0001104659-16-117884.txt : 20160505 0001104659-16-117884.hdr.sgml : 20160505 20160505060155 ACCESSION NUMBER: 0001104659-16-117884 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160505 DATE AS OF CHANGE: 20160505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Matson, Inc. CENTRAL INDEX KEY: 0000003453 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 990032630 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34187 FILM NUMBER: 161621417 BUSINESS ADDRESS: STREET 1: 1411 SAND ISLAND PARKWAY CITY: HONOLULU STATE: HI ZIP: 96819 BUSINESS PHONE: 808-848-1211 MAIL ADDRESS: STREET 1: 1411 SAND ISLAND PARKWAY CITY: HONOLULU STATE: HI ZIP: 96819 FORMER COMPANY: FORMER CONFORMED NAME: ALEXANDER & BALDWIN INC DATE OF NAME CHANGE: 19920703 10-Q 1 a16-6561_110q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34187

Matson, Inc.

(Exact name of registrant as specified in its charter)

Hawaii		99-0032630
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1411 Sand Island Parkway Honolulu, HI (Address of principal executive offices)		96819 (Zip Code)

(808) 848-1211

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former

fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x		Accelerated filer o

Non-accelerated filer o		Smaller reporting company o
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of shares of common stock outstanding as of March 31, 2016: 43,258,098

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income and Comprehensive Income

(In millions, except per-share amounts) (Unaudited)

	Three Months Ended
	March 31,
	2016			2015
Operating Revenue:
Ocean Transportation	$	366.1		$	305.5
Logistics	88.1			92.7
Total Operating Revenue	454.2			398.2

Costs and Expenses:
Operating costs	376.4			318.2
Equity in income of related party Terminal Joint Venture	(2.6		)	(3.4		)
Selling, general and administrative	45.8			38.5
Total Costs and Expenses	419.6			353.3

Operating Income	34.6			44.9
Interest expense	(4.9		)	(4.3		)
Income before Income Taxes	29.7			40.6
Income tax expense	(11.6		)	(15.6		)
Net Income	$	18.1		$	25.0

Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income	$	18.1		$	25.0
Other Comprehensive Income (Loss):
Net gain (loss) in prior service cost	0.7			(0.2		)
Amortization of prior service cost included in net periodic pension cost	(0.4		)	(0.4		)
Amortization of net loss included in net periodic pension cost	1.1			1.4
Foreign currency translation adjustment	(0.1		)	0.1
Total Other Comprehensive Income	1.3			0.9
Comprehensive Income	$	19.4		$	25.9

Basic Earnings Per Share:	$	0.42		$	0.58
Diluted Earnings Per Share:	$	0.41		$	0.57

Weighted Average Number of Shares Outstanding:
Basic	43.4			43.4
Diluted	43.8			43.9

Cash Dividends Per Share	$	0.18		$	0.17

See Notes to Condensed Consolidated Financial Statements.

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In millions) (Unaudited)

	March 31,			December 31,
	2016			2015
ASSETS
Current Assets:
Cash and cash equivalents	$	20.1		$	25.5
Accounts receivable, net	210.4			214.3
Prepaid expenses and other assets	28.4			38.1
Total current assets	258.9			277.9
Long-term Assets:
Investment in related party Terminal Joint Venture	69.0			66.4
Property and equipment, net	857.4			860.3
Goodwill	241.6			241.6
Intangible assets, net	137.2			139.1
Capital Construction Fund - cash on deposit	12.5			—
Deferred dry-docking costs	68.1			57.6
Other long-term assets	29.6			26.9
Total assets	$	1,674.3		$	1,669.8

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of debt	$	21.7		$	22.0
Accounts payable	150.7			164.9
Payroll and vacation benefits	20.2			23.1
Uninsured liabilities	24.6			27.1
Accrued and other liabilities	44.0			60.5
Total current liabilities	261.2			297.6
Long-term Liabilities:
Long-term debt	459.5			407.9
Deferred income taxes	313.3			310.5
Employee benefit plans	106.7			109.3
Uninsured and other liabilities	38.4			37.7
Multi-employer withdrawal liabilities	55.5			56.2
Total long-term liabilities	973.4			921.6
Commitments and Contingencies (Note 2)
Shareholders’ Equity:
Capital stock	32.4			32.6
Additional paid in capital	282.0			287.9
Accumulated other comprehensive loss	(45.6		)	(46.9		)
Retained earnings	170.9			177.0
Total shareholders’ equity	439.7			450.6
Total liabilities and shareholders’ equity	$	1,674.3		$	1,669.8

See Notes to Condensed Consolidated Financial Statements.

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In millions) (Unaudited)

	Three Months Ended
	March 31,
	2016			2015
Cash Flows From Operating Activities:
Net income	$	18.1		$	25.0
Reconciling adjustments:
Depreciation and amortization	23.8			16.8
Deferred income taxes	3.0			4.5
Share-based compensation expense	2.8			2.8
Equity in income of related party Terminal Joint Venture	(2.6		)	(3.4		)
Other	(1.6		)	3.3
Changes in assets and liabilities:
Accounts receivable	3.9			(4.2		)
Deferred dry-docking payments	(13.2		)	(5.1		)
Deferred dry-docking amortization	8.1			5.5
Prepaid expenses and other assets	6.4			0.7
Accounts payable and accrued liabilities	(9.9		)	7.4
Other liabilities	(19.0		)	(7.0		)
Net cash provided by operating activities	19.8			46.3

Cash Flows From Investing Activities:
Capital expenditures	(30.6		)	(3.3		)
Proceeds from disposal of property and equipment	0.5			0.3
Cash deposits into Capital Construction Fund	(12.5		)	(2.2		)
Withdrawals from Capital Construction Fund	—			2.2
Net cash used in investing activities	(42.6		)	(3.0		)

Cash Flows From Financing Activities:
Excess tax benefit from stock-based compensation	0.1			—
Repayments of debt and capital leases	(2.7		)	(2.4		)
Proceeds from revolving credit facility	97.0			—
Repayments of revolving credit facility	(43.0		)	—
Proceeds from issuance of capital stock	0.8			1.9
Tax withholding related to net share settlements of restricted stock units	(6.1		)	(2.9		)
Dividends paid	(7.9		)	(7.5		)
Payments for shares repurchased	(20.8		)	—
Net cash provided by (used in) financing activities	17.4			(10.9		)

Net (Decrease) Increase in Cash and Cash Equivalents	(5.4		)	32.4
Cash and cash equivalents, beginning of the period	25.5			293.4
Cash and cash equivalents, end of the period	$	20.1		$	325.8

Supplemental Cash Flow Information:
Interest paid	$	4.2		$	3.9
Income tax (refund) paid	$	(0.1	)	$	4.2

Non-cash Information:
Capital expenditures included in accounts payable and accrued liabilities	$	2.1		$	1.0

See Notes to Condensed Consolidated Financial Statements.

1. DESCRIPTION OF THE BUSINESS

Matson, Inc., a holding company incorporated in January 2012 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 is an asset-based business that provides a vital lifeline of ocean freight transportation services to the domestic offshore economies of Hawaii, Alaska, and Guam, and to other island economies including Micronesia and various islands in the South Pacific. MatNav also operates a premium, expedited service from China to Long Beach, California. In addition, subsidiaries of MatNav provides container stevedoring, container equipment maintenance and other terminal services for MatNav and other ocean carriers on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and in the Alaska locations of Anchorage, Kodiak, Dutch Harbor and Akutan.

The Company has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT provides terminal and stevedoring services to various carriers at six terminal facilities on the West Coast of the United States of America (“U.S.”), including to MatNav at several of those facilities. Matson records its share of income or loss in the joint venture in operating costs 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: The Company’s logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics is an asset-light business that provides multimodal transportation services, including domestic and international rail intermodal service (“Intermodal”); long-haul and regional highway brokerage, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively “Highway”); supply chain management, and warehousing and distribution services.

2. GENERAL AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited. Due to the nature of the Company’s operations and the Company’s acquisition of Horizon Lines, Inc. (“Horizon”) during 2015, 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 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 filed on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016.

Fiscal Period: The period end for Matson, Inc. covered by this report is March 31, 2016. The period end for MatNav and its subsidiaries covered by this report occurred on the last Friday in March, or March 25, 2016.

Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.

Property and Equipment: Property and equipment is stated at cost, net of accumulated depreciation of $1,147.9 million and $1,128.6 million at March 31, 2016 and December 31, 2015, respectively.

Intangible Assets, Net: Intangible assets are recorded net of accumulated amortization of $14.2 million and $12.3 million at March 31, 2016 and December 31, 2015, respectively.

Capital Construction Fund: The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015. As of March 31, 2016 and December 31, 2015, the Company had $12.5 million and a nominal amount, respectively, on deposit in the CCF. These amounts are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund the vessel construction costs. During the three months ended March 31, 2016, the Company made cash deposits of $12.5 million into the CCF, and there were no qualified cash withdrawals from the CCF.

As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.

Contingencies: 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.

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.

New Accounting Pronouncements: Leases: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company is in the process of evaluating this guidance.

Share-Based Awards: In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Early adoption is permitted. The Company is in the process of evaluating this guidance.

3. BUSINESS COMBINATION

Horizon Acquisition: On May 29, 2015 (the “Effective Date”), Matson completed its acquisition of Horizon pursuant to which MatNav acquired Horizon’s Alaska operations and assumed all of Horizon’s non-Hawaii assets and liabilities. Immediately before the completion of the Horizon Acquisition, Horizon sold certain of its subsidiaries to the Pasha Group that: (i) conducted Horizon’s Hawaii operations (including owning the assets used to conduct such Hawaii operations and being responsible for the liabilities related thereto), and (ii) that employed the Horizon employees who conducted its Hawaii operations (the “Pasha Transaction”). Horizon also completed the termination of its Puerto Rico operations during the first quarter of 2015. The Alaska operations are recorded within the Ocean Transportation segment of the Company.

On the Effective Date, a subsidiary of the Company merged with Horizon and as a result, the Company acquired 100 percent of Horizon’s outstanding shares and warrants for a cash price of $0.72 per-share. As a result of the Horizon Acquisition the Company thereby acquired Horizon’s assets and thereby assumed its liabilities including Horizon’s debt (net of proceeds from the Pasha Transaction). Immediately following the Horizon Acquisition, the Company repaid the assumed debt which included accrued interest and breakage fees, and redeemed all of Horizon’s outstanding warrants. Total consideration including debt paid and warrants redeemed by the Company is as follows:

(in millions)	Total Consideration
Common shares	$	29.4
Warrants	37.1
Horizon’s debt (including accrued interest and breakage fees)	428.9
Total	$	495.4

Horizon’s assets and liabilities acquired pursuant to the Horizon Acquisition were recorded based on fair value estimates as of the Effective Date, with the remaining unallocated purchase price recorded as goodwill. The following table summarizes the estimated fair values assigned to Horizon’s assets acquired and liabilities assumed as a result of the Horizon Acquisition as of March 31, 2016 and December 31, 2015:

(in millions)	Total
Cash and cash equivalents	$	0.8
Accounts receivable	31.7
Other current assets	7.2
Deferred tax assets, net	45.6
Property and equipment	170.4
Intangibles - Customer relationships	140.0
Other long-term assets	4.1
Accounts payable	(22.8		)
Accruals and other current liabilities	(32.1		)
Multi-employer withdrawal liabilities	(60.6		)
Capital lease obligations	(1.6		)
Horizon’s debt and warrants	(467.5		)
Total identifiable assets less liabilities	(184.8		)
Total cash paid for common shares	(29.4		)
Goodwill	$	214.2

Such fair value estimates require significant judgment including the valuation of property and equipment, intangible assets, debt and warrants, the assumptions used in calculating the multi-employer withdrawal pension liabilities, and the determination of net deferred tax assets. The Company’s fair value estimates are subject to revision pending the Company’s final fair value analysis and purchase price calculations. Consequently, the fair value amounts presented are preliminary and are subject to revision. Final estimates of fair value, including the estimated fair value of multi-employer withdrawal liability may be significantly different from those reflected in the Company’s Consolidated Financial Statements as of March 31, 2016, and December 31, 2015.

The Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended March 31, 2016, include operating revenue of $70.7 million, and net income before income taxes of $4.2 million, respectively, from Horizon’s operations. There were no one-time acquisition related costs incurred post December 31, 2015.

Pro Forma Financial Information (Unaudited): The following unaudited pro forma financial information presents the combined operating results of the Company, and those of Horizon excluding its Hawaii operations, as if the Horizon Acquisition had been completed at the beginning of each period presented below. The unaudited pro forma financial information includes the accounting effects of the business combination, including the amortization of intangible assets, depreciation of property and equipment, and interest expense. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the Horizon Acquisition had taken place at the beginning of the periods presented, nor should it be taken as an indication of our future consolidated results of operations.

	(Unaudited)
	Three Months Ended
	March 31,
Pro Forma Combined: (in millions, except per-share amount)	2016		2015

Operating revenue	$	454.2	$	473.4
Net income from continuing operations	$	18.1	$	9.9

Basic Earnings Per Share:	$	0.42	$	0.23
Diluted Earnings Per Share:	$	0.41	$	0.23

Weighted Average Number of Shares Outstanding:
Basic	43.4		43.4
Diluted	43.8		43.9

4. DEBT

At March 31, 2016 and December 31, 2015, the Company’s debt consisted of the following (in millions):

	March 31,			December 31,
	2016			2015
Term Loans:
5.79%, payable through 2020	$	31.5		$	31.5
3.66%, payable through 2023	68.4			68.4
4.16%, payable through 2027	55.0			55.0
4.31%, payable through 2032	37.5			37.5
4.35%, payable through 2044	100.0			100.0
3.92%, payable through 2045	75.0			75.0
Title XI Bonds:
5.34%, payable through 2028	27.5			28.6
5.27%, payable through 2029	29.7			30.8
Revolving credit facility	54.0			—
Capital leases	2.6			3.1
Total Debt	481.2			429.9
Less current portion	(21.7		)	(22.0		)
Total Long-term Debt	$	459.5		$	407.9

The Company’s Debt is described in Note 8 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.

Revolving Credit Facility: Borrowings under the revolving credit facility are classified as long-term debt in the Condensed Consolidated Balance Sheet, as principal payments are not required until maturity date of July 30, 2020. As of March 31, 2016, the Company had $335.0 million of availability under the revolving credit facility. The interest rate on borrowings under the revolving credit facility approximated 1.73 percent during the three months ended March 31, 2016.

5. PENSION AND POST-RETIREMENT PLANS

The Company sponsors qualified defined-benefit pension and post-retirement plans (collectively, the “Plans”). The following table provides the components of net periodic benefit cost (benefit) for the Plans for the three months ended March 31, 2016 and 2015 (in millions):

	Pension Benefits						Post-retirement Benefits
	March 31,						March 31,
Components of Net Periodic Benefit Costs:	2016			2015			2016		2015
Service cost	$	1.0		$	0.9		$	0.4	$	0.4
Interest cost	2.4			2.4			0.7		0.6
Expected return on plan assets	(3.3		)	(3.5		)	—		—
Amortization of net loss	1.3			1.6			0.3		0.6
Amortization of prior service cost	(0.6		)	(0.6		)	—		—
Net periodic benefit cost	$	0.8		$	0.8		$	1.4	$	1.6

During the three months ended March 31, 2016, the Company contributed $3.1 million to its defined benefit pension plans, out of total expected contributions of $7.5 million for 2016.

6. SHARE-BASED COMPENSATION

During the three months ended March 31, 2016, the Company granted approximately 289,802 in total of time-based and performance-based shares to certain of its employees at a $37.64 weighted-average grant date fair value.

Total stock-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $2.8 million for both the three months ended March 31, 2016 and 2015. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $17.3 million at March 31, 2016, and is expected to be recognized over a weighted-average period of 2.3 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.

7. EARNINGS PER-SHARE

The number of shares used to compute basic and diluted earnings per-share for the three months ended March 31, 2016 and 2015, is as follows (in millions, except per-share amounts):

	Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
			Weighted	Per					Weighted	Per
			Average	Common					Average	Common
	Net		Common	Share			Net		Common	Share
	Income		Shares	Amount			Income		Shares	Amount

Basic:	$	18.1	43.4	$	0.42		$	25.0	43.4	$	0.58
Effect of Dilutive Securities:			0.4	(0.01		)			0.5	(0.01		)
Diluted:	$	18.1	43.8	$	0.41		$	25.0	43.9	$	0.57

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 dilutive shares outstanding excludes certain non-qualified stock options to purchase shares of common stock where the options’ exercise prices were greater than the average market price of the Company’s common stock for the periods presented and, therefore, the effect would be anti-dilutive.

8. FAIR VALUE MEASUREMENTS

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

The carrying value and fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015 are as follows (in millions):

	Total Carrying Value at		Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	March 31, 2016		Fair Value Measurements at March 31, 2016
Cash and cash equivalents	$	20.1	$	20.1	$	20.1	$	—	$	—
Accounts receivable, net	210.4		210.4		—		210.4		—
Variable rate debt	54.0		54.0		—		54.0		—
Fixed rate debt	427.2		447.6		—		447.6		—

	December 31, 2015		Fair Value Measurements at December 31, 2015
Cash and cash equivalents	$	25.5	$	25.5	25.5	$	—	$	—
Accounts receivable, net	214.3		214.3		—	214.3		—
Fixed rate debt	429.9		443.8		—	443.8		—

9. 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 profit, exclusive of interest expense, general corporate expenses, and income taxes. 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 Terminal Joint Venture segment has been aggregated into the Company’s Ocean Transportation segment due to the operations of the Terminal Joint Venture being an integral part of the Company’s Ocean Transportation business and has similar economic characteristics.

Reportable segment results for the three months ended March 31, 2016 and 2015 were as follows (in millions):

	Three Months Ended
	March 31,
	2016			2015
Operating Revenue:
Ocean Transportation	$	366.1		$	305.5
Logistics	88.1			92.7
Total Operating Revenue	$	454.2		$	398.2
Operating Income:
Ocean Transportation	$	33.0		$	43.9
Logistics	1.6			1.0
Total Operating Income	34.6			44.9
Interest expense	(4.9		)	(4.3		)
Income before Income Taxes	29.7			40.6
Income taxes	(11.6		)	(15.6		)
Net Income	$	18.1		$	25.0

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the Condensed Consolidated Financial Statements and related notes, and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.

FORWARD-LOOKING STATEMENTS

Except for historical information, the statements made in this Quarterly Report on Form 10-Q are forward-looking statements made pursuant to the safe-harbor provisions of the Private Security Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings, such as the Forms 10-K, 10-Q and 8-K, the Annual Report to Shareholders, press releases made by the Company, the Company’s Internet Web sites (including Web sites of its subsidiaries), and oral statements made by the officers of the Company.

This report, and other statements that the Company may make, may contain forward-looking statements with respect to the Company’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” or similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

The Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time, including, but not limited to, the factors that are described in Part I, Item 1A under the caption of “Risk Factors” of Matson’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016. Forward-looking statements speak only as of the date they are made, and the Company assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

OVERVIEW

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a discussion of the Company’s financial condition, results of operations, liquidity and certain other factors that may affect its future results from the perspective of management. The discussion that follows is intended to provide information that will assist in understanding the changes in the Company’s financial statements from period to period, the primary factors that accounted for those changes, and how certain accounting principles, policies and estimates affect the Company’s financial statements. MD&A is provided as a supplement to the Condensed Consolidated Financial Statements and notes herein, and should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015, and the Company’s reports filed on Forms 10-Q and 8-K, and other publicly available information.

BUSINESS OUTLOOK

Ocean Transportation: In the first quarter 2016, the Company’s Hawaii service achieved 8.4 percent container volume growth compared to the first quarter 2015, the result of competitive gains and modest market growth. The Company believes that the Hawaii economy is healthy and expects construction activity to be a primary driver of market growth. For the full year 2016, the Company continues to expect its Hawaii container volume to be moderately higher than 2015 with substantially all of the relative increase occurring in the first half of 2016.

In China, the Company’s container volume in the first quarter 2016 was 18.1 percent lower year-over year due to the absence of the exceptionally high demand experienced in the first quarter 2015 during the U.S. West Coast labor disruptions and continued market softness amid a slower than normal post-lunar new year recovery. The Company continued to realize a sizeable rate premium for its expedited service in the first quarter 2016, but as expected, average freight rates were significantly lower than the first quarter 2015. For the remainder of 2016, the Company expects increasingly challenging market conditions in the transpacific trade with underlying market rates at historic lows amid chronic over-capacity. As a result, the Company expects its China rates to trend lower than the declines factored into its previous outlook.

In Guam, a new competitor launched its bi-weekly U.S. flagged containership service at the beginning of the first quarter 2016, resulting in modest competitive volume losses for the Company compared to the first quarter 2015. For the full year 2016, the Company expects to experience continued modest competitive volume losses to this new service.

In Alaska, the Company’s container volume for the first quarter 2016 approximated the level carried by Horizon Lines in the first quarter 2015, primarily due to muted economic activity. For the full year 2016, the Company expects Alaska volume to be modestly lower than the total 67,300 containers carried by Horizon and Matson in 2015.

For the full year 2016, the Company’s terminal joint venture, SSAT, is expected to contribute modestly lower profits than the $16.5 million contributed in 2015, primarily due to the absence of factors related to the clearing of international cargo backlog in the first half of 2015 that resulted from the U.S. West Coast labor disruptions.

As a result, the Company expects full year 2016 Ocean Transportation operating income to be approximately 15 to 20 percent lower than the $187.8 million achieved in 2015. In the second quarter 2016, the Company expects operating income to approximate the second quarter 2015 level of $31.4 million, which was negatively impacted by $13.5 million of additional selling, general and administrative expenses related to the Company’s acquisition of Horizon Lines in excess of the Company’s incremental run-rate target and by $11.4 million of costs related to the Company’s settlement with the State of Hawaii.

Logistics: The Company expects 2016 operating income to modestly exceed the 2015 level of $8.5 million, driven by volume growth and continued expense control.

Interest Expense: The Company expects its interest expense in 2016 to be approximately $19.0 million.

Income Tax Expense: The Company expects its effective tax rate for the full year 2016 to be approximately 39.0 percent.

Capital Spending and Vessel Dry-docking: In the first quarter 2016, the Company made maintenance capital expenditures of $30.6 million and dry-docking payments of $13.2 million. For the full year 2016, the Company expects to make maintenance capital expenditures of approximately $65 million, scheduled new vessel construction progress payments of $67.2 million, and dry-docking payments of approximately $60 million. For the full year 2016, the Company expects depreciation and amortization to total approximately $133 million compared to $105.8 million in 2015, inclusive of dry-docking amortization of approximately $35.0 million expected in 2016 and $23.1 million in 2015.

CONSOLIDATED RESULTS OF OPERATIONS

Consolidated Results: Three months ended March 31, 2016 compared with 2015:

	Three Months Ended March 31,
(dollars in millions, except per share amounts)	2016			2015			Change
Operating revenue	$	454.2		$	398.2		14.1	%
Operating costs and expenses	(419.6		)	(353.3		)	18.8	%
Operating income	34.6			44.9			(22.9	)%
Interest expense	(4.9		)	(4.3		)	14.0	%
Income before income taxes	29.7			40.6			(26.8	)%
Income tax expense	(11.6		)	(15.6		)	(25.6	)%
Net income	$	18.1		$	25.0		(27.6	)%
Basic earnings per share	$	0.42		$	0.58		(27.6	)%
Diluted earnings per share	$	0.41		$	0.57		(28.1	)%

Consolidated operating revenue for the first quarter 2016 increased $56.0 million, or 14.1 percent, compared to the first quarter 2015. This increase was due to $60.6 million higher revenue from Ocean Transportation, offset by $4.6 million lower revenue from Logistics.

Operating costs and expenses for the first quarter 2016 increased $66.3 million, or 18.8 percent, compared to the first quarter 2015. The increase was due to a $71.5 million increase, offset by a $5.2 million decrease in operating costs and expenses from Ocean Transportation and Logistics segments, respectively. Changes in operating revenue, and operating costs and expense are further described below in the Analysis of Operating Revenue and Income by Segment.

