PENSION AND POST-RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

PENSION AND POST-RETIREMENT PLANS

Schedule of the Company's target and actual asset allocations

Asset Categories	Target		2021		2020
Domestic equity securities	53	%	61	%	60	%
International equity securities	15	%	16	%	17	%
Debt securities	22	%	15	%	17	%
Real estate	5	%	6	%	5	%
Other and cash	5	%	2	%	1	%
Total	100	%	100	%	100	%

Schedule of the Company's actual return on plan assets

Actual Return on Plan Assets	Returns
One-year return	14.9	%
Three-year return	16.4	%
Five-year return	11.1	%
Long-term average return (since plan inception in 1989)	8.7	%

Schedule of the fair values of the Company's pension plan assets, by asset category

The fair values of the Company’s pension plan assets at December 31, 2021 and 2020 by asset category were as follows:

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

	Fair Value Measurements at December 31, 2020
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	3.8	$	3.8	$	—	$	—
Equity securities:
U.S. large-cap		71.3		28.9		42.4		—
U.S. mid- and small-cap		54.3		36.2		18.1		—
International large-cap		7.0		—		7.0		—
Fixed income securities:
U.S. Treasuries		12.0		—		12.0		—
Investment grade U.S. corporate bonds		22.5		—		22.5		—
Total		170.9	$	68.9	$	102.0	$	—
Investment measured at NAV (1)		41.9
Total plan assets	$	212.8

(1) Real estate and private equity funds for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy and are included as a reconciling item to total plan assets.

Schedule of change in benefit obligation and plan assets

The status of the funded qualified defined benefit pension plans and the unfunded post-retirement benefit plans at December 31, 2021 and 2020 are shown below:

					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	263.1	$	239.9	$	29.1	$	26.0
Service cost		4.8		5.1		0.7		0.5
Interest cost		6.4		7.9		0.7		0.8
Participant contributions		—		—		0.8		0.8
Actuarial (gain) loss		(10.7)		23.9		0.1		2.7
Benefits paid, net of subsidies received		(13.0)		(12.5)		(2.1)		(1.7)
Expenses paid		(1.1)		(1.2)		—		—
Benefit obligation at end of year		249.5		263.1		29.3		29.1
Change in Plan Assets:
Fair value of plan assets at beginning of year		212.8		194.8		—		—
Actual return on plan assets		31.2		22.7		—		—
Participant contributions		—		—		0.8		0.8
Employer contributions		9.0		9.0		1.3		0.9
Benefits paid, net of subsidies received		(13.0)		(12.5)		(2.1)		(1.7)
Expenses paid		(1.1)		(1.2)		—		—
Fair value of plan assets at end of year		238.9		212.8		—		—
Funded Status and Recognized Liability	$	(10.6)	$	(50.3)	$	(29.3)	$	(29.1)

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

Qualified pension and post-retirement benefits plans liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2021 and 2020 were as follows:

					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2021		2020		2021		2020
Non-current assets	$	1.3	$	1.0	$	—	$	—
Current liabilities		—		—		(0.9)		(1.0)
Non-current liabilities, net		(11.9)		(51.3)		(28.4)		(28.1)
Total	$	(10.6)	$	(50.3)	$	(29.3)	$	(29.1)
Net loss, net of taxes	$	(39.9)	$	(64.2)	$	(3.7)	$	(4.4)
Prior service credit, net of taxes		0.8		2.5		13.9		16.6
Total	$	(39.1)	$	(61.7)	$	10.2	$	12.2

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

The information for qualified defined benefit pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2021 and 2020 are shown below:

(In millions)	2021		2020
Projected benefit obligation	$	247.8	$	261.4
Accumulated benefit obligation	$	247.4	$	260.9
Fair value of plan assets	$	235.8	$	210.0

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

Components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the qualified pension plans and the post-retirement benefit plans during 2021, 2020 and 2019 were as follows:

	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
(In millions)	2021		2020		2019		2021		2020		2019
Components of Net Periodic Benefit Cost (Benefit):
Service cost	$	4.8	$	5.1	$	4.7	$	0.7	$	0.5	$	0.4
Interest cost		6.4		7.9		9.3		0.7		0.8		0.9
Expected return on plan assets		(14.7)		(14.0)		(11.9)		—		—		—
Amortization of net loss (gain)		5.2		4.5		5.2		1.0		0.5		(0.1)
Amortization of prior service credit		(2.3)		(2.3)		(2.3)		(3.7)		(3.7)		(3.8)
Net periodic benefit cost		(0.6)		1.2		5.0		(1.3)		(1.9)		(2.6)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net (gain) loss		(20.4)		11.4		(1.7)		—		2.0		2.5
Amortization of net (loss) gain		(3.9)		(3.4)		(3.9)		(0.7)		(0.3)		0.2
Amortization of prior service credit		1.7		1.7		1.7		2.8		2.8		2.8
Total recognized in other comprehensive loss (income)		(22.6)		9.7		(3.9)		2.1		4.5		5.5
Total recognized in net periodic benefit cost and other comprehensive loss (income)	$	(23.2)	$	10.9	$	1.1	$	0.8	$	2.6	$	2.9

