.9	279.7	(6.3)	1,970.0	2,270.3
Balance (in shares) at Mar. 31, 2023	35.9
Balance at the beginning of the period at Dec. 31, 2023	$ 25.8	293.4	(8.2)	2,089.7	2,400.7
Balance (in shares) at Dec. 31, 2023	34.4
Increase (Decrease) in Shareholders' Equity
Net income				36.1	36.1
Other comprehensive income (loss), net of tax			(1.6)		(1.6)
Share-based compensation		5.7			5.7
Shares issued, net of shares withheld for employee taxes	$ 0.1	(17.3)			(17.2)
Shares issued, net of shares withheld for employee taxes (in shares)	0.2
Shares repurchased	$ (0.3)	(1.6)		(47.0)	$ (48.9)
Shares repurchased (in shares)	(0.4)				(0.4)
Equity interest in SSAT (see Note 4)				10.1	$ 10.1
Dividends				(11.1)	(11.1)
Balance at the end of the period at Mar. 31, 2024	$ 25.6	$ 280.2	$ (9.8)	$ 2,077.8	$ 2,373.8
Balance (in shares) at Mar. 31, 2024	34.2

INVESTMENT IN SSAT (Tables)

3 Months Ended

Mar. 31, 2024

INVESTMENT IN SSAT

Schedule of condensed income statement information for SSAT


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating revenue	$	270.3	$	230.8
Operating costs and expenses		(278.4)		(235.9)
Operating loss		(8.1)		(5.1)
Net Loss (1)	$	(3.8)	$	(4.8)
Company Share of SSAT’s Net Income (Loss) (2)	$	0.4	$	(1.8)

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

(2)	The Company records its share of net income (loss) from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

Schedule of property and equipment


	March 31,		December 31,
(In millions)	2024		2023
Cost:
Vessels	$	2,329.3	$	2,323.4
Containers and equipment		859.5		845.0
Terminal facilities and other property		148.9		148.0
New vessel construction in progress		104.3		103.1
Other construction in progress		93.9		67.7
Total Property and Equipment		3,535.9		3,487.2
Less: Accumulated Depreciation		(1,420.2)		(1,397.3)
Total Property and Equipment, net	$	2,115.7	$	2,089.9

DESCRIPTION OF THE BUSINESS (Details)	3 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Mar. 31, 2024 facility segment
DESCRIPTION OF THE BUSINESS
Number of reportable segments \| segment	2
Ocean Transportation \| SSAT
DESCRIPTION OF THE BUSINESS
Ownership interest in SSAT (as a percent)	35.00%
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

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES ACCOUNTING POLICIES - RECOGNITION OF REVENUES AND EXPENSES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total	$ 722.1	$ 704.8
Ocean Transportation
Ocean Transportation services	565.8	539.5
Terminal and other related services	8.7	6.9
Fuel sales	2.9	2.9
Vessel management and related services	1.6	1.7
Total	$ 579.0	$ 551.0
Percentage of ocean transportation revenues and fuel sales denominated in foreign currency	3.00%	3.00%
Logistics
Transportation Brokerage and Freight Forwarding services	$ 127.4	$ 137.7
Warehousing and distribution services	9.1	9.6
Supply chain management and other services	6.6	6.5
Total	$ 143.1	$ 153.8
Percentage of transportation brokerage and freight forwarding services revenue denominated in foreign currency	3.00%	3.00%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income	$ 36.1	$ 34.0
Reconciling adjustments:
Depreciation and amortization	37.6	35.8
Amortization of operating lease right of use assets	33.9	39.6
Deferred income taxes	2.3	(1.4)
Share-based compensation expense	5.7	4.6
(Income) loss from SSAT	(0.4)	1.8
Distributions from SSAT	14.0
Other	(2.1)	(0.1)
Changes in assets and liabilities:
Accounts receivable, net	(23.7)	(14.5)
Deferred dry-docking payments	(5.2)	(2.4)
Deferred dry-docking amortization	6.8	6.2
Prepaid expenses and other assets	2.4	45.7
Accounts payable, accruals and other liabilities	(34.3)	(8.4)
Operating lease liabilities	(34.6)	(39.4)
Other long-term liabilities	(1.9)	(4.8)
Net cash provided by operating activities	36.6	96.7
Cash Flows From Investing Activities:
Capitalized vessel construction expenditures	(1.1)	(0.4)
Capital expenditures (excluding vessel construction expenditures)	(54.2)	(35.5)
Proceeds from disposal of property and equipment, net	2.3	0.3
Payment for intangible asset acquisition		(12.4)
Cash and interest deposits into Capital Construction Fund, net	(6.0)	(105.5)
Net cash used in investing activities	(59.0)	(153.5)
Cash Flows From Financing Activities:
Repayments of debt	(10.1)	(40.8)
Dividends paid	(11.1)	(11.3)
Repurchase of Matson common stock	(47.3)	(40.0)
Tax withholding related to net share settlements of restricted stock units	(17.2)	(12.4)
Net cash used in financing activities	(85.7)	(104.5)
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(108.1)	(161.3)
Cash, Cash Equivalents and Restricted Cash, Beginning of the Period	136.3	253.7
Cash, Cash Equivalents and Restricted Cash, End of the Period	28.2	92.4
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, at End of the Year:
Cash and Cash Equivalents	25.9	88.5
Restricted Cash	2.3	3.9
Total Cash, Cash Equivalents and Restricted Cash, End of the Period	28.2	92.4
Supplemental Cash Flow Information:
Interest paid, net of capitalized interest	0.5	5.0
Income tax payments (refunds), net	1.1	(30.3)
Non-cash Information:
Capital expenditures included in accounts payable, accruals and other liabilities	$ 16.0	5.1
Non-cash payment for intangible asset acquisition		$ 4.1

