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REPORTABLE SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
REPORTABLE SEGMENTS |
Schedule of reportable segment financial information | Reportable segment financial information for the three months ended March 31, 2025 and 2024 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | March 31, 2025 | ​ | March 31, 2024
(In millions) |  | Ocean Transportation |  | Logistics | ​ | Total |  | Ocean Transportation |  | Logistics |  | Total
Operating Revenue (1)(2) | ​ | $ | 637.4 | ​ | $ | 144.6 | ​ | $ | 782.0 | ​ | $ | 579.0 | ​ | $ | 143.1 | ​ | $ | 722.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cargo expense | ​ | ​ | 238.2 | ​ | ​ | — | ​ | ​ | 238.2 | ​ | ​ | 228.6 | ​ | ​ | — | ​ | ​ | 228.6
Vessel operating expense | ​ | ​ | 147.4 | ​ | ​ | — | ​ | ​ | 147.4 | ​ | ​ | 153.0 | ​ | ​ | — | ​ | ​ | 153.0
Operating overhead (3) | ​ | ​ | 87.1 | ​ | ​ | — | ​ | ​ | 87.1 | ​ | ​ | 76.1 | ​ | ​ | — | ​ | ​ | 76.1
Direct operating costs | ​ | ​ | — | ​ | ​ | 117.8 | ​ | ​ | 117.8 | ​ | ​ | — | ​ | ​ | 117.3 | ​ | ​ | 117.3
Depreciation and amortization | ​ | ​ | 37.2 | ​ | ​ | 3.4 | ​ | ​ | 40.6 | ​ | ​ | 34.4 | ​ | ​ | 2.8 | ​ | ​ | 37.2
Total operating costs | ​ | ​ | 509.9 | ​ | ​ | 121.2 | ​ | ​ | 631.1 | ​ | ​ | 492.1 | ​ | ​ | 120.1 | ​ | ​ | 612.2
Income from SSAT | ​ | ​ | (6.6) | ​ | ​ | — | ​ | ​ | (6.6) | ​ | ​ | (0.4) | ​ | ​ | — | ​ | ​ | (0.4)
General and administrative | ​ |  | 60.5 | ​ |  | 14.9 | ​ |  | 75.4 | ​ |  | 59.7 | ​ |  | 13.7 | ​ |  | 73.4
Total Costs and Expenses | ​ | ​ | 563.8 | ​ | ​ | 136.1 | ​ | ​ | 699.9 | ​ | ​ | 551.4 | ​ | ​ | 133.8 | ​ | ​ | 685.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Income: | ​ | $ | 73.6 | ​ | $ | 8.5 | ​ | ​ | 82.1 | ​ | $ | 27.6 | ​ | $ | 9.3 | ​ | ​ | 36.9
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 8.8
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1.7) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2.2)
Other income (expense), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1.8
Income before Taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 92.2 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 45.3
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (19.9) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (9.2)
Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 72.3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 36.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures (4) | ​ | $ | 88.1 | ​ | $ | 1.1 | ​ | $ | 89.2 | ​ | $ | 51.0 | ​ | $ | 4.3 | ​ | $ | 55.3
​
(1) | Ocean Transportation operating revenue excludes inter-segment revenue of $21.4 million and $19.7 million for the three months ended March 31, 2025 and 2024, respectively.
(2) | Logistics operating revenue excludes inter-segment revenue of $32.6 million and $26.9 million for the three months ended March 31, 2025 and 2024, respectively.
(3) | Ocean Transportation operating overhead includes dry-docking amortization of $6.6 million and $6.8 million for the three months ended March 31, 2025 and 2024, respectively.
(4) | Capital expenditures exclude accrued capital expenditures of $7.6 million and $16.0 million as of March 31, 2025 and 2024, respectively.
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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