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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2022
Schedule of condensed income statement information for SSAT | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended |  | Six Months Ended |
​ | ​ | June 30, |  | June 30, |
(In millions) | ​ | 2022 |  | 2021 |  | 2022 |  | 2021 |
Operating revenue | ​ | $ | 391.1 | ​ | $ | 322.2 | ​ | $ | 821.5 | ​ | $ | 628.3 | ​
Operating costs and expenses | ​ | ​ | (300.5) | ​ | ​ | (284.0) | ​ | ​ | (607.4) | ​ | ​ | (557.1) | ​
Operating income | ​ | ​ | 90.6 | ​ | ​ | 38.2 | ​ | ​ | 214.1 | ​ | ​ | 71.2 | ​
Net Income (1) | ​ | $ | 78.0 | ​ | $ | 34.3 | ​ | $ | 178.1 | ​ | $ | 63.2 | ​
Company Share of SSAT’s Net Income (2) | ​ | $ | 24.7 | ​ | $ | 12.8 | ​ | $ | 58.7 | ​ | $ | 22.0 | ​
(1) | Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests.
(2) | The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.
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Ocean Transportation |
Schedule of principal revenue generating activities by segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, |  | June 30,
Ocean Transportation (in millions) (1) | ​ | 2022 |  | 2021 |  | 2022 |  | 2021
Ocean Transportation services | ​ | $ | 1,040.2 | ​ | $ | 674.4 | ​ | $ | 1,976.9 | ​ | $ | 1,228.6
Terminal and other related services | ​ | ​ | 4.7 | ​ | ​ | 4.9 | ​ | ​ | 8.4 | ​ | ​ | 7.7
Fuel sales | ​ | ​ | 2.8 | ​ | ​ | 1.8 | ​ | ​ | 4.7 | ​ | ​ | 3.2
Vessel management and related services | ​ | ​ | 1.5 | ​ | ​ | 1.8 | ​ | ​ | 3.1 | ​ | ​ | 3.9
Total | ​ | $ | 1,049.2 | ​ | $ | 682.9 | ​ | $ | 1,993.1 | ​ | $ | 1,243.4
(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.
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◾ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended |  | Six Months Ended
​ | ​ | June 30, |  | June 30,
Logistics (in millions) (1) | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021
Transportation Brokerage and Freight Forwarding services | ​ | $ | 184.4 | ​ | $ | 174.5 | ​ | $ | 379.3 | ​ | $ | 309.8
Warehousing and distribution services | ​ | ​ | 13.8 | ​ | ​ | 10.4 | ​ | ​ | 25.9 | ​ | ​ | 19.6
Supply chain management and other services | ​ |  | 13.7 | ​ |  | 7.1 | ​ |  | 28.3 | ​ |  | 13.9
Total | ​ | $ | 211.9 | ​ | $ | 192.0 | ​ | $ | 433.5 | ​ | $ | 343.3
(1) | Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 6.5 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories which are denominated in foreign currencies.
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◾ | 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.

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