Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Alexander & Baldwin, Inc. |
Entity Central Index Key | '0001545654 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 43,105,424 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Revenue: | ' | ' | ' | ' |
Real estate leasing | $26.20 | $23.30 | $76 | $71.10 |
Real estate development and sales | 10.1 | 0.1 | 12 | 9.6 |
Agribusiness | 35.9 | 67.9 | 94.1 | 121.4 |
Total operating revenue | 72.2 | 91.3 | 182.1 | 202.1 |
Operating Costs and Expenses: | ' | ' | ' | ' |
Cost of real estate leasing | 15.4 | 13.8 | 44.7 | 41.5 |
Cost of real estate development and sales | 3.3 | 0.1 | 3.6 | 4.2 |
Costs of agribusiness revenues | 34.4 | 58.6 | 80.1 | 101.5 |
Selling, general and administrative | 9.6 | 6.5 | 24.4 | 21.9 |
Gain on the sale of agricultural parcel | 0 | -7.3 | 0 | -7.3 |
Impairment of real estate assets (Santa Barbara) | 0 | 0 | 0 | 5.1 |
Grace Acquisition costs | 2 | 0 | 4.5 | 0 |
Separation costs | 0 | 0.7 | 0 | 6.8 |
Total operating costs and expenses | 64.7 | 72.4 | 157.3 | 173.7 |
Operating Income | 7.5 | 18.9 | 24.8 | 28.4 |
Other Income and (Expense): | ' | ' | ' | ' |
Income (loss) related to real estate joint ventures | 0.7 | -1 | 1.8 | -3.7 |
Gain on insurance | 1.3 | 0 | 1.3 | 0 |
Impairment and equity losses related to joint ventures | -6.6 | 0 | -6.6 | -4.7 |
Interest income and other | 1.2 | 0 | 1.6 | 0 |
Interest expense | -4.2 | -3.6 | -11.7 | -11.7 |
Income (Loss) From Continuing Operations Before Income Taxes | -0.1 | 14.3 | 11.2 | 8.3 |
Income tax expense | 0.8 | 1.5 | 5.7 | 0.6 |
Income (Loss) From Continuing Operations | -0.9 | 12.8 | 5.5 | 7.7 |
Income From Discontinued Operations (net of income taxes) | 5.3 | 0.6 | 8.9 | 4.1 |
Net Income | $4.40 | $13.40 | $14.40 | $11.80 |
Basic Earnings (Loss) Per Share: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.02) | $0.30 | $0.13 | $0.18 |
Discontinued operations (in dollars per share) | $0.12 | $0.01 | $0.20 | $0.10 |
Net income (in dollars per share) | $0.10 | $0.31 | $0.33 | $0.28 |
Diluted Earnings (Loss) Per Share: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | ($0.02) | $0.30 | $0.13 | $0.18 |
Discontinued operations (in dollars per share) | $0.12 | $0.01 | $0.20 | $0.10 |
Net income (in dollars per share) | $0.10 | $0.31 | $0.33 | $0.28 |
Weighted Average Number of Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 43.1 | 42.6 | 43.1 | 42.5 |
Diluted (in shares) | 43.8 | 43.3 | 43.7 | 42.7 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ||
Net Income | $4.40 | $13.40 | $14.40 | $11.80 | ||
Defined benefit pension plans: | ' | ' | ' | ' | ||
Net loss and prior service cost | 0 | 0 | -2 | -1.9 | ||
Amortization of prior service credit included in net periodic pension cost | -0.4 | [1] | -0.1 | -1 | [1] | -0.5 |
Amortization of net loss included in net periodic pension cost | 1.9 | [1] | 1.8 | 5.8 | [1] | 5.7 |
Income taxes | -0.6 | -0.7 | -1.1 | -1.6 | ||
Other Comprehensive Income | 0.9 | 1 | 1.7 | 1.7 | ||
Comprehensive Income | $5.30 | $14.40 | $16.10 | $13.50 | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $4.10 | $1.10 |
Accounts and other notes receivable, net | 42.2 | 8.2 |
Inventories | 52 | 23.5 |
Real estate held for sale | 26.9 | 11.5 |
Deferred income taxes | 7.8 | 7.8 |
Income tax receivable | 9.4 | 4.4 |
Prepaid expenses and other assets | 7.3 | 6.9 |
Total current assets | 149.7 | 63.4 |
Investments in Affiliates | 327.2 | 319.9 |
Real Estate Developments | 246.5 | 144 |
Property – net | 1,009.30 | 838.7 |
Goodwill | 9.2 | 0 |
Other Assets | 103.3 | 71.3 |
Total assets | 1,845.20 | 1,437.30 |
Current Liabilities: | ' | ' |
Notes payable and current portion of long-term debt | 26.9 | 15.5 |
Accounts payable | 22.9 | 26.2 |
Accrued interest | 2.3 | 5.2 |
Due to former affiliate | 10 | 0 |
Accrued and other liabilities | 25.4 | 22.7 |
Total current liabilities | 87.5 | 69.6 |
Long-term Liabilities: | ' | ' |
Long-term debt | 587.3 | 220 |
Deferred income taxes | 149.3 | 152.9 |
Accrued pension and postretirement benefits | 59.5 | 58.9 |
Other non-current liabilities | 27.2 | 21.5 |
Total long-term liabilities | 823.3 | 453.3 |
Commitments and Contingencies (Note 3) | ' | ' |
Equity: | ' | ' |
Common stock | 943.9 | 939.8 |
Accumulated other comprehensive loss | -45.5 | -47.2 |
Retained earnings | 36 | 21.8 |
Total equity | 934.4 | 914.4 |
Total liabilities and equity | $1,845.20 | $1,437.30 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows used in Operating Activities: | ($109.40) | ($12.80) |
Cash Flows used in Investing Activities: | ' | ' |
Capital expenditures for properties and developments | -102.9 | -34.4 |
Proceeds from disposal of income-producing properties and other assets | 2.3 | 0.8 |
Payments for purchases of investments in affiliates | -35.9 | -8 |
Proceeds from investments in affiliates | 3.3 | 1.8 |
Cash acquired through consolidation of The Shops at Kukui'ula | 0.3 | 0 |
Net cash used in investing activities | -132.9 | -39.8 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuances of long-term debt | 428 | 122 |
Payments of long-term debt and deferred financing costs | -196.8 | -231.1 |
Proceeds (payments) from line-of-credit agreements, net | 13.5 | -3.5 |
Contributions from Alexander & Baldwin Holdings, Inc., net | 0 | 146 |
Proceeds from stock option exercises, including excess tax benefit and tax withholding | 0.6 | 11.6 |
Net cash provided by financing activities | 245.3 | 45 |
Cash and Cash Equivalents: | ' | ' |
Net increase (decrease) for the period | 3 | -7.6 |
Balance, beginning of period | 1.1 | 11.7 |
Balance, end of period | 4.1 | 4.1 |
Other Cash Flow Information: | ' | ' |
Interest paid | -14.1 | -11.9 |
Income taxes paid | -10 | -6.3 |
Other Non-cash Information: | ' | ' |
Tax-deferred property sales | 17.5 | 17.2 |
Tax-deferred property purchases | -25.3 | -9.4 |
Transfer of real estate development assets to Waihonua joint venture investment | 0 | 24.2 |
Capital expenditures included in accounts payable and accrued expenses | 7.7 | 5.6 |
Waianae Mall | ' | ' |
Other Non-cash Information: | ' | ' |
Note payable assumed in connection with acquisition | 20.6 | 0 |
Pearl City | ' | ' |
Other Non-cash Information: | ' | ' |
Note payable assumed in connection with acquisition | 62.3 | 0 |
Issaquah Office Center | ' | ' |
Other Non-cash Information: | ' | ' |
Note payable assumed in connection with acquisition | 13 | 0 |
Kukui'ula Village LLC | ' | ' |
Other Non-cash Information: | ' | ' |
Note payable assumed in connection with acquisition | 51.2 | 0 |
Property (net) acquired in connection with the consolidation of The Shops at Kukui'ula | $39 | $0 |
Description_of_Business_Notes
Description of Business (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business. A&B is headquartered in Honolulu and conducts business in three operating segments in two industries—Real Estate and Agribusiness. On October 1, 2013, A&B acquired GPC Holdings, Inc. ("Grace"), which will be reported as a separate operating segment. | |
Real Estate: Real Estate consists of two segments, both of which have operations in Hawaii and on the Mainland. The Real Estate Development and Sales segment generates its revenues through the development and sale of land and commercial and residential properties. The Real Estate Leasing segment owns, operates, and manages retail, office, and industrial properties. Real estate activities are conducted through A&B Properties, Inc. and various other wholly owned subsidiaries of A&B. | |
Agribusiness: Agribusiness, which contains one segment, produces bulk raw sugar, specialty food-grade sugars, and molasses; markets and distributes specialty food-grade sugars; provides general trucking services, mobile equipment maintenance, and repair services in Hawaii; leases agricultural land to third parties; charters the MV Moku Pahu during the sugar off-season; and generates and sells electricity, to the extent not used in the Company’s Agribusiness operations. | |
Natural Materials and Construction: On October 1, 2013, the Company consummated its previously announced acquisition of Grace, a Hawaii-based natural materials and infrastructure construction company. Grace mines, processes, and sells basalt aggregate; imports sand and aggregates for sale and use; imports and markets liquid asphalt; manufactures and markets asphaltic concrete; performs asphalt paving as prime contractor and subcontractor; manufactures and supplies precast/prestressed concrete products; and provides various construction- and traffic- related services. |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation. Prior to June 29, 2012, A&B’s businesses included Matson Navigation Company Inc., a wholly owned subsidiary that provided ocean transportation, truck brokerage and intermodal services. As part of a strategic initiative designed to allow A&B to independently execute its strategies and to best enhance and maximize its growth prospects and shareholder value, A&B made a decision to separate the transportation businesses from the Hawaii real estate and agriculture businesses. In preparation for the separation, A&B modified its legal-entity structure and became a wholly owned subsidiary of a newly created entity, Alexander & Baldwin Holdings, Inc. (“Holdings”). On June 29, 2012, Holdings distributed to its shareholders all of the common stock of A&B stock in a tax-free distribution (the “Separation”). Holders of Holdings common stock continued to own the transportation businesses, but also received one share of A&B common stock for each share of Holdings common stock held at the close of business on June 18, 2012, the record date. Following the Separation, Holdings changed its name to Matson, Inc. On July 2, 2012, A&B began regular trading on the New York Stock Exchange under the ticker symbol “ALEX” as an independent, public company. | |