Interest expense increased $0.6 million to $4.9 million for the first quarter of 2016 compared to $4.3 million in 2015, due to increased long-term borrowings completed early the fourth quarter 2015 and increased revolver borrowings in the first quarter of 2016.

Income tax expense was $11.6 million, or 39.1 percent of income before income taxes, for the first quarter 2016, compared to $15.6 million, or 38.4 percent of income before income taxes, for the first quarter 2015. The change in the income tax rate was primarily due to the benefit of tax deductible transaction costs related to the Horizon Acquisition recorded in the first quarter 2015.

ANALYSIS OF OPERATING REVENUE AND INCOME BY SEGMENT

Ocean Transportation Operating Results: Three months ended March 31, 2016 compared with 2015:

	Three Months Ended March 31,
(dollars in millions)	2016			2015			Change
Ocean Transportation revenue	$	366.1		$	305.5		19.8	%
Operating costs and expenses	333.1			261.6			27.3	%
Operating income	$	33.0		$	43.9		(24.8	)%
Operating income margin	9.0		%	14.4		%

Volume (Units) (1)
Hawaii containers	36,200			33,400			8.4	%
Hawaii automobiles	17,300			15,900			8.8	%
Alaska containers	15,500			—			—
China containers	11,800			14,400			(18.1	)%
Guam containers	5,500			5,700			(3.5	)%
Micronesia/South Pacific containers	3,300			2,600			26.9	%

(1) Approximate container volumes included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.

Ocean Transportation revenue increased $60.6 million, or 19.8 percent, during the first quarter 2016 compared with the first quarter 2015. This increase was primarily due to the inclusion of revenue from the Company’s acquired Alaska service, higher container volume and yield in Hawaii, partially offset by lower container volume and freight rates in the Company’s China service and lower fuel surcharge revenue.

Alaska volume included in the Company’s first quarter results reflects the third full quarter of operations post-closing of the acquisition on May 29, 2015. On a year over year basis, Hawaii container volume increased by 8.4 percent due to competitive gains and modest market growth; China volume was 18.1 percent lower due to the absence of the extraordinarily high demand experienced in the first quarter 2015 during the U.S. West Coast labor disruptions and continued market softness; and Guam volume decreased by 3.5 percent due primarily to competitive losses associated with the launch of a competitor’s bi-weekly U.S. flagged containership service in January 2016.

Ocean Transportation operating income decreased $10.9 million, or 24.8 percent, during the first quarter 2016 compared with the first quarter 2015. The decrease was primarily due to lower freight rates and volume in the China service, increased depreciation and amortization expense, higher vessel operating expenses related to the deployment of an additional vessel in the Hawaii service, additional selling, general and administrative expenses related to the Alaska acquisition, and higher terminal handling expenses. Partially offsetting these unfavorable items were higher container volume and yield improvements in Hawaii, and the inclusion of operating results from the Company’s acquired Alaska service.

The Company’s SSAT terminal joint venture investment contributed $2.6 million during the first quarter 2016, compared to a $3.4 million contribution in the first quarter 2015. The decrease was primarily attributable to modestly lower lift volume.

Logistics Operating Results: Three months ended March 31, 2016 compared with 2015:

	Three Months Ended March 31,
(dollars in millions)	2016			2015			Change
Intermodal revenue	$	49.4		$	49.6		(0.4	)%
Highway revenue	38.7			43.1			(10.2	)%
Total Logistics Revenue	88.1			92.7			(5.0	)%
Operating costs and expenses	86.5			91.7			(5.7	)%
Operating income	$	1.6		$	1.0		60.0	%
Operating income margin	1.8		%	1.1		%

Logistics revenue decreased $4.6 million, or 5.0 percent during the first quarter 2016 compared with the first quarter 2015. This decrease was primarily the result of lower fuel surcharge revenue, partially offset by higher intermodal volume.

Logistics operating income increased $0.6 million, during the first quarter 2016 compared with the first quarter 2015, primarily due to higher intermodal volume, warehouse operating improvements and highway yield improvements, partially offset by higher G&A and lower intermodal yield.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity: Sources of liquidity available to the Company at March 31, 2016, compared to December 31, 2015 are as follows:

	March 31,		December 31,
Sources of Liquidity (in millions)	2016		2015		Change
Cash and cash equivalents	$	20.1	$	25.5	$	(5.4	)
Accounts receivable, net (1)	210.4		214.3		(3.9		)
Capital Construction Fund - cash on deposit	12.5		—		12.5

(1) As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF (see Note 2 of the interim condensed consolidated financial statements).

Revolving Credit Facility: As of March 31, 2016, the Company had $335.0 million of availability under the revolving credit facility, with a maturity date of July 30, 2020. The Company’s revolving credit facility is described in Note 8 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.

Changes in Cash and Cash Equivalents: Significant changes in the Company’s cash and cash equivalents for the quarter ended March 31, 2016, compared to the quarter ended March 31, 2015, were as follows:

	Three Months Ended March 31,						Change
Cash Flow Information (in millions)	2016			2015			2016 to 2015
Net cash provided by operating activities (1)	$	19.8		$	46.3		$	(26.5	)
Net cash used in investing activities (2)	(42.6		)	(3.0		)	(39.6		)
Net cash provided by (used in) financing activities (3)	17.4			(10.9		)	28.3
Net (decrease) increase in cash and cash equivalents	(5.4		)	32.4			(37.8		)
Cash and cash equivalents, beginning of the period	25.5			293.4			(267.9		)
Cash and cash equivalents, end of the period	$	20.1		$	325.8		$	(305.7	)

(1) Change in net cash provided by (used in) operating activities:

Net cash provided by operating activities decreased by $26.5 million from in the first quarter 2016 compared to first quarter 2015 due to the following:

	Change
(in millions)	2016 to 2015
Decrease in net income from operations	$	(6.9	)
Change in adjustments for non-cash related charges, net	4.0
Change in accounts receivable	8.1
Increase in deferred dry-docking payments	(8.1		)
Change in prepaid expenses and other assets	5.7
Change in accounts payable and accrued liabilities	(17.3		)
Change in other liabilities	(12.0		)
Total	$	(26.5	)

Changes in accounts receivable, and prepaid expenses and other assets in first quarter 2016 compared to first quarter 2015 are due to the timing of collections and payments. Increase in deferred dry-docking payments was due to an increased number of vessels in dry docking during the first quarter 2016 compared to first quarter 2015. Changes in accounts payable and accrued liabilities, and other liabilities are due to increased payments of employee incentives and other benefits, and payments related to the Horizon Acquisition in first quarter 2016 compared to first quarter 2015.

(2) Change in net cash provided by (used in) investing activities:

Net cash used in investing activities increased by $39.6 million from in the first quarter 2016 compared to first quarter 2015 due to the following:

	Change
(in millions)	2016 to 2015
Increase in capital expenditures	$	(27.3	)
Increase in cash deposits into CCF	(10.3		)
Decrease in cash withdrawals from CCF	(2.2		)
Increase in proceeds from disposal of property and equipment	0.2
Total	$	(39.6	)

Capital expenditures increased from $3.3 million in the first quarter 2015 to $30.6 million in the first quarter 2016. The increase was due primarily to new equipment additions and the installation of scrubbers on vessels acquired as part of the Horizon Acquisition. Deposits into the CCF increased during the first quarter 2016 due to expected future qualified withdrawals related to new vessel progress payments.

(3) Change in net cash provided by (used in) financing activities:

Net cash provided by financing activities increased by $28.3 million from in the first quarter 2016 compared to first quarter 2015 due to the following:

	Change
(in millions)	2016 to 2015
Change in borrowings under revolving credit facility, net	$	54.0
Share repurchase payments	(20.8		)
Decrease in other payments, net	(4.9		)
Total	$	28.3

During the first quarter 2016, the Company increased its net borrowings under its revolving credit facility primarily to fund increased capital expenditure, share repurchases, and cash deposits into the CCF. During first quarter 2016, the Company paid $20.8 million in share repurchases. There were no share repurchases during the first quarter 2015.

Working Capital: The Company had a working capital deficiency of $2.3 million at March 31, 2016, compared to $19.7 million deficiency at December 31, 2015.

CONTRACTUAL OBLIGATIONS, COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS

Except for additional borrowings under the Company’s revolving credit facility of $54.0 million at March 31, 2016 (see Note 4 of the interim condensed consolidated financial statements), there were no material changes during this quarter to the Company’s contractual obligations, commitments, contingencies and off-balance sheet arrangements that are described in Item 7 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015, which is incorporated herein by reference.

CRITICAL ACCOUNTING ESTIMATES

There have been no changes during this quarter to the Company’s critical accounting estimates as discussed in Item 7 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.

OTHER MATTERS

The Company’s first quarter 2016 cash dividend of $0.18 per-share was paid on March 3, 2016 to shareholders of record as of February 11, 2016. On April 28, 2016, the Company’s Board of Directors declared a cash dividend of $0.18 per-share payable on June 2, 2016 to shareholders of record as of the close of business on May 12, 2016.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to the Company’s market risk position from the information provided under Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our 2015 Annual Report filed on Form 10-K for the year ended December 31, 2015.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2016, the Company’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2016, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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.

ITEM 1A. RISK FACTORS

There were no material changes to the Company’s risk factors that are described in Part I, Item 1A under the caption of “Risk Factors” of Matson’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 26, 2016.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following is a summary of Matson shares that were repurchased under the Company’s share repurchase program during the three months ended March 31, 2016:

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 — 31, 2016	202,000	$	38.21	202,000	2,668,000
February 1 — 29, 2016	168,500	39.77		168,500	2,499,500
March 1 — 31, 2016	148,100	38.55		148,100	2,351,400
Total	518,600	$	38.81	518,600

(1) On November 4, 2015, the Company announced that Matson’s Board of Directors had approved a share repurchase program of up to 3.0 million shares of common stock through November 2, 2018. Shares will be repurchased in the open market from time to time, and may be made pursuant to a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

ITEM 6. EXHIBITS

31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.

101.INS	XBRL Instance Document

101.SCH	XBRL Taxonomy Extension Schema Document

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	XBRL Taxonomy Extension Label Linkbase Document

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MATSON, INC.
	(Registrant)


Date: May 5, 2016	/s/ Joel M. Wine
	Joel M. Wine
	Senior Vice President and
	Chief Financial Officer


Date: May 5, 2016	/s/ Dale B. Hendler
	Dale B. Hendler
	Vice President and Controller,
	(principal accounting officer)

EX-31.1 2 a16-6561_1ex31d1.htm EX-31.1

EXHIBIT 31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

I, Matthew J. Cox, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Matson, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By	/s/ Matthew J. Cox
		Matthew J. Cox, President and
		Chief Executive Officer
Date: May 5, 2016

EX-31.2 3 a16-6561_1ex31d2.htm EX-31.2

EXHIBIT 31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.

I, Joel M. Wine, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Matson, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By	/s/ Joel M. Wine
		Joel M. Wine, Senior Vice President and
		Chief Financial Officer
Date: May 5, 2016

EX-32 4 a16-6561_1ex32.htm EX-32

EXHIBIT 32

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350.

