4. INVESTMENT IN SSAT The Company’s investment in SSAT is described in Note 4 to the Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Condensed income statement information for SSAT for the three and six months ended June 30, 2026 and 2025 consisted of the following: | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | (In millions) | | 2026 | | 2025 | | 2026 | | 2025 | | Operating revenue | | $ | 294.1 | | $ | 307.7 | | $ | 576.8 | | $ | 619.2 | | Operating costs and expenses | | | (278.9) | | | (294.6) | | | (564.3) | | | (592.1) | | Operating income | | | 15.2 | | | 13.1 | | | 12.5 | | | 27.1 | | SSAT’s Net Income (1) | | $ | 20.9 | | $ | 18.7 | | $ | 24.9 | | $ | 36.4 | | Company’s Share of SSAT’s Net Income (2) | | $ | 4.8 | | $ | 7.3 | | $ | 9.8 | | $ | 13.9 | |
| (1) | Includes income and losses from equity method investment held by SSAT less income and losses allocated to non-controlling interests. |
| (2) | The Company records its share of net income from SSAT in costs and expenses in the Condensed Consolidated Statement of Income and Comprehensive Income due to the nature of SSAT’s operations. |
The Company’s investment in SSAT was $106.2 million and $96.2 million at June 30, 2026 and December 31, 2025, respectively.
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