The financial statements and related financial information pertaining to the period preceding the Separation have been presented on a combined basis and reflect the financial position, results of operations and cash flows of the real estate and agriculture businesses and corporate functions of Alexander & Baldwin, Inc., all of which were under common ownership and common management prior to the Separation. The financial statements and related financial information pertaining to the period subsequent to the Separation have been presented on a consolidated basis. The financial statements for periods prior to the Separation included herein may not necessarily reflect what A&B’s results of operations, financial position and cash flows would have been had A&B been a stand-alone company during the periods presented. | |
The condensed consolidated financial statements are unaudited. Because of the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2012 and the notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2012, and other subsequent filings with the SEC. | |
Reclassifications: Certain amounts reflected in the condensed consolidated balance sheets as of December 31, 2012 have been reclassified to conform to the presentation as of September 30, 2013. | |
Rounding: Amounts in the consolidated financial statement and Notes are rounded to the nearest tenth of a million, but per-share calculations and percentages were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different. |
Commitments_Guarantees_and_Con
Commitments, Guarantees and Contingencies (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments, Guarantees and Contingencies | ' | |||
Commitments, Guarantees and Contingencies: Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2012, included the following (in millions): | ||||
Standby letters of credit related to real estate projects | $ | 10.8 | ||
Performance bonds related to real estate construction | $ | 21.7 | ||
On September 24, 2013, KDC LLC ("KDC"), a wholly owned subsidiary of A&B and a 50 percent member of Kukui'ula Village LLC ("Village"), entered into an Amended and Restated Limited Liability Company Agreement of Kukui'ula Village ("Agreement") with DMB Kukui'ula Village LLC ("DMB"), a Delaware limited liability company, as a member, and KKV Management LLC, a Hawaii limited liability company, as the manager and a member. Village owns and operates The Shops at Kukui'ula, a 78,900 square foot commercial retail center on the South shore of Kauai. | ||||
Under the Agreement KDC assumed control of Village, which includes full financial and operational responsibility. Accordingly, A&B consolidated Village's assets and liabilities at fair value, which includes secured loans totaling approximately $51.2 million. The first loan, totaling $41.8 million (the "Real Estate Loan"), is secured by The Shops at Kukui'ula and 45 acres of land owned by Kukui'ula Development Company (Hawaii), LLC ("Kukui'ula"), in which KDC is a member. The Real Estate Loan currently bears interest at the greater of (i) LIBOR plus 4.0 percent or (ii) 4.5 percent. The second loan, totaling $9.4 million (the "Term Loan"), is secured by a letter of credit, and bears interest at LIBOR plus 2.0 percent. | ||||
The Real Estate Loan and Term Loan were scheduled to mature on September 28, 2013. On September 25, 2013, Village entered into an agreement to extend the maturities of the loans to November 5, 2013, in order to finalize refinancing negotiations with the lender. In connection with the loan extensions, Village made a $5 million principal payment on the Real Estate Loan. On November 5, 2013, the Company refinanced the loans with a new three-year term loan, the terms which are described in Note 15. | ||||
Prior to the consolidation of the assets and liabilities of Village, the carrying value of the Company's investment in Village was approximately $6.3 million. In connection with the consolidation of Village, the Company wrote down its $6.3 million investment in the joint venture. | ||||
Fair value of assets acquired and liabilities assumed | ||||
Assets acquired: | ||||
Cash | $ | 0.3 | ||
Other current assets | 0.4 | |||
Property, plant and equipment | 39 | |||
Intangible assets | 4 | |||
Total assets acquired | 43.7 | |||
Liabilities assumed: | ||||
Intangible liabilities | 1 | |||
Liabilities assumed | 51.9 | |||
Total liabilities assumed | 52.9 | |||
Excess of liabilities assumed over assets acquired (recorded as goodwill) | $ | 9.2 | ||
The above allocation is preliminary and is based on estimated fair value estimates that may change once all information necessary to make a final fair value assessment is received. The Shops at Kukui'ula will be added to the Company's commercial portfolio, and accordingly, goodwill will be allocated to the Real Estate Leasing reportable operating segment. | ||||
Indemnity Agreements: For certain real estate joint ventures, the Company may be obligated under bond indemnities to complete construction of the real estate development if the joint venture does not perform. These indemnities are designed to protect the surety in exchange for the issuance of surety bonds that cover construction activities, such as project amenities, roads, utilities, and other infrastructure, at its joint ventures. Under the indemnities, the Company and its joint venture partners agree to indemnify the surety bond issuer from all losses and expenses arising from the failure of the joint venture to complete the specified bonded construction. The maximum potential amount of aggregate future payments is a function of the amount covered by outstanding bonds at the time of default by the joint venture, reduced by the amount of work completed to date. The recorded amounts of the indemnity liabilities were not material. | ||||
Other Obligations: Certain of the real estate businesses in which the Company holds a non-controlling interest have long-term debt obligations. One of the Company’s joint ventures has a $10 million loan that matures in August 2015. As a condition to providing the loan to the joint venture, the lender required that the Company and its joint venture partner guarantee certain obligations of the joint venture under a maintenance agreement. The maintenance agreement specifies that the Company and its joint venture partner make payments to the lender to the extent that the loan-to-value measure or debt service ratio of the property held by the joint venture is below pre-determined thresholds. The Company has determined that the fair value of its obligation under this maintenance agreement is not material, and as of September 30, 2013, the Company had not paid or accrued any amounts under the guaranty. | ||||
Other than obligations described above, obligations of the Company’s joint ventures do not have recourse to the Company and the Company’s “at-risk” amounts are limited to its investment. | ||||
Legal Proceedings and Other Contingencies: A&B owns 16,000 acres of watershed lands in East Maui that supply a significant portion of the irrigation water used by Hawaiian Commercial & Sugar Company (“HC&S”), a division of A&B that produces raw sugar. A&B also held four water licenses to another 30,000 acres owned by the State of Hawaii in East Maui which, over the last ten years, have supplied approximately 58 percent of the irrigation water used by HC&S. The last of these water license agreements expired in 1986, and all four agreements were then extended as revocable permits that were renewed annually. In 2001, a request was made to the State Board of Land and Natural Resources (the “BLNR”) to replace these revocable permits with a long-term water lease. Pending the conclusion by the BLNR of this contested case hearing on the request for the long-term lease, the BLNR has renewed the existing permits on a holdover basis. If the Company is not permitted to utilize sufficient quantities of stream waters from State lands in East Maui, it could have a material adverse effect on the Company’s sugar-growing operations. | ||||
In addition, on May 24, 2001, petitions were filed by a third party, requesting that the Commission on Water Resource Management of the State of Hawaii (“Water Commission”) establish interim instream flow standards (“IIFS”) in 27 East Maui streams that feed the Company’s irrigation system. On September 25, 2008, the Water Commission took action on eight of the petitions, resulting in some quantity of water being returned to the streams rather than being utilized for irrigation purposes. In May 2010, the Water Commission took action on the remaining 19 petitions resulting in additional water being returned to the streams. A petition requesting a contested case hearing to challenge the Water Commission’s decisions was filed with the Commission by the opposing third party. On October 18, 2010, the Water Commission denied the petitioner’s request for a contested case hearing. On November 17, 2010, the petitioner filed an appeal of the Water Commission’s denial to the Hawaii Intermediate Court of Appeals. On August 31, 2011, the Intermediate Court of Appeals dismissed the petitioner’s appeal. On November 29, 2011, the petitioner appealed the Intermediate Court of Appeals’ dismissal to the Hawaii Supreme Court. On January 11, 2012, the Hawaii Supreme Court vacated the Intermediate Court of Appeals’ dismissal of the petitioner’s appeal and remanded the appeal back to the Intermediate Court of Appeals. On November 30, 2012, the Intermediate Court of Appeals remanded the case back to the Water Commission, ordering the Commission to grant the petitioner’s request for a contested case hearing. | ||||
On June 25, 2004, two organizations filed a petition with the Water Commission to establish IIFS for four streams in West Maui to increase the amount of water to be returned to these streams. The West Maui irrigation system provided approximately 15 percent of the irrigation water used by HC&S over the last ten years. The Water Commission issued a decision in June 2010, which required the return of water in two of the four streams. In July 2010, the two organizations appealed the Water Commission’s decision to the Hawaii Intermediate Court of Appeals. On June 23, 2011, the case was transferred to the Hawaii Supreme Court. On August 15, 2012, the Hawaii Supreme Court overturned the Water Commission's decision and remanded the case to the Water Commission for further consideration in connection with the establishment of the IIFS. | ||||
