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REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

REPORTABLE SEGMENTS

Schedule of reportable segment financial information

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.