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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2013
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

14.                   RELATED PARTY TRANSACTIONS

 

Effective upon the completion of the Separation, the Company ceased to be a related party of the Former Parent Company.  Prior to the Separation, transactions with Former Parent Company were considered related party transactions, as discussed below.

 

Historically, the Company provided vessel management services to A&B for its bulk sugar vessel, the MV Moku Pahu, the income of which is included in ocean transportation.  Additionally, the Company expensed operating costs related to a lease for industrial warehouse space in Savannah, Georgia, that was leased from A&B.  The Company also recognized the cost for equipment and repair services to the vessel and other various services provided by A&B in operating costs.

 

There were no related party transactions entered into after the completion of the Separation on June 29, 2012.  Prior to the Separation, the related party transactions were as follows (in millions):

 

 

 

Years Ended December 31,

 

 

 

2012

 

2011

 

Vessel management services income

 

$

2.0

 

$

4.0

 

Lease expense to A&B

 

(2.1

)

(4.4

)

Equipment and repair services expense and other

 

(1.4

)

(2.7

)

Related party expense, net

 

$

(1.5

)

$

(3.1

)

 

Contributions to A&B totaled $155.7 million for the year ended December 31, 2012, which related to the Separation.  Contributions to the Former Parent Company for the proceeds from the issuance of capital stock of $21.7 million for the year ended December 31, 2012 have been included in the Consolidated Financial Statements due to Matson being the successor company of the Former Parent Company for accounting purposes.  No contributions were made during the year ended December 31, 2013.  Contributions from the Former Parent Company of $25.0 million, for the year ended December 31, 2012, represent dividends paid by the Former Parent Company to its shareholders prior to the Separation offset by distributions to the Former Parent Company for stock based compensation and are reflected in the Consolidated Financial Statements due to Matson being the successor company of the Former Parent Company for accounting purposes.  No distributions were made during the year ended December 31, 2013.