The loss of East Maui and West Maui water as a result of the Water Commission’s decisions imposes challenges to the Company’s sugar growing operations. While the resulting water loss does not immediately threaten near-term sugar production, it will result in a future suppression of sugar yields and will have an impact on the Company that will only be quantifiable over time. Accordingly, the Company is unable to predict, at this time, the outcome or financial impact of the water proceedings. | ||||
In March 2011, the Environmental Protection Agency (“EPA”) published nationwide standards for controlling hazardous air pollutant emissions from industrial, commercial, institutional boilers and process heaters (the “Boiler MACT” rule), which would apply to Hawaiian Commercial & Sugar Company’s three boilers at the Puunene Sugar Mill. The EPA subsequently reconsidered the March 2011 rule, and on December 21, 2012, EPA announced that it had finalized a revised Boiler MACT rule; the final rule was published in the Federal Register on January 31, 2013. The effective date of the rule was April 1, 2013, with compliance required by January 31, 2016. | ||||
The Company is currently evaluating the final rule and assessing its compliance options. Based on our review, the EPA has made significant revisions from the March 2011 final rule addressing industry concerns. The Company, along with the Florida Sugar Industry, has submitted a petition for reconsideration of certain issues in the final Boiler MACT rule. The EPA has indicated that it will be granting petitions for reconsideration of certain issues, including correcting an error that led to a final limit on carbon monoxide emissions from sugar mill boilers that was lower than it should have been. | ||||
The Puunene Mill boilers are capable of meeting most of the emissions limits specified in the final rule and the Company does not expect to incur material costs associated with upgrades to the existing particulate matter controls. While initial testing indicates that the boilers are able to meet new limits on carbon monoxide emissions during bagasse firing, it is not yet clear whether this limit can be met on a consistent basis. This is largely due to the highly variable nature of bagasse fuel. As a result, at a minimum, improvements to combustion controls and monitoring will be required on all three boilers. | ||||
The Company has begun the process of assessing current carbon monoxide emissions during bagasse firing, and will need to complete an engineering evaluation in order to develop a plan for compliance with the new rule. The compliance deadline for this rule will be three years from the date of publication of the final rule in the Federal Register (i.e., January 31, 2016), with the option for states to grant a one-year extension. A preliminary estimate of anticipated compliance costs is less than $5 million based on currently available information. This estimate will be refined as the engineering evaluation proceeds. | ||||
In June 2011, the Equal Employment Opportunity Commission (“EEOC”) served McBryde Resources, Inc., formerly known as Kauai Coffee Company, Inc. (“McBryde Resources”) with a lawsuit, which alleged that McBryde Resources and five other farms were complicit in illegal acts by Global Horizons Inc., a company that had hired Thai workers for the farms. The lawsuit was filed in the U.S. District Court for the District of Hawaii. In July 2011, the EEOC amended the lawsuit to name Alexander & Baldwin, LLC (formerly known as Alexander & Baldwin, Inc.), a wholly owned subsidiary of the Company, as a defendant. After motions to dismiss the complaint, and amended complaints, certain claims against the defendants remain and McBryde Resources and Alexander & Baldwin, LLC are defending the lawsuit. Discovery is pending while the parties discuss possible settlement of this matter. The Company is unable to predict, at this time, the outcome or financial impact, if any, of the lawsuit. | ||||
A&B is a party to, or may be contingently liable in connection with, other legal actions arising in the normal conduct of its businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on A&B’s condensed consolidated financial statements as a whole. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings Per Share (“EPS”). The computation of basic and diluted earnings per common share for all periods prior to Separation is calculated using the number of shares of A&B common stock outstanding on July 2, 2012, the first day of trading following the June 29, 2012 distribution of A&B common stock to Holdings shareholders, as if those shares were outstanding for those periods. Additionally, for all periods prior to Separation, there were no dilutive shares because no actual A&B shares or share-based awards were outstanding prior to the Separation. | ||||||||
Earnings Per Share (“EPS”): The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||
Quarter Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Denominator for basic EPS – weighted average shares | 43.1 | 42.6 | 43.1 | 42.5 | ||||
Effect of dilutive securities: | ||||||||
Employee/director stock options and restricted stock units | 0.7 | 0.7 | 0.6 | 0.2 | ||||
Denominator for diluted EPS – weighted average shares | 43.8 | 43.3 | 43.7 | 42.7 | ||||
Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include non-qualified stock options, time-based restricted stock units and performance share units. The vesting of performance share units is contingent upon the achievement of relative total shareholder return metrics. Prior to vesting, if all necessary conditions would have been satisfied by the end of the reporting period (as if the end of the reporting period were deemed to be the end of the performance measurement period), the dilutive effect of the performance share units, if any, is included in the computation of diluted EPS using the treasury stock method. | ||||||||
During the three and nine month period ended September 30, 2013 and 2012, there were no anti-dilutive securities outstanding. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments. The fair values of receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The Company’s cash and cash equivalents, consisting principally of cash on deposit, may from time to time include short-term money markets funds. The fair values of these money market funds, based on market prices (level 2), approximate their carrying values due to their short-maturities. The carrying amount and fair value of the Company’s long-term debt at September 30, 2013 was $587.3 million and $606.2 million, respectively, and $220.0 million and $249.0 million at December 31, 2012, respectively. The fair value of long-term debt is calculated by discounting the future cash flows of the debt at rates based on instruments with similar risk, terms and maturities as compared to the Company’s existing debt arrangements (level 2). |
Inventory_Notes
Inventory (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories. Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies inventory are stated at the lower of cost (principally average cost) or market value. | ||||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows (in millions): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Sugar inventories | $ | 38.6 | $ | 3.9 | ||||
Materials and supplies inventories | 13.4 | 19.6 | ||||||
Total | $ | 52 | $ | 23.5 | ||||
ShareBased_Compensation_Notes
Share-Based Compensation (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation. Under the 2012 Plan, 4.3 million shares of common stock were initially reserved for issuance, and as of September 30, 2013, 1,488,130 shares of the Company’s common stock remained available for future issuance. The shares of common stock authorized to be issued under the 2012 Plan may be drawn from the shares of the Company’s authorized but unissued common stock or from shares of its common stock that the Company acquires, including shares purchased on the open market or in private transactions. | ||||||||||||||||
Activity in the Company’s stock option plans in 2013 was as follows (in thousands, except weighted average exercise price and weighted average contractual life): | ||||||||||||||||
2012 | Weighted | Weighted | Aggregate | |||||||||||||
Plan | Average | Average | Intrinsic | |||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Life | |||||||||||||||
Outstanding, January 1, 2013 | 1,722.70 | $19.41 | ||||||||||||||
Exercised | (106.3 | ) | $20.00 | |||||||||||||
Forfeited and expired | (1.2 | ) | $19.80 | |||||||||||||
Outstanding, September 30, 2013 | 1,615.20 | $19.37 | 5.1 | $26,304 | ||||||||||||
Exercisable, September 30, 2013 | 1,419.30 | $19.11 | 4.7 | $23,481 | ||||||||||||
The following table summarizes non-vested restricted stock unit activity through September 30, 2013 (in thousands, except weighted average grant-date fair value amounts): | ||||||||||||||||
2012 | Weighted | |||||||||||||||
Plan | Average | |||||||||||||||
Restricted | Grant-Date | |||||||||||||||
Stock | Fair Value | |||||||||||||||
Units | ||||||||||||||||
Outstanding, January 1, 2013 | 330 | $20.43 | ||||||||||||||
Granted | 121.1 | $34.12 | ||||||||||||||
Vested | (156.5 | ) | $18.57 | |||||||||||||
Canceled | (48.1 | ) | $22.44 | |||||||||||||
Outstanding, September 30, 2013 | 246.5 | $27.94 | ||||||||||||||
A portion of the restricted stock unit awards are time-based awards that vest ratably over three years. The remaining portion of the awards represents market-based awards that cliff vest after two years, provided that the total shareholder return of the Company’s common stock over the two year measurement period meets or exceeds pre-defined levels of relative total shareholder returns of the Standard & Poor’s MidCap 400 index. | ||||||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||||||