In connection with the Quarterly Report on Form 10-Q of Matson, Inc. (the “Company”) for the quarterly period ended March 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Matthew J. Cox, as President and Chief Executive Officer of the Company, and Joel M. Wine, as Senior Vice President and Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, that to their knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ Matthew J. Cox
Name:	Matthew J. Cox
Title:	President and Chief Executive Officer
Date:	May 5, 2016


/s/ Joel M. Wine
Name:	Joel M. Wine
Title:	Senior Vice President and Chief Financial Officer
Date:	May 5, 2016

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2015-01-01 2015-03-31 0000003453 matx:TimeBasedAndPerformanceBasedSharesMember us-gaap:SellingGeneralAndAdministrativeExpensesMember matx:EmployeeMember 2016-01-01 2016-03-31 0000003453 matx:TimeBasedAndPerformanceBasedSharesMember us-gaap:SellingGeneralAndAdministrativeExpensesMember matx:EmployeeMember 2015-01-01 2015-03-31 0000003453 2015-12-31 0000003453 matx:SsaTerminalsLlcMember matx:OceanTransportationSegmentMember 2016-01-01 2016-03-31 0000003453 2015-01-01 2015-03-31 0000003453 matx:HorizonLinesIncMember 2016-03-31 0000003453 matx:HorizonLinesIncMember 2015-12-31 0000003453 matx:HorizonLinesIncMember us-gaap:ScenarioPreviouslyReportedMember 2015-05-29 2015-05-29 0000003453 2016-03-31 0000003453 2016-01-01 2016-03-31 matx:segment xbrli:pure matx:facility iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q1 2016 2016-03-31 10-Q 0000003453 43258098 Yes Large Accelerated Filer Matson, Inc. 37100000 467500000 467500000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Capital Construction Fund:  The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.  As of March 31, 2016 and December 31, 2015, the Company had $12.5 million and a nominal amount, respectively, on deposit in the CCF.  These amounts are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund the vessel construction costs.  During the three months ended March 31, 2016, the Company made cash deposits of $12.5 million into the CCF, and there were no qualified cash withdrawals from the CCF.   As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF.  Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1000000 2100000 2200000 12500000 0.01 0.01 -5500000 -8100000 5100000 13200000 92700000 88100000 12500000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> New Accounting Pronouncements: Leases:  In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice.  ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term.  The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company is in the process of evaluating this guidance. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Share-Based Awards:  In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods.  Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows.  Early adoption is permitted. The Company is in the process of evaluating this guidance. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div> 6 305500000 366100000

164900000

150700000

60500000

44000000

1128600000

1147900000

-46900000

-45600000

287900000

282000000

2800000

1669800000

1674300000

277900000

258900000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Basis of Presentation:  The Condensed Consolidated Financial Statements are unaudited.  Due to the nature of the Company’s operations and the Company’s acquisition of Horizon Lines, Inc. (“Horizon”) during 2015, 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 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 filed on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.23

0.42

0.23

0.41

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;padding:0pt;"> (Unaudited) </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Pro Forma Combined: (in millions, except per-share amount) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Operating revenue </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>454.2  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>473.4  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Net income from continuing operations </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.9  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Basic Earnings Per Share: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.42  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.23  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Diluted Earnings Per Share: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.41  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.23  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Weighted Average Number of Shares Outstanding: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Basic </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Diluted </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.8  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.72

9900000

18100000

473400000

454200000

495400000

29400000

428900000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 3.BUSINESS COMBINATION   Horizon Acquisition:  On May 29, 2015 (the “Effective Date”), Matson completed its acquisition of Horizon pursuant to which MatNav acquired Horizon’s Alaska operations and assumed all of Horizon’s non-Hawaii assets and liabilities.  Immediately before the completion of the Horizon Acquisition, Horizon sold certain of its subsidiaries to the Pasha Group that: (i) conducted Horizon’s Hawaii operations (including owning the assets used to conduct such Hawaii operations and being responsible for the liabilities related thereto), and (ii) that employed the Horizon employees who conducted its Hawaii operations (the “Pasha Transaction”).  Horizon also completed the termination of its Puerto Rico operations during the first quarter of 2015.  The Alaska operations are recorded within the Ocean Transportation segment of the Company.   On the Effective Date, a subsidiary of the Company merged with Horizon and as a result, the Company acquired 100 percent of Horizon’s outstanding shares and warrants for a cash price of $0.72 per-share.  As a result of the Horizon Acquisition the Company thereby acquired Horizon’s assets and thereby assumed its liabilities including Horizon’s debt (net of proceeds from the Pasha Transaction).  Immediately following the Horizon Acquisition, the Company repaid the assumed debt which included accrued interest and breakage fees, and redeemed all of Horizon’s outstanding warrants.  Total consideration including debt paid and warrants redeemed by the Company is as follows:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in millions) </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total Consideration </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;"> Common shares </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.4  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;"> Warrants </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.1  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;"> Horizon’s debt (including accrued interest and breakage fees) </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>428.9  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>495.4  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:18.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> </table></div>   Horizon’s assets and liabilities acquired pursuant to the Horizon Acquisition were recorded based on fair value estimates as of the Effective Date, with the remaining unallocated purchase price recorded as goodwill.  The following table summarizes the estimated fair values assigned to Horizon’s assets acquired and liabilities assumed as a result of the Horizon Acquisition as of March 31, 2016 and December 31, 2015:   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in millions) </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.8 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Accounts receivable </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31.7 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Other current assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.2 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Deferred tax assets, net </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.6 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Property and equipment </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170.4 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Intangibles - Customer relationships </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140.0 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Other long-term assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.1 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Accounts payable </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22.8 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Accruals and other current liabilities </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32.1 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Multi-employer withdrawal liabilities </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60.6 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Capital lease obligations </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.6 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Horizon’s debt and warrants </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(467.5 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Total identifiable assets less liabilities </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(184.8 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Total cash paid for common shares </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29.4 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214.2 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Such fair value estimates require significant judgment including the valuation of property and equipment, intangible assets, debt and warrants, the assumptions used in calculating the multi-employer withdrawal pension liabilities, and the determination of net deferred tax assets.  The Company’s fair value estimates are subject to revision pending the Company’s final fair value analysis and purchase price calculations.  Consequently, the fair value amounts presented are preliminary and are subject to revision.  Final estimates of fair value, including the estimated fair value of multi-employer withdrawal liability may be significantly different from those reflected in the Company’s Consolidated Financial Statements as of March 31, 2016, and December 31, 2015.   The Company’s Consolidated Statements of Income and Comprehensive Income for the quarter ended March 31, 2016, include operating revenue of $70.7 million, and net income before income taxes of $4.2 million, respectively, from Horizon’s operations.  There were no one-time acquisition related costs incurred post December 31, 2015.   Pro Forma Financial Information (Unaudited):  The following unaudited pro forma financial information presents the combined operating results of the Company, and those of Horizon excluding its Hawaii operations, as if the Horizon Acquisition had been completed at the beginning of each period presented below.  The unaudited pro forma financial information includes the accounting effects of the business combination, including the amortization of intangible assets, depreciation of property and equipment, and interest expense.  The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the Horizon Acquisition had taken place at the beginning of the periods presented, nor should it be taken as an indication of our future consolidated results of operations.   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;padding:0pt;"> (Unaudited) </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:30.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:65.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Pro Forma Combined: (in millions, except per-share amount) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Operating revenue </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>454.2  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>473.4  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Net income from continuing operations </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9.9  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Basic Earnings Per Share: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.42  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.23  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Diluted Earnings Per Share: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.41  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.56%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.23  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Weighted Average Number of Shares Outstanding: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;padding:0pt;"> Basic </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:65.38%;background-color: #CCEEFF;padding:0pt;"> Diluted </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.8  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

4200000

70700000

1600000

800000

7200000

31700000

22800000

32100000

45600000

56200000

60600000

55500000

60600000

140000000

184800000

4100000

170400000

3100000

2600000

25500000

20100000

293400000

325800000

25500000

20100000

25500000

20100000

32400000

-5400000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Contingencies:  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.   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. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

0.17

0.18

32600000

32400000

25900000

19400000

353300000

419600000

22000000

21700000

0.0173

0.0527

0.0534

0.0366

0.0392

0.0416

0.0431

0.0435

0.0579

0.0527

0.0534

0.0366

0.0392

0.0416

0.0431

0.0435

0.0579

2200000

57600000

68100000

4500000

3000000

310500000

313300000

-1600000

-600000

-1300000

-300000

-600000

3100000

7500000

3500000

3300000

2400000

600000

2400000

700000

800000

1600000

800000

1400000

900000

400000

1000000

400000

16800000

23800000

0.58

0.42

0.57

0.41

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> 7.EARNINGS PER-SHARE   The number of shares used to compute basic and diluted earnings per-share for the three months ended March 31, 2016 and 2015, is as follows (in millions, except per-share amounts):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2016 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2015 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Per </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Per </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Share </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Share </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Income </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Income </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;"> Basic: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.42 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.0 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.58 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;"> Effect of Dilutive Securities: </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.4 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.01 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.01 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;"> Diluted: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.8 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.41 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.0 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.57 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   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 dilutive shares outstanding excludes certain non-qualified stock options to purchase shares of common stock where the options’ exercise prices were greater than the average market price of the Company’s common stock for the periods presented and, therefore, the effect would be anti-dilutive. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

23100000

20200000

17300000

P2Y3M18D

0.35

100000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> The carrying value and fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015 are as follows (in millions):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:24.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total Carrying Value at </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:24.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2016 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:56.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value Measurements at March 31, 2016 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20.1  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20.1  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20.1  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.86%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;padding:0pt;"> Accounts receivable, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210.4  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210.4  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210.4  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;background-color: #CCEEFF;padding:0pt;"> Variable rate debt </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54.0  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54.0  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54.0  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;padding:0pt;"> Fixed rate debt </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>427.2  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447.6  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>447.6  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:24.50%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="10" valign="bottom" style="width:56.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value Measurements at December 31, 2015 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.5  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.5  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.5  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.86%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;padding:0pt;"> Accounts receivable, net </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214.3  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214.3  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214.3  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:24.50%;background-color: #CCEEFF;padding:0pt;"> Fixed rate debt </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429.9  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443.8  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>443.8  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

12300000

14200000

139100000

137200000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Fiscal Period:  The period end for Matson, Inc. covered by this report is March 31, 2016.  The period end for MatNav and its subsidiaries covered by this report occurred on the last Friday in March, or March 25, 2016. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

241600000

214200000

241600000

214200000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Intangible Assets, Net:  Intangible assets are recorded net of accumulated amortization of $14.2 million and $12.3 million at March 31, 2016 and December 31, 2015, respectively. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

25000000

18100000

40600000

29700000

3400000

2600000

4200000

-100000

15600000

11600000

4200000

-3900000

7400000

-9900000

-7000000

-19000000

-700000

-6400000

12500000

500000

400000

4300000

4900000

3900000

4200000

66400000

69000000

1669800000

1674300000

297600000

261200000

921600000

973400000

335000000

429900000

30800000

28600000

68400000

75000000

55000000

37500000

100000000

31500000

481200000

29700000

27500000

68400000

75000000

55000000

37500000

100000000

31500000

54000000

407900000

459500000

22000000

21700000

407900000

459500000

429900000

443800000

427200000

447600000

54000000

-10900000

17400000

-3000000

-42600000

46300000

19800000

25000000

18100000

25000000

18100000

25000000

18100000

318200000

376400000

44900000

1000000

43900000

34600000

1600000

33000000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;">   2.GENERAL AND SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation:  The Condensed Consolidated Financial Statements are unaudited.  Due to the nature of the Company’s operations and the Company’s acquisition of Horizon Lines, Inc. (“Horizon”) during 2015, 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 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 filed on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016.   Fiscal Period:  The period end for Matson, Inc. covered by this report is March 31, 2016.  The period end for MatNav and its subsidiaries covered by this report occurred on the last Friday in March, or March 25, 2016.   Significant Accounting Policies:  The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.   Property and Equipment:  Property and equipment is stated at cost, net of accumulated depreciation of $1,147.9 million and $1,128.6 million at March 31, 2016 and December 31, 2015, respectively.   Intangible Assets, Net:  Intangible assets are recorded net of accumulated amortization of $14.2 million and $12.3 million at March 31, 2016 and December 31, 2015, respectively.   Capital Construction Fund:  The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.  As of March 31, 2016 and December 31, 2015, the Company had $12.5 million and a nominal amount, respectively, on deposit in the CCF.  These amounts are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund the vessel construction costs.  During the three months ended March 31, 2016, the Company made cash deposits of $12.5 million into the CCF, and there were no qualified cash withdrawals from the CCF.   As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF.  Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.   Contingencies:  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.   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.   New Accounting Pronouncements: Leases:  In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice.  ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term.  The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company is in the process of evaluating this guidance.   Share-Based Awards:  In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods.  Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows.  Early adoption is permitted. The Company is in the process of evaluating this guidance. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

176600000

12500000

164400000

26900000

29600000

200000

-700000

-400000

100000

-100000

900000

1300000

-1400000

-1100000

37700000

38400000

3300000

-1600000

20800000

7500000

7900000

2900000

6100000

29400000

3300000

30600000

109300000

106700000

38100000

28400000

1900000

800000

97000000

300000

500000

43900000

43800000

860300000

857400000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Property and Equipment:  Property and equipment is stated at cost, net of accumulated depreciation of $1,147.9 million and $1,128.6 million at March 31, 2016 and December 31, 2015, respectively. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

