REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2025

REPORTABLE SEGMENTS

Schedule of reportable segment financial information

Reportable segment financial information for the three months ended June 30, 2025 and 2024 are as follows:

	Three Months Ended						Three Months Ended
	June 30, 2025						June 30, 2024
(In millions)	Ocean Transportation		Logistics		Total		Ocean Transportation		Logistics		Total
Operating Revenue (1)(2)	$	675.6	$	154.9	$	830.5	$	689.9	$	157.5	$	847.4
Operating Expenses:
Operating costs:
Direct cargo expense		249.7		—		249.7		245.0		—		245.0
Vessel operating expense		150.6		—		150.6		156.8		—		156.8
Operating overhead (3)		86.5		—		86.5		82.6		—		82.6
Direct operating costs		—		122.4		122.4		—		124.1		124.1
Depreciation and amortization		37.9		3.3		41.2		34.9		3.5		38.4
Total operating costs		524.7		125.7		650.4		519.3		127.6		646.9
Income from SSAT		(7.3)		—		(7.3)		(1.2)		—		(1.2)
General and administrative		59.6		14.8		74.4		62.8		14.3		77.1
Total Costs and Expenses		577.0		140.5		717.5		580.9		141.9		722.8
Operating Income:	$	98.6	$	14.4		113.0	$	109.0	$	15.6		124.6
Interest income						8.0						18.8
Interest expense						(1.7)						(2.1)
Other income (expense), net						2.4						1.8
Income before Taxes						121.7						143.1
Income taxes						(27.0)						(29.9)
Net Income					$	94.7					$	113.2
Capital Expenditures (4)	$	85.1	$	1.2	$	86.3	$	67.9	$	1.9	$	69.8

(1) Ocean Transportation operating revenue excludes inter-segment revenue of $25.5 million and $22.8 million for the three months ended June 30, 2025 and 2024, respectively.

(2) Logistics operating revenue excludes inter-segment revenue of $37.0 million and $39.0 million for the three months ended June 30, 2025 and 2024, respectively.

(3) Ocean Transportation operating overhead includes dry-docking amortization of $7.0 million and $6.9 million for the three months ended June 30, 2025 and 2024, respectively.

(4) Capital expenditures exclude accrued capital expenditures of $4.0 million and $15.3 million as of June 30, 2025 and 2024, respectively.

Reportable segment financial information for the six months ended June 30, 2025 and 2024 are as follows:

	Six Months Ended						Six Months Ended
	June 30, 2025						June 30, 2024
(In millions)	Ocean Transportation		Logistics		Total		Ocean Transportation		Logistics		Total
Operating Revenue (5)(6)	$	1,313.0	$	299.5	$	1,612.5	$	1,268.9	$	300.6	$	1,569.5
Operating Expenses:
Operating costs:
Direct cargo expense		487.9		—		487.9		473.8		—		473.8
Vessel operating expense		298.0		—		298.0		309.8		—		309.8
Operating overhead (7)		173.5		—		173.5		158.6		—		158.6
Direct operating costs		—		240.3		240.3		—		241.4		241.4
Depreciation and amortization		75.2		6.6		81.8		69.2		6.3		75.5
Total operating costs		1,034.6		246.9		1,281.5		1,011.4		247.7		1,259.1
Income from SSAT		(13.9)		—		(13.9)		(1.6)		—		(1.6)
General and administrative		120.1		29.7		149.8		122.5		28.0		150.5
Total Costs and Expenses		1,140.8		276.6		1,417.4		1,132.3		275.7		1,408.0
Operating Income:	$	172.2	$	22.9		195.1	$	136.6	$	24.9		161.5
Interest income						17.4						27.6
Interest expense						(3.4)						(4.3)
Other income (expense), net						4.8						3.6
Income before Taxes						213.9						188.4
Income taxes						(46.9)						(39.1)
Net Income					$	167.0					$	149.3
Capital Expenditures (8)	$	173.2	$	2.3	$	175.5	$	118.9	$	6.2	$	125.1

(5) Ocean Transportation operating revenue excludes inter-segment revenue of $46.9 million and $42.5 million for the six months ended June 30, 2025 and 2024, respectively.

(6) Logistics operating revenue excludes inter-segment revenue of $69.6 million and $65.9 million for the six months ended June 30, 2025 and 2024, respectively.

(7) Ocean Transportation operating overhead includes dry-docking amortization of $13.6 million and $13.7 million for the six months ended June 30, 2025 and 2024, respectively.

(8) Capital expenditures exclude accrued capital expenditures of $4.0 million and $15.3 million as of June 30, 2025 and 2024, respectively.