Stock options | $ | 0.3 | $ | 0.4 | $ | 1 | $ | 1.8 | ||||||||
Restricted stock units | 0.8 | 0.4 | 2.2 | 2.4 | ||||||||||||
Total share-based expense | 1.1 | 0.8 | 3.2 | 4.2 | ||||||||||||
Total recognized tax benefit | (0.3 | ) | (0.3 | ) | (1.0 | ) | (1.4 | ) | ||||||||
Share-based expense (net of tax) | $ | 0.8 | $ | 0.5 | $ | 2.2 | $ | 2.8 | ||||||||
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations. The revenues and expenses related to the sales of Northpoint Industrial, an industrial property in California, Centennial Plaza, an industrial property in Utah, and Issaquah Office Center, an office building in Washington, have been classified as discontinued operations. Additionally, the revenues and expenses related to Republic Distribution Center, an industrial property in Texas sold on October 4, 2013, was classified as discontinued operations as of September 30, 2013. In 2012, the revenues and expenses of two leased fee properties on Maui and Firestone Boulevard Building, a California office property, were classified as discontinued operations. | ||||||||||||||||
The results of operations from these properties in prior periods were reclassified from continuing operations to discontinued operations to conform to the current period’s accounting presentation. Consistent with the Company’s intention to reinvest the sales proceeds into new investment property, the proceeds from the sales of property treated as discontinued operations were deposited in escrow accounts for tax-deferred reinvestment in accordance with Section 1031 of the Internal Revenue Code. | ||||||||||||||||
The revenue, operating profit, income tax expense and after-tax effects of these transactions were as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Proceeds from the sale of income-producing properties | $ | 37.3 | $ | — | $ | 52.2 | $ | 8.9 | ||||||||
Real estate leasing revenue | 1.3 | 1.6 | 4 | 4.8 | ||||||||||||
Gain on sale of income-producing properties | 7.8 | — | 12 | 3.9 | ||||||||||||
Real estate leasing operating profit | 0.7 | 1 | 2.4 | 2.9 | ||||||||||||
Total operating profit before taxes | 8.5 | 1 | 14.4 | 6.8 | ||||||||||||
Income tax expense | 3.2 | 0.4 | 5.5 | 2.7 | ||||||||||||
Income from discontinued operations | $ | 5.3 | $ | 0.6 | $ | 8.9 | $ | 4.1 | ||||||||
Pension_and_Post_retirement_Pl
Pension and Post retirement Plans (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Post retirement Plans | ' | |||||||||||||||
Pension and Post-retirement Plans. The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans. | ||||||||||||||||
In 2007, the Company changed the traditional defined benefit pension plan formula for new non-bargaining unit employees hired after January 1, 2008 and replaced it with a cash balance defined benefit pension plan formula. Subsequently, effective January 1, 2012, the Company froze the benefits under its traditional defined benefit plans for non-bargaining unit employees hired before January 1, 2008 and replaced the benefit with the same cash balance defined benefit pension plan formula provided to those employees hired after January 1, 2008. Retirement benefits under the cash balance pension plan formula are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year-to-year based on the ten-year U.S. Treasury rate. | ||||||||||||||||
The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company’s intentions with respect to these plans. Management believes that its assumptions and estimates are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans. | ||||||||||||||||
The components of net periodic benefit cost recorded for the three months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 0.7 | $ | 0.6 | $ | — | $ | — | ||||||||
Interest cost | 1.9 | 2 | 0.1 | 0.1 | ||||||||||||
Expected return on plan assets | (2.7 | ) | (2.6 | ) | — | — | ||||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Amortization of net loss (gain) | 1.9 | 2 | (0.1 | ) | (0.1 | ) | ||||||||||
Net periodic benefit cost | $ | 1.6 | $ | 1.8 | $ | — | $ | — | ||||||||
The components of net periodic benefit cost recorded for the nine months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1.9 | $ | 1.8 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 5.7 | 6.1 | 0.3 | 0.4 | ||||||||||||
Expected return on plan assets | (8.2 | ) | (7.8 | ) | — | — | ||||||||||
Curtailment gain* | — | — | (0.5 | ) | — | |||||||||||
Amortization of prior service credit | (0.6 | ) | (0.6 | ) | — | — | ||||||||||
Amortization of net loss (gain) | 5.8 | 6 | (0.1 | ) | (0.2 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | 4.6 | $ | 5.5 | $ | (0.2 | ) | $ | 0.3 | |||||||
* | The curtailment gain is related to headcount reductions associated with the termination of the Company's Kauai trucking service operations. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, ASU 2013-02 requires presentation, either on the face of the income statement or in the notes, of significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income, but only if the amounts reclassified are required to be reclassified in their entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about these amounts. The amendments in ASU 2013-02 are to be applied prospectively and are effective for fiscal years and interim periods within those years, beginning after December 15, 2012. The Company adopted the standard effective January 1, 2013 with prospective application. The adoption of ASU 2013-02 changed the presentation of the Company’s financial statements and related footnotes, but did not affect the calculation of net income, comprehensive income or earnings per share. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||
Accumulated Other Comprehensive Income | ' | ||||||
Accumulated Other Comprehensive Income. The changes in accumulated other comprehensive income by component for the three and nine months ended September 30, 2013 were as follows (in millions, net of tax): | |||||||
Pension and postretirement plans | |||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 20, 2013 | ||||||
Beginning balance | $ | 46.4 | $ | 47.2 | |||
Amounts reclassified from accumulated other comprehensive income, net of tax | (0.9 | ) | (1.7 | ) | |||
Ending balance | $ | 45.5 | $ | 45.5 | |||
The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the nine months ended September 30, 2013 were as follows (in millions): | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Income for the Three Months Ended | Amounts Reclassified from Accumulated Other Comprehensive Income for the Nine Months Ended | ||||||
Details about Accumulated Other Comprehensive Income Components | 30-Sep-13 | September 30, 2013 | |||||
Net loss and prior service cost | $ | — | $ | (2.0 | ) | ||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||||||
Actuarial loss* | 1.9 | 5.8 | |||||
Prior service credit* | (0.4 | ) | (1.0 | ) | |||
Total before income tax | 1.5 | 2.8 | |||||
Income taxes | (0.6 | ) | (1.1 | ) | |||
Other comprehensive income net of tax | $ | 0.9 | $ | 1.7 | |||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes. The Company is included in the consolidated tax return of Matson, Inc. (formerly Alexander & Baldwin Holdings, Inc.) for results occurring prior to June 30, 2012. Subsequent to June 30, 2012, the Company began reporting as a separate taxpayer. The current and deferred income tax expense recorded in the condensed consolidated financial statements for the 2012 periods have been determined by applying the provisions of ASC 740 as if the Company were a separate taxpayer during 2012. | |
The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of tax credits, tax benefits and deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. To the extent adjustments are required in any given period, the adjustments would be included within the tax provision in the condensed consolidated statements of income or balance sheet. | |
On September 13, 2013 the IRS and Treasury Department released final regulations on the deduction and capitalization of expenditures related to tangible property (“Tangible Property Regulations”). The Tangible Property Regulations apply to tax years beginning on or after January 1, 2014. The estimated financial statement impact of the Tangible Property Regulations was a reclassification of $7.6 million from deferred income taxes (non-current) to other non-current liabilities in the quarter ended September 30, 2013. | |
The Company’s Due to former affiliate account consists primarily of an estimate of A&B's share of pre-separation consolidated income taxes that will be remitted to Matson, Inc. to offset payments to the relevant taxing authorities. The Company’s Income Tax Receivable account consists of post-separation consolidated income tax payments that the Company intends to use to offset its income tax liabilities to the relevant taxing authorities and refundable solar tax credits. | |
The effective income tax rate for the three and nine month periods ended September 30, 2013 was higher than the statutory rate due to state taxes and non-deductible expenses incurred by the Company related to the acquisition of Grace, which occurred in the fourth quarter of 2013. Accordingly, the Company’s annual effective tax rate, as of the quarter ended September 30, 2013, does not include any estimates related to Grace's operations. The Company will include the effect of Grace following the acquisition date in its annual effective tax rate for the year ending December 31, 2013. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Notes Payable and Long-Term Debt | ' |
