SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of changes in the allowance for doubtful accounts receivable

	Balance at				Write-offs		Balance at
Year (in millions)	Beginning of Year		Expense (1)		and Other		End of Year
2019	$	4.8	$	0.6	$	(1.1)	$	4.3
2018	$	4.6	$	0.8	$	(0.6)	$	4.8
2017	$	4.2	$	1.0	$	(0.6)	$	4.6

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

Schedule of prepaid expenses and other assets

	As of December 31,
Prepaid Expenses and Other Assets (in millions)	2019		2018
Prepaid fuel	$	13.7	$	16.3
Prepaid insurance and insurance related receivables		13.4		12.6
Income tax receivables		12.8		26.8
Restricted cash - vessel construction obligations		7.2		4.9
Prepaid operating expenses		5.7		6.8
Other		9.7		7.7
Total	$	62.5	$	75.1

Schedule of other long-term assets

	As of December 31,
Other Long-Term Assets (in millions)	2019		2018
Vessel and equipment spare parts	$	12.4	$	13.1
Income tax receivables		11.5		21.5
Insurance related receivables		10.6		11.2
Deferred charges and other		3.3		3.7
Total	$	37.8	$	49.5

Schedule of estimated useful lives of property and equipment

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

Schedule other liabilities

	As of December 31,
Other Liabilities (in millions)	2019		2018
Payroll and vacation	$	28.5	$	25.7
Employee incentives and other		14.7		19.5
Uninsured risks and related liabilities - short term		12.6		9.9
Multi-employer withdrawal liabilities - short term (see Note 12)		10.8		10.8
Deferred revenues		6.9		5.7
Interest on debt		4.9		5.1
Pension and post-retirement liabilities - short term (see Note 11)		3.1		3.0
Other short-term liabilities		4.5		2.2
Total	$	86.0	$	81.9

Schedule of other long-term liabilities

	As of December 31,
Other Long-Term Liabilities (in millions)	2019		2018
Pension and post-retirement liabilities (see Note 11)	$	73.4	$	79.4
Multi-employer withdrawal liability (see Note 12)		54.8		56.6
Uninsured risks and related liabilities		26.6		27.3
Other long-term liabilities		2.6		14.0
Total	$	157.4	$	177.3

Ocean Transportation

Schedule of principal revenue generating activities by segment

	Year Ended December 31,
Ocean Transportation (in millions) (1)	2019		2018		2017
Ocean Transportation services	$	1,625.8	$	1,599.3	$	1,531.8
Terminal and other related services		24.8		23.0		23.5
Fuel sales		10.1		12.2		9.9
Vessel management and related services		5.9		6.8		6.6
Total	$	1,666.6	$	1,641.3	$	1,571.8

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

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

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

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

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

Logistics

Schedule of principal revenue generating activities by segment

	Year Ended December 31,
Logistics (in millions) (1)	2019		2018		2017
Transportation Brokerage and Freight Forwarding services	$	504.8	$	549.1	$	445.1
Warehouse and distribution services		20.6		19.1		17.5
Supply chain management and other services		11.1		13.3		12.5
Total	$	536.5	$	581.5	$	475.1

(1) Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies.

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

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

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