214300000

210400000

214300000

210400000

2400000

2700000

43000000

177000000

170900000

398200000

92700000

305500000

454200000

88100000

366100000

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:74.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in millions) </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total Consideration </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;"> Common shares </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.92%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.4  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;"> Warrants </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.1  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;"> Horizon’s debt (including accrued interest and breakage fees) </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>428.9  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.92%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>495.4  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.78%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:18.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> At March 31, 2016 and December 31, 2015, the Company’s debt consisted of the following (in millions):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;"> December 31, </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:66.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> Term Loans: </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> 5.79%, payable through 2020 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31.5 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.08%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31.5 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> 3.66%, payable through 2023 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.4 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.4 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> 4.16%, payable through 2027 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55.0 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>55.0 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> 4.31%, payable through 2032 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.5 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37.5 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> 4.35%, payable through 2044 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100.0 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> 3.92%, payable through 2045 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.0 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.0 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> Title XI Bonds: </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> 5.34%, payable through 2028 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27.5 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28.6 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> 5.27%, payable through 2029 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.7 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30.8 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> Revolving credit facility </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>54.0 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> Capital leases </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.6 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.1 </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> Total Debt </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>481.2 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>429.9 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;"> Less current portion </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(21.7 </td> <td valign="bottom" style="width:02.78%;"> ) </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22.0 </td> <td valign="bottom" style="width:01.12%;"> ) </td> </tr> <tr> <td valign="top" style="width:66.66%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;"> Total Long-term Debt </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459.5 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.08%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>407.9 </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.66%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> The number of shares used to compute basic and diluted earnings per-share for the three months ended March 31, 2016 and 2015, is as follows (in millions, except per-share amounts):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2016 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="7" valign="bottom" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three Months Ended March 31, 2015 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Per </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Per </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Average </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Share </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Net </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;"> Common </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> Share </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Income </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Income </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;"> Basic: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.42 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.0 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.4 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.58 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;"> Effect of Dilutive Securities: </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.4 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.01 </td> <td valign="bottom" style="width:02.00%;"> ) </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.5 </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.01 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="top" style="width:27.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;"> Diluted: </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.8 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.41 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.0 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9 </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:08.86%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.57 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:27.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:08.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> The following table provides the components of net periodic benefit cost (benefit) for the Plans for the three months ended March 31, 2016 and 2015 (in millions):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.02%;padding:0pt;"> Pension Benefits </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.02%;padding:0pt;"> Post-retirement Benefits </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:25.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:43.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Components of Net Periodic Benefit Costs: </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;background-color: #CCEEFF;padding:0pt;"> Service cost </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.0 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.9 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.4 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.4 </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> Interest cost </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.4 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.4 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.7 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.6 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;background-color: #CCEEFF;padding:0pt;"> Expected return on plan assets </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3.3 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3.5 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> Amortization of net loss </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.3 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.6 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.3 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.6 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;background-color: #CCEEFF;padding:0pt;"> Amortization of prior service cost </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.6 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.6 </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:11.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> Net periodic benefit cost </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.8 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.8 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.4 </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> $ </td> <td valign="bottom" style="width:09.88%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.6 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.78%;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:76.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in millions) </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Cash and cash equivalents </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.8 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Accounts receivable </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31.7 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Other current assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.2 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Deferred tax assets, net </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.6 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Property and equipment </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>170.4 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Intangibles - Customer relationships </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>140.0 </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Other long-term assets </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.1 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Accounts payable </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22.8 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Accruals and other current liabilities </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32.1 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Multi-employer withdrawal liabilities </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(60.6 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Capital lease obligations </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1.6 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Horizon’s debt and warrants </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(467.5 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Total identifiable assets less liabilities </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(184.8 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Total cash paid for common shares </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29.4 </td> <td valign="bottom" style="width:01.50%;"> ) </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Goodwill </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>214.2 </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Reportable segment results for the three months ended March 31, 2016 and 2015 were as follows (in millions):   <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:36.14%;padding:0pt;"> Three Months Ended </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:36.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Operating Revenue: </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Ocean Transportation </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>366.1 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>305.5 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Logistics </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>88.1 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>92.7 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Total Operating Revenue </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>454.2 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>398.2 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Operating Income: </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Ocean Transportation </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33.0 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>43.9 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Logistics </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.6 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.0 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Total Operating Income </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.6 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44.9 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Interest expense </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4.9 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4.3 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Income before Income Taxes </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.7 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>40.6 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Income taxes </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(11.6 </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15.6 </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Net Income </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18.1 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;;font-family:Times New Roman,Times,serif;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25.0 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:01.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> </table></div>   </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

27100000

24600000

38500000

45800000

2800000

289802

37.64

<div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> Significant Accounting Policies:  The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015. </div><div style="margin-left:0%;margin-right:0%;"> </div><div style="margin-left:0%;margin-right:0%;"></div> </div>

450600000

439700000

43400000

43900000

43800000

43400000

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Logistics Services Logistics Revenue, Net Revenue Total Operating Revenue Costs and Expenses [Abstract] Costs and Expenses: Operating Costs and Expenses Operating costs Income (Loss) from Equity Method Investments Equity in income of related party Terminal Joint Venture Equity in income of related party Terminal Joint Venture Selling, General and Administrative Expense Selling, general and administrative Costs and Expenses Total Costs and Expenses Operating Income (Loss) Operating Income Operating Income Interest Expense Interest expense Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before Income Taxes Income Tax Expense (Benefit) Income tax expense Income taxes Net Income (Loss) Attributable to Parent Net Income Net Income Other Comprehensive Income (Loss), Net of Tax [Abstract] Other Comprehensive Income (Loss), Net of Income Taxes: Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] Other Comprehensive Income (Loss): Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit) Arising During Period, Net of Tax Net gain (loss) in prior service cost Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax Amortization of prior service cost included in net periodic pension cost Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax Amortization of net loss included in net periodic pension cost Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation adjustment Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Total Other Comprehensive Income Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive Income Earnings Per Share, Basic [Abstract] Basic Earnings Per Share: Earnings Per Share, Basic Net income, Basic (in dollars per share) Basic Earnings Per Share (in dollars per share) Earnings Per Share, Diluted [Abstract] Diluted Earnings Per Share: Earnings Per Share, Diluted Net income, Diluted (in dollars per share) Diluted Earnings Per Share (in dollars per share) Earnings Per Share, Basic, Other Disclosures [Abstract] Weighted Average Number of Shares Outstanding: Weighted Average Number of Shares Outstanding, Basic Basic (in shares) Weighted Average Number of Shares Outstanding, Diluted Diluted (in shares) Diluted (in shares) Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] Dividends Common Stock, Dividends, Per Share, Cash Paid Cash Dividends Per Share Condensed Consolidated Balance Sheets Assets [Abstract] ASSETS Assets, Current [Abstract] Current Assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Receivables, Net, Current Accounts receivable, net Prepaid Expense and Other Assets, Current Prepaid expenses and other assets Assets, Current Total current assets Assets, Noncurrent [Abstract] Long-term Assets: Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures Investment in related party Terminal Joint Venture Property, Plant and Equipment, Net Property and equipment, net Goodwill Finite-Lived Intangible Assets, Net Intangible assets, net The amount on deposit in the Capital Construction Fund invested in a money market fund, reflected in the consolidated balance sheets. Net Balance of Amounts Accrued for Capital Construction Fund Capital Construction Fund - cash on deposit Deferred Costs, Noncurrent Deferred dry-docking costs Other Assets, Noncurrent Other long-term assets Assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities, Current [Abstract] Current Liabilities: Debt, Current Current portion of debt Accounts Payable, Current Accounts payable Employee-related Liabilities, Current Payroll and vacation benefits Self Insurance Reserve, Current Uninsured liabilities Accrued Liabilities and Other Liabilities Accrued and other liabilities Liabilities, Current Total current liabilities Liabilities, Noncurrent [Abstract] Long-term Liabilities: Long-term Debt, Excluding Current Maturities Long-term debt Deferred Tax Liabilities, Net, Noncurrent Deferred income taxes Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent Employee benefit plans Other Liabilities, Noncurrent Uninsured and other liabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities Multi-employer withdrawal liabilities Multi-employer withdrawal liabilities Liabilities, Noncurrent Total long-term liabilities Commitments and Contingencies. Commitments and Contingencies (Note 2) Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Shareholders' Equity: Common Stock, Value, Issued Capital stock Additional Paid in Capital, Common Stock Additional paid in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive loss Retained Earnings (Accumulated Deficit) Retained earnings Stockholders' Equity Attributable to Parent Total shareholders' equity Liabilities and Equity Total liabilities and shareholders' equity Condensed Consolidated Statements of Cash Flows Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] Cash Flows From Operating Activities: Income (Loss) from Continuing Operations Attributable to Parent Net income Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Reconciling adjustments: Depreciation, Depletion and Amortization Depreciation and amortization Deferred Income Tax Expense (Benefit) Deferred income taxes Share-based Compensation. Share-based compensation expense Other Operating Activities, Cash Flow Statement Other Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Accounts and Notes Receivable Accounts receivable Represents the increase (decrease) during the reporting period in the value of dry-docking payments made during the current reporting period for benefits that will be received over a period of years. Increase (Decrease) in Deferred Dry Docking Payments Deferred dry-docking payments Represents the increase (decrease) during the reporting period in the value of dry-docking amortization during the current reporting period for benefits that will be received over a period of years. Increase (Decrease) in Deferred Dry Docking Amortization Deferred dry-docking amortization Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other assets Increase (Decrease) in Accounts Payable Accounts payable and accrued liabilities Increase (Decrease) in Other Operating Liabilities Other liabilities Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] Cash Flows From Investing Activities: Payments to Acquire Productive Assets Capital expenditures Proceeds from Sale of Productive Assets Proceeds from disposal of property and equipment The cash outflow from making deposits and accounts receivable assigned into the capital construction fund to be used for qualified purchases under provisions of Merchant Marine Act, 1936, as amended. Deposits into Capital Construction Fund Cash deposits into Capital Construction Fund Decrease in Restricted Cash Withdrawals from Capital Construction Fund Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] Cash Flows From Financing Activities: Excess Tax Benefit from Share-based Compensation, Financing Activities Excess tax benefit from stock-based compensation Repayments of Debt and Capital Lease Obligations Repayments of debt and capital leases Proceeds from Lines of Credit Proceeds from revolving credit facility Repayments of Lines of Credit Repayments of revolving credit facility Proceeds from Issuance of Common Stock Proceeds from issuance of capital stock Payments Related to Tax Withholding for Share-based Compensation Tax withholding related to net share settlements of restricted stock units Payments of Ordinary Dividends, Common Stock Dividends paid Payments for Repurchase of Common Stock Payments for shares repurchased Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash provided by (used in) financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net (Decrease) Increase in Cash and Cash Equivalents Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations Cash and cash equivalents, end of the period Cash and cash equivalents, beginning of the period Supplemental Cash Flow Information [Abstract] Supplemental Cash Flow Information: Interest Paid, Net Interest paid Income Taxes Paid, Net Income tax (refund) paid Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Non-cash Information: Represents the future cash outflow to pay for purchases of fixed assets and dry-docking that have occurred. Capital Expenditures and Dry Docking Incurred but Not Yet Paid Capital expenditures included in accounts payable and accrued liabilities DESCRIPTION OF THE BUSINESS Business Description and Basis of Presentation [Text Block] DESCRIPTION OF THE BUSINESS GENERAL AND SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] GENERAL AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS COMBINATION Business Combination Disclosure [Text Block] BUSINESS COMBINATION DEBT Debt Disclosure [Text Block] DEBT PENSION AND POST-RETIREMENT PLANS Pension and Other Postretirement Benefits Disclosure [Text Block] PENSION AND POST-RETIREMENT PLANS SHARE-BASED COMPENSATION Disclosure of Compensation Related Costs, Share-based Payments [Text Block] SHARE-BASED COMPENSATION EARNINGS PER-SHARE Earnings Per Share [Text Block] EARNINGS PER-SHARE FAIR VALUE MEASUREMENTS Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS REPORTABLE SEGMENTS Segment Reporting Disclosure [Text Block] REPORTABLE SEGMENTS Basis of Accounting, Policy [Policy Text Block] Basis of Presentation Fiscal Period, Policy [Policy Text Block] Fiscal Period Significant Accounting Policies [Text Block] Significant Accounting Policies Property, Plant and Equipment, Policy [Policy Text Block] Property and Equipment Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] Intangible Assets, Net Disclosure of the accounting policy for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. Capital Construction Fund Commitments and Contingencies, Policy [Policy Text Block] Contingencies Disclosure of accounting policy pertaining to new accounting policy for leases. New Accounting Pronouncements Leases Policy Policy Text Block New Accounting Pronouncements: Leases Disclosure of accounting policy pertaining to a new accounting policy for share-based awards. New Accounting Pronouncements Share Based Awards Policy Policy Text Block New Accounting Pronouncements: Share-Based Awards Schedule of Business Acquisitions, by Acquisition [Table Text Block] Schedule of total consideration paid for the Horizon Acquisition on effective date of May 29, 2015 Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Summary of estimated fair values assigned to Horizon's assets acquired and liabilities assumed as a result of the Horizon Acquisition as of March 31, 2016 and December 31, 2015 Business Acquisition, Pro Forma Information [Table Text Block] Schedule of pro forma financial information Schedule of Long-term Debt Instruments [Table Text Block] Schedule of debt Schedule of Net Benefit Costs [Table Text Block] Components of net periodic benefit costs Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of basic and diluted earnings per share Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] Schedule of fair value measurement Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of reportable segment information Schedule reflecting information about the organization of the business. Description of Business [Table] Segments [Axis] Segment [Domain] Segment [Domain] Represents information pertaining to ocean transportation segment that carries freight between various U.S. Pacific Coast, major Hawaii ports, Guam, China and other Pacific ports and provides terminal, stevedoring and container equipment management services in Hawaii. Ocean Transportation Segment [Member] Ocean Transportation Investment, Name [Axis] Equity Method Investee Name [Domain] Equity Method Investee Name [Domain] Represents SSA Terminals, LLC (SSAT). Ssa Terminals Llc [Member] SSAT Line items represent description about business. Description of Business [Line Items] DESCRIPTION OF THE BUSINESS Number of Reportable Segments Number of reportable segments Number of segments Business Combination, Ownership Percentage Ownership interest in SSAT (as a percent) Represents the number of ports terminal facilities on which the investee provides terminal and stevedoring services. Number of Terminal Facilities on which Investee Provides Terminal and Stevedoring Services Number of terminal facilities on which SSAT provided terminal and stevedoring services on the U.S. West Coast CAPITAL CONSTRUCTION FUND. Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Accumulated depreciation of property and equipment Finite-Lived Intangible Assets, Accumulated Amortization Accumulated amortization of intangible assets Other Assets CCF Balance Increase in Restricted Cash Cash Deposits Into CCF Reductions in Other Assets, Amount Qualified withdrawals from CCF Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Axis] Business Acquisition Acquiree [Domain] Business Acquisition Acquiree [Domain] Represents information pertaining to Horizon Lines, Inc. Horizon Lines Inc [Member] Horizon Business Acquisition [Line Items] Business acquisition Business Acquisition, Share Price Cash price (in dollars per share) Business Combination, Consideration Transferred [Abstract] Total cash consideration Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Common shares Amount of warrants of the acquirer in consideration for the business combination. Business Combination Consideration Transferred Equity Interests Issued And Issuable Warrants Warrants Business Combination, Consideration Transferred, Liabilities Incurred Horizon's debt (including accrued interest and breakage fees) Business Combination, Consideration Transferred Total Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] Assets acquired and liabilities assumed Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Cash and cash equivalents Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables Accounts receivable Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other Other current assets Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent Deferred tax assets, net Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Property and equipment EX-101.PRE 10 matx-20160331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2016 shares
Document and Entity Information
Entity Registrant Name	Matson, Inc.
Entity Central Index Key	0000003453
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	43,258,098
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Revenue:
Ocean Transportation	$ 366.1	$ 305.5
Logistics	88.1	92.7
Total Operating Revenue	454.2	398.2
Costs and Expenses:
Operating costs	376.4	318.2
Equity in income of related party Terminal Joint Venture	(2.6)	(3.4)
Selling, general and administrative	45.8	38.5
Total Costs and Expenses	419.6	353.3
Operating Income	34.6	44.9
Interest expense	(4.9)	(4.3)
Income before Income Taxes	29.7	40.6
Income tax expense	(11.6)	(15.6)
Net Income	18.1	25.0
Other Comprehensive Income (Loss), Net of Income Taxes:
Net Income	18.1	25.0
Other Comprehensive Income (Loss):
Net gain (loss) in prior service cost	0.7	(0.2)
Amortization of prior service cost included in net periodic pension cost	(0.4)	(0.4)
Amortization of net loss included in net periodic pension cost	1.1	1.4
Foreign currency translation adjustment	(0.1)	0.1
Total Other Comprehensive Income	1.3	0.9
Comprehensive Income	$ 19.4	$ 25.9
Basic Earnings Per Share:
Basic Earnings Per Share (in dollars per share)	$ 0.42	$ 0.58
Diluted Earnings Per Share:
Diluted Earnings Per Share (in dollars per share)	$ 0.41	$ 0.57
Weighted Average Number of Shares Outstanding:
Basic (in shares)	43.4	43.4
Diluted (in shares)	43.8	43.9
Dividends
Cash Dividends Per Share	$ 0.18	$ 0.17

