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INVESTMENT IN SSAT | 12 Months Ended
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Dec. 31, 2023
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 $85.5 million and $81.2 million at December 31, 2023 and 2022, 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. ​ 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, 2023, 2022 and 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Company’s share of income from SSAT | ​ | $ | 2.2 | ​ | $ | 83.1 | ​ | $ | 56.3
Distributions received from SSAT | ​ | $ | — | ​ | $ | 47.3 | ​ | $ | 46.9
​ The Company’s Ocean Transportation segment operating costs for terminal services provided by SSAT include $297.2 million, $308.3 million and $284.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. Accounts payable and accrued liabilities in the Consolidated Balance Sheets for terminal services payable to SSAT include $43.4 million and $43.6 million at December 31, 2023 and 2022, respectively. ​ A summary of the Condensed Balance Sheets of SSAT at December 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
Condensed Balance Sheets (in millions) |  | 2023 |  | 2022
Current assets | ​ | $ | 304.0 | ​ | $ | 324.7
Non-current assets | ​ |  | 1,510.2 | ​ |  | 1,436.0
Total Assets | ​ | $ | 1,814.2 | ​ | $ | 1,760.7
​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | $ | 271.8 | ​ | $ | 342.1
Non-current liabilities | ​ |  | 1,255.3 | ​ |  | 1,199.5
Equity | ​ |  | 287.1 | ​ |  | 219.1
Total Liabilities and Equity | ​ | $ | 1,814.2 | ​ | $ | 1,760.7
​ A summary of the Condensed Statements of Operating Income and Net Income of SSAT for the years ended December 31, 2023, 2022 and 2021 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
Condensed Statements of Operating Income and Net Income (in millions) |  | 2023 |  | 2022 |  | 2021
Operating revenue | ​ | $ | 1,025.1 | ​ | $ | 1,466.9 | ​ | $ | 1,297.5
Operating costs and expenses | ​ |  | 1,019.6 | ​ |  | 1,168.8 | ​ |  | 1,113.8
Operating income | ​ |  | 5.5 | ​ |  | 298.1 | ​ |  | 183.7
Net Income (1)(2) | ​ | $ | 11.9 | ​ | $ | 249.6 | ​ | $ | 161.7
(1) | Includes earnings from equity method investments held by SSAT less earnings allocated to non-controlling interests.
(2) | Includes net income or loss attributable to noncontrolling 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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