SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

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
2022	$	10.1	$	3.2	$	(0.3)	$	13.0
2021	$	6.3	$	4.2	$	(0.4)	$	10.1
2020	$	4.3	$	2.9	$	(0.9)	$	6.3

(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)	2022		2021
Income tax receivables	$	170.8	$	23.1
Prepaid fuel		26.3		22.6
Prepaid insurance and insurance related receivables		17.4		10.1
Restricted cash - vessel construction obligations		3.9		5.3
Other		22.9		17.3
Total	$	241.3	$	78.4

Schedule of other long-term assets


	As of December 31,
Other Long-Term Assets (in millions)	2022		2021
Vessel and equipment spare parts	$	13.2	$	12.8
Pension plan assets		18.9		1.3
Insurance related receivables		12.1		10.4
Other		9.4		14.9
Total	$	53.6	$	39.4

Schedule of estimated useful lives of property and equipment


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

Schedule of other liabilities


	As of December 31,
Other Liabilities (in millions)	2022		2021
Payroll and vacation	$	34.7	$	35.8
Employee incentives and other benefits		33.2		32.2
Insurance reserves and other related liabilities - short term		15.6		9.0
Multi-employer withdrawal liabilities - short term (see Note 12)		4.1		4.1
Income tax and other tax related liabilities		2.2		3.1
Other short-term liabilities		15.7		17.2
Total	$	105.5	$	101.4

Schedule of other long-term liabilities


	As of December 31,
Other Long-Term Liabilities (in millions)	2022		2021
Multi-employer withdrawal liability (see Note 12)	$	48.6	$	50.8
Pension and post-retirement liabilities (see Note 11)		17.8		43.3
Insurance reserves and other related liabilities		29.8		26.9
Other long-term liabilities		18.6		10.0
Total	$	114.8	$	131.0

Ocean Transportation

Schedule of principal revenue generating activities by segment


	Years Ended December 31,
Ocean Transportation (in millions) (1)	2022		2021		2020
Ocean Transportation services	$	3,508.0	$	3,101.9	$	1,821.7
Terminal and other related services		18.5		16.0		19.1
Fuel sales		11.3		7.2		7.3
Vessel management and related services		6.8		7.7		5.8
Total	$	3,544.6	$	3,132.8	$	1,853.9

(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


	Years Ended December 31,
Logistics (in millions) (1)	2022		2021		2020
Transportation Brokerage and Freight Forwarding services	$	695.1	$	707.4	$	477.0
Warehousing and distribution services		53.5		44.7		36.2
Supply chain management and other services		49.8		40.4		16.2
Total	$	798.4	$	792.5	$	529.4

(1)	Logistics revenue transactions are primarily denominated in U.S. dollars except for less than 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.

◾

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.