Notes Payable and Long-Term Debt. On January 22, 2013, A&B completed the purchase of Waianae Mall, a 170,300 square-foot, 10-building retail center in Leeward Oahu, for $10.1 million in cash and the assumption of a $19.7 million loan (the “Loan”). The Promissory Note for the Loan is secured by a Mortgage, Assignment of Leases and Rents and Security Agreement, bears interest at 5.39 percent, and requires monthly payments of principal and interest totaling $0.1 million. A final balloon payment of $18.5 million is due on October 5, 2015. In connection with the loan assumption, the Company has also provided a limited guaranty for the payment of all obligations under the Loan. The guaranty is limited to 10 percent of the outstanding principal balance of the Loan upon the occurrence of an event of default, plus any cost incurred by the lender. The loan was recorded at its fair value of $20.6 million. Intangible assets acquired included lease-in-place value of $2.8 million (weighted-average life of 7.7 years) and net below-market leases of $0.5 million (weighted average life of 6.3 years). | |
On September 17, 2013, A & B Properties, Inc. (“A&B Properties”), a wholly owned subsidiary of the Company, closed the purchase of Pearl Highlands Center, a 415,000 square-foot, fee simple retail center in Pearl City, Oahu (the “Property”), for $82.2 million in cash and the assumption of a $59.3 million mortgage loan (the “Pearl Loan”), pursuant to the terms of the Real Estate Purchase and Sale Agreement, dated April 9, 2013, between PHSC Holdings, LLC and A&B Properties. The Pearl Loan, which is currently held by The Northwestern Mutual Life Insurance Company (the “Lender”), is secured by a Mortgage and Security Agreement, bears interest at 5.9 percent, and requires monthly payments of principal and interest totaling $0.4 million. A final balloon payment of $56.2 million is due on September 15, 2016. The loan was recorded at its fair value of $62.3 million. Intangible assets acquired included lease-in-place value of $9.5 million (weighted-average life of 14.3 years) and net below-market leases of $4.7 million (weighted average life of 6.5 years). | |
On September 24, 2013, A&B assumed control of Village and consolidated Village's assets and liabilities at fair value, which includes secured loans totaling approximately $51.2 million. The first loan, totaling $41.8 million (the "Real Estate Loan"), is secured by The Shops at Kukui'ula and 45 acres of land owned by Kukui'ula Development Company (Hawaii), LLC ("Kukui'ula"), in which KDC is a member. The Real Estate Loan currently bears interest at the greater of (i) LIBOR plus 4.0 percent or (ii) 4.5 percent. The second loan, totaling $9.4 million (the "Term Loan"), is secured by a letter of credit, and bears interest at LIBOR plus 2.0 percent. The Real Estate Loan and Term Loan are scheduled to mature on November 5, 2013. Subsequent to quarter end, the Company refinanced the loans with a new three-year term loan, the terms which are described in Note 15. | |
The total consideration paid for the acquisitions described above, and including the acquisition of Napili Plaza that closed in May 2013, totaled approximately $241.6 million. The total fair value of tangible property acquired with respect to the above acquisitions, and including the acquisition of Napili Plaza, totaled approximately $224.2 million. |
Segment_Results_Notes
Segment Results (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Results | ' | |||||||||||||||
Segment Results. Segment results for the three and nine months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 27.5 | $ | 24.9 | $ | 80 | $ | 75.9 | ||||||||
Development and Sales | 47.4 | 8.4 | 64.2 | 26.8 | ||||||||||||
Less amounts reported in discontinued operations | (38.6 | ) | (1.6 | ) | (56.2 | ) | (13.7 | ) | ||||||||
Agribusiness | 35.9 | 67.9 | 94.1 | 121.4 | ||||||||||||
Reconciling items2 | — | (8.3 | ) | — | (8.3 | ) | ||||||||||
Total revenue | $ | 72.2 | $ | 91.3 | $ | 182.1 | $ | 202.1 | ||||||||
Operating Profit, Net Income: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 11.2 | $ | 10.2 | $ | 32.7 | $ | 31.4 | ||||||||
Development and Sales | 4.6 | 3.3 | 6.3 | (5.7 | ) | |||||||||||
Less amounts reported in discontinued operations | (8.5 | ) | (1.0 | ) | (14.4 | ) | (6.8 | ) | ||||||||
Agribusiness | 2.2 | 9.1 | 14.3 | 19.6 | ||||||||||||
Total operating profit | 9.5 | 21.6 | 38.9 | 38.5 | ||||||||||||
Interest Expense | (4.2 | ) | (3.6 | ) | (11.7 | ) | (11.7 | ) | ||||||||
General Corporate Expenses | (3.4 | ) | (3.0 | ) | (11.5 | ) | (11.7 | ) | ||||||||
Grace Acquisition Costs | (2.0 | ) | — | (4.5 | ) | — | ||||||||||
Separation Costs | — | (0.7 | ) | — | (6.8 | ) | ||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (0.1 | ) | 14.3 | 11.2 | 8.3 | |||||||||||
Income Tax Expense | 0.8 | 1.5 | 5.7 | 0.6 | ||||||||||||
Income (Loss) From Continuing Operations | (0.9 | ) | 12.8 | 5.5 | 7.7 | |||||||||||
Income From Discontinued Operations (net of income taxes) | 5.3 | 0.6 | 8.9 | 4.1 | ||||||||||||
Net Income | $ | 4.4 | $ | 13.4 | $ | 14.4 | $ | 11.8 | ||||||||
1 Prior year amounts recast for amounts treated as discontinued operations. | ||||||||||||||||
2 Represents the sale of a 286-acre agricultural parcel in the third quarter of 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
Subsequent Events. On October 1, 2013, the Company consummated its previously announced acquisition of 100% of the shares of GPC Holdings, Inc. ("Grace Holdings" or "Grace"), a Hawaii-based natural materials and infrastructure construction company. Pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), by and among A&B, A&B II, LLC ("Merger Sub"), a Hawaii limited liability company and a wholly owned subsidiary of A&B, Grace Pacific Corporation, a Hawaii corporation (now Grace Pacific LLC, a Hawaii limited liability company and a wholly owned subsidiary of Grace Holdings), Grace Holdings and David C. Hulihee, in his capacity as the shareholders' representative, dated June 6, 2013, Grace Holdings merged with and into Merger Sub with Merger Sub remaining as the surviving company and a wholly owned subsidiary of A&B (the "Merger"). | ||
The Company views the acquisition of Grace as an attractive long-term investment, with favorable return metrics and diversification benefits that will augment A&B's ability to further pursue its core real estate strategies over time. Grace will extend and enhance A&B's community building capabilities to encompass infrastructure work, for which a steady and growing need exists in Hawaii. Grace will allow A&B to further benefit from Hawaii's improving economy and real estate markets and also materially strengthens and diversifies A&B's financial profile and flexibility. A complete discussion of the reasons A&B acquired Grace is more fully described in the Company's Amendment No. 4 to Form 10 filed on June 8, 2012. | ||
The total merger consideration payable to Grace Holdings equity holders is approximately 5.4 million shares of A&B common stock and approximately $35.25 million in cash, as adjusted based on Grace Holdings' shareholders' equity at closing. Pursuant to the Merger Agreement, the aggregate number of shares of A&B common stock issued in the Merger was determined by dividing $199.75 million, which was 85% of the total merger consideration prior to any post-closing adjustments, by $36.7859, which was the volume weighted average of the trading prices of A&B common stock on the New York Stock Exchange for the 20 consecutive trading days ending on the third trading day prior to the closing of the Merger. Of the $35.25 million cash portion of the acquisition price, $28.2 million (the "Holdback Amount") has been withheld pro rata from Grace Holdings shareholders and retained by A&B to secure any final adjustments to the merger consideration and certain indemnification obligations of Grace Holdings shareholders pursuant to the Merger Agreement. These funds will be released by A&B in accordance with the terms set forth in the Merger Agreement. In addition, an amount of cash equal to $1 million of the merger consideration otherwise deliverable to Grace Holdings shareholders has been delivered to the shareholders' representative to cover the costs and expenses incurred by him in performing his duties as provided in the Merger Agreement. Any amounts not used, or retained for future use, by the shareholders' representative will be paid to Grace Holdings shareholders upon the release of any and all remaining portions of the Holdback Amount. | ||
A&B expects to allocate the purchase price to acquired assets and assumed liabilities at their estimated fair values. The assets acquired and liabilities assumed include, among others, property, plant and equipment, accounts receivable, cash, goodwill, and notes payable. Supplemental pro forma information has not been included since the Company is in the process of finalizing its fair value and purchase accounting adjustments. The Company will include the results of Grace Holdings in its financial statements from the closing date forward. | ||
On October 4, 2013, A&B closed on the sale of Republic Distribution Center, and industrial property in Texas, for approximately $19.4 million. | ||
On November 5, 2013, the Company refinanced $44.0 million of secured loans related to The Shops at Kukui'ula with new three-year term loans. The first loan, totaling $34.6 million (the "Real Estate Loan"), is secured by The Shops at Kukui'ula, 45 acres of land owned by Kukui'ula Development Company (Hawaii), LLC ("Kukui'ula"), in which KDC is a member, and an A&B guaranty. The Real Estate Loan bears interest at LIBOR plus 2.85% and requires principal amortization of $0.9 million per quarter. The second loan, totaling $9.4 million (the "Term Loan"), is interest only, secured by a letter of credit, and bears interest at LIBOR plus 2.0%. The Real Estate Loan contains guarantor covenants that mirror the covenants in A&B's $260 million revolving credit agreement. | ||
On November 8, 2013, the Company closed on the sale of a 24-acre parcel adjacent to Maui Business Park II for $40.4 million. |
Commitments_Guarantees_and_Con1
