PENSION AND POST-RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

PENSION AND POST-RETIREMENT PLANS

Schedule of the Company's target and actual asset allocations

Asset Categories	Target		2023		2022
Domestic equity securities	53	%	57	%	53	%
International equity securities	15	%	16	%	16	%
Debt securities	22	%	19	%	20	%
Real estate	5	%	5	%	7	%
Other and cash	5	%	3	%	4	%
Total	100	%	100	%	100	%

Schedule of the Company's actual return on plan assets

Actual Return on Plan Assets	Returns
One-year return	12.8	%
Three-year return	4.6	%
Five-year return	9.5	%
Long-term average return (since plan inception in 1989)	8.2	%

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, 2023 and 2022 by asset category were as follows:

	Fair Value Measurements at December 31, 2023
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	6.1	$	6.1	$	—	$	—
Equity securities:
U.S. large-cap		82.8		82.8		—		—
U.S. mid- and small-cap		46.0		46.0		—		—
International large-cap		7.1		7.1		—		—
Fixed income securities:
U.S. Treasuries		19.2		—		19.2		—
Municipal bonds		0.2		—		0.2		—
Investment grade U.S. corporate bonds		24.7		—		24.7		—
Convertible bonds		0.1		—		0.1		—
International fixed income securities		0.1		—		0.1		—
Total		186.3	$	142.0	$	44.3	$	—
Investment measured at NAV (1)		41.6
Total plan assets	$	227.9

	Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant		Significant
			Active Markets		Observable		Unobservable
Asset Category (in millions)	Total		(Level 1)		Inputs (Level 2)		Inputs (Level 3)
Cash	$	8.8	$	8.8	$	—	$	—
Equity securities:
U.S. large-cap		69.1		69.1		—		—
U.S. mid- and small-cap		41.5		41.5		—		—
International large-cap		6.2		6.2		—		—
Fixed income securities:
U.S. Treasuries		17.4		—		17.4		—
Municipal bonds		0.2		—		0.2		—
Investment grade U.S. corporate bonds		22.8		—		22.8		—
Convertible bonds		0.3		—		0.3
International fixed income securities		0.1		—		0.1		—
Total		166.4	$	125.6	$	40.8	$	—
Investment measured at NAV (1)		40.0
Total plan assets	$	206.4

(1) Certain 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. These investments include real estate and certain developed and emerging market equity funds.

Schedule of change in benefit obligation and plan assets

					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2023		2022		2023		2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	187.4	$	249.5	$	15.3	$	29.3
Service cost		3.1		4.8		0.2		0.7
Interest cost		10.0		7.0		0.8		0.8
Participant contributions		—		—		0.7		0.7
Actuarial loss (gain)		5.5		(59.0)		4.5		(14.2)
Benefits paid, net of subsidies received		(12.9)		(14.1)		(2.0)		(2.0)
Expenses paid		—		(0.8)		—		—
Benefit obligation at end of year		193.1		187.4		19.5		15.3
Change in Plan Assets:
Fair value of plan assets at beginning of year		206.3		238.9		—		—
Actual return on plan assets		25.5		(26.7)		—		—
Participant contributions		—		—		0.7		0.7
Employer contributions		9.0		9.0		1.3		1.3
Benefits paid, net of subsidies received		(12.9)		(14.1)		(2.0)		(2.0)
Expenses paid		—		(0.8)		—		—
Fair value of plan assets at end of year		227.9		206.3		—		—
Funded Status and Recognized Plan Assets and Benefit Obligations	$	34.8	$	18.9	$	(19.5)	$	(15.3)

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

Qualified pension and post-retirement benefit plan assets and liabilities recognized in the Consolidated Balance Sheets and expenses recognized in accumulated other comprehensive income (loss) at December 31, 2023 and 2022 were as follows:

					Post-retirement
	Pension Benefits				Benefits
	December 31,				December 31,
(In millions)	2023		2022		2023		2022
Non-current assets	$	34.8	$	18.9	$	—	$	—
Current liabilities		—		—		(1.1)		(0.9)
Non-current liabilities		—		—		(18.4)		(14.4)
Total	$	34.8	$	18.9	$	(19.5)	$	(15.3)
Net (loss) gain, net of taxes	$	(20.3)	$	(25.8)	$	2.7	$	7.6
Prior service credit, net of taxes		—		—		8.3		11.1
Total	$	(20.3)	$	(25.8)	$	11.0	$	18.7

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

Components of the net periodic benefit cost and other amounts recognized in other comprehensive income (loss) for the qualified pension plan and the post-retirement benefit plan during 2023, 2022 and 2021 were as follows:

	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
(In millions)	2023		2022		2021		2023		2022		2021
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	3.1	$	4.8	$	4.8	$	0.2	$	0.7	$	0.7
Interest cost		10.0		7.0		6.4		0.8		0.8		0.7
Expected return on plan assets		(13.9)		(16.0)		(14.7)		—		—		—
Amortization of net loss (gain)		1.3		2.4		5.2		(2.0)		0.8		1.0
Amortization of prior service credit		—		(1.0)		(2.3)		(3.7)		(3.6)		(3.7)
Net periodic benefit cost (credit)		0.5		(2.8)		(0.6)		(4.7)		(1.3)		(1.3)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, net of tax:
Net (gain) loss		(4.5)		(12.3)		(20.4)		3.4		(10.7)		—
Amortization of net (loss) gain		(1.0)		(1.8)		(3.9)		1.5		(0.6)		(0.7)
Amortization of prior service credit		—		0.8		1.7		2.8		2.7		2.8
Total recognized in other comprehensive (income) loss		(5.5)		(13.3)		(22.6)		7.7		(8.6)		2.1
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(5.0)	$	(16.1)	$	(23.2)	$	3.0	$	(9.9)	$	0.8

Schedule of weighted average assumptions used to determine benefit information

	Pension Benefits						Post-retirement Benefits
	December 31,						December 31,
	2023		2022		2021		2023		2022		2021
Discount rate (1)	5.30	%	5.60	%	2.90	%	5.40	%	5.50	%	3.00	%
Expected return on plan assets	6.85	%	6.75	%	7.00	%
Rate of compensation increase	3.50	%	4.00 % - 3.50	%	3.00	%	3.50	%	4.00 % - 3.50	%	3.00	%
Cash balance interest credit rate	4.50 % - 3.25	%	3.50 % - 3.25	%	1.50 % - 3.25	%
Immediate health care cost trend rate:
Pre-65 group							6.80	%	6.60	%	5.70	%
Post-65 group							7.10	%	6.10	%	5.80	%
Ultimate health care cost trend rate							3.90	%	4.00	%	4.00	%
Year ultimate health care cost trend rate is reached							2048		2046		2045

(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 (loss)

	Non-qualified
	Pension Benefits
	December 31,
(In millions)	2023		2022
Current liabilities	$	(1.2)	$	(0.7)
Non-current liabilities		(3.4)		(3.4)
Total	$	(4.6)	$	(4.1)
Net (loss), net of taxes	$	(0.2)	$	0.1
Total	$	(0.2)	$	0.1

Schedule of estimated benefit payments

			Non-qualified
	Pension		Pension		Post-retirement
Year (in millions)	Benefits		Benefits		Benefits (1)
2024	$	14.7	$	1.2	$	1.1
2025		15.0		0.4		1.1
2026		15.2		0.5		1.2
2027		15.4		0.5		1.2
2028		15.6		0.4		1.2
2029-2033		77.0		2.6		6.1
Total	$	152.9	$	5.6	$	11.9

(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

2023

2022

Implemented

in 2023

2023

2022

2021

Imposed

Date (1)

American Radio Association Pension Fund

13-6161999-001

Green

Green

Implemented

Yes

$

1.0

$

1.1

$

1.1

No

6/15/2028

Hawaii Longshore Pension Plan

99-0314293-001

Green

Green

No

Yes

12.1

11.9

11.1

No

6/30/2028

Master, Mates and Pilots Pension Plan

13-6372630-001

Green

Green

No

Yes

3.6

3.8

3.5

No

6/15/2027,

6/15/2028

Masters, Mates and Pilots Adjustable Pension Plan

37-1719247-001

Green

Green

No

Yes

2.0

2.1

2.0

No

6/15/2027,

6/15/2028

MEBA Pension Trust - Defined Benefit Plan

51-6029896-001

Green

Green

No

Yes

4.2

4.5

4.3

No

6/15/2028

OCU Pension Trust Plan

26-1574440-001

Green

Green

No

No

0.4

0.5

0.3

No

6/30/2030

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

1.3

1.5

1.4

No

6/30/2026

Alaska Teamster - Employer Pension Plan

92-6003463-024

Red

Red

Implemented

Yes

3.9

4.0

3.6

No

6/30/2024,

6/30/2025,

6/30/2026,

6/30/2027

All Alaska Longshore Pension Plan

91-6085352-001

Green

Green

No

Yes

1.8

2.0

1.6

No

6/30/2028

Western Conference of Teamsters Pension Plan

91-6145047-001

Green

Green

No

No

2.1

2.1

1.9

No

3/31/2028

Western Conference of Teamsters Supplemental Benefit Trust

95-3746907-001

Green

Green

No

No

0.1

0.1

—

No

3/31/2028

OPEIU Local 153 Pension Plan

13-2864289-001

Red

Red

Implemented

No

0.1

0.1

0.1

No

11/9/2028

Seafarers Pension Plan

13-6100329-001

(2)

Green

Green

No

No

—

—

—

No

6/30/2027

Total

$

32.7

$

33.8

$

31.0

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

(2) 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 Trustees.