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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 31, 2013
REPORTABLE SEGMENTS  
REPORTABLE SEGMENTS

15.                               REPORTABLE SEGMENTS

 

Reportable segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.  The Company’s chief operating decision maker is its Chief Executive Officer.

 

The Company consists of two segments, ocean transportation and logistics, which are further described in Note 1. Reportable segments are measured based on operating profit, exclusive of interest expense, general corporate expenses, and income taxes.  In arrangements where the customer purchases ocean transportation and logistics services, the revenues are allocated to each reportable segment based upon the contractual amounts for each type of service.

 

Reportable segment information for 2013, 2012, and 2011 is summarized below (in millions):

 

 

 

Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Revenue:

 

 

 

 

 

 

 

Ocean transportation

 

$

1,229.4

 

$

1,189.8

 

$

1,076.2

 

Logistics

 

407.8

 

370.2

 

386.4

 

Total revenue

 

$

1,637.2

 

$

1,560.0

 

$

1,462.6

 

Operating Income:

 

 

 

 

 

 

 

Ocean transportation(1)

 

$

94.3

 

$

96.6

 

$

73.7

 

Logistics

 

6.0

 

0.1

 

4.9

 

Total operating income

 

100.3

 

96.7

 

78.6

 

Interest expense, net

 

(14.4

)

(11.7

)

(7.7

)

Income from continuing operations before income taxes

 

85.9

 

85.0

 

70.9

 

Income taxes

 

(32.2

)

(33.0

)

(25.1

)

Income from continuing operations

 

53.7

 

52.0

 

45.8

 

Discontinued operations

 

—

 

(6.1

)

(11.6

)

Net income

 

$

53.7

 

$

45.9

 

$

34.2

 

 

(1)         The ocean transportation segment includes $(2.0) million, $3.2 million, and $8.6 million of equity in (loss) income from its Terminal Joint Venture investment in SSAT for 2013, 2012, and 2011, respectively.

 

 

 

As of December 31,

 

 

 

2013

 

2012

 

2011

 

As of December 31:

 

 

 

 

 

 

 

Identifiable Assets:

 

 

 

 

 

 

 

Ocean transportation(2)

 

$

1,168.6

 

$

1,097.2

 

$

1,083.9

 

Logistics

 

79.7

 

77.1

 

76.4

 

Other(3)

 

—

 

—

 

1,384.0

 

Total assets

 

$

1,248.3

 

$

1,174.3

 

$

2,544.3

 

Capital Expenditures:

 

 

 

 

 

 

 

Ocean transportation

 

$

33.8

 

$

37.0

 

$

44.2

 

Logistics

 

1.4

 

1.1

 

3.0

 

Total capital expenditures

 

$

35.2

 

$

38.1

 

$

47.2

 

Depreciation and Amortization from Continuing Operations:

 

 

 

 

 

 

 

Ocean transportation

 

$

66.4

 

$

69.1

 

$

68.4

 

Logistics

 

3.3

 

3.4

 

3.2

 

Total depreciation and amortization

 

$

69.7

 

$

72.5

 

$

71.6

 

 

 

(2)         The ocean transportation segment includes $57.6 million, $59.6 million, and $56.5 million related to its investment in SSAT as of December 31, 2013, 2012, and 2011, respectively.

 

(3) Includes assets related to discontinued operations from A&B and CLX2 of $1.4 billion as of December 31, 2011.