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REPORTABLE SEGMENTS | 12 Months Ended
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Dec. 31, 2021
REPORTABLE SEGMENTS |
REPORTABLE SEGMENTS | 3.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 reportable segments, Ocean Transportation and Logistics, which are further described in Note 1. Reportable segments are measured based on operating income. 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. The Company’s SSAT segment has been aggregated into the Company’s Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business (see Note 4). ​ The Company’s Ocean Transportation segment provides ocean transportation services to the Logistics segment, and the Logistics segment provides logistics services to the Ocean Transportation segment in certain transactions. Accordingly, inter-segment revenue of $213.8 million, $115.5 million and $102.3 million for the years ended December 31, 2021, 2020 and 2019, respectively, have been eliminated from operating revenues in the table below. ​ Reportable segment financial information for the years ended December 31, 2021, 2020 and 2019, and identifiable asset segment information at December 31, 2021 and 2020, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(In millions) |  | 2021 |  | 2020 |  | 2019
Operating Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (1) | ​ | $ | 3,132.8 | ​ | $ | 1,853.9 | ​ | $ | 1,666.6
Logistics (2) | ​ |  | 792.5 | ​ |  | 529.4 | ​ |  | 536.5
Total Operating Revenue | ​ | $ | 3,925.3 | ​ | $ | 2,383.3 | ​ | $ | 2,203.1
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (3) | ​ | $ | 1,137.7 | ​ | $ | 244.8 | ​ | $ | 90.8
Logistics | ​ |  | 49.8 | ​ |  | 35.5 | ​ |  | 38.3
Total Operating Income | ​ |  | 1,187.5 | ​ |  | 280.3 | ​ |  | 129.1
Interest expense, net | ​ |  | (22.6) | ​ |  | (27.4) | ​ |  | (22.5)
Other income (expense), net | ​ |  | 6.4 | ​ |  | 6.1 | ​ |  | 1.2
Income before Income Taxes | ​ |  | 1,171.3 | ​ |  | 259.0 | ​ |  | 107.8
Income taxes | ​ |  | (243.9) | ​ |  | (65.9) | ​ |  | (25.1)
Net Income | ​ | $ | 927.4 | ​ | $ | 193.1 | ​ | $ | 82.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 322.4 | ​ | $ | 190.0 | ​ | $ | 294.5
Logistics | ​ |  | 2.9 | ​ |  | 2.3 | ​ |  | 15.8
Total Capital Expenditures | ​ | $ | 325.3 | ​ | $ | 192.3 | ​ | $ | 310.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 128.6 | ​ | $ | 107.4 | ​ | $ | 93.6
Logistics | ​ |  | 7.3 | ​ |  | 7.5 | ​ |  | 6.8
​ | ​ | ​ | 135.9 | ​ | ​ | 114.9 | ​ | ​ | 100.4
Deferred dry-docking amortization - Ocean Transportation | ​ | ​ | 24.3 | ​ | ​ | 25.1 | ​ | ​ | 34.3
Total Depreciation and Amortization | ​ | $ | 160.2 | ​ | $ | 140.0 | ​ | $ | 134.7
(1) | Ocean Transportation operating revenue excludes inter-segment revenue of $81.0 million, $59.1 million and $52.8 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(2) | Logistics operating revenue excludes inter-segment revenue of $132.8 million, $56.4 million and $49.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(3) | Ocean Transportation segment information includes $56.3 million, $26.3 million, and $20.8 million of equity in income from the Company’s equity investment in SSAT for the years ended December 31, 2021, 2020 and 2019, respectively.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
(In millions) |  | 2021 |  | 2020
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (1) | ​ | $ | 3,096.6 | ​ | $ | 2,431.1
Logistics | ​ |  | 596.5 | ​ |  | 469.5
Total Assets | ​ | $ | 3,693.1 | ​ | $ | 2,900.6
(1) | The Ocean Transportation segment includes $58.7 million and $48.7 million related to the Company’s equity investment in SSAT as of December 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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