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QUARTERLY INFORMATION (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2018
QUARTERLY INFORMATION (Unaudited) |
Schedule of quarterly financial information |
|  | Quarters in the Year Ended December 31, 2018 |
(In millions, except per-share amounts) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Operating Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 379.3 |  | $ | 406.6 |  | $ | 437.3 |  | $ | 418.1 |
Logistics |  |  | 132.1 |  |  | 150.5 |  |  | 152.1 |  |  | 146.8 |
Total Operating Revenue |  | $ | 511.4 |  | $ | 557.1 |  | $ | 589.4 |  | $ | 564.9 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 24.5 |  | $ | 36.5 |  | $ | 48.7 |  | $ | 21.4 |
Logistics |  |  | 4.2 |  |  | 9.5 |  |  | 9.9 |  |  | 9.1 |
Total Operating Income |  |  | 28.7 |  |  | 46.0 |  |  | 58.6 |  |  | 30.5 |
Interest expense, net |  |  | (5.0) |  |  | (5.0) |  |  | (4.4) |  |  | (4.3) |
Other income (expense), net |  |  | 0.8 |  |  | 0.4 |  |  | 0.7 |  |  | 0.7 |
Income before Income Taxes |  |  | 24.5 |  |  | 41.4 |  |  | 54.9 |  |  | 26.9 |
Income Taxes |  |  | (10.3) |  |  | (8.8) |  |  | (13.3) |  |  | (6.3) |
Net Income |  | $ | 14.2 |  | $ | 32.6 |  | $ | 41.6 |  | $ | 20.6 |
Basic Earnings Per Share: |  | $ | 0.33 |  | $ | 0.76 |  | $ | 0.97 |  | $ | 0.48 |
Diluted Earnings Per Share: |  | $ | 0.33 |  | $ | 0.76 |  | $ | 0.97 |  | $ | 0.48 |
|  | Quarters in the Year Ended December 31, 2017 |
(In millions, except per-share amounts) |  | Q1 |  | Q2 |  | Q3 |  | Q4 (1) |
Operating Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 370.0 |  | $ | 392.7 |  | $ | 419.2 |  | $ | 389.9 |
Logistics |  |  | 104.4 |  |  | 119.8 |  |  | 124.7 |  |  | 126.2 |
Total Operating Revenue |  | $ | 474.4 |  | $ | 512.5 |  | $ | 543.9 |  | $ | 516.1 |
Operating Income: |  |  |  |  |  |  |  |  |  |  |  |  |
Ocean Transportation |  | $ | 15.3 |  | $ | 40.0 |  | $ | 51.0 |  | $ | 20.1 |
Logistics |  |  | 1.9 |  |  | 7.0 |  |  | 7.3 |  |  | 4.7 |
Total Operating Income |  |  | 17.2 |  |  | 47.0 |  |  | 58.3 |  |  | 24.8 |
Interest expense, net |  |  | (6.3) |  |  | (6.3) |  |  | (6.2) |  |  | (5.4) |
Other income (expense), net |  |  | (0.8) |  |  | (1.1) |  |  | 3.5 |  |  | 0.5 |
Income before Income Taxes |  |  | 10.1 |  |  | 39.6 |  |  | 55.6 |  |  | 19.9 |
Income Taxes |  |  | (3.1) |  |  | (15.6) |  |  | (21.5) |  |  | 146.0 |
Net Income |  | $ | 7.0 |  | $ | 24.0 |  | $ | 34.1 |  | $ | 165.9 |
Basic Earnings Per Share: |  | $ | 0.16 |  | $ | 0.56 |  | $ | 0.79 |  | $ | 3.90 |
Diluted Earnings Per Share: |  | $ | 0.16 |  | $ | 0.55 |  | $ | 0.79 |  | $ | 3.88 |
| (1) |  | Income taxes, net income and per-share amounts were adjusted for an immaterial correction of an error in the quarter ended December 31, 2017 (see Note 2).
Schedule of infrequent transactions impacting the segment results |
|  | Quarters in the Year Ended December 31, 2018 |
(In millions) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Income taxes - Discrete adjustments related to the Tax Act (1) |  | $ | (3.3) |  | $ | 0.2 |  | $ | — |  | $ | 0.2 |
| (1) |  | Amounts relate to discrete adjustments as a result of applying the Tax Act during the year ended December 31, 2018.
|  | Quarters in the Year Ended December 31, 2017 |
(In millions) |  | Q1 |  | Q2 |  | Q3 |  | Q4 |
Income taxes - Remeasurement and discrete adjustments related to the Tax Act (2) |  | $ | — |  | $ | — |  | $ | — |  | $ | 154.0 |
Amount relates to the remeasurement of the Company’s deferred assets and liabilities, and other discrete adjustments as a result of applying the Tax Act during the year ended December 31, 2017.

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