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QUARTERLY INFORMATION (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
QUARTERLY INFORMATION (Unaudited)  
Schedule of quarterly financial information

 

 

Quarters in the Year Ended December 31, 2018

 

(In millions, except per-share amounts)

    

Q1

    

Q2

    

Q3

    

Q4

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

379.3

 

$

406.6

 

$

437.3

 

$

418.1

 

Logistics

 

 

132.1

 

 

150.5

 

 

152.1

 

 

146.8

 

Total Operating Revenue

 

$

511.4

 

$

557.1

 

$

589.4

 

$

564.9

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

24.5

 

$

36.5

 

$

48.7

 

$

21.4

 

Logistics

 

 

4.2

 

 

9.5

 

 

9.9

 

 

9.1

 

Total Operating Income

 

 

28.7

 

 

46.0

 

 

58.6

 

 

30.5

 

Interest expense, net

 

 

(5.0)

 

 

(5.0)

 

 

(4.4)

 

 

(4.3)

 

Other income (expense), net

 

 

0.8

 

 

0.4

 

 

0.7

 

 

0.7

 

Income before Income Taxes

 

 

24.5

 

 

41.4

 

 

54.9

 

 

26.9

 

Income Taxes

 

 

(10.3)

 

 

(8.8)

 

 

(13.3)

 

 

(6.3)

 

Net Income

 

$

14.2

 

$

32.6

 

$

41.6

 

$

20.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$

0.33

 

$

0.76

 

$

0.97

 

$

0.48

 

Diluted Earnings Per Share:

 

$

0.33

 

$

0.76

 

$

0.97

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2017

 

(In millions, except per-share amounts)

    

Q1

    

Q2

    

Q3

    

Q4 (1)

 

Operating Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

370.0

 

$

392.7

 

$

419.2

 

$

389.9

 

Logistics

 

 

104.4

 

 

119.8

 

 

124.7

 

 

126.2

 

Total Operating Revenue

 

$

474.4

 

$

512.5

 

$

543.9

 

$

516.1

 

Operating Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean Transportation

 

$

15.3

 

$

40.0

 

$

51.0

 

$

20.1

 

Logistics

 

 

1.9

 

 

7.0

 

 

7.3

 

 

4.7

 

Total Operating Income

 

 

17.2

 

 

47.0

 

 

58.3

 

 

24.8

 

Interest expense, net

 

 

(6.3)

 

 

(6.3)

 

 

(6.2)

 

 

(5.4)

 

Other income (expense), net

 

 

(0.8)

 

 

(1.1)

 

 

3.5

 

 

0.5

 

Income before Income Taxes

 

 

10.1

 

 

39.6

 

 

55.6

 

 

19.9

 

Income Taxes

 

 

(3.1)

 

 

(15.6)

 

 

(21.5)

 

 

146.0

 

Net Income

 

$

7.0

 

$

24.0

 

$

34.1

 

$

165.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share:

 

$

0.16

 

$

0.56

 

$

0.79

 

$

3.90

 

Diluted Earnings Per Share:

 

$

0.16

 

$

0.55

 

$

0.79

 

$

3.88

 

(1)

Income taxes, net income and per-share amounts were adjusted for an immaterial correction of an error in the quarter ended December 31, 2017 (see Note 2).

 

Schedule of infrequent transactions impacting the segment results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2018

 

(In millions)

    

Q1

    

Q2

    

Q3

    

Q4

 

Income taxes - Discrete adjustments related to the Tax Act (1)

 

$

(3.3)

 

$

0.2

 

$

 —

 

$

0.2

 

(1)

Amounts relate to discrete adjustments as a result of applying the Tax Act during the year ended December 31, 2018.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarters in the Year Ended December 31, 2017

 

(In millions)

    

Q1

    

Q2

    

Q3

    

Q4

 

Income taxes - Remeasurement and discrete adjustments related to the Tax Act (2)

 

$

 —

 

$

 —

 

$

 —

 

$

154.0

 

Amount relates to the remeasurement of the Company’s deferred assets and liabilities, and other discrete adjustments as a result of applying the Tax Act during the year ended December 31, 2017.