SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of changes in the allowance for doubtful accounts receivable


	Balance at				Write-offs		Balance at
Year (in millions)	Beginning of Year		Expense (1)		and Other		End of Year
2020	$	4.3	$	2.9	$	(0.9)	$	6.3
2019	$	4.8	$	0.6	$	(1.1)	$	4.3
2018	$	4.6	$	0.8	$	(0.6)	$	4.8

(1)	Expense is shown net of amounts recovered from previously reserved doubtful accounts.

Schedule of prepaid expenses and other assets


	As of December 31,
Prepaid Expenses and Other Assets (in millions)	2020		2019
Prepaid fuel	$	10.8	$	13.7
Prepaid insurance and insurance related receivables		7.5		13.4
Prepaid operating expenses		5.4		5.7
Restricted cash - vessel construction obligations		5.3		7.2
Income tax receivables		0.3		12.8
Other		8.8		9.7
Total	$	38.1	$	62.5

Schedule of other long-term assets


	As of December 31,
Other Long-Term Assets (in millions)	2020		2019
Vessel and equipment spare parts	$	11.5	$	12.4
Insurance related receivables		10.5		10.6
Deferred loan fees		2.7		2.1
Cloud computing software costs		2.4		—
Income tax receivables		2.1		11.5
Other		3.8		1.2
Total	$	33.0	$	37.8

Schedule of estimated useful lives of property and equipment


Classification		Life
Vessels		40 years
Machinery and equipment		30 years
Terminal facilities		35 years

Schedule other liabilities


	As of December 31,
Other Liabilities (in millions)	2020		2019
Payroll and vacation	$	29.2	$	28.5
Employee incentives and other		25.9		14.7
Multi-employer withdrawal liabilities - short term (see Note 12)		10.6		10.8
Income tax liabilities		11.7		2.3
Insurance reserves and other related liabilities - short term		7.0		12.6
Deferred revenues		4.2		6.9
Interest on debt		3.4		4.9
Pension and post-retirement liabilities - short term (see Note 11)		2.7		3.1
Other short-term liabilities		2.1		2.2
Total	$	96.8	$	86.0

Schedule of other long-term liabilities


	As of December 31,
Other Long-Term Liabilities (in millions)	2020		2019
Pension and post-retirement liabilities (see Note 11)	$	82.0	$	73.4
Multi-employer withdrawal liability (see Note 12)		52.8		54.8
Insurance reserves and other related liabilities		25.4		26.6
Other long-term liabilities		5.6		2.6
Total	$	165.8	$	157.4

Ocean Transportation

Schedule of principal revenue generating activities by segment


	Year Ended December 31,
Ocean Transportation (in millions) (1)	2020		2019		2018
Ocean Transportation services	$	1,821.7	$	1,625.8	$	1,599.3
Terminal and other related services		19.1		24.8		23.0
Fuel sales		7.3		10.1		12.2
Vessel management and related services		5.8		5.9		6.8
Total	$	1,853.9	$	1,666.6	$	1,641.3

(1)	Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for less than 3 percent of Ocean Transportation services revenue and fuel sales revenue categories which are denominated in foreign currencies.

◾

Ocean Transportation services revenue is recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period. Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and selling, general and administrative expenses, are charged to operating costs as incurred.

◾	Terminal and other related services revenue is recognized as the services are performed. Related costs are recognized as incurred.

◾	Fuel sales revenue and related costs are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.

◾	Vessel management and related services revenue is recognized in proportion to the services completed. Related costs are recognized as incurred.

Logistics

Schedule of principal revenue generating activities by segment


	Year Ended December 31,
Logistics (in millions) (1)	2020		2019 (2)		2018 (2)
Transportation Brokerage and Freight Forwarding services	$	477.0	$	489.0	$	532.5
Warehouse and distribution services		36.2		34.1		33.8
Supply chain management and other services		16.2		13.4		15.2
Total	$	529.4	$	536.5	$	581.5

(1)	Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 3 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies.

(2)

The Company has reclassified $15.8 million and $16.6 million from transportation brokerage and freight forwarding services to warehouse and distribution services, and supply chain management and other services for the years ended December 31, 2019 and 2018, respectively, to be consistent with its current period presentation. There was no change in total Logistics revenue for the years ended December 31, 2019 and 2018.

◾

Transportation Brokerage and Freight Forwarding services revenue consists of amounts billed to customers for services provided. The primary costs include third-party purchased transportation services, agent commissions, labor and equipment. Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period. Labor, agent commissions, and other operating costs are expensed as incurred. The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices.

◾

Warehousing and distribution services revenue consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise. Storage revenue is recognized in the month the service is provided to the customer. Storage related costs are recognized as incurred. Other warehousing and distribution services revenue and related costs are recognized in proportion to the services performed.

◾	Supply chain management and other services revenue, and related costs are recognized in proportion to the services performed.