Commitments, Guarantees and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
In connection with the consolidation of Village, the Company wrote down its $6.3 million investment in the joint venture. | ||||
Fair value of assets acquired and liabilities assumed | ||||
Assets acquired: | ||||
Cash | $ | 0.3 | ||
Other current assets | 0.4 | |||
Property, plant and equipment | 39 | |||
Intangible assets | 4 | |||
Total assets acquired | 43.7 | |||
Liabilities assumed: | ||||
Intangible liabilities | 1 | |||
Liabilities assumed | 51.9 | |||
Total liabilities assumed | 52.9 | |||
Excess of liabilities assumed over assets acquired (recorded as goodwill) | $ | 9.2 | ||
Commitments, Guarantees and Contingencies | ' | |||
Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 8 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2012, included the following (in millions): | ||||
Standby letters of credit related to real estate projects | $ | 10.8 | ||
Performance bonds related to real estate construction | $ | 21.7 | ||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Number of shares used to compute basic and diluted earnings per share | ' | |||||||
Earnings Per Share (“EPS”): The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||
Quarter Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Denominator for basic EPS – weighted average shares | 43.1 | 42.6 | 43.1 | 42.5 | ||||
Effect of dilutive securities: | ||||||||
Employee/director stock options and restricted stock units | 0.7 | 0.7 | 0.6 | 0.2 | ||||
Denominator for diluted EPS – weighted average shares | 43.8 | 43.3 | 43.7 | 42.7 |
Inventory_Tables
Inventory (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows (in millions): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Sugar inventories | $ | 38.6 | $ | 3.9 | ||||
Materials and supplies inventories | 13.4 | 19.6 | ||||||
Total | $ | 52 | $ | 23.5 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of stock option activity | ' | |||||||||||||||
Activity in the Company’s stock option plans in 2013 was as follows (in thousands, except weighted average exercise price and weighted average contractual life): | ||||||||||||||||
2012 | Weighted | Weighted | Aggregate | |||||||||||||
Plan | Average | Average | Intrinsic | |||||||||||||
Exercise | Contractual | Value | ||||||||||||||
Price | Life | |||||||||||||||
Outstanding, January 1, 2013 | 1,722.70 | $19.41 | ||||||||||||||
Exercised | (106.3 | ) | $20.00 | |||||||||||||
Forfeited and expired | (1.2 | ) | $19.80 | |||||||||||||
Outstanding, September 30, 2013 | 1,615.20 | $19.37 | 5.1 | $26,304 | ||||||||||||
Exercisable, September 30, 2013 | 1,419.30 | $19.11 | 4.7 | $23,481 | ||||||||||||
Summarizes non-vested restricted stock unit activity | ' | |||||||||||||||
The following table summarizes non-vested restricted stock unit activity through September 30, 2013 (in thousands, except weighted average grant-date fair value amounts): | ||||||||||||||||
2012 | Weighted | |||||||||||||||
Plan | Average | |||||||||||||||
Restricted | Grant-Date | |||||||||||||||
Stock | Fair Value | |||||||||||||||
Units | ||||||||||||||||
Outstanding, January 1, 2013 | 330 | $20.43 | ||||||||||||||
Granted | 121.1 | $34.12 | ||||||||||||||
Vested | (156.5 | ) | $18.57 | |||||||||||||
Canceled | (48.1 | ) | $22.44 | |||||||||||||
Outstanding, September 30, 2013 | 246.5 | $27.94 | ||||||||||||||
Summary of compensation cost related to share-based payments | ' | |||||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||||||
Stock options | $ | 0.3 | $ | 0.4 | $ | 1 | $ | 1.8 | ||||||||
Restricted stock units | 0.8 | 0.4 | 2.2 | 2.4 | ||||||||||||
Total share-based expense | 1.1 | 0.8 | 3.2 | 4.2 | ||||||||||||
Total recognized tax benefit | (0.3 | ) | (0.3 | ) | (1.0 | ) | (1.4 | ) | ||||||||
Share-based expense (net of tax) | $ | 0.8 | $ | 0.5 | $ | 2.2 | $ | 2.8 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Summary of revenue, operating profit, income tax expense and after-tax effects of these transactions | ' | |||||||||||||||
The revenue, operating profit, income tax expense and after-tax effects of these transactions were as follows (in millions): | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Proceeds from the sale of income-producing properties | $ | 37.3 | $ | — | $ | 52.2 | $ | 8.9 | ||||||||
Real estate leasing revenue | 1.3 | 1.6 | 4 | 4.8 | ||||||||||||
Gain on sale of income-producing properties | 7.8 | — | 12 | 3.9 | ||||||||||||
Real estate leasing operating profit | 0.7 | 1 | 2.4 | 2.9 | ||||||||||||
Total operating profit before taxes | 8.5 | 1 | 14.4 | 6.8 | ||||||||||||
Income tax expense | 3.2 | 0.4 | 5.5 | 2.7 | ||||||||||||
Income from discontinued operations | $ | 5.3 | $ | 0.6 | $ | 8.9 | $ | 4.1 | ||||||||
Pension_and_Post_retirement_Pl1
Pension and Post retirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of Net Periodic Benefit Cost | ' | |||||||||||||||
The components of net periodic benefit cost recorded for the three months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 0.7 | $ | 0.6 | $ | — | $ | — | ||||||||
Interest cost | 1.9 | 2 | 0.1 | 0.1 | ||||||||||||
Expected return on plan assets | (2.7 | ) | (2.6 | ) | — | — | ||||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Amortization of net loss (gain) | 1.9 | 2 | (0.1 | ) | (0.1 | ) | ||||||||||
Net periodic benefit cost | $ | 1.6 | $ | 1.8 | $ | — | $ | — | ||||||||
The components of net periodic benefit cost recorded for the nine months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 1.9 | $ | 1.8 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 5.7 | 6.1 | 0.3 | 0.4 | ||||||||||||
Expected return on plan assets | (8.2 | ) | (7.8 | ) | — | — | ||||||||||
Curtailment gain* | — | — | (0.5 | ) | — | |||||||||||
Amortization of prior service credit | (0.6 | ) | (0.6 | ) | — | — | ||||||||||
Amortization of net loss (gain) | 5.8 | 6 | (0.1 | ) | (0.2 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | 4.6 | $ | 5.5 | $ | (0.2 | ) | $ | 0.3 | |||||||
* | The curtailment gain is related to headcount reductions associated with the termination of the Company's Kauai trucking service operations. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||
Changes in accumulated other comprehensive income | ' | ||||||
The changes in accumulated other comprehensive income by component for the three and nine months ended September 30, 2013 were as follows (in millions, net of tax): | |||||||
Pension and postretirement plans | |||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 20, 2013 | ||||||
Beginning balance | $ | 46.4 | $ | 47.2 | |||
Amounts reclassified from accumulated other comprehensive income, net of tax | (0.9 | ) | (1.7 | ) | |||
Ending balance | $ | 45.5 | $ | 45.5 | |||
Reclassifications of other comprehensive income | ' | ||||||
The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the nine months ended September 30, 2013 were as follows (in millions): | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Income for the Three Months Ended | Amounts Reclassified from Accumulated Other Comprehensive Income for the Nine Months Ended | ||||||
Details about Accumulated Other Comprehensive Income Components | 30-Sep-13 | September 30, 2013 | |||||
Net loss and prior service cost | $ | — | $ | (2.0 | ) | ||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | |||||||
Actuarial loss* | 1.9 | 5.8 | |||||
Prior service credit* | (0.4 | ) | (1.0 | ) | |||
Total before income tax | 1.5 | 2.8 | |||||
Income taxes | (0.6 | ) | (1.1 | ) | |||
Other comprehensive income net of tax | $ | 0.9 | $ | 1.7 | |||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Segment_Results_Tables
Segment Results (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Results | ' | |||||||||||||||
Segment results for the three and nine months ended September 30, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 27.5 | $ | 24.9 | $ | 80 | $ | 75.9 | ||||||||
Development and Sales | 47.4 | 8.4 | 64.2 | 26.8 | ||||||||||||
Less amounts reported in discontinued operations | (38.6 | ) | (1.6 | ) | (56.2 | ) | (13.7 | ) | ||||||||
Agribusiness | 35.9 | 67.9 | 94.1 | 121.4 | ||||||||||||
Reconciling items2 | — | (8.3 | ) | — | (8.3 | ) | ||||||||||
Total revenue | $ | 72.2 | $ | 91.3 | $ | 182.1 | $ | 202.1 | ||||||||
Operating Profit, Net Income: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 11.2 | $ | 10.2 | $ | 32.7 | $ | 31.4 | ||||||||
Development and Sales | 4.6 | 3.3 | 6.3 | (5.7 | ) | |||||||||||
Less amounts reported in discontinued operations | (8.5 | ) | (1.0 | ) | (14.4 | ) | (6.8 | ) | ||||||||
Agribusiness | 2.2 | 9.1 | 14.3 | 19.6 | ||||||||||||
Total operating profit | 9.5 | 21.6 | 38.9 | 38.5 | ||||||||||||
Interest Expense | (4.2 | ) | (3.6 | ) | (11.7 | ) | (11.7 | ) | ||||||||
General Corporate Expenses | (3.4 | ) | (3.0 | ) | (11.5 | ) | (11.7 | ) | ||||||||
Grace Acquisition Costs | (2.0 | ) | — | (4.5 | ) | — | ||||||||||
Separation Costs | — | (0.7 | ) | — | (6.8 | ) | ||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (0.1 | ) | 14.3 | 11.2 | 8.3 | |||||||||||
Income Tax Expense | 0.8 | 1.5 | 5.7 | 0.6 | ||||||||||||
Income (Loss) From Continuing Operations | (0.9 | ) | 12.8 | 5.5 | 7.7 | |||||||||||
Income From Discontinued Operations (net of income taxes) | 5.3 | 0.6 | 8.9 | 4.1 | ||||||||||||
Net Income | $ | 4.4 | $ | 13.4 | $ | 14.4 | $ | 11.8 | ||||||||
1 Prior year amounts recast for amounts treated as discontinued operations. | ||||||||||||||||
2 Represents the sale of a 286-acre agricultural parcel in the third quarter of 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. |
Description_of_Business_Detail
Description of Business (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Industry | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 3 |
Number of industries | 2 |
Real Estate | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 2 |
Agribusiness | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Commitments_Guarantees_and_Con2
