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REPORTABLE SEGMENTS | 9 Months Ended
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Sep. 30, 2025
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 (“CODM”) 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 CODM is its Chief Executive Officer. ​ The Company identified two reportable segments on the basis of internal information provided to the CODM: Ocean Transportation and Logistics which are described in Note 1. Each segment is managed separately based upon fundamental differences in the operations of each segment. The Company’s Ocean Transportation service primarily involves the transportation of customer cargo on Company owned and chartered vessels. The Company’s Logistics service provides customers with logistics solutions primarily using third-party purchased transportation. The Company’s CODM assesses the performance of each segment using operating income. The Company’s CODM reviews the performance of each segment using monthly internal reports which provide variance analysis of actual results by segment compared to budget, forecast and prior year. The Company’s CODM uses this information when making decisions about the allocation of operating and capital resources to each segment. Segment balance sheet information is not provided to the CODM as capital decisions are based upon the Company’s consolidated balance sheet. ​ Reportable segment financial information for the three months ended September 30, 2025 and 2024 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Three Months Ended
​ | ​ | September 30, 2025 | ​ | September 30, 2024
(In millions) |  | Ocean Transportation |  | Logistics | ​ | Total |  | Ocean Transportation |  | Logistics |  | Total
Operating Revenue (1)(2) | ​ | $ | 718.3 | ​ | $ | 161.8 | ​ | $ | 880.1 | ​ | $ | 798.7 | ​ | $ | 163.3 | ​ | $ | 962.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cargo expense | ​ | ​ | (258.2) | ​ | ​ | — | ​ | ​ | (258.2) | ​ | ​ | (253.7) | ​ | ​ | — | ​ | ​ | (253.7)
Vessel operating expense | ​ | ​ | (146.4) | ​ | ​ | — | ​ | ​ | (146.4) | ​ | ​ | (144.9) | ​ | ​ | — | ​ | ​ | (144.9)
Operating overhead (3) | ​ | ​ | (83.0) | ​ | ​ | — | ​ | ​ | (83.0) | ​ | ​ | (86.8) | ​ | ​ | — | ​ | ​ | (86.8)
Direct operating costs | ​ | ​ | — | ​ | ​ | (131.4) | ​ | ​ | (131.4) | ​ | ​ | — | ​ | ​ | (131.0) | ​ | ​ | (131.0)
Depreciation and amortization | ​ | ​ | (39.0) | ​ | ​ | (3.1) | ​ | ​ | (42.1) | ​ | ​ | (35.0) | ​ | ​ | (2.9) | ​ | ​ | (37.9)
Total operating costs | ​ | ​ | (526.6) | ​ | ​ | (134.5) | ​ | ​ | (661.1) | ​ | ​ | (520.4) | ​ | ​ | (133.9) | ​ | ​ | (654.3)
Income from SSAT | ​ | ​ | 9.3 | ​ | ​ | — | ​ | ​ | 9.3 | ​ | ​ | 6.9 | ​ | ​ | — | ​ | ​ | 6.9
General and administrative | ​ |  | (53.6) | ​ |  | (13.7) | ​ |  | (67.3) | ​ |  | (58.3) | ​ |  | (14.0) | ​ |  | (72.3)
Total Costs and Expenses | ​ | ​ | (570.9) | ​ | ​ | (148.2) | ​ | ​ | (719.1) | ​ | ​ | (571.8) | ​ | ​ | (147.9) | ​ | ​ | (719.7)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Income: | ​ | $ | 147.4 | ​ | $ | 13.6 | ​ | ​ | 161.0 | ​ | $ | 226.9 | ​ | $ | 15.4 | ​ | ​ | 242.3
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 7.6 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10.4
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1.8) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1.8)
Other income (expense), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2.1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 1.9
Income before Taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 168.9 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 252.8
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (34.2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (53.7)
Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 134.7 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 199.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures (4) | ​ | $ | 79.4 | ​ | $ | 3.8 | ​ | $ | 83.2 | ​ | $ | 58.1 | ​ | $ | 1.5 | ​ | $ | 59.6
(1) | Ocean Transportation operating revenue excludes inter-segment revenue of $25.9 million and $26.7 million for the three months ended September 30, 2025 and 2024, respectively.
(2) | Logistics operating revenue excludes inter-segment revenue of $38.0 million and $46.1 million for the three months ended September 30, 2025 and 2024, respectively.
(3) | Ocean Transportation operating overhead includes dry-docking amortization of $7.1 million and $7.3 million for the three months ended September 30, 2025 and 2024, respectively.
(4) | Capital expenditures exclude accrued capital expenditures of $7.1 million and $26.9 million as of September 30, 2025 and 2024, respectively.
