REPORTABLE SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

REPORTABLE SEGMENTS

Schedule of reportable segment financial information

Reportable segment financial information for the three months ended March 31, 2025 and 2024 are as follows:

	Three Months Ended						Three Months Ended
	March 31, 2025						March 31, 2024
(In millions)	Ocean Transportation		Logistics		Total		Ocean Transportation		Logistics		Total
Operating Revenue (1)(2)	$	637.4	$	144.6	$	782.0	$	579.0	$	143.1	$	722.1
Operating Expenses:
Operating costs:
Direct cargo expense		238.2		—		238.2		228.6		—		228.6
Vessel operating expense		147.4		—		147.4		153.0		—		153.0
Operating overhead (3)		87.1		—		87.1		76.1		—		76.1
Direct operating costs		—		117.8		117.8		—		117.3		117.3
Depreciation and amortization		37.2		3.4		40.6		34.4		2.8		37.2
Total operating costs		509.9		121.2		631.1		492.1		120.1		612.2
Income from SSAT		(6.6)		—		(6.6)		(0.4)		—		(0.4)
General and administrative		60.5		14.9		75.4		59.7		13.7		73.4
Total Costs and Expenses		563.8		136.1		699.9		551.4		133.8		685.2
Operating Income:	$	73.6	$	8.5		82.1	$	27.6	$	9.3		36.9
Interest income						9.4						8.8
Interest expense						(1.7)						(2.2)
Other income (expense), net						2.4						1.8
Income before Taxes						92.2						45.3
Income taxes						(19.9)						(9.2)
Net Income					$	72.3					$	36.1
Capital Expenditures (4)	$	88.1	$	1.1	$	89.2	$	51.0	$	4.3	$	55.3

(1) Ocean Transportation operating revenue excludes inter-segment revenue of $21.4 million and $19.7 million for the three months ended March 31, 2025 and 2024, respectively.

(2) Logistics operating revenue excludes inter-segment revenue of $32.6 million and $26.9 million for the three months ended March 31, 2025 and 2024, respectively.

(3) Ocean Transportation operating overhead includes dry-docking amortization of $6.6 million and $6.8 million for the three months ended March 31, 2025 and 2024, respectively.

(4) Capital expenditures exclude accrued capital expenditures of $7.6 million and $16.0 million as of March 31, 2025 and 2024, respectively.