Commitments, Guarantees and Contingencies (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jul. 31, 2010 | Jun. 30, 2010 | Jun. 25, 2004 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-10 | Sep. 25, 2008 | 24-May-01 | Mar. 31, 2011 | Jun. 30, 2011 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 25, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | |
Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Indemnification Agreement | Standby letters of credit | Performance and customs bonds | Long Term Water Lease Request | Petitions Filed Requesting IIFS In East Maui Streams | Petitions Filed Requesting IIFS In East Maui Streams | Petitions Filed Requesting IIFS In East Maui Streams | Unfavorable Regulatory Action | Employment Lawsuit | KDC LLC | KDC LLC | LIBOR | LIBOR | Subsequent Event | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | |||
Organization | Petition | Stream | acre | Petition | Petition | Stream | Boiler | Farm | First Mortgage | Second Mortgage | KDC LLC | KDC LLC | First Mortgage | KDC LLC | KDC LLC | KDC LLC | KDC LLC | KDC LLC | LIBOR | LIBOR | Subsequent Event | Subsequent Event | ||||||||
Organization | License | Mortgages | Mortgages | First Mortgage | Second Mortgage | Mortgages | sqft | Mortgages | First Mortgage | First Mortgage | Second Mortgage | KDC LLC | KDC LLC | KDC LLC | KDC LLC | |||||||||||||||
acre | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | First Mortgage | Second Mortgage | First Mortgage | First Mortgage | |||||||||||||||||||||
acre | Mortgages | Mortgages | Mortgages | Mortgages | ||||||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit related to real estate projects | ' | ' | ' | ' | ' | ' | ' | $10,800,000 | $21,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent member of Kukui'ula Village LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Area of parcel at Kukui'ula (square foot) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | 78,900 | ' | 45 | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,200,000 | 41,800,000 | ' | 9,400,000 | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' |
Loan interest rate or greater of LIBOR plus 4.0 percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | 2.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | 2.00% | ' | ' |
Principal payment on the Real Estate Loan | 196,800,000 | 231,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
New term on Real Estate Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years |
Carrying value of investment in Village prior to the consolidation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | 31-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Watershed lands in East Maui owned (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of water licenses held and extended as revocable permits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional watershed lands accessible by licenses (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capacity of irrigation water supplied by additional watershed lands (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period provided by irrigation system | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of streams for which IIFS was requested | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of petitions on which the Water Commission took action | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 19 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of organizations that filed a petition to establish IIFS | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate percentage of irrigation water provided by the West Maui irrigation system (in percent) | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of boilers impacted by EPA standards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compliance deadline for assessing carbon monoxide emission | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option for states to grant extension for assessing carbon monoxide emissions | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated compliance costs for assessing carbon monoxide emissions | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of other farms involved in an employment lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_Guarantees_and_Con3
Commitments, Guarantees and Contingencies Fair Value of Assets Acquired and Liabilities Assumed (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 24, 2013 |
In Millions, unless otherwise specified | Kukui'ula Village LLC | ||
KDC LLC | |||
Assets acquired: | ' | ' | ' |
Cash | ' | ' | $0.30 |
Other current assets | ' | ' | 0.4 |
Property, plant and equipment | ' | ' | 39 |
Intangible assets | ' | ' | 4 |
Total assets acquired | ' | ' | 43.7 |
Liabilities assumed: | ' | ' | ' |
Intangible liabilities | ' | ' | 1 |
Liabilities assumed | ' | ' | 51.9 |
Total liabilities assumed | ' | ' | 52.9 |
Excess of liabilities assumed over assets acquired (recorded as goodwill) | $9.20 | $0 | $9.20 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Shares used to compute basic and diluted earnings per share [Abstract] | ' | ' | ' | ' |
Denominator for basic EPS - weighted average shares (in shares) | 43,100,000 | 42,600,000 | 43,100,000 | 42,500,000 |
Effect of dilutive securities [Abstract] | ' | ' | ' | ' |
Employee/director stock options and restricted stock units (in shares) | 700,000 | 700,000 | 600,000 | 200,000 |
Denominator for diluted EPS - weighted average shares (in shares) | 43,800,000 | 43,300,000 | 43,700,000 | 42,700,000 |
Anti-dilutive securities excluded from the computation of weighted average dilutive shares outstanding (in shares) | 0 | 0 | 0 | 0 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value Measuremnt of Long-term Debt [Line Items] | ' | ' |
Long-term debt value | $587.30 | $220 |
Fair Value | ' | ' |
Fair Value Measuremnt of Long-term Debt [Line Items] | ' | ' |
Long-term debt value | $606.20 | $249 |
Inventory_Details
Inventory (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Sugar inventories | $38.60 | $3.90 |
Materials and supplies inventories | 13.4 | 19.6 |
Total | $52 | $23.50 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Outstanding, January 1, 2013 (in dollars per share) | ' | ' | $19.41 | ' |
Exercised (in dollars per share) | ' | ' | $20 | ' |
Forfeited and expired (in dollars per share) | ' | ' | $19.80 | ' |
Outstanding, September 30, 2013 (in dollars per share) | $19.37 | ' | $19.37 | ' |
Exercisable (in dollars per share) | $19.11 | ' | $19.11 | ' |
Weighted Average Contractual Life [Abstract] | ' | ' | ' | ' |
Outstanding, January 1, 2013 | ' | ' | '5 years 1 month 12 days | ' |
Exercisable | ' | ' | '4 years 8 months 12 days | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' |
Outstanding, September 30, 2013 | $26,304,000 | ' | $26,304,000 | ' |
Exercisable | 23,481,000 | ' | 23,481,000 | ' |
Share-based expense (net of estimated forfeitures) [Abstract] | ' | ' | ' | ' |
Total share-based expense | 1,100,000 | 800,000 | 3,200,000 | 4,200,000 |
Total recognized tax benefit | -300,000 | -300,000 | -1,000,000 | -1,400,000 |
Share-based expense (net of tax) | 800,000 | 500,000 | 2,200,000 | 2,800,000 |
2012 Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares reserved for issuance (in shares) | 4,300,000 | ' | 4,300,000 | ' |
Stock available for future issuance (in shares) | 1,488,130 | ' | 1,488,130 | ' |
2012 Plan [Roll Forward] | ' | ' | ' | ' |
Outstanding, January 1, 2013 (in shares) | ' | ' | 1,722,700 | ' |
Exercised (in shares) | ' | ' | -106,300 | ' |
Forfeitures and expired (in shares) | ' | ' | -1,200 | ' |
Outstanding, September 30, 2013 (in shares) | 1,615,200 | ' | 1,615,200 | ' |
Exercisable (in shares) | 1,419,300 | ' | 1,419,300 | ' |
Stock Options | ' | ' | ' | ' |
Share-based expense (net of estimated forfeitures) [Abstract] | ' | ' | ' | ' |
Total share-based expense | 300,000 | 400,000 | 1,000,000 | 1,800,000 |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Vesting period | ' | ' | '3 years | ' |
Share-based expense (net of estimated forfeitures) [Abstract] | ' | ' | ' | ' |
Total share-based expense | $800,000 | $400,000 | $2,200,000 | $2,400,000 |
Non-Vested Stock & Restricted Stock Units | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Outstanding, January 1, 2013 (in dollars per share) | ' | ' | $20.43 | ' |
Granted (in dollars per share) | ' | ' | $34.12 | ' |
Vested (in dollars per share) | ' | ' | $18.57 | ' |
Canceled (in dollars per share) | ' | ' | $22.44 | ' |
Outstanding, September 30, 2013 (in dollars per share) | $27.94 | ' | $27.94 | ' |
Non-Vested Stock & Restricted Stock Units | 2012 Plan | ' | ' | ' | ' |
2012 Plan Restricted Stock Units [Roll Forward] | ' | ' | ' | ' |
Outstanding, January 1, 2013 (in shares) | ' | ' | 330,000 | ' |
Granted (in shares) | ' | ' | 121,100 | ' |
Vested (in shares) | ' | ' | -156,500 | ' |
Canceled (in shares) | ' | ' | -48,100 | ' |
Outstanding, September 30, 2013 (in shares) | 246,500 | ' | 246,500 | ' |
Performance Shares | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Vesting period | ' | ' | '2 years | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Income from discontinued operations | $5.30 | $0.60 | $8.90 | $4.10 |
Number of leased fee properties | ' | ' | ' | 2 |
Real Estate Leasing | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Proceeds from the sale of income-producing properties | 37.3 | 0 | 52.2 | 8.9 |
Real estate leasing revenue | 1.3 | 1.6 | 4 | 4.8 |
Gain on sale of income-producing properties | 7.8 | 0 | 12 | 3.9 |
Real Estate Leasing operating profit | 0.7 | 1 | 2.4 | 2.9 |
Total operating profit before taxes | 8.5 | 1 | 14.4 | 6.8 |
Income tax expense | -3.2 | -0.4 | -5.5 | -2.7 |
Income from discontinued operations | $5.30 | $0.60 | $8.90 | $4.10 |
Pension_and_Post_retirement_Pl2
Pension and Post retirement Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Pension Benefits | ' | ' | ' | ' | ||
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' | ||
Service cost | $0.70 | $0.60 | $1.90 | $1.80 | ||
Interest cost | 1.9 | 2 | 5.7 | 6.1 | ||
