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REPORTABLE SEGMENTS | 12 Months Ended
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Dec. 31, 2023
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 $208.7 million, $270.9 million and $213.8 million for the years ended December 31, 2023, 2022 and 2021, respectively, have been eliminated from operating revenues in the table below. ​ Reportable segment financial information for the years ended December 31, 2023, 2022 and 2021, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Operating Revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (1) | ​ | $ | 2,477.0 | ​ | $ | 3,544.6 | ​ | $ | 3,132.8
Logistics (2) | ​ |  | 617.6 | ​ |  | 798.4 | ​ |  | 792.5
Total Operating Revenue | ​ | $ | 3,094.6 | ​ | $ | 4,343.0 | ​ | $ | 3,925.3
Operating Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (3) | ​ | $ | 294.8 | ​ | $ | 1,281.2 | ​ | $ | 1,137.7
Logistics | ​ |  | 48.0 | ​ |  | 72.4 | ​ |  | 49.8
Total Operating Income | ​ |  | 342.8 | ​ |  | 1,353.6 | ​ |  | 1,187.5
Interest income | ​ | ​ | 36.0 | ​ | ​ | 8.2 | ​ | ​ | —
Interest expense | ​ |  | (12.2) | ​ |  | (18.0) | ​ |  | (22.6)
Other income (expense), net | ​ |  | 6.4 | ​ |  | 8.5 | ​ |  | 6.4
Income before Taxes | ​ |  | 373.0 | ​ |  | 1,352.3 | ​ |  | 1,171.3
Income taxes | ​ |  | (75.9) | ​ |  | (288.4) | ​ |  | (243.9)
Net Income | ​ | $ | 297.1 | ​ | $ | 1,063.9 | ​ | $ | 927.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 240.2 | ​ | $ | 190.9 | ​ | $ | 322.4
Logistics | ​ |  | 8.2 | ​ |  | 18.4 | ​ |  | 2.9
Total Capital Expenditures | ​ | $ | 248.4 | ​ | $ | 209.3 | ​ | $ | 325.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and Amortization: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation | ​ | $ | 132.8 | ​ | $ | 133.2 | ​ | $ | 128.6
Logistics | ​ |  | 11.6 | ​ |  | 8.1 | ​ |  | 7.3
​ | ​ | ​ | 144.4 | ​ | ​ | 141.3 | ​ | ​ | 135.9
Deferred dry-docking amortization - Ocean Transportation | ​ | ​ | 25.3 | ​ | ​ | 24.9 | ​ | ​ | 24.3
Total Depreciation and Amortization | ​ | $ | 169.7 | ​ | $ | 166.2 | ​ | $ | 160.2
(1) | Ocean Transportation operating revenue excludes inter-segment revenue of $76.5 million, $93.6 million and $81.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
(2) | Logistics operating revenue excludes inter-segment revenue of $132.2 million, $177.3 million and $132.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
(3) | Ocean Transportation segment information includes $2.2 million, $83.1 million, and $56.3 million of income from the Company’s investment in SSAT for the years ended December 31, 2023, 2022 and 2021, respectively.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
(In millions) |  | 2023 |  | 2022
Identifiable Assets: | ​ | ​ | ​ | ​ | ​ | ​
Ocean Transportation (1) | ​ | $ | 3,645.3 | ​ | $ | 3,705.2
Logistics | ​ |  | 649.3 | ​ |  | 624.8
Total Assets | ​ | $ | 4,294.6 | ​ | $ | 4,330.0
(1) | The Ocean Transportation segment includes $85.5 million and $81.2 million related to the Company’s investment in SSAT as of December 31, 2023 and 2022, 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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