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 20.1	$ 25.5
Accounts receivable, net	210.4	214.3
Prepaid expenses and other assets	28.4	38.1
Total current assets	258.9	277.9
Long-term Assets:
Investment in related party Terminal Joint Venture	69.0	66.4
Property and equipment, net	857.4	860.3
Goodwill	241.6	241.6
Intangible assets, net	137.2	139.1
Capital Construction Fund - cash on deposit	12.5
Deferred dry-docking costs	68.1	57.6
Other long-term assets	29.6	26.9
Total assets	1,674.3	1,669.8
Current Liabilities:
Current portion of debt	21.7	22.0
Accounts payable	150.7	164.9
Payroll and vacation benefits	20.2	23.1
Uninsured liabilities	24.6	27.1
Accrued and other liabilities	44.0	60.5
Total current liabilities	261.2	297.6
Long-term Liabilities:
Long-term debt	459.5	407.9
Deferred income taxes	313.3	310.5
Employee benefit plans	106.7	109.3
Uninsured and other liabilities	38.4	37.7
Multi-employer withdrawal liabilities	55.5	56.2
Total long-term liabilities	$ 973.4	$ 921.6
Commitments and Contingencies (Note 2)
Shareholders' Equity:
Capital stock	$ 32.4	$ 32.6
Additional paid in capital	282.0	287.9
Accumulated other comprehensive loss	(45.6)	(46.9)
Retained earnings	170.9	177.0
Total shareholders' equity	439.7	450.6
Total liabilities and shareholders' equity	$ 1,674.3	$ 1,669.8

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net income	$ 18.1	$ 25.0
Reconciling adjustments:
Depreciation and amortization	23.8	16.8
Deferred income taxes	3.0	4.5
Share-based compensation expense	2.8	2.8
Equity in income of related party Terminal Joint Venture	(2.6)	(3.4)
Other	(1.6)	3.3
Changes in assets and liabilities:
Accounts receivable	3.9	(4.2)
Deferred dry-docking payments	(13.2)	(5.1)
Deferred dry-docking amortization	8.1	5.5
Prepaid expenses and other assets	6.4	0.7
Accounts payable and accrued liabilities	(9.9)	7.4
Other liabilities	(19.0)	(7.0)
Net cash provided by operating activities	19.8	46.3
Cash Flows From Investing Activities:
Capital expenditures	(30.6)	(3.3)
Proceeds from disposal of property and equipment	0.5	0.3
Cash deposits into Capital Construction Fund	(12.5)	(2.2)
Withdrawals from Capital Construction Fund		2.2
Net cash used in investing activities	(42.6)	(3.0)
Cash Flows From Financing Activities:
Excess tax benefit from stock-based compensation	0.1
Repayments of debt and capital leases	(2.7)	(2.4)
Proceeds from revolving credit facility	97.0
Repayments of revolving credit facility	(43.0)
Proceeds from issuance of capital stock	0.8	1.9
Tax withholding related to net share settlements of restricted stock units	(6.1)	(2.9)
Dividends paid	(7.9)	(7.5)
Payments for shares repurchased	(20.8)
Net cash provided by (used in) financing activities	17.4	(10.9)
Net (Decrease) Increase in Cash and Cash Equivalents	(5.4)	32.4
Cash and cash equivalents, beginning of the period	25.5	293.4
Cash and cash equivalents, end of the period	20.1	325.8
Supplemental Cash Flow Information:
Interest paid	4.2	3.9
Income tax (refund) paid	(0.1)	4.2
Non-cash Information:
Capital expenditures included in accounts payable and accrued liabilities	$ 2.1	$ 1.0

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DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2016
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS	1.DESCRIPTION OF THE BUSINESS Matson, Inc., a holding company incorporated in January 2012 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 is an asset-based business that provides a vital lifeline of ocean freight transportation services to the domestic offshore economies of Hawaii, Alaska, and Guam, and to other island economies including Micronesia and various islands in the South Pacific. MatNav also operates a premium, expedited service from China to Long Beach, California. In addition, subsidiaries of MatNav provides container stevedoring, container equipment maintenance and other terminal services for MatNav and other ocean carriers on the Hawaiian islands of Oahu, Hawaii, Maui and Kauai, and in the Alaska locations of Anchorage, Kodiak, Dutch Harbor and Akutan. The Company has a 35 percent ownership interest in SSA Terminals, LLC (“SSAT”), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT provides terminal and stevedoring services to various carriers at six terminal facilities on the West Coast of the United States of America (“U.S.”), including to MatNav at several of those facilities. Matson records its share of income or loss in the joint venture in operating costs 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: The Company’s logistics business is conducted through Matson Logistics, Inc. (“Matson Logistics”), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics is an asset-light business that provides multimodal transportation services, including domestic and international rail intermodal service (“Intermodal”); long-haul and regional highway brokerage, specialized hauling, flat-bed and project services, less-than-truckload services, and expedited freight services (collectively “Highway”); supply chain management, and warehousing and distribution services.

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GENERAL AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2016
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. Due to the nature of the Company’s operations and the Company’s acquisition of Horizon Lines, Inc. (“Horizon”) during 2015, 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 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 filed on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016. Fiscal Period: The period end for Matson, Inc. covered by this report is March 31, 2016. The period end for MatNav and its subsidiaries covered by this report occurred on the last Friday in March, or March 25, 2016. Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015. Property and Equipment: Property and equipment is stated at cost, net of accumulated depreciation of $1,147.9 million and $1,128.6 million at March 31, 2016 and December 31, 2015, respectively. Intangible Assets, Net: Intangible assets are recorded net of accumulated amortization of $14.2 million and $12.3 million at March 31, 2016 and December 31, 2015, respectively. Capital Construction Fund: The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015. As of March 31, 2016 and December 31, 2015, the Company had $12.5 million and a nominal amount, respectively, on deposit in the CCF. These amounts are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund the vessel construction costs. During the three months ended March 31, 2016, the Company made cash deposits of $12.5 million into the CCF, and there were no qualified cash withdrawals from the CCF. As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets. Contingencies: 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. 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. New Accounting Pronouncements: Leases: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company is in the process of evaluating this guidance. Share-Based Awards: In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Early adoption is permitted. The Company is in the process of evaluating this guidance.

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BUSINESS COMBINATION

3 Months Ended

Mar. 31, 2016

BUSINESS COMBINATION

BUSINESS COMBINATION

3.BUSINESS COMBINATION

Horizon Acquisition: On May 29, 2015 (the “Effective Date”), Matson completed its acquisition of Horizon pursuant to which MatNav acquired Horizon’s Alaska operations and assumed all of Horizon’s non-Hawaii assets and liabilities. Immediately before the completion of the Horizon Acquisition, Horizon sold certain of its subsidiaries to the Pasha Group that: (i) conducted Horizon’s Hawaii operations (including owning the assets used to conduct such Hawaii operations and being responsible for the liabilities related thereto), and (ii) that employed the Horizon employees who conducted its Hawaii operations (the “Pasha Transaction”). Horizon also completed the termination of its Puerto Rico operations during the first quarter of 2015. The Alaska operations are recorded within the Ocean Transportation segment of the Company.

