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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2018
Schedule of assigned eligible accounts receivable, and on deposit to the Capital Construction Fund

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

(In millions)

    

2018

    

2017

 

Capital Construction Fund:

 

 

 

 

 

 

 

Cash on deposit

 

$

 —

 

$

0.9

 

Assigned accounts receivables

 

$

77.2

 

$

134.8

 

 

Schedule of condensed income statement information (unaudited) for Terminal Joint Venture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

(In millions)

 

2018

    

2017

 

2018

    

2017

 

Operating revenue

 

$

289.4

 

$

227.4

 

$

806.5

 

$

638.2

 

Operating costs and expenses

 

 

(259.5)

 

 

(203.9)

 

 

(719.7)

 

 

(581.9)

 

Operating income

 

 

29.9

 

 

23.5

 

 

86.8

 

 

56.3

 

Net Income (1)

 

 

27.7

 

 

23.7

 

 

82.7

 

 

57.5

 

Company Share of Net Income

 

$

9.2

 

$

7.5

 

$

28.8

 

$

19.3

 

(1)

Includes earnings from equity method investments held by the Terminal Joint Venture less earnings allocated to non-controlling interests. 

 

Ocean Transportation  
Schedule of principal revenue generating activities by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

Ocean Transportation (in millions) (1)

 

2018

    

2017

 

2018

    

2017

 

Ocean Transportation services

 

$

431.4

 

$

414.1

 

$

1,207.3

 

$

1,167.3

 

Terminal and other related services

 

 

0.7

 

 

0.6

 

 

2.0

 

 

2.2

 

Fuel sales

 

 

3.5

 

 

2.8

 

 

8.7

 

 

7.3

 

Ship management services and related costs

 

 

1.7

 

 

1.7

 

 

5.2

 

 

5.1

 

Total

 

$

437.3

 

$

419.2

 

$

1,223.2

 

$

1,181.9

 

(1)

Ocean Transportation revenue transactions are primarily denominated in U.S. dollars except for approximately 3 percent of Ocean Transportation revenues and fuel sales which are denominated in foreign currencies. 

 

§

Ocean Transportation services are recognized ratably over the duration of a voyage based on the relative transit time completed in each reporting period.  Vessel operating costs and other ocean transportation operating costs, such as terminal operating overhead and general and administrative expenses, are charged to operating costs as incurred. 

§

Terminal and other related services to third parties are recognized as the services are performed.

§

Fuel sales are recognized when the Company has completed delivery of the product to the customer in accordance with the terms and conditions of the contract.

Ship management services and related costs are recognized in proportion to the services completed.

Logistics  
Schedule of principal revenue generating activities by segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

Logistics (in millions) (1)

 

2018

 

2017

 

2018

 

2017

 

Transportation Brokerage and Freight Forwarding Services

 

$

135.4

 

$

110.1

 

$

391.0

 

$

309.3

 

Warehouse and distribution services

 

 

8.9

 

 

7.8

 

 

24.1

 

 

22.3

 

Supply chain management and other services

 

 

7.8

 

 

6.8

 

 

19.6

 

 

17.3

 

Total

 

$

152.1

 

$

124.7

 

$

434.7

 

$

348.9

 

(1)

Logistics revenue transactions are primarily denominated in U.S. dollars except for approximately 3 percent of transportation brokerage and freight forwarding services revenue, and supply chain management and other services revenue categories are denominated in foreign currencies.

 

§

Transportation Brokerage and Freight Forwarding Services consist of amounts billed to customers for services provided.  The primary costs include third-party purchased transportation services, labor and equipment costs.  Revenue and the related purchased third-party transportation costs are recognized over the duration of a delivery based upon the relative transit time completed in each reporting period.  Labor and other operating costs are expensed as incurred.  The Company reports revenue on a gross basis as the Company serves as the principal in these transactions because it is responsible for fulfilling the contractual arrangements with the customer and has latitude in establishing prices.

§

Warehousing and distribution services consist of amounts billed to customers for storage, handling, and value-added packaging of customer merchandise.  Storage revenue is recognized in the month the service is provided to the customer.  Storage expenses are recognized as incurred.  Other warehousing and distribution services revenue and expense are recognized in proportion to the services performed. 

Supply chain management and other services and related costs are recognized in proportion to the services performed.