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INVESTMENT IN SSAT | 12 Months Ended
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Dec. 31, 2022
INVESTMENT IN SSAT |
INVESTMENT IN SSAT |
4. | INVESTMENT IN SSAT
​ The Company accounts for its 35 percent ownership interest in SSAT using the equity method of accounting. The Company records its share of income from SSAT in costs and expenses within the Ocean Transportation segment due to operations of SSAT being an integral part of the Company’s Ocean Transportation business. The Company’s investment in SSAT was $81.2 million and $58.7 million at December 31, 2022 and 2021, respectively. On September 16, 2022, SSAT completed the purchase of a 20 percent equity interest in SSAT Terminals (Oakland), LLC (“SSAT Oakland”) from a third-party company. After completion of this transaction, SSAT Oakland became a wholly owned subsidiary of SSAT. The operating results of SSAT Oakland consolidate into the operating results of SSAT. As a result of this transaction, the Company recorded a decrease of $15.5 million in its investment in SSAT, an increase in deferred tax assets of $3.9 million, and a corresponding decrease in retained earnings of $11.6 million during the year ended December 31, 2022. During the year ended December 31, 2020, the Company recorded an increase of $2.2 million in its investment in SSAT and a corresponding increase in retained earnings related to the formation of a new subsidiary of SSAT, whose controlling interest is retained by SSAT. ​ The Company’s share of income recorded in the Consolidated Statements of Income and Comprehensive Income and dividends received by the Company during the years ended December 31, 2022, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(In millions) |  | 2022 |  | 2021 |  | 2020
Company's share of net income | ​ | $ | 83.1 | ​ | $ | 56.3 | ​ | $ | 26.3
Distributions received | ​ | $ | 47.3 | ​ | $ | 46.9 | ​ | $ | 55.4
​ The Company’s Ocean Transportation segment operating costs include $308.3 million, $284.9 million and $251.6 million for the years ended December 31, 2022, 2021 and 2020, respectively, for terminal services provided by SSAT. Accounts payable and accrued liabilities in the Consolidated Balance Sheets include $43.6 million and $38.8 million for terminal services payable to SSAT at December 31, 2022 and 2021, respectively. ​ A summary of the condensed balance sheets of SSAT at December 31, 2022 and 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Condensed Balance Sheets (in millions) |  | 2022 |  | 2021
Current assets | ​ | $ | 324.7 | ​ | $ | 343.4
Non-current assets | ​ |  | 1,436.0 | ​ |  | 1,239.7
Total Assets | ​ | $ | 1,760.7 | ​ | $ | 1,583.1
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | 342.1 | ​ | $ | 302.7
Non-current liabilities | ​ |  | 1,199.5 | ​ |  | 1,125.5
Equity | ​ |  | 219.1 | ​ |  | 154.9
Total Liabilities and Equity | ​ | $ | 1,760.7 | ​ | $ | 1,583.1
​ A summary of the condensed statements of operating income and net income of SSAT for years ended December 31, 2022, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
Condensed Statements of Operating Income and Net Income (in millions) |  | 2022 |  | 2021 |  | 2020
Operating revenue | ​ | $ | 1,466.9 | ​ | $ | 1,297.5 | ​ | $ | 1,091.6
Operating costs and expenses | ​ |  | 1,168.8 | ​ |  | 1,113.8 | ​ |  | 1,003.2
Operating income | ​ |  | 298.1 | ​ |  | 183.7 | ​ |  | 88.4
Net Income (1) | ​ | $ | 249.6 | ​ | $ | 161.7 | ​ | $ | 76.6
(1) | Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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