UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-34187
Matson, Inc.
(Exact name of registrant as specified in its charter)
Hawaii |
99-0032630 |
(State or other jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification No.) |
1411 Sand Island Parkway
Honolulu, HI 96819
(Address of principal executive offices and zip code)
(808) 848-1211
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Name of each exchange |
Common Stock, without par value |
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New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
None
Number of shares of Common Stock outstanding at February 20, 2019:
42,826,203
Aggregate market value of Common Stock held by non-affiliates at June 30, 2018:
$1,614,645,486
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ |
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Accelerated filer ☐ |
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Non-accelerated filer ☐ |
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Smaller reporting company ☐ |
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Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Documents Incorporated By Reference
The following document is incorporated by reference in Part III of the Annual Report on Form 10-K to the extent described therein: Proxy Statement for the annual meeting of shareholders of Matson, Inc. to be held April 25, 2019.
EXPLANATORY NOTE
Matson, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10‑K/A (the “Amendment”) to its Annual Report on Form 10‑K for the fiscal year ended December 31, 2018 (the “Original 10‑K”) filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2019 to include the financial statements and related notes of SSA Terminals, LLC (“SSAT”), an unconsolidated joint venture in which the Company holds a 35% equity ownership interest. The Company accounts for its interest in SSAT using the equity method of accounting.
Rule 3‑09 of Regulation S-X under the Securities Exchange Act of 1934, as amended, provides that if a 50%-or-less-owned person accounted for by the equity method meets the first or third condition of the significant subsidiary tests set forth in Rule 1‑02(w) of Regulation S-X, substituting 20% for 10%, separate financial statements for such 50%-or-less-owned person shall be filed. SSAT met one of the significant subsidiary tests as described above for the Company’s fiscal year ended December 31, 2018. Pursuant to Rule 3‑09(b), the separate audited financial statements for SSAT were not included in the Original 10‑K because SSAT’s fiscal year ended later than the Company’s fiscal year.
Item 15 of the Original 10‑K is being amended to include as an exhibit the required financial statements for SSAT’s fiscal years ended January 25, 2019, January 26, 2018 and January 27, 2017. In addition, Item 15 of the Original 10‑K is being amended to include the consent of the independent auditor of SSAT and certifications by our Chief Executive Officer and Chief Financial Officer.
No other changes have been made to the Original 10‑K other than as described above. This Amendment does not reflect subsequent events occurring after the original filing date of the Original 10‑K or modify or update in any way disclosures made in the Original 10‑K. Among other things, forward-looking statements made in the Original 10‑K have not been revised to reflect events that occurred or facts that became known to us after the filing of the Original 10‑K, and such forward-looking statements should be read in their historical context. Accordingly, this Amendment should be read in conjunction with the Original 10‑K and our filings with the SEC made subsequent to the filing of the Original 10‑K on March 4, 2019.
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PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
C.Exhibits Required by Item 601 of Regulation S-K
Exhibits not filed herewith are incorporated by reference to the exhibit number and previous filing shown in parentheses. All previous exhibits were filed with the Securities and Exchange Commission in Washington, D.C.
Exhibits filed pursuant to the Securities Exchange Act of 1934 were filed under file number 001‑34187. Shareholders may obtain copies of exhibits for a copying and handling charge of $0.15 per page by writing to, Corporate Secretary, Matson, Inc., 555 12th Street, Oakland, California 94607.
2 |
Plan of acquisition, reorganization, arrangement, liquidation or succession. |
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2.1 |
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2.2 |
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2.3 |
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2.4 |
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2.5 |
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3 |
Articles of incorporation and bylaws. |
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3.1 |
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3.2 |
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3.3 |
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10 |
Material contracts. |
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10.1 |
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10.2 |
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10.3 |
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3
10.4 |
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10.5 |
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10.6 |
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10.7 |
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10.8 |
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10.9 |
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10.10 |
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10.11 |
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10.12 |
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10.13 |
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10.14 |
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10.15 |
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10.16* |
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10.17* |
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10.18* |
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4
10.19* |
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10.20* |
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10.21* |
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10.22* |
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10.23* |
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10.24* |
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10.25* |
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10.26* |
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10.27* |
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10.28* |
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10.29* |
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10.30* |
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10.31* |
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10.32* |
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10.33*,** |
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10.34* |
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10.35* |
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5
10.36* |
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10.37* |
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10.38* |
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10.39* |
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10.40* |
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10.41* |
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10.42* |
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10.43* |
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10.44* |
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10.45* |
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10.46* |
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10.47* |
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10.48 |
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10.49 |
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10.50 |
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10.51 |
6
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10.52 |
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10.53 |
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10.54 |
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10.55 |
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10.56* |
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10.57* |
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10.58* |
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10.59* |
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10.60* |
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10.61* |
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10.62* |
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10.63* |
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10.64* |
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10.65* |
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10.66* |
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10.67* |
7
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10.68* |
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21** |
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23.1** |
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23.2† |
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31.1** |
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31.2** |
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31.3† |
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31.4† |
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32** |
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32.2†† |
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99.1† |
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101.INS** |
XBRL Instance Document |
101.SCH** |
XBRL Taxonomy Extension Schema Document |
101.CAL** |
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF** |
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB** |
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE** |
XBRL Taxonomy Extension Presentation Linkbase Document |
* Indicates management contract or compensatory plan or arrangement.
** Previously filed or furnished, as applicable, with the Original 10‑K on March 4, 2019.
† Filed herewith.
†† Furnished herewith.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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MATSON, INC. |
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(Registrant) |
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Date: April 8, 2019 |
/s/ Joel M. Wine |
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Joel M. Wine |
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Senior Vice President and Chief Financial Officer |
9