Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 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 | ' | 48,672,972 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Public Float | ' | ' | $1,691,132,944 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenue: | ' | ' | ' |
Real estate leasing | $78.80 | $64.20 | $63.30 |
Real estate sales | 85.4 | 15 | 14.3 |
Construction and natural materials | 54.9 | 0 | 0 |
Agribusiness | 146.1 | 182.3 | 157.5 |
Total operating revenue | 365.2 | 261.5 | 235.1 |
Operating Costs and Expenses: | ' | ' | ' |
Cost of real estate leasing | 48.4 | 38.4 | 38.9 |
Cost of real estate sales | 46.7 | 5.2 | 8.7 |
Cost of construction contracts and natural materials | 47.6 | 0 | 0 |
Cost of agribusiness goods and services | 136.8 | 161 | 135 |
Selling, general and administrative | 41.2 | 37.7 | 32.7 |
Gain on the sale of agricultural parcel | 0 | -7.3 | 0 |
Gain on charitable donation of appreciated land | 0 | -9.4 | 0 |
Impairment of real estate assets (Santa Barbara) | 0 | 5.1 | 0 |
Separation/acquisition costs | 4.6 | 6.8 | 0 |
Total operating costs and expenses | 325.3 | 237.5 | 215.3 |
Operating Income | 39.9 | 24 | 19.8 |
Other Income and (Expense): | ' | ' | ' |
Income (loss) related to joint ventures | 4.3 | -4.4 | -1.8 |
Gain on insurance proceeds | 2.4 | 0 | 0 |
Impairment and equity losses related to joint ventures | -6.6 | -4.7 | 0 |
Interest income and other | 2.7 | 0.1 | 0.3 |
Interest expense | -19.1 | -14.9 | -17.1 |
Income (Loss) From Continuing Operations Before Income Taxes | 23.6 | 0.1 | 1.2 |
Income tax expense (benefit) | 8.5 | -7.6 | 1 |
Income From Continuing Operations | 15.1 | 7.7 | 0.2 |
Income from discontinued operations, net of income taxes (Note 5) | 22.3 | 12.8 | 23.3 |
Net Income | 37.4 | 20.5 | 23.5 |
Income attributable to noncontrolling interest | -0.5 | 0 | 0 |
Net Income Attributable to A&B | 36.9 | 20.5 | 23.5 |
Basic Earnings (Loss) Per Share: | ' | ' | ' |
Continuing operations attributable to A&B shareholders | $0.33 | $0.18 | $0 |
Discontinued operations attributable to A&B shareholders | $0.50 | $0.30 | $0.55 |
Net income attributable to A&B shareholders | $0.83 | $0.48 | $0.55 |
Diluted Earnings (Loss) Per Share: | ' | ' | ' |
Continuing operations attributable to A&B shareholders | $0.32 | $0.18 | $0 |
Discontinued operations attributable to A&B shareholders | $0.50 | $0.30 | $0.55 |
Net income attributable to A&B shareholders | $0.82 | $0.48 | $0.55 |
Weighted Average Number of Shares Outstanding: | ' | ' | ' |
Basic | 44.4 | 42.6 | 42.4 |
Diluted | 45.1 | 42.9 | 42.4 |
Amounts Attributable to A&B Shareholders: | ' | ' | ' |
Income from continuing operations, net of tax | 14.6 | 7.7 | 0.2 |
Discontinued operations, net of tax | 22.3 | 12.8 | 23.3 |
Net Income Attributable to A&B | $36.90 | $20.50 | $23.50 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net Income | $37.40 | $20.50 | $23.50 |
Defined benefit pension plans: | ' | ' | ' |
Net gain (loss) / prior service credit (cost) | 22.4 | -6 | -19.4 |
Amortization of net loss included in net periodic pension cost | 7.7 | 8 | 5.2 |
Amortization of prior service credit (cost) included in net periodic pension cost | -1.3 | -1.3 | 0.6 |
Income taxes related to other comprehensive income | -11.7 | -0.3 | 5.2 |
Other Comprehensive Income | 17.1 | 0.4 | -8.4 |
Comprehensive Income | 54.5 | 20.9 | 15.1 |
Comprehensive income attributable to noncontrolling interest | -0.5 | 0 | 0 |
Comprehensive income attributable to A&B | $54 | $20.90 | $15.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $3.30 | $1.10 |
Accounts receivable, less allowances of $1.3 for 2013 and $1.6 for 2012 | 36.5 | 8.2 |
Contracts retention | 9.3 | 0 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 10.5 | 0 |
Inventories | 68.1 | 23.5 |
Real estate held for sale | 15.9 | 11.5 |
Deferred income taxes | 7.8 | 7.8 |
Income tax receivable | 3 | 4.4 |
Prepaid expenses and other assets | 17 | 6.9 |
Total current assets | 171.4 | 63.4 |
Investments in Affiliates | 341.4 | 319.9 |
Real Estate Developments | 249.1 | 144 |
Property – net | 1,273.70 | 838.7 |
Intangible assets - net | 74.1 | 8.3 |
Goodwill | 99.6 | 0 |
Other Assets | 75.9 | 63 |
Total Assets | 2,285.20 | 1,437.30 |
Current Liabilities | ' | ' |
Notes payable and current portion of long-term debt | 105.2 | 15.5 |
Accounts payable | 32.6 | 26.2 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4.4 | 0 |
Accrued interest | 5.9 | 5.2 |
Deferred revenue | 17.8 | 0 |
Indemnity holdback related to Grace acquisition | 18.8 | 0 |
Accrued and other liabilities | 33.5 | 22.7 |
Total current liabilities | 218.2 | 69.6 |
Long-term Liabilities | ' | ' |
Long-term debt | 605.5 | 220 |
Deferred income taxes | 188.7 | 152.9 |
Accrued pension and postretirement benefits | 37.3 | 58.9 |
Other non-current liabilities | 60.7 | 21.5 |
Total long-term liabilities | 892.2 | 453.3 |
Commitments and Contingencies (Note 15) | ' | ' |
Equity | ' | ' |
Common stock – no par value; authorized, 150 million shares; outstanding, 48.6 million and 42.9 million shares at December 31, 2013 and 2012, respectively | 1,142.30 | 939.8 |
Accumulated other comprehensive loss | -30.1 | -47.2 |
Retained earnings | 53.7 | 21.8 |
Total A&B shareholders' equity | 1,165.90 | 914.4 |
Noncontrolling interest | 8.9 | 0 |
Total equity | 1,174.80 | 914.4 |
Total liabilities and equity | $2,285.20 | $1,437.30 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Account Receivables, allowances | $1.30 | $1.60 |
Common stock, par value (in $ per share) | $0 | $0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares outstanding (in shares) | 48,600,000 | 42,900,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Cash Flows [Abstract] | ' | ' | ' | |||
Net Income | $37.40 | $20.50 | $23.50 | |||
Depreciation and amortization | 41.7 | 35.1 | 34.8 | |||
Deferred income taxes | -1.6 | -6.3 | -0.9 | |||
Gains on asset transactions, net of impairment losses | -52.8 | -14.8 | -33.2 | |||
Share-based expense | 4.2 | 5.4 | 4.8 | |||
Equity in (income) loss of affiliates, net of distributions | -2.9 | 8.4 | 8.4 | |||
Trade, contracts retention, and other receivables | 3.3 | 0.1 | 3.7 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts - net | -1.9 | 0 | 0 | |||
Inventories | -2.7 | 12.8 | -6.2 | |||
Prepaid expenses and other assets | -0.4 | -10 | -4.3 | |||
Accrued pension and post-retirement benefits | 5.2 | 4.2 | 6.4 | |||
Accounts payable, contracts retention, and accrued liabilities | -6.5 | -1.5 | -2.6 | |||
Accrued and other liabilities | 7.6 | -14.2 | -16.6 | |||
Real estate inventory sales (real estate developments held for sale) | 81.7 | 8.4 | 6.4 | |||
Expenditures for real estate inventory (real estate developments held for sale) | -150.6 | -37.2 | -13.8 | |||
Net cash provided by (used in) operations | -38.3 | 10.9 | 10.4 | |||
Cash Flows used in Investing Activities: | ' | ' | ' | |||
Capital expenditures for property, plant and equipment | -32.5 | -45.4 | -20.2 | |||
Capital expenditures related to 1031 commercial property transactions | -472.8 | -9.4 | -39.1 | |||
Proceeds from investment tax credits and grants related to renewable energy projects | 2.4 | 7.5 | 0 | |||
Proceeds from disposal of property and other assets | 1.2 | 2.2 | 8.4 | |||
Proceeds from disposals related to 1031 commercial property transactions | 330.8 | 18.8 | 44.7 | |||
Payments for purchases of investments in affiliates and preferred investment | -43.4 | -17.5 | -28 | |||
Proceeds from investments in affiliates | 5.1 | 2.9 | 7.9 | |||
Change in restricted cash associated with 1031 transactions | 3.2 | -9.2 | 0.2 | |||
Acquisition of business, net of cash | -5.7 | 0 | 0 | |||
Net cash used in investing activities | -211.7 | -50.1 | -26.1 | |||
Cash Flows from Financing Activities: | ' | ' | ' | |||