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

LEASES

Components of Lease Cost


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating lease cost	$	35.9	$	41.8
Short-term lease cost		2.0		0.2
Variable lease cost		0.2		0.2
Total lease cost	$	38.1	$	42.2

Summary of maturities of operating lease liabilities


	As of
Year (in millions)	March 31, 2024
Remainder of 2024	$	109.9
2025		85.4
2026		36.6
2027		19.8
2028		10.7
Thereafter		52.1
Total lease payments		314.5
Less: Interest		(33.9)
Present value of operating lease liabilities		280.6
Less: Short-term portion		(131.7)
Long-term operating lease liabilities	$	148.9

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2024 consisted of the following:


									Accumulated
			Post-		Non-				Other
	Pension		Retirement		Qualified				Comprehensive
(In millions)	Benefits		Benefits		Plans		Other		Income (Loss)
Balance at December 31, 2023	$	(20.3)	$	11.0	$	(0.2)	$	1.3	$	(8.2)
Amortization of prior service cost		—		(0.7)		—		—		(0.7)
Amortization of net gain (loss)		0.1		(0.2)		—		—		(0.1)
Foreign currency exchange		—		—		—		(0.9)		(0.9)
Other adjustments		—		—		—		0.1		0.1
Balance at March 31, 2024	$	(20.2)	$	10.1	$	(0.2)	$	0.5	$	(9.8)

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ended March 31, 2023 consisted of the following:


									Accumulated
			Post-		Non-				Other
	Pension		Retirement		Qualified				Comprehensive
(In millions)	Benefits		Benefits		Plans		Other		Income (Loss)
Balance at December 31, 2022	$	(25.8)	$	18.7	$	0.1	$	0.1	$	(6.9)
Amortization of prior service cost		—		(0.7)		—		—		(0.7)
Amortization of net gain (loss)		0.3		(0.4)		—		—		(0.1)
Foreign currency exchange		—		—		—		(0.3)		(0.3)
Other adjustments		—		—		—		1.7		1.7
Balance at March 31, 2023	$	(25.5)	$	17.6	$	0.1	$	1.5	$	(6.3)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 36.1	$ 34.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 3
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+ Details

PROPERTY AND EQUIPMENT (Details) $ in Millions	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Property and equipment
Property and Equipment	$ 3,535.9	$ 3,487.2
Less: Accumulated Depreciation	(1,420.2)	(1,397.3)
Property and equipment, net	$ 2,115.7	2,089.9
Number of vessels under agreements for construction \| item	3
Vessels
Property and equipment
Property and Equipment	$ 2,329.3	2,323.4
Containers and equipment
Property and equipment
Property and Equipment	859.5	845.0
Terminal facilities and other property
Property and equipment
Property and Equipment	148.9	148.0
Vessel construction in progress
Property and equipment
Property and Equipment	$ 104.3	$ 103.1
Number of vessels under agreements for construction \| item	3	3
Other construction in progress
Property and equipment
Property and Equipment	$ 93.9	$ 67.7

REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2024

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

3. REPORTABLE SEGMENTS

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

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

The Company’s Ocean Transportation segment provides ocean transportation services to the Logistics segment, and the Logistics segment provides logistics services to the Ocean Transportation segment in certain transactions. Accordingly, inter-segment revenue of $46.6 million and $40.1 million for the three months ended March 31, 2024 and 2023, respectively, have been eliminated from operating revenues in the table below.