(in millions)	Total Consideration
Common shares	$	29.4
Warrants	37.1
Horizon’s debt (including accrued interest and breakage fees)	428.9

Total	$	495.4

(in millions)	Total
Cash and cash equivalents	$	0.8
Accounts receivable	31.7
Other current assets	7.2
Deferred tax assets, net	45.6
Property and equipment	170.4
Intangibles - Customer relationships	140.0
Other long-term assets	4.1
Accounts payable	(22.8		)
Accruals and other current liabilities	(32.1		)
Multi-employer withdrawal liabilities	(60.6		)
Capital lease obligations	(1.6		)
Horizon’s debt and warrants	(467.5		)

Total identifiable assets less liabilities	(184.8		)
Total cash paid for common shares	(29.4		)

Goodwill	$	214.2

Pro Forma Financial Information (Unaudited): The following unaudited pro forma financial information presents the combined operating results of the Company, and those of Horizon excluding its Hawaii operations, as if the Horizon Acquisition had been completed at the beginning of each period presented below. The unaudited pro forma financial information includes the accounting effects of the business combination, including the amortization of intangible assets, depreciation of property and equipment, and interest expense. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the result of operations that would have been achieved if the Horizon Acquisition had taken place at the beginning of the periods presented, nor should it be taken as an indication of our future consolidated results of operations.

	(Unaudited)
	Three Months Ended
	March 31,
Pro Forma Combined: (in millions, except per-share amount)	2016		2015

Operating revenue	$	454.2	$	473.4
Net income from continuing operations	$	18.1	$	9.9

Basic Earnings Per Share:	$	0.42	$	0.23
Diluted Earnings Per Share:	$	0.41	$	0.23

Weighted Average Number of Shares Outstanding:
Basic	43.4		43.4
Diluted	43.8		43.9

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

XML 18 R8.htm IDEA: XBRL DOCUMENT

DEBT

3 Months Ended

Mar. 31, 2016

DEBT

DEBT

4.DEBT

At March 31, 2016 and December 31, 2015, the Company’s debt consisted of the following (in millions):

	March 31,			December 31,
	2016			2015
Term Loans:
5.79%, payable through 2020	$	31.5		$	31.5
3.66%, payable through 2023	68.4			68.4
4.16%, payable through 2027	55.0			55.0
4.31%, payable through 2032	37.5			37.5
4.35%, payable through 2044	100.0			100.0
3.92%, payable through 2045	75.0			75.0
Title XI Bonds:
5.34%, payable through 2028	27.5			28.6
5.27%, payable through 2029	29.7			30.8
Revolving credit facility	54.0			—
Capital leases	2.6			3.1

Total Debt	481.2			429.9
Less current portion	(21.7		)	(22.0		)

Total Long-term Debt	$	459.5		$	407.9

The Company’s Debt is described in Note 8 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.

Revolving Credit Facility: Borrowings under the revolving credit facility are classified as long-term debt in the Condensed Consolidated Balance Sheet, as principal payments are not required until maturity date of July 30, 2020. As of March 31, 2016, the Company had $335.0 million of availability under the revolving credit facility. The interest rate on borrowings under the revolving credit facility approximated 1.73 percent during the three months ended March 31, 2016.

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PENSION AND POST-RETIREMENT PLANS

3 Months Ended

Mar. 31, 2016

PENSION AND POST-RETIREMENT PLANS

PENSION AND POST-RETIREMENT PLANS

5.PENSION AND POST-RETIREMENT PLANS

	Pension Benefits						Post-retirement Benefits
	March 31,						March 31,
Components of Net Periodic Benefit Costs:	2016			2015			2016		2015
Service cost	$	1.0		$	0.9		$	0.4	$	0.4
Interest cost	2.4			2.4			0.7		0.6
Expected return on plan assets	(3.3		)	(3.5		)	—		—
Amortization of net loss	1.3			1.6			0.3		0.6
Amortization of prior service cost	(0.6		)	(0.6		)	—		—

Net periodic benefit cost	$	0.8		$	0.8		$	1.4	$	1.6

During the three months ended March 31, 2016, the Company contributed $3.1 million to its defined benefit pension plans, out of total expected contributions of $7.5 million for 2016.

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SHARE-BASED COMPENSATION	3 Months Ended
SHARE-BASED COMPENSATION	Mar. 31, 2016
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	6.SHARE-BASED COMPENSATION During the three months ended March 31, 2016, the Company granted approximately 289,802 in total of time-based and performance-based shares to certain of its employees at a $37.64 weighted-average grant date fair value. Total stock-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $2.8 million for both the three months ended March 31, 2016 and 2015. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $17.3 million at March 31, 2016, and is expected to be recognized over a weighted-average period of 2.3 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.

XML 21 R11.htm IDEA: XBRL DOCUMENT

EARNINGS PER-SHARE

3 Months Ended

Mar. 31, 2016

EARNINGS PER-SHARE

EARNINGS PER-SHARE

7.EARNINGS PER-SHARE

The number of shares used to compute basic and diluted earnings per-share for the three months ended March 31, 2016 and 2015, is as follows (in millions, except per-share amounts):

	Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
			Weighted	Per					Weighted	Per
			Average	Common					Average	Common
	Net		Common	Share			Net		Common	Share
	Income		Shares	Amount			Income		Shares	Amount

Basic:	$	18.1	43.4	$	0.42		$	25.0	43.4	$	0.58
Effect of Dilutive Securities:			0.4	(0.01		)			0.5	(0.01		)

Diluted:	$	18.1	43.8	$	0.41		$	25.0	43.9	$	0.57

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FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2016

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

8.FAIR VALUE MEASUREMENTS

The carrying value and fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015 are as follows (in millions):

	Total Carrying Value at		Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	March 31, 2016		Fair Value Measurements at March 31, 2016
Cash and cash equivalents	$	20.1	$	20.1	$	20.1	$	—	$	—
Accounts receivable, net	210.4		210.4		—		210.4		—
Variable rate debt	54.0		54.0		—		54.0		—
Fixed rate debt	427.2		447.6		—		447.6		—

	December 31, 2015		Fair Value Measurements at December 31, 2015
Cash and cash equivalents	$	25.5	$	25.5	25.5	$	—	$	—
Accounts receivable, net	214.3		214.3		—	214.3		—
Fixed rate debt	429.9		443.8		—	443.8		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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REPORTABLE SEGMENTS

3 Months Ended

Mar. 31, 2016

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS

9.REPORTABLE SEGMENTS

Reportable segment results for the three months ended March 31, 2016 and 2015 were as follows (in millions):

	Three Months Ended
	March 31,
	2016			2015
Operating Revenue:
Ocean Transportation	$	366.1		$	305.5
Logistics	88.1			92.7

Total Operating Revenue	$	454.2		$	398.2

Operating Income:
Ocean Transportation	$	33.0		$	43.9
Logistics	1.6			1.0

Total Operating Income	34.6			44.9
Interest expense	(4.9		)	(4.3		)

Income before Income Taxes	29.7			40.6
Income taxes	(11.6		)	(15.6		)

Net Income	$	18.1		$	25.0

- 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/presentationRef
-Publisher FASB
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XML 24 R14.htm IDEA: XBRL DOCUMENT

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2016
GENERAL AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation: The Condensed Consolidated Financial Statements are unaudited. Due to the nature of the Company’s operations and the Company’s acquisition of Horizon Lines, Inc. (“Horizon”) during 2015, 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 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 filed on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2016.
Fiscal Period	Fiscal Period: The period end for Matson, Inc. covered by this report is March 31, 2016. The period end for MatNav and its subsidiaries covered by this report occurred on the last Friday in March, or March 25, 2016.
Significant Accounting Policies	Significant Accounting Policies: The Company’s significant accounting policies are described in Note 2 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015.
Property and Equipment	Property and Equipment: Property and equipment is stated at cost, net of accumulated depreciation of $1,147.9 million and $1,128.6 million at March 31, 2016 and December 31, 2015, respectively.
Intangible Assets, Net	Intangible Assets, Net: Intangible assets are recorded net of accumulated amortization of $14.2 million and $12.3 million at March 31, 2016 and December 31, 2015, respectively.
Capital Construction Fund	Capital Construction Fund: The Company’s Capital Construction Fund (“CCF”) is described in Note 7 to the Consolidated Financial Statements included in Item 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2015. As of March 31, 2016 and December 31, 2015, the Company had $12.5 million and a nominal amount, respectively, on deposit in the CCF. These amounts are held in a money market account and classified as long-term assets in the Company’s Condensed Consolidated Balance Sheets, as the Company intends to use qualified cash withdrawals to fund the vessel construction costs. During the three months ended March 31, 2016, the Company made cash deposits of $12.5 million into the CCF, and there were no qualified cash withdrawals from the CCF. As of March 31, 2016 and December 31, 2015, $164.4 million and $176.6 million, respectively, of eligible accounts receivable were assigned to the CCF. Due to the nature of the assignment of eligible accounts receivable into the CCF, such assigned amounts are classified as part of accounts receivable in the Condensed Consolidated Balance Sheets.
Contingencies	Contingencies: 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. 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.
New Accounting Pronouncements: Leases	New Accounting Pronouncements: Leases: In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to current practice. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new standard is effective for interim and annual periods beginning after December 15, 2018 and early adoption is permitted. The Company is in the process of evaluating this guidance.
New Accounting Pronouncements: Share-Based Awards	Share-Based Awards: In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. Early adoption is permitted. The Company is in the process of evaluating this guidance.

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BUSINESS COMBINATION (Tables)

3 Months Ended

Mar. 31, 2016

BUSINESS COMBINATION

Schedule of total consideration paid for the Horizon Acquisition on effective date of May 29, 2015

(in millions)	Total Consideration
Common shares	$	29.4
Warrants	37.1
Horizon’s debt (including accrued interest and breakage fees)	428.9

Total	$	495.4

Summary of estimated fair values assigned to Horizon's assets acquired and liabilities assumed as a result of the Horizon Acquisition as of March 31, 2016 and December 31, 2015

(in millions)	Total
Cash and cash equivalents	$	0.8
Accounts receivable	31.7
Other current assets	7.2
Deferred tax assets, net	45.6
Property and equipment	170.4
Intangibles - Customer relationships	140.0
Other long-term assets	4.1
Accounts payable	(22.8		)
Accruals and other current liabilities	(32.1		)
Multi-employer withdrawal liabilities	(60.6		)
Capital lease obligations	(1.6		)
Horizon’s debt and warrants	(467.5		)

Total identifiable assets less liabilities	(184.8		)
Total cash paid for common shares	(29.4		)

Goodwill	$	214.2

Schedule of pro forma financial information

	(Unaudited)
	Three Months Ended
	March 31,
Pro Forma Combined: (in millions, except per-share amount)	2016		2015

Operating revenue	$	454.2	$	473.4
Net income from continuing operations	$	18.1	$	9.9

Basic Earnings Per Share:	$	0.42	$	0.23
Diluted Earnings Per Share:	$	0.41	$	0.23

Weighted Average Number of Shares Outstanding:
Basic	43.4		43.4
Diluted	43.8		43.9

XML 26 R16.htm IDEA: XBRL DOCUMENT

DEBT (Tables)

3 Months Ended

Mar. 31, 2016

DEBT

Schedule of debt

At March 31, 2016 and December 31, 2015, the Company’s debt consisted of the following (in millions):

	March 31,			December 31,
	2016			2015
Term Loans:
5.79%, payable through 2020	$	31.5		$	31.5
3.66%, payable through 2023	68.4			68.4
4.16%, payable through 2027	55.0			55.0
4.31%, payable through 2032	37.5			37.5
4.35%, payable through 2044	100.0			100.0
3.92%, payable through 2045	75.0			75.0
Title XI Bonds:
5.34%, payable through 2028	27.5			28.6
5.27%, payable through 2029	29.7			30.8
Revolving credit facility	54.0			—
Capital leases	2.6			3.1