Schedule of weighted average assumptions used to determine benefit information

	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
	2021		2020		2019		2021		2020		2019
Discount rate (1)	2.90	%	2.50	%	3.40	%	3.00	%	2.70	%	3.50	%
Expected return on plan assets	7.00	%	7.25	%	7.50	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.00	%	3.00	%	3.00	%
Cash balance interest credit rate	1.5 % - 3.25	%	0.75 % - 3.25	%	1.75 % - 3.75	%
Immediate health care cost trend rate:
Pre-65 group							5.70	%	5.30	%	5.70	%
Post-65 group							5.80	%	5.40	%	5.90	%
Ultimate health care cost trend rate							4.00	%	4.40	%	4.40	%
Year ultimate health care cost trend rate is reached:
Pre-65 group							2045		2037		2037
Post-65 group							2045		2036		2036

(1) The Company derives a single equivalent rate utilizing a yield curve constructed from a portfolio of high-quality corporate bonds with various maturities.

Schedule of amounts recognized on balance sheet and accumulated comprehensive income

	Non-qualified
	Pension Benefits
	December 31,
(In millions)	2021		2020
Current liabilities	$	(1.8)	$	(1.7)
Non-current liabilities, net		(3.0)		(2.6)
Total	$	(4.8)	$	(4.3)
Net loss, net of taxes	$	(0.7)	$	(0.8)
Prior service credit, net of taxes		—		0.1
Total	$	(0.7)	$	(0.7)

Schedule of estimated benefit payments

			Non-qualified
	Pension		Pension		Post-retirement
Year (in millions)	Benefits		Benefits		Benefits (1)
2022	$	14.5	$	1.8	$	0.9
2023		14.7		2.2		1.1
2024		14.8		—		1.0
2025		15.0		0.1		1.1
2026		15.3		0.1		1.1
2027-2031		76.9		1.3		5.8
Total	$	151.2	$	5.5	$	11.0

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

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

Pension

Protection Act

Zone as of

FIP/RP Status

5%

Contributions of Matson

EIN/Pension

December 31,

Pending/

Contributor

(in millions)

Surcharge

Expiration

Pension Funds

Plan Number

Notes

2021

2020

Implemented

in 2021

2021

2020

2019

Imposed

Date (2)

American Radio Association Pension Fund

13-6161999-001

Green

Green

Implemented

Yes

$

1.1

$

1.0

$

1.1

No

6/15/2028

Hawaii Longshore Pension Plan

99-0314293-001

(1)

Green

N/A

Implemented

Yes

11.1

—

—

No

6/30/2022

Hawaii Terminals Multiemployer Pension Plan

20-0389370-001

(1)

N/A

Yellow

N/A

N/A

—

5.8

5.7

N/A

N/A

Hawaii Stevedoring Multiemployer Retirement Plan

99-0314293-001

(1)

N/A

Green

N/A

N/A

—

4.6

4.4

N/A

N/A

Master, Mates and Pilots Pension Plan

13-6372630-001

Green

Green

No

Yes

3.5

3.2

3.4

No

6/15/2027,

6/15/2028

Masters, Mates and Pilots Adjustable Pension Plan

37-1719247-001

Green

Green

No

Yes

2.0

1.8

1.9

No

6/15/2027,

6/15/2028

MEBA Pension Trust - Defined Benefit Plan

51-6029896-001

Green

Green

No

Yes

4.3

4.1

4.3

No

6/15/2022,

6/15/2028

OCU Pension Trust Plan

26-1574440-001

Green

Green

No

No

0.3

0.2

0.2

No

6/30/2023

MFOW Supplementary Pension Plan

94-6201677-001

Yellow

Yellow

No

Yes

0.1

0.1

0.1

No

6/30/2026

SIU Pacific District Pension Plan

94-6061923-001

Green

Green

No

Yes

1.4

1.3

1.5

No

6/30/2026

Alaska Teamster - Employer Pension Plan

92-6003463-024

Red

Red

Implemented

Yes

3.6

3.3

1.9

Yes

6/30/2022,

6/30/2023,

6/30/2024

6/30/2025

All Alaska Longshore Pension Plan

91-6085352-001

Green

Green

No

Yes

1.6

1.3

1.2

No

6/30/2022

Western Conference of Teamsters Pension Plan

91-6145047-001

Green

Green

No

No

1.9

1.6

1.5

No

3/31/2023

Western Conference of Teamsters Supplemental Benefit Trust

95-3746907-001

Green

Green

No

No

—

—

—

No

3/31/2023

OPEIU Local 153 Pension Plan

13-2864289-001

Red

Red

Implemented

No

0.1

0.1

0.1

No

11/9/2023

Seafarers Pension Plan

13-6100329-001

(3)

Green

Green

No

No

—

—

—

No

6/30/2022

Total

$

31.0

$

28.4

$

27.3

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

(2) Represents the expiration date of the collective bargaining agreement.

(3) The Company does not make contributions directly to the Seafarers Pension Plan. Instead, contributions are made to the Seafarers Health and Benefits Plan, and are subsequently re-allocated to the Seafarers Pension Plan at the discretion of the plan Trustee.