Reportable segment financial information for the three months ended March 31, 2024 and 2023 are as follows:


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating Revenue:
Ocean Transportation (1)	$	579.0	$	551.0
Logistics (2)		143.1		153.8
Total Operating Revenue	$	722.1	$	704.8
Operating Income:
Ocean Transportation (3)	$	27.6	$	27.8
Logistics		9.3		10.9
Total Operating Income		36.9		38.7
Interest income		8.8		8.2
Interest expense		(2.2)		(4.5)
Other income (expense), net		1.8		1.8
Income before Taxes		45.3		44.2
Income taxes		(9.2)		(10.2)
Net Income	$	36.1	$	34.0

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $19.7 million and $16.1 million for the three months ended March 31, 2024 and 2023, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $26.9 million and $24.0 million for the three months ended March 31, 2024 and 2023, respectively.

(3)	Ocean Transportation segment information includes $0.4 million and $(1.8) million of net income (loss) from the Company’s equity investment in SSAT for the three months ended March 31, 2024 and 2023, 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

REPORTABLE SEGMENTS

Schedule of reportable segment financial information


	Three Months Ended
	March 31,
(In millions)	2024		2023
Operating Revenue:
Ocean Transportation (1)	$	579.0	$	551.0
Logistics (2)		143.1		153.8
Total Operating Revenue	$	722.1	$	704.8
Operating Income:
Ocean Transportation (3)	$	27.6	$	27.8
Logistics		9.3		10.9
Total Operating Income		36.9		38.7
Interest income		8.8		8.2
Interest expense		(2.2)		(4.5)
Other income (expense), net		1.8		1.8
Income before Taxes		45.3		44.2
Income taxes		(9.2)		(10.2)
Net Income	$	36.1	$	34.0

(1)	Ocean Transportation operating revenue excludes inter-segment revenue of $19.7 million and $16.1 million for the three months ended March 31, 2024 and 2023, respectively.

(2)	Logistics operating revenue excludes inter-segment revenue of $26.9 million and $24.0 million for the three months ended March 31, 2024 and 2023, respectively.

(3)	Ocean Transportation segment information includes $0.4 million and $(1.8) million of net income (loss) from the Company’s equity investment in SSAT for the three months ended March 31, 2024 and 2023, respectively.

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-34187
Entity Registrant Name	Matson, Inc.
Entity Incorporation, State or Country Code	HI
Entity Tax Identification Number	99-0032630
Entity Address, Address Line One	1411 Sand Island Parkway
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96819
City Area Code	808
Local Phone Number	848-1211
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	MATX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	34,168,153
Entity Central Index Key	0000003453
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CAPITAL CONSTRUCTION FUND (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accounts receivable, net	$ 302.8	$ 279.4
Eligible Accounts Receivable Assigned to CCF
Accounts receivable, net	$ 221.3	$ 218.1
Amount pledged to capital construction fund			$ 200.0

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 03, 2023	Jan. 27, 2023
Debt
Total Debt	$ 430.5	$ 440.6
Less: Current portion	(39.7)	(39.7)
Total Long-term Debt	390.8	400.9
Less: Deferred loan fees	(11.4)	(11.6)
Total Long-term Debt, net of deferred loan fees	379.4	389.3
3.37 %, payable through 2027
Debt
Total Debt	$ 46.2	46.2
Interest rate (as a percent)	3.37%
3.14%, payable through 2031
Debt
Total Debt	$ 107.3	114.4
Interest rate (as a percent)	3.14%
5.34 %, payable through 2028
Debt
Interest rate (as a percent)			5.34%
5.27 %, payable through 2029
Debt
Interest rate (as a percent)				5.27%
1.22 %, payable through 2043
Debt
Total Debt	$ 158.2	158.2
Interest rate (as a percent)	1.22%
1.35 %, payable through 2044
Debt
Total Debt	$ 118.8	$ 121.8
Interest rate (as a percent)	1.35%

LEASES - COMPONENTS OF LEASE COST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of Lease Cost
Operating lease cost	$ 35.9	$ 41.8
Short-term lease cost	2.0	0.2
Variable lease cost	0.2	0.2
Total lease cost	$ 38.1	$ 42.2

CAPITAL CONSTRUCTION FUND - Summary of the activities within the CCF Assigned receivables account (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CAPITAL CONSTRUCTION FUND
CCF assigned receivables balance at beginning of period	$ 218.1	$ 9.9
Assigned account receivables		200.0
Interest earned on assigned receivables	3.2
CCF assigned receivables balance at end of period	$ 221.3	$ 209.9

GOODWILL AND INTANGIBLE ASSETS - INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	Feb. 27, 2023	Mar. 31, 2024	Dec. 31, 2023
Intangible assets
Total Intangible Assets, net		$ 172.5	$ 176.4
Trade Names
Intangible assets
Indefinite-Lived intangible asset		27.3	27.3
Customer Relationships
Intangible assets
Expected useful life	7 years
Finite-Lived intangible assets acquired	$ 16.5
Total		250.3	251.0
Less: Accumulated Amortization		(105.1)	(101.9)
Total estimated amortization expense related to intangibles		145.2	149.1
Ocean Transportation \| Customer Relationships
Intangible assets
Total		140.6	140.6
Logistics \| Customer Relationships
Intangible assets
Total		$ 109.7	$ 110.4

PENSION AND POST-RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2024

PENSION AND POST-RETIREMENT PLANS

Components of net periodic benefit cost (credit)


	Pension Benefits				Post-retirement Benefits
	Three Months Ended March 31,				Three Months Ended March 31,
(In millions)	2024		2023		2024		2023
Components of net periodic benefit cost (credit):
Service cost	$	0.9	$	1.0	$	0.1	$	0.1
Interest cost		2.4		2.5		0.3		0.2
Expected return on plan assets		(3.8)		(3.7)		—		—
Amortization of net loss (gain)		0.1		0.3		(0.2)		(0.5)
Amortization of prior service credit		—		—		(0.9)		(0.9)
Net periodic benefit cost (credit)	$	(0.4)	$	0.1	$	(0.7)	$	(1.1)

DEBT - REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Millions	Mar. 03, 2023	Jan. 27, 2023	Mar. 31, 2024	Dec. 31, 2023
Standby commercial letters of credit
Debt
Used portion of revolving credit facility			$ 5.8
Revolving Credit Facility
Debt
Maximum borrowing capacity under revolving credit facility			650.0
Funds available under the revolving credit facility			644.2
Used portion of revolving credit facility			$ 0.0	$ 0.0
5.34 %, payable through 2028
Debt
Repayment of debt	$ 12.1
Interest rate (as a percent)	5.34%
5.27 %, payable through 2029
Debt
Repayment of debt		$ 14.3
Interest rate (as a percent)		5.27%

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Revenue:
Total Operating Revenue	$ 722.1	$ 704.8
Costs and Expenses:
Operating costs	(612.2)	(597.5)
Income (Loss) from SSAT	0.4	(1.8)
Selling, general and administrative	(73.4)	(66.8)
Total Costs and Expenses	(685.2)	(666.1)
Operating Income	36.9	38.7
Interest income	8.8	8.2
Interest expense	(2.2)	(4.5)
Other income (expense), net	1.8	1.8
Income before Taxes	45.3	44.2
Income taxes	(9.2)	(10.2)
Net Income	36.1	34.0
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income (Loss)	36.1	34.0
Other Comprehensive Income (Loss):
Net change in pension and post-retirement liabilities	(0.8)	(0.8)
Other adjustments	(0.8)	1.4
Total Other Comprehensive Income (Loss), Net of Income Taxes	(1.6)	0.6
Comprehensive Income	$ 34.5	$ 34.6
Basic Earnings Per Share (in dollars per share)	$ 1.05	$ 0.94
Diluted Earnings Per Share (in dollars per share)	$ 1.04	$ 0.94
Weighted Average Number of Shares Outstanding:
Basic (in shares)	34.4	36.1
Diluted (in shares)	34.6	36.3
Ocean Transportation
Operating Revenue:
Total Operating Revenue	$ 579.0	$ 551.0
Logistics
Operating Revenue:
Total Operating Revenue	$ 143.1	$ 153.8