v3.25.2
INVESTMENT IN SSAT
 6 Months Ended
Jun. 30, 2025
INVESTMENT IN SSAT  
INVESTMENT IN SSAT

4.          INVESTMENT IN SSAT

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The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Condensed income statement information for SSAT for the three and six months ended June 30, 2025 and 2024 consisted of the following:

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Three Months Ended

 

Six Months Ended

 

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June 30, 

 

June 30, 

 

(In millions)

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2025

    

2024

 

2025

    

2024

 

Operating revenue

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$

307.7

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$

273.9

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$

619.2

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$

544.2

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Operating costs and expenses

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(294.6)

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(278.5)

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(592.1)

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(556.9)

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Operating income (loss)

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13.1

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(4.6)

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27.1

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(12.7)

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SSAT’s Net Income (Loss) (1)

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$

18.7

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$

2.1

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$

36.4

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$

(1.7)

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Company’s Share of SSAT’s Net Income (Loss) (2)

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$

7.3

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$

1.2

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$

13.9

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$

1.6

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(1)Includes earnings and losses from equity method investment held by SSAT less earnings and losses allocated to non-controlling interests.
(2)The Company records its share of net income (loss) from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations.

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The Company’s investment in SSAT was $98.3 million and $84.1 million at June 30, 2025 and December 31, 2024, respectively.

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On March 1, 2024, SSAT completed the sale of 25 percent of its equity interest in SSA Terminals (Seattle Terminals), LLC (“SSAT ST”) to a third-party company. After the completion of this transaction, SSAT retains a 50 percent controlling interest in SSAT ST, while the third-party company increased its non-controlling interest to 50 percent in SSAT ST. As a result of this transaction during the three months ended March 31, 2024, the Company recorded an increase in its investment in SSAT of approximately $13.2 million and increase in deferred income taxes of $3.1 million, and a corresponding increase in retained earnings of $10.1 million.