Expected return on plan assets | -2.7 | -2.6 | -8.2 | -7.8 | ||
Curtailment gain | ' | ' | 0 | [1] | 0 | [1] |
Amortization of prior service credit | -0.2 | -0.2 | -0.6 | -0.6 | ||
Amortization of net loss (gain) | 1.9 | 2 | 5.8 | 6 | ||
Net periodic benefit cost (credit) | 1.6 | 1.8 | 4.6 | 5.5 | ||
United States Postretirement Benefit Plans of US Entity, Defined Benefit | ' | ' | ' | ' | ||
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' | ||
Service cost | 0 | 0 | 0.1 | 0.1 | ||
Interest cost | 0.1 | 0.1 | 0.3 | 0.4 | ||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||
Curtailment gain | ' | ' | 0.5 | [1] | 0 | [1] |
Amortization of prior service credit | 0 | 0 | 0 | 0 | ||
Amortization of net loss (gain) | -0.1 | -0.1 | -0.1 | -0.2 | ||
Net periodic benefit cost (credit) | $0 | $0 | ($0.20) | $0.30 | ||
[1] | The curtailment gain is related to headcount reductions associated with the termination of the Company's Kauai trucking service operations. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||
Pension and postretirement plans, Beginning balance | $46.40 | ' | $47.20 | ' | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | -0.9 | ' | -1.7 | ' | ||
Pension and postretirement plans, Ending balance | 45.5 | ' | 45.5 | ' | ||
Amortization of defined benefit pension items reclassified to net periodic pension cost: [Abstract] | ' | ' | ' | ' | ||
Net loss and prior service cost | 0 | ' | -2 | ' | ||
Actuarial loss | 1.9 | [1] | 1.8 | 5.8 | [1] | 5.7 |
Prior service credit | -0.4 | [1] | -0.1 | -1 | [1] | -0.5 |
Total before income tax | 1.5 | ' | 2.8 | ' | ||
Income taxes | -0.6 | ' | -1.1 | ' | ||
Other Comprehensive Income | $0.90 | $1 | $1.70 | $1.70 | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred income tax liabilities | $149.30 | $152.90 |
Other non-current liabilities | 27.2 | 21.5 |
Restatement Adjustment | ' | ' |
Deferred income tax liabilities | -7.6 | ' |
Other non-current liabilities | $7.60 | ' |
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Details) (USD $) | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jan. 22, 2013 | Jan. 22, 2013 | Sep. 17, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 22, 2013 | Sep. 17, 2013 | Sep. 24, 2013 | Sep. 17, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Sep. 24, 2013 |
A&B (Parent Company) | Waianae Mall | Pearl City | Kukui'ula Village LLC | 2013 Acquisitions [Member] | Mortgages | Mortgages | Mortgages | Mortgages | First Mortgage | First Mortgage | Second Mortgage | Second Mortgage | Subsequent Event | Subsequent Event | Subsequent Event | LIBOR | LIBOR | LIBOR | LIBOR | |
sqft | A&B Properties, Inc | KDC LLC | Waianae Mall | Pearl City | Kukui'ula Village LLC | Northwestern Mutual Life Insurance Company | Mortgages | Mortgages | Mortgages | Mortgages | First Mortgage | First Mortgage | First Mortgage | First Mortgage | First Mortgage | Second Mortgage | Second Mortgage | |||
Building | sqft | sqft | A&B Properties, Inc | KDC LLC | Pearl City | KDC LLC | Kukui'ula Village LLC | KDC LLC | Kukui'ula Village LLC | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | ||||
A&B Properties, Inc | acre | KDC LLC | KDC LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | KDC LLC | Kukui'ula Village LLC | KDC LLC | Kukui'ula Village LLC | |||||||||||
acre | KDC LLC | KDC LLC | KDC LLC | KDC LLC | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of square-foot purchased in Waianae Mall | 170,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings purchased | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment for buildings purchased | $10.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable assumed in connection with acquisition of Waianae Mall | 19.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan interest rate (in percent) | 5.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payment of principal and interest | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final Balloon payment | 18.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guaranty of payment on obligation under the loan (in percent) | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of recorded loan | ' | ' | ' | ' | ' | 20.6 | 62.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease-in-place intangible assets | ' | 2.8 | 9.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average useful life of lease-in-place intangible assets | ' | '7 years 8 months 12 days | '14 years 3 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net below-market leases | ' | 0.5 | 4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average useful life of net below-market leases | ' | '6 years 3 months 12 days | '6 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | 51.2 | ' | ' | 41.8 | ' | 9.4 | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property (square foot) | ' | ' | 415,000 | 78,900 | ' | ' | ' | ' | ' | 45 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination potential consideration | ' | ' | 82.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, liabilities assumed | ' | ' | 59.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on liabilities to be assumed | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected monthly payments on liabilities to be assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final balloon payment | ' | ' | ' | ' | ' | ' | ' | ' | 56.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | 4.00% | 2.00% | 2.00% |
Loan interest rate or greater of LIBOR plus 4.0 percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New term on Real Estate Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | ' | ' | ' | ' |
Total consideration paid for acquisition | ' | ' | ' | ' | 241.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of acquired tangible asset | ' | ' | ' | ' | $224.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Results_Details
Segment Results (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
acre | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | $72.20 | $91.30 | $182.10 | $202.10 | ||||
Operating profit | 9.5 | 21.6 | 38.9 | 38.5 | ||||
Interest Expense | -4.2 | -3.6 | -11.7 | -11.7 | ||||
General corporate expenses | -3.4 | -3 | -11.5 | -11.7 | ||||
Acquisition costs | -2 | 0 | -4.5 | 0 | ||||
Separation cost | 0 | -0.7 | 0 | -6.8 | ||||
Income (Loss) From Continuing Operations Before Income Taxes | -0.1 | 14.3 | 11.2 | 8.3 | ||||
Income tax expense | 0.8 | 1.5 | 5.7 | 0.6 | ||||
Income (Loss) From Continuing Operations | -0.9 | 12.8 | 5.5 | 7.7 | ||||
Income (Loss) From Discontinued Operations (net of income taxes) | 5.3 | 0.6 | 8.9 | 4.1 | ||||
Net Income | 4.4 | 13.4 | 14.4 | 11.8 | ||||
Agricultural parcel sold (in acre) | ' | 286 | ' | ' | ||||
Real Estate Leasing | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 27.5 | [1] | 24.9 | [1] | 80 | [1] | 75.9 | [1] |
Operating profit | 11.2 | [1] | 10.2 | [1] | 32.7 | [1] | 31.4 | [1] |
Real Estate Development and Sales | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 47.4 | [1] | 8.4 | [1] | 64.2 | [1] | 26.8 | [1] |
Operating profit | 4.6 | [1] | 3.3 | [1] | 6.3 | [1] | -5.7 | [1] |
Less Amounts Reported in Discontinued Operations | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 38.6 | [1] | 1.6 | [1] | 56.2 | [1] | 13.7 | [1] |
Operating profit | 8.5 | [1] | 1 | [1] | 14.4 | [1] | 6.8 | [1] |
Agribusiness | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 35.9 | 67.9 | 94.1 | 121.4 | ||||
Operating profit | 2.2 | 9.1 | 14.3 | 19.6 | ||||
Significant Reconciling Items | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | $0 | [2] | ($8.30) | [2] | $0 | [2] | ($8.30) | [2] |
[1] | Prior year amounts recast for amounts treated as discontinued operations. | |||||||
[2] | Represents the sale of a 286-acre agricultural parcel in the third quarter of 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Sep. 30, 2013 | Oct. 02, 2013 | Oct. 04, 2013 | Nov. 08, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | Nov. 05, 2013 |
Share data in Millions, except Per Share data, unless otherwise specified | Grace Pacific Corporation | Republic Distribution Center | Parcel Adjacent to Maui Business Park II | First Mortgage | First Mortgage | First Mortgage | Second Mortgage | LIBOR | LIBOR | |
Subsequent Event | Subsequent Event | Subsequent Event | Mortgages | Mortgages | Mortgages | Mortgages | First Mortgage | Second Mortgage | ||
D | acre | Subsequent Event | KDC LLC | KDC LLC | KDC LLC | Mortgages | Mortgages | |||
acre | Subsequent Event | KDC LLC | KDC LLC | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent shares of Grace Holdings acquired | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares transferred in business combination | ' | 5.4 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment to acquire business | ' | $35,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest transferred in business acquisition | ' | 199,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination percent of common stock to transfer | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average of trading prices of common stock | ' | $36.79 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' |
Holdback amount of cash portion of the acquisition price | ' | 28,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment to shareholders' representative to cover for transaction costs | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Selling price of property | ' | ' | 19,400,000 | 40,400,000 | ' | ' | ' | ' | ' | ' |
Secured loan amount | ' | ' | ' | ' | ' | 34,600,000 | 44,000,000 | 9,400,000 | ' | ' |
New term on Real Estate Loan | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Area of parcel at Kukui'ula (square foot) | ' | ' | ' | 24 | ' | 45 | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | 2.00% |
Required principal amortization per quarter | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' |
Revolving credit maximum borrowing capacity | $260,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |