What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-23 compared with 2023-02-24 · 81 added, 84 removed, 334 unchanged (33% of the section changed)

38 unchanged sentences

West Coast and Hawaii.

Westbound cargo carried by Matson to Hawaii includes dry containers of mixed commodities, refrigerated commodities, food and beverages, retail merchandise, building materials, automobiles and household goods.

Westbound cargo carried by Matson to Hawaii includes dry containers of mixed commodities, refrigerated commodities, food, beverages, retail merchandise, building materials, automobiles and household goods.

Matson’s eastbound cargo from Hawaii includes automobiles, household goods, dry containers of mixed commodities and livestock.

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These vessels also carry cargo destined for Hawaii which originated in Guam, Micronesia, Okinawa, China and other Asian countries.

Matson provides container transshipment services from many locations in Asia including Hong Kong and Xiamen, China to the United States via the ports of Ningbo and Shanghai, China.

Matson provides container transshipment services from many locations in Asia including Southern China, Hong Kong, Vietnam and Xiamen, China to the United States via Shanghai.

Matson operates a second expedited service to the U.S.

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The CLX+ service primarily uses chartered vessels and operates weekly from Ningbo and Shanghai, China where they are loaded with cargo to be discharged primarily at Long Beach, California, calling at an SSAT-operated terminal.

On February 18, 2024, the Company renamed the CLX+ service to Matson Asia Express (“MAX”).

Eastbound cargo from China to Long Beach, California consists mainly of garments, e-commerce related goods, consumer electronics, footwear and other merchandise.

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Japan Service:

Matson’s Japan service provides carriage to the port of Naha in Okinawa, Japan, as part of its CLX service.

Matson’s Japan service provides weekly carriage between the U.S.

West Coast and the port of Naha in Okinawa, Japan, as part of its CLX service.

This service mainly carries general sustenance cargo in both dry and refrigerated containers and household goods supporting the U.S.

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Matson also provides a barge service between Dutch Harbor and Akutan in Alaska, and transportation services to other locations in Alaska including the Kenai Peninsula, Fairbanks and the North Slope.

Northbound cargo to Alaska consists mainly of dry containers of mixed commodities, refrigerated commodities, foods and beverages, retail merchandise, household goods and automobiles.

Northbound cargo to Alaska consists mainly of dry containers of mixed commodities, refrigerated commodities, food, beverages, retail merchandise, household goods and automobiles.

Southbound cargo from Alaska primarily consists of seafood, household goods and automobiles.

Matson’s Alaska-Asia Express (“AAX”) service provides carriage of dry and frozen seafood from Kodiak and Dutch Harbor, Alaska to many locations in Asia via its transshipment ports of Ningbo and Shanghai, China, and Busan, South Korea.

The AAX service utilizes CLX+ vessels on their westbound trip to China.

Matson’s Alaska-Asia Express (“AAX”) service provides carriage of seafood primarily from Kodiak and Dutch Harbor, Alaska to many locations in Asia via its transshipment ports of Ningbo and Shanghai, China, and Busan, South Korea.

The AAX service utilizes CLX+ vessels on their westbound return voyages to China.

South Pacific Service:

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Department of Transportation to provide vessel management services to manage and maintain three Ready Reserve Force vessels on behalf of the U.S.

Department of Transportation Maritime Administration.

Department of Transportation Maritime Administration (“MARAD”).

Vessel Information:

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The majority of Matson’s owned vessels are U.S.

flagged and Jones Act qualified vessels, and operate in the Hawaii, China, Guam, Japan, Micronesia and Alaska services.

flagged and Jones Act qualified vessels, and operate in Matson’s Hawaii, China, Guam, Japan, Micronesia and Alaska services.

Details of Matson’s active and reserve vessels as of December 31, 2023 are as follows:

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Vessels-Owned:

INOUYE (4)(8)

KAIMANA HILA (4)

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Vessels-Chartered:

MATSON HAWAII (6)

MATSON WAIKIKI (6)

September 2025

MATSON LANAI (6)

MATSON MAUI (6)

MATSON OAHU (6)

MATSON KAUAI (6)

MATSON MOLOKAI (6)

MATSON NIIHAU (6)

Barges-Owned:

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(6) Foreign-flagged vessel.

(7) Lift-on/lift-off barge equipped with a crane.

(7) Vessel installed with exhaust gas cleaning systems (commonly referred to as “scrubbers”).

(8) Vessel can operate on liquified natural gas (“LNG”), conventional or alternative fuels.

Fleet Renewal Program:

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Containership

Upon delivery, Matson expects to deploy the three new vessels in the CLX service and redeploy three existing CLX vessels into the Alaska service.

The new vessels will have dual-fuel engines and be equipped with tanks, piping and cryogenic equipment designed to operate on liquified natural gas (“LNG”) and conventional fuels.

Matson expects to deploy the three new vessels in the CLX service and redeploy three existing vessels into the Alaska service.

The new vessels will have dual-fuel engines and be equipped with tanks, piping and cryogenic equipment designed to operate on LNG, conventional and alternative fuels.

The new vessels are also being designed with state-of-the-art green technology features and fuel-efficient hulls.

Each new vessel is expected to provide 500 containers of additional capacity per voyage in the CLX service.

The contract cost of the new vessel program is approximately $1.0 billion in total, and milestone payments are expected to be financed with cash currently on deposit in the Company’s Capital Construction Fund, cash and cash equivalents on the consolidated balance sheet and through cash flows generated from future operations, borrowings available under the Company’s unsecured revolving credit facility or additional debt financings .

Actual and future annual vessel construction progress milestone payments based on signed agreements and change orders, excluding owners’ items and capitalized interest, are expected to be as follows:

Each new vessel is expected to provide approximately 500 containers of additional capacity per voyage in the CLX service.

The contract cost of the new vessel program is approximately $1.0 billion in total, and milestone payments are expected to be financed with cash currently on deposit in the Company’s Capital Construction Fund, cash and cash equivalents on the Company’s Consolidated Balance Sheets and through cash flows generated from future operations, borrowings available under the Company’s unsecured revolving credit facility or additional debt financings .

Actual and future vessel construction progress milestone payments based on signed agreements and change orders, excluding vessel steel price adjustments, owners’ items and capitalized interest, are expected to be as follows:

Future Milestone Payments

Vessel Construction Obligations (in millions)

December 31, 2023

Three Aloha Class Containerships

Matson is also installing tanks, piping and cryogenic equipment on existing Aloha Class vessels so that they can operate on LNG and conventional fuels.

Matson is also installing tanks, piping and cryogenic equipment on existing Aloha Class vessels so that they can operate on LNG, conventional and alternative fuels.

The LNG installation project on Daniel K.

Inouye has begun and work on Kaimana Hila is currently scheduled to begin during the second quarter of 2024.

Each installation is expected to cost approximately $35 million.

Additionally, the Company plans to begin reengining Manukai to operate on LNG and conventional fuels during the second quarter of 2023 at a total cost of approximately $60 million.

The three new Aloha Class vessels and LNG installation projects are important steps towards achieving Matson’s medium-term greenhouse gas (“GHG”) emissions goal which is to reduce Scope 1 GHG emissions from our owned fleet by 40% by 2030, using 2016 as a baseline year.

Matson has also set a long-term goal to achieve net zero Scope 1 GHG emissions from our owned fleet by 2050.

Inouye was completed in the third quarter of 2023 at a total cost of approximately $47 million.

LNG installation work on Kaimana Hila is currently scheduled to begin during the second quarter of 2024, and the total cost is expected to be approximately $47 million.

Additionally, in the third quarter of 2023, the Company commenced the reengining of Manukai to operate on LNG, conventional and alternative fuels and the total cost is expected to be approximately $72 million.

The three new Aloha Class vessels and LNG installation projects are important steps towards achieving Matson’s medium-term greenhouse gas (“GHG”) emissions goal which is to reduce Scope 1 GHG emissions from its owned fleet by 40% by 2030, using 2016 as a baseline year.

Matson has also set a long-term goal to achieve net zero Scope 1 GHG emissions from its owned fleet by 2050.

For more information on Matson’s environmental stewardship initiatives, including GHG reduction goals, see Matson’s Sustainability Report and other information available at https://www.matson.com/sustainability.

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Effective January 1, 2020, the IMO imposed regulations that generally require all vessels to burn fuel oil with a maximum sulfur content of ≤0.5 percent.

With respect to North America, all waters, with certain limited exceptions, within 200 nautical miles of U.S.

With respect to North America, all waters,

with certain limited exceptions, within 200 nautical miles of U.S.

and Canadian coastlines have been designated emission control areas (“ECAs”).

Since January 1, 2015, U.S.

Environmental Protection Agency regulations have

reduced the fuel oil maximum sulfur content in designated ECAs.

In addition, since August 1, 2012, the California Air Resource Board has reduced the fuel oil maximum sulfur content to ≤0.1 percent within 24 miles of the California coastline.

All of Matson’s vessels are designed to operate in compliance with IMO and ECA regulations as applicable.

Matson also maintains vessels which may operate as dry-dock relief or for emergency activation purposes under an EPA approved ECA permit enabling the use of fuel oil with a maximum sulfur content of ≤0.5 percent within the North America ECA or at any time on IMO compliant fuels.

In June 2021, the IMO adopted new GHG emission requirements applicable to ships.

Beginning with a company’s first annual, intermediate or renewal survey for an International Air Pollution Prevention (“IAPP”) certificate on or after January 1, 2023, all containerships with more than 10,000 dead weight tons will be required to meet specified Energy Efficiency Existing Ship Index (“EEXI”) levels.

Environmental Protection Agency regulations have reduced the fuel oil maximum sulfur content in designated ECAs.

In addition, since August 1, 2012, the California Air Resources Board has reduced the fuel oil maximum sulfur content to ≤0.1 percent within 24 miles of the California coastline.

All of Matson’s vessels are designed to operate in compliance with current IMO and ECA regulations as applicable.

Matson also maintains vessels which may operate as dry-dock relief or for emergency activation purposes under an Environmental Protection Agency (“EPA”) approved ECA permit enabling the use of fuel oil with a maximum sulfur content of ≤0.5 percent within the North America ECA or at any time on IMO compliant fuels.

In June 2021, the IMO adopted regulations requiring that, beginning with a vessel’s first annual, intermediate or renewal survey for an International Air Pollution Prevention (“IAPP”) certificate on or after January 1, 2023, all containerships with more than 10,000 dead weight tons meet specified Energy Efficiency Existing Ship Index (“EEXI”) levels.

EEXI is a one-time certification measuring a ship’s theoretical carbon dioxide (“CO 2 ”) emissions per transport work based on its design parameters.

Beginning in 2023, containerships with over 5,000 gross tonnage (“GT”) will be required to meet annual Carbon Intensity Indicator (“CII”) requirements that become increasingly stringent towards 2030.

CII measures how efficiently a ship transports goods, and uses actual CO 2 emissions to determine an annual rating from A to E.

For ships that achieve a D rating for three consecutive years or an E rating in a single year, a corrective action plan needs to be developed as part of the vessels’ Ship Energy Efficiency Management Plan (“SEEMP”) and approved.

For a discussion on the Company’s planned future capital expenditures to comply with these regulations, see Part II, Item 7 of this Form 10-K.

Beginning in 2023, containerships with over 5,000 gross tonnage (“GT”) are also required to meet annual Carbon Intensity Indicator (“CII”) levels that become increasingly stringent towards 2030.

CII measures how efficiently a ship transports goods, and uses actual CO 2 emissions to determine an annual rating.

For ships that are not in compliance, a corrective action plan needs to be developed as part of the vessels’ Ship Energy Efficiency Management Plan (“SEEMP”) and approved.

The Company believes that its vessels are currently in compliance with these regulations.

For more information on Matson’s environmental stewardship initiatives, including GHG emission reduction goals, see Matson’s Sustainability Report and other information available at https://www.matson.com/sustainability.

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In addition, Matson completed the installation, energization and transition to a new redundant main switchgear.

Additional projects for the second phase relate to improvements to its existing backup power generators, installation of new above ground fuel storage tanks, a battery energy storage system, and other upgrades at the terminal, and are expected to be completed within the next three years.

Additional projects for the second phase relate to improvements to its existing backup power generators, installation of new above ground fuel storage tanks and other upgrades at the terminal, and are expected to be completed within the next three years.

The third phase represents a broader and long-term terminal expansion program at the Sand Island terminal facility.

Matson expects to expand into Pier 51A and portions of Pier 51B after Pasha Hawaii (“Pasha”) relocates to the newly constructed Kapalama container terminal facility planned for 2024.

From 2023 to 2024, Matson will be performing surveying, planning and design work in preparation for this expansion.

Matson expects to expand into Pier 51A and portions of Pier 51B after Pasha Hawaii (“Pasha”) relocates to the newly constructed Kapalama container terminal (“KCT”) facility in 2025.

From 2024 to 2025, Matson expects to perform surveying, planning and design work in preparation for this expansion.

Ocean Transportation Equipment:

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locations also provide alternatives for companies shipping to Hawaii.

Other competitors in the Hawaii service include proprietary operators and contract carriers of bulk cargo, and airfreight freight carriers.

Other competitors in the Hawaii service include proprietary operators and contract carriers of bulk cargo, and air freight carriers.

Matson operates three strings of vessels to Hawaii.

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Matson’s frequent sailings and punctuality permit customers to reduce inventory carrying costs.

Matson also competes by offering one of the most comprehensive services to customers, including:

Matson also competes by offering a comprehensive service network to customers, including:

the only container service to and from the three largest U.S.

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flagged Jones Act competitor, Totem Ocean Trailer Express, Inc., which operates a roll-on/roll-off service between Tacoma, Washington and Anchorage, Alaska.

There are also two U.S.

There are also two primary U.S.

flagged Jones Act barge operators, Alaska Marine Lines, which mainly provides services from Seattle, Washington to the ports of Anchorage, Dutch Harbor, and other locations in Alaska, and Samson Tug & Barge, which mainly serves Western Alaska and other locations.

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Foreign-flagged vessels provide alternatives for companies shipping cargo (mainly seafood) from the Alaska ports of Kodiak and Dutch Harbor to international destinations.

Other competition includes air freight carriers and over-the-road trucking services.

Matson’s AAX service has two major competitors, CMA CGM and Maersk Lines, which provide services between Dutch Harbor, Alaska and Asia.

Other competitors include air freight carriers and over-the-road trucking services.

Matson’s AAX service has two primary competitors, CMA CGM and Maersk Lines, which provide services between Dutch Harbor, Alaska and Asia.

Matson offers customers twice weekly scheduled service from Tacoma, Washington to Anchorage and Kodiak, Alaska, and a weekly service to Dutch Harbor, Alaska.

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China Service:

Major competitors to Matson’s China service include large international transpacific carriers such as CMA CGM, OOCL, ZIM, Evergreen and Maersk.

Other competition includes air freight carriers.

Matson’s China service (CLX and CLX+) competes by offering fast and reliable service from the ports of Ningbo and Shanghai in China, and feeder services from other Asian ports of origin, to Long Beach and Oakland, California.

Major competitors to Matson’s China service include large international transpacific carriers such as CMA CGM, OOCL, ZIM, Evergreen and Cosco.

Other competitors include air freight carriers.

Matson provides fixed day-of-the-week arrivals and industry leading cargo availability.

Matson’s service is further differentiated by best-in-class stevedoring services provided by SSAT, Matson dedicated terminal space, access to Shippers Transport Express off-dock container yards for faster truck turn times, Matson-dedicated equipment including chassis to speed cargo availability, one-stop intermodal connections, and world-class customer service.

provides intermodal services in coordination with Matson Logistics.

Matson also provides intermodal

services in coordination with Matson Logistics.

Matson has offices located in Shanghai, Shenzhen, Xiamen, Ningbo and Hong Kong, and has contracted with terminal operators in Ningbo and Shanghai.

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West Coast to the port of Naha in Okinawa, Japan.

Matson offers customers a weekly service to the port of Naha in Okinawa, Japan as part of the CLX service from three ports on the U.S.

Matson offers customers a fast and reliable weekly service to the port of Naha in Okinawa, Japan as part of the CLX service from three ports on the U.S.

Micronesia and South Pacific Services:

Matson’s Micronesia and South Pacific services have competition from a variety of local and international carriers that provide freight services to the area.

Matson’s Micronesia and South Pacific services compete with a variety of local and international carriers that provide freight services to the area.

Customer Concentration:

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Historically, Matson’s Ocean Transportation services have typically experienced seasonality in volume, generally following a pattern of increasing volume starting in the second quarter of each year, culminating in a peak season throughout the third quarter, with subsequent decline in demand during the fourth and first quarters.

This seasonality trend is amplified in the Alaska service primarily due to winter weather and the timing of southbound seafood trade.

This seasonality is amplified in the Alaska service primarily due to winter weather and the timing of southbound seafood trade.

As a result, earnings have tended to follow a similar pattern, offset by periodic vessel dry-docking and other episodic cost factors, which can lead to earnings variability.

In addition, in the China trade, volume is typically driven primarily by U.S.

consumer demand for goods during key retail selling seasons.

Freight rates are impacted mainly by macro supply and demand variables.

Matson’s typical seasonal trends have been impacted by the global pandemic which resulted in elevated levels of demand experienced in our Ocean Transportation services during the second half of 2020 throughout 2021 and in the first half of 2022.

Weakening economic conditions in the U.S., relatively high inflation and the impact of higher interest rates on household discretionary income may affect the demand for consumer goods in our markets, which could impact seasonal variability and demand for the Company’s Ocean Transportation services in 2023.

In addition, in the China trade, volume demand is generally stronger in the second and third quarters primarily driven by U.S.

consumer demand for goods ahead of key retail selling seasons.

Freight rates can be impacted by these seasonality trends as well as macro supply and demand variables.

Relatively high inflation and the impact of high interest rates on household discretionary income may affect the demand for consumer goods in our markets, which could impact seasonal variability and demand for the Company’s Ocean Transportation services in 2024.

Maritime Laws and the Jones Act :

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Coast Guard, which requires appropriate certifications and background checks of the crew members.

Under Section 27 of the Jones

Act, the carriage of cargo between the U.S.

Under Section 27 of the Jones Act, the carriage of cargo between the U.S.

West Coast, Hawaii and Alaska on foreign-built or foreign-documented vessels is prohibited.

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Matson Logistics provides intermodal rail, highway, and other third-party logistics services for North American customers and international ocean carrier customers, including MatNav.

Matson Logistics creates award winning benefits and value for its customers through volume purchases of rail, motor carrier and ocean transportation services, augmented by services such as shipment tracking and tracing, accessibility to its private fleet of 53-foot intermodal containers and single-vendor invoicing.

Matson Logistics creates significant benefits and value for its customers through volume purchases of rail, motor carrier and ocean transportation services, augmented by services such as shipment tracking and tracing, accessibility to its private fleet of 53-foot intermodal containers and single-vendor invoicing.

Matson Logistics operates customer service centers and has sales offices throughout North America.

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Robinson Worldwide, Hub Group, RXO and other freight brokers and intermodal marketing companies, and asset-invested market leaders such as J.B.

Competition is differentiated by the depth, scale and scope of customer relationships;

Matson Logistics competes by relying on the depth, scale and scope of its customer relationships;

vendor relationships and rates;

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and other technology solutions.

Additionally, while Matson Logistics primarily provides surface transportation brokerage, it also competes to a lesser degree with other forms of transportation for the movement of cargo.

Matson Logistics’ freight forwarding services compete most directly with a variety of freight forwarding companies that operate within Alaska including Carlile, Lynden, American Fast Freight and Alaska Traffic Company.

Additionally, while Matson Logistics primarily provides surface transportation brokerage, it also competes to a lesser degree with other forms of transportation for the movement of cargo such as air freight.

Matson Logistics’ freight forwarding services compete most directly with a variety of freight forwarding companies that operate within Alaska including Carlile, Lynden and American Fast Freight.

Customer Concentration:

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In general, Matson Logistics’ services are not significantly impacted by seasonality factors, with the exception of its freight forwarding service to Alaska which may be affected by winter weather and the seasonal nature of the tourism industry.

However, the weakening economic conditions in the U.S., relatively high inflation and the impact of higher interest rates on household discretionary income may affect the demand for consumer goods, which could impact Matson’s Logistics businesses in 2023.

EMPLOYEES AND LABOR RELATIONS

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For many years, Matson has been committed to improving diversity, providing equal pay for equal work and creating an inclusive culture.

According to the U.S.

Bureau of Labor Statistics, traditionally the shipping industry’s workforce has been predominately represented by white males.

While Matson’s workforce is representative of many of the communities where it operates, the Company has taken steps to do more to change the status quo within the Company and industry.

While Matson’s workforce is representative of many of the communities where it operates, the Company has taken steps intended to help improve diversity within the Company and industry and to promote inclusivity for all.

In 2023, the Company continued to advance many of its diversity, equity and inclusion efforts.

This includes continuing its efforts to analyze pay among various employee groups to confirm pay equity across the Company.

As part of its overall DE&I strategy, Matson continues to focus on developing and promoting diverse individuals into leadership positions.

The Company utilizes both internal and external learning and development programs to encourage and promote career opportunities within our diverse employee groups.

In 2022, approximately two-thirds of Matson promotions in management roles were women and/or minority individuals.

Matson is also focused on supporting a more diverse talent pool over the long-term by encouraging women and minorities to pursue careers in the maritime and logistics sectors.

To this end, in 2022 the Company established and awarded sixteen scholarships to diverse, high-achieving students at higher education institutions and maritime academies.

Matson has also worked to enhance employees’ understanding and perspective on working with diverse groups of individuals.

In 2022, the Company provided two DE&I trainings to deepen employees’ understanding and appreciation for ways to improve interactions with others and promote more inclusive relationships.

One training focused on ways people communicate that reinforce stereotypes and perpetuate discrimination, often unintentionally, called “microaggressions.” The other DE&I training provided a broad overview of general diversity, equity and inclusion principles – the “dos and don’ts” of respectful social interaction.

These trainings were completed by more than 1,100 employees during the past year.

The composition of Matson’s domestic shoreside workforce by gender and race in 2022 is as follows (data for seagoing personnel is not available to the Company):

The composition of management positions within Matson’s domestic shoreside workforce by gender and race in 2022 is as follows (data for seagoing personnel is not available to the Company):

“Minority” in these graphs refers to any employee who self-identifies as such under the categories established by the Equal Employment Opportunity Commission.

This included continuing its efforts to analyze pay among various employee groups to confirm pay equity across the Company.

As part of its overall DE&I strategy, Matson continues to focus on developing and promoting equal employment opportunities, particularly for leadership positions.

The Company utilizes both internal and external learning and development programs to encourage and promote career opportunities and inclusivity for all within our diverse employee groups.

In 2023, over half of Matson promotions in management roles were women and/or diverse individuals.

Matson is also focused on supporting a more inclusive talent pool over the long-term by encouraging historically underrepresented groups such as women and diverse individuals to pursue careers in the maritime and logistics sectors.

To this end, in 2023 the Company awarded seventeen scholarships to diverse, high-achieving students at higher education institutions and maritime academies.

In support of the rollout of a new performance management program, Matson’s DE&I training efforts in 2023 emphasized recognizing and minimizing bias when reviewing employee performance, with over 260 managers participating in the program.

Specifically, the training focused on building awareness of types of bias, using objective criteria when assessing performance and increasing the number of performance feedback opportunities.

The composition of Matson’s domestic shoreside workforce by gender and diversity status in 2023 is as follows (data for seagoing personnel is not available to the Company):

The composition of management positions within Matson’s domestic shoreside workforce by gender and diversity status in 2023 is as follows (data for seagoing personnel is not available to the Company):

“Diverse” in these graphs refers to any employee who self-identifies as a minority under the categories established by the Equal Employment Opportunity Commission.

Total Rewards Programs:

Matson provides a highly competitive and balanced total rewards program designed to attract, retain and motivate its employees .

While factors such as job, location and business unit ultimately determine which plans an employee may be eligible for participation, the Company’s total rewards offering includes market competitive base salaries, cash and equity incentives, recognition awards, health and welfare benefits, and employee and employer funded retirement plans.

While factors such as job, location and business unit ultimately determine which plans an employee may be eligible for, the Company’s total rewards offering includes market competitive base salaries, cash and equity incentives, recognition awards, health and welfare benefits, and employee and employer funded retirement plans.

The Company believes that management level positions should have a portion of pay aligned with its short- and long-term business objectives.

Accordingly, the Company’s total rewards program contains several pay-for-performance components tied to individual, business unit and company performance, as well as Matson stock price performance.

Accordingly, the Company’s total rewards program contains several pay-for-performance components tied to individual, business unit and Company performance, as well as Matson’s stock price performance.

Succession and Career Planning:

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Matson’s shoreside and seagoing employees are represented by a variety of unions.

As shown in the chart below, union employees comprise 70 percent of Matson’s global workforce.

Matson has collective bargaining agreements with these unions that expire at various dates in the future, including as early as 2023.

Matson has collective bargaining agreements with these unions that expire at various dates in the future.

As shown in the chart below, Matson’s shoreside and seagoing union employees comprise 70 percent of Matson’s global workforce.

Matson and SSAT are also members of the Pacific Maritime Association (“PMA”), which on behalf of its members negotiates collective bargaining agreements with the International Longshore and Warehouse Union (“ILWU”) on the U.S.

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West Coast longshore labor.

The ILWU collective bargaining agreement with the PMA expired on July 1, 2022.

While Matson believes that it will be able to renegotiate these collective bargaining agreements as they expire without any significant impact on its operations, including the PMA/ILWU collective bargaining agreement, no assurance can be given that such agreements will be reached on a timely basis or at all without slow-downs, strikes, lockouts or other disruptions that may adversely impact Matson’s operations.

ILWU employees employed by SSAT are not included in the chart above.

Multi-employer Pension and Post-retirement Plans:

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AVAILABLE INFORMATION

Matson makes available, free of charge on or through its Internet website, Matson’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after it electronically files such material with, or furnishes them to, the U.S.

Matson makes available, free of charge on or through its Internet website, Matson’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after it electronically files such material with, or furnishes them to, the U.S.

Securities and Exchange Commission (“SEC”).

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business