Total Debt	481.2			429.9
Less current portion	(21.7		)	(22.0		)

Total Long-term Debt	$	459.5		$	407.9

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

XML 27 R17.htm IDEA: XBRL DOCUMENT

PENSION AND POST-RETIREMENT PLANS (Tables)

3 Months Ended

Mar. 31, 2016

PENSION AND POST-RETIREMENT PLANS

Components of net periodic benefit costs

The following table provides the components of net periodic benefit cost (benefit) for the Plans for the three months ended March 31, 2016 and 2015 (in millions):

	Pension Benefits						Post-retirement Benefits
	March 31,						March 31,
Components of Net Periodic Benefit Costs:	2016			2015			2016		2015
Service cost	$	1.0		$	0.9		$	0.4	$	0.4
Interest cost	2.4			2.4			0.7		0.6
Expected return on plan assets	(3.3		)	(3.5		)	—		—
Amortization of net loss	1.3			1.6			0.3		0.6
Amortization of prior service cost	(0.6		)	(0.6		)	—		—

Net periodic benefit cost	$	0.8		$	0.8		$	1.4	$	1.6

XML 28 R18.htm IDEA: XBRL DOCUMENT

EARNINGS PER-SHARE (Tables)

3 Months Ended

Mar. 31, 2016

EARNINGS PER-SHARE

Schedule of basic and diluted earnings per share

The number of shares used to compute basic and diluted earnings per-share for the three months ended March 31, 2016 and 2015, is as follows (in millions, except per-share amounts):

	Three Months Ended March 31, 2016						Three Months Ended March 31, 2015
			Weighted	Per					Weighted	Per
			Average	Common					Average	Common
	Net		Common	Share			Net		Common	Share
	Income		Shares	Amount			Income		Shares	Amount

Basic:	$	18.1	43.4	$	0.42		$	25.0	43.4	$	0.58
Effect of Dilutive Securities:			0.4	(0.01		)			0.5	(0.01		)

Diluted:	$	18.1	43.8	$	0.41		$	25.0	43.9	$	0.57

XML 29 R19.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2016

FAIR VALUE MEASUREMENTS

Schedule of fair value measurement

The carrying value and fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015 are as follows (in millions):

	Total Carrying Value at		Total		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	March 31, 2016		Fair Value Measurements at March 31, 2016
Cash and cash equivalents	$	20.1	$	20.1	$	20.1	$	—	$	—
Accounts receivable, net	210.4		210.4		—		210.4		—
Variable rate debt	54.0		54.0		—		54.0		—
Fixed rate debt	427.2		447.6		—		447.6		—

	December 31, 2015		Fair Value Measurements at December 31, 2015
Cash and cash equivalents	$	25.5	$	25.5	25.5	$	—	$	—
Accounts receivable, net	214.3		214.3		—	214.3		—
Fixed rate debt	429.9		443.8		—	443.8		—

XML 30 R20.htm IDEA: XBRL DOCUMENT

REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2016

REPORTABLE SEGMENTS

Schedule of reportable segment information

Reportable segment results for the three months ended March 31, 2016 and 2015 were as follows (in millions):

	Three Months Ended
	March 31,
	2016			2015
Operating Revenue:
Ocean Transportation	$	366.1		$	305.5
Logistics	88.1			92.7

Total Operating Revenue	$	454.2		$	398.2

Operating Income:
Ocean Transportation	$	33.0		$	43.9
Logistics	1.6			1.0

Total Operating Income	34.6			44.9
Interest expense	(4.9		)	(4.3		)

Income before Income Taxes	29.7			40.6
Income taxes	(11.6		)	(15.6		)

Net Income	$	18.1		$	25.0

XML 31 R21.htm IDEA: XBRL DOCUMENT

DESCRIPTION OF THE BUSINESS (Details)	3 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Mar. 31, 2016 segment facility
DESCRIPTION OF THE BUSINESS
Number of reportable segments \| segment	2
Ocean Transportation \| SSAT
DESCRIPTION OF THE BUSINESS
Ownership interest in SSAT (as a percent)	35.00%
Number of terminal facilities on which SSAT provided terminal and stevedoring services on the U.S. West Coast \| facility	6

XML 32 R22.htm IDEA: XBRL DOCUMENT

GENERAL AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accumulated depreciation of property and equipment	$ 1,147.9	$ 1,128.6
Accumulated amortization of intangible assets	14.2	12.3
Long-term Assets \| Eligible Accounts Receivable Assigned to CCF
CCF Balance	164.4	$ 176.6
Long-term Assets \| CCF Cash Deposits and Withdrawals
CCF Balance	12.5
Cash Deposits Into CCF	12.5
Qualified withdrawals from CCF	$ 0.0

XML 33 R23.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION - CONSIDERATION PAID (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	May. 29, 2015	Mar. 31, 2016	Dec. 31, 2015
Assets acquired and liabilities assumed
Multi-employer withdrawal liabilities		$ (55.5)	$ (56.2)
Goodwill		241.6	241.6
Horizon
Business acquisition
Business Combination, Ownership Percentage	100.00%
Cash price (in dollars per share)	$ 0.72
Assets acquired and liabilities assumed
Cash and cash equivalents		0.8	0.8
Accounts receivable		31.7	31.7
Other current assets		7.2	7.2
Deferred tax assets, net		45.6	45.6
Property and equipment		170.4	170.4
Intangibles - Customer relationships		140.0	140.0
Other long-term assets		4.1	4.1
Accounts payable		(22.8)	(22.8)
Accruals and other current liabilities		(32.1)	(32.1)
Multi-employer withdrawal liabilities		(60.6)	(60.6)
Capital lease obligations		(1.6)	(1.6)
Horizon's debt and warrants		(467.5)	(467.5)
Total identifiable assets less liabilities		(184.8)	(184.8)
Total cash paid for common shares		(29.4)	(29.4)
Goodwill		$ 214.2	$ 214.2
Horizon \| As previously Reported
Total cash consideration
Common shares	$ 29.4
Warrants	37.1
Horizon's debt (including accrued interest and breakage fees)	428.9
Total	$ 495.4

XML 34 R24.htm IDEA: XBRL DOCUMENT

BUSINESS COMBINATION - PROFORMA (Details) - Horizon - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Income and Comprehensive Income
Revenue	$ 70.7
Net income before income taxes	4.2
One-time acquisition related costs	0.0
Pro-forma Combined
Operating revenue	454.2	$ 473.4
Net income from continuing operations	$ 18.1	$ 9.9
Basic Earnings Per Share (in dollars per share)	$ 0.42	$ 0.23
Diluted Earnings Per Share (in dollars per share)	$ 0.41	$ 0.23
Weighted Average Number of Shares Outstanding:
Basic	43.4	43.4
Diluted	43.8	43.9

XML 35 R25.htm IDEA: XBRL DOCUMENT

DEBT - SUMMARY (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt
Capital leases	$ 2.6	$ 3.1
Total Debt	481.2	429.9
Less current portion	(21.7)	(22.0)
Total Long-term Debt	459.5	407.9
5.79%, payable through 2020
Debt
Total Debt	$ 31.5	$ 31.5
Interest rate (as a percent)	5.79%	5.79%
3.66%, payable through 2023
Debt
Total Debt	$ 68.4	$ 68.4
Interest rate (as a percent)	3.66%	3.66%
4.16%, payable through 2027
Debt
Total Debt	$ 55.0	$ 55.0
Interest rate (as a percent)	4.16%	4.16%
4.31%, payable through 2032
Debt
Total Debt	$ 37.5	$ 37.5
Interest rate (as a percent)	4.31%	4.31%
4.35%, payable through 2044
Debt
Total Debt	$ 100.0	$ 100.0
Interest rate (as a percent)	4.35%	4.35%
3.92%, payable through 2045
Debt
Total Debt	$ 75.0	$ 75.0
Interest rate (as a percent)	3.92%	3.92%
5.34%, payable through 2028
Debt
Total Debt	$ 27.5	$ 28.6
Interest rate (as a percent)	5.34%	5.34%
5.27%, payable through 2029
Debt
Total Debt	$ 29.7	$ 30.8
Interest rate (as a percent)	5.27%	5.27%
Revolving Credit Facility
Debt
Total Debt	$ 54.0

XML 36 R26.htm IDEA: XBRL DOCUMENT

DEBT - DESCRIPTION (Details) - Revolving Credit Facility $ in Millions	3 Months Ended
	Mar. 31, 2016 USD ($)
Debt
Funds available under the revolving credit facility	$ 335.0
Interest rate during period (as a percent)	1.73%

XML 37 R27.htm IDEA: XBRL DOCUMENT

PENSION AND POST-RETIREMENT PLANS - COMPONENTS OF NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Benefits
Components of Net Periodic Benefit Costs:
Service cost	$ 1.0	$ 0.9
Interest cost	2.4	2.4
Expected return on plan assets	(3.3)	(3.5)
Amortization of net loss	1.3	1.6
Amortization of prior service cost	(0.6)	(0.6)
Net periodic benefit cost	0.8	0.8
Defined Benefit Pension Plan Contributions
Employer contribution	3.1
Full year expected cash contributions to pension plan	7.5
Post-retirement Benefits
Components of Net Periodic Benefit Costs:
Service cost	0.4	0.4
Interest cost	0.7	0.6
Amortization of net loss	0.3	0.6
Net periodic benefit cost	$ 1.4	$ 1.6

XML 38 R28.htm IDEA: XBRL DOCUMENT

SHARE-BASED COMPENSATION (Details) - Time-based and performance-based shares - Employee - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based compensation
Shares granted	289,802
Weighted average grant date fair value (in dollars per share)	$ 37.64
Total unrecognized compensation cost	$ 17.3
Unrecognized compensation cost over weighted-average period to be recognized	2 years 3 months 18 days
Selling, general and administrative expenses
Share-based compensation
Total stock-based compensation cost	$ 2.8	$ 2.8

XML 39 R29.htm IDEA: XBRL DOCUMENT

EARNING PER-SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income
Net Income, Basic	$ 18.1	$ 25.0
Net Income, Diluted	$ 18.1	$ 25.0
Weighted Average Common Shares
Basic (in shares)	43.4	43.4
Effect of Dilutive Securities (in shares)	0.4	0.5
Diluted (in shares)	43.8	43.9
Per Common Share Amount
Net income, Basic (in dollars per share)	$ 0.42	$ 0.58
Effect of Dilutive Securities (in dollars per shares)	(0.01)	(0.01)
Net income, Diluted (in dollars per share)	$ 0.41	$ 0.57

XML 40 R30.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Carrying value
Fair value of financial instruments
Cash and cash equivalents	$ 20.1	$ 25.5
Accounts receivable, net	210.4	214.3
Variable rate debt	54.0
Fixed rate debt	427.2	429.9
Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	20.1	25.5
Accounts receivable, net	210.4	214.3
Variable rate debt	54.0
Fixed rate debt	447.6	443.8
Fair Value Measurement \| Quoted Prices in Active Markets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	20.1	25.5
Fair Value Measurement \| Significant Observable Inputs (Level 2)
Fair value of financial instruments
Accounts receivable, net	210.4	214.3
Variable rate debt	54.0
Fixed rate debt	$ 447.6	$ 443.8

XML 41 R31.htm IDEA: XBRL DOCUMENT

REPORTABLE SEGMENTS (Details) $ in Millions	3 Months Ended
REPORTABLE SEGMENTS (Details) $ in Millions	Mar. 31, 2016 USD ($) segment	Mar. 31, 2015 USD ($)
Segment results
Number of segments \| segment	2
Revenue	$ 454.2	$ 398.2
Operating Income	34.6	44.9
Interest expense	(4.9)	(4.3)
Income before Income Taxes	29.7	40.6
Income taxes	(11.6)	(15.6)
Net Income	18.1	25.0
Operating segments
Segment results
Operating Income	34.6	44.9
Ocean Transportation \| Operating segments
Segment results
Revenue	366.1	305.5
Operating Income	33.0	43.9
Logistics \| Operating segments
Segment results
Revenue	88.1	92.7
Operating Income	$ 1.6	$ 1.0

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