​ Reportable segment financial information for the nine months ended September 30, 2025 and 2024 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2025 | ​ | September 30, 2024
(In millions) |  | Ocean Transportation |  | Logistics | ​ | Total |  | Ocean Transportation |  | Logistics |  | Total
Operating Revenue (5)(6) | ​ | $ | 2,031.3 | ​ | $ | 461.3 | ​ | $ | 2,492.6 | ​ | $ | 2,067.6 | ​ | $ | 463.9 | ​ | $ | 2,531.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Direct cargo expense | ​ | ​ | (746.1) | ​ | ​ | — | ​ | ​ | (746.1) | ​ | ​ | (727.4) | ​ | ​ | — | ​ | ​ | (727.4)
Vessel operating expense | ​ | ​ | (444.4) | ​ | ​ | — | ​ | ​ | (444.4) | ​ | ​ | (454.8) | ​ | ​ | — | ​ | ​ | (454.8)
Operating overhead (7) | ​ | ​ | (256.5) | ​ | ​ | — | ​ | ​ | (256.5) | ​ | ​ | (245.4) | ​ | ​ | — | ​ | ​ | (245.4)
Direct operating costs | ​ | ​ | — | ​ | ​ | (371.7) | ​ | ​ | (371.7) | ​ | ​ | — | ​ | ​ | (372.4) | ​ | ​ | (372.4)
Depreciation and amortization | ​ | ​ | (114.2) | ​ | ​ | (9.7) | ​ | ​ | (123.9) | ​ | ​ | (104.2) | ​ | ​ | (9.2) | ​ | ​ | (113.4)
Total operating costs | ​ | ​ | (1,561.2) | ​ | ​ | (381.4) | ​ | ​ | (1,942.6) | ​ | ​ | (1,531.8) | ​ | ​ | (381.6) | ​ | ​ | (1,913.4)
Income from SSAT | ​ | ​ | 23.2 | ​ | ​ | — | ​ | ​ | 23.2 | ​ | ​ | 8.5 | ​ | ​ | — | ​ | ​ | 8.5
General and administrative | ​ |  | (173.7) | ​ |  | (43.4) | ​ |  | (217.1) | ​ |  | (180.8) | ​ |  | (42.0) | ​ |  | (222.8)
Total Costs and Expenses | ​ | ​ | (1,711.7) | ​ | ​ | (424.8) | ​ | ​ | (2,136.5) | ​ | ​ | (1,704.1) | ​ | ​ | (423.6) | ​ | ​ | (2,127.7)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Income: | ​ | $ | 319.6 | ​ | $ | 36.5 | ​ | ​ | 356.1 | ​ | $ | 363.5 | ​ | $ | 40.3 | ​ | ​ | 403.8
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 25.0 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 38.0
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5.2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6.1)
Other income (expense), net | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 6.9 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 5.5
Income before Taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 382.8 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 441.2
Income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (81.1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (92.8)
Net Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 301.7 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 348.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures (8) | ​ | $ | 252.6 | ​ | $ | 6.1 | ​ | $ | 258.7 | ​ | $ | 177.0 | ​ | $ | 7.7 | ​ | $ | 184.7
(5) | Ocean Transportation operating revenue excludes inter-segment revenue of $72.8 million and $69.2 million for the nine months ended September 30, 2025 and 2024, respectively.
(6) | Logistics operating revenue excludes inter-segment revenue of $107.6 million and $112.0 million for the nine months ended September 30, 2025 and 2024, respectively.
(7) | Ocean Transportation operating overhead includes dry-docking amortization of $20.7 million and $21.0 million for the nine months ended September 30, 2025 and 2024, respectively.
(8) | Capital expenditures exclude accrued capital expenditures of $7.1 million and $26.9 million as of September 30, 2025 and 2024, respectively.
​ Ocean Transportation’s operating expenses includes the following:
● | Operating costs includes:
| o | Direct cargo expense includes terminal handling costs including labor and wharfage, outside purchased transportation and other related costs.
| o | Vessel operating expense includes crew wages and related costs; fuel; pilots, tugs, lines and related costs; vessel charter expenses; and other vessel operating related expenses.
| o | Operating overhead expense includes vessel repair and maintenance costs, inactive vessel costs, dry-docking amortization, equipment lease costs, equipment repair costs, vessel insurance, port engineers and other maintenance costs, other vessel and shoreside related overhead and other indirect costs.
| o | Depreciation and amortization expense includes depreciation of property and equipment and amortization of intangible assets.
● | Income from SSAT includes the Company’s share of income from its equity investment in SSAT and has been aggregated into the Ocean Transportation segment due to the operations of SSAT being an integral part of the Company’s Ocean Transportation business (see Note 4).
● | General and administrative expense includes employee salaries, wages and other related costs, equipment maintenance, computer hardware and software, professional fees and other general and administrative expenses.
​ Logistics’ operating expenses includes the following:
● | Operating costs includes:
| o | Direct operating expense includes transportation costs, transportation brokerage expenses, agency commissions, leases of warehouses, cross-dock and other facility operating costs, wages and other related costs, and other operating overhead.
| o | Depreciation and amortization expense includes depreciation of property and equipment and amortization of intangible assets.
● | General and administrative expense includes employee salaries, wages and other related costs, computer hardware and software, professional fees and other general and administrative expenses.
​ 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 $63.9 million and $72.8 million for the three months ended September 30, 2025 and 2024, and $180.4 million and $181.2 million for the nine months ended September 30, 2025 and 2024, respectively, have been eliminated from consolidated operating revenues. 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.

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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