Proceeds from issuances of long-term debt | 585 | 134 | 147 | |||
Payments of long-term debt and deferred financing costs | -380.3 | -257.2 | -145.9 | |||
Proceeds (payments) from line-of-credit agreements, net | 51.6 | -6 | 1.1 | |||
Distributions to Alexander & Baldwin Holdings, Inc.(a) | 0 | [1] | -26.7 | [1] | -53.1 | [1] |
Contributions from Alexander & Baldwin Holdings, Inc.(a) | 0 | [1] | 172.7 | [1] | 72.8 | [1] |
Distribution to non controlling interests | -1.1 | 0 | 0 | |||
Dividends paid | -2 | 0 | 0 | |||
Proceeds from issuance (repurchase) of capital stock and other, net | -1 | 11.8 | 0 | |||
Net cash provided by financing activities | 252.2 | 28.6 | 21.9 | |||
Cash and Cash Equivalents: | ' | ' | ' | |||
Net increase (decrease) for the period | 2.2 | -10.6 | 6.2 | |||
Balance, beginning of year | 1.1 | 11.7 | 5.5 | |||
Balance, end of year | 3.3 | 1.1 | 11.7 | |||
Other Cash Flow Information: | ' | ' | ' | |||
Interest paid, net of amounts capitalized | -19.1 | -14.9 | -16.9 | |||
Income taxes paid | -12 | -2 | -26 | |||
Other Non-cash Information: | ' | ' | ' | |||
Acquisition of Grace (issuance of equity and indemnity holdback) | 219.8 | 0 | 0 | |||
Mortgage debt assumed at fair value in real estate acquisitions | 142.2 | 0 | 0 | |||
Property (net) acquired in connection with the consolidation of The Shops at Kukui'ula | 39 | 0 | 0 | |||
Capital expenditures included in accounts payable and accrued expenses | 6.6 | 12.2 | 6.8 | |||
Conversion of net investment of A&B Holdings into common stock | 0 | 24.2 | 0 | |||
Conversion of net investment of A&B Holdings into common stock | $0 | $926.30 | $0 | |||
[1] | Refer to Note 4, “Related Party Transactions.†|
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Net Investment | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interest |
In Millions, unless otherwise specified | ||||||
Balance, beginning period at Dec. 31, 2010 | $688.60 | $0 | $727.80 | ($39.20) | $0 | $0 |
Balance, beginning period (shares) at Dec. 31, 2010 | ' | 0 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 23.5 | ' | 23.5 | ' | ' | ' |
Other comprehensive income, net of tax | -8.4 | ' | ' | -8.4 | ' | ' |
Contribution from Alexander & Baldwin Holdings, Inc.-net | 22.1 | ' | 22.1 | ' | ' | ' |
Balance, period end at Dec. 31, 2011 | 725.8 | 0 | 773.4 | -47.6 | 0 | 0 |
Balance, beginning period (shares) at Dec. 31, 2011 | ' | 0 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 20.5 | ' | -1.6 | ' | 22.1 | ' |
Other comprehensive income, net of tax | 0.4 | ' | ' | 0.4 | ' | ' |
Contribution from Alexander & Baldwin Holdings, Inc.-net | 154.5 | ' | 154.5 | ' | ' | ' |
Conversion of net investment of Alexander & Baldwin Holdings, Inc. into common stock | ' | 42.4 | ' | ' | ' | ' |
Conversion of net investment of Alexander & Baldwin Holdings, Inc. into common stock | 0 | 926.3 | -926.3 | ' | ' | ' |
Share-based compensation | 2.1 | 2.1 | ' | ' | ' | ' |
Shares issued (in shares) | ' | 0.5 | ' | ' | ' | ' |
Shares issued, net | 9.9 | 10.2 | ' | ' | -0.3 | ' |
Excess tax benefit from share-based awards | 1.2 | 1.2 | ' | ' | ' | ' |
Balance, period end at Dec. 31, 2012 | 914.4 | 939.8 | 0 | -47.2 | 21.8 | 0 |
Balance, period end (shares) at Dec. 31, 2012 | ' | 42.9 | ' | ' | ' | ' |
Increase (Decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net Income | 37.4 | ' | ' | ' | 36.9 | 0.5 |
Other comprehensive income, net of tax | 17.1 | ' | ' | 17.1 | ' | ' |
Dividends paid on common stock | -2 | ' | ' | ' | -2 | ' |
Distributions to noncontrolling interest | -0.7 | ' | ' | ' | ' | -0.7 |
Share-based compensation | 4.2 | 4.2 | ' | ' | ' | ' |
Grace acquisition (shares) | ' | 5.4 | ' | ' | ' | ' |
Grace acquisition | 205.4 | 196.3 | ' | ' | ' | 9.1 |
Shares issued or repurchased, net (in shares) | ' | 0.3 | ' | ' | ' | ' |
Shares issued or repurchased, net | -2.6 | 0.4 | ' | ' | -3 | ' |
Excess tax benefit from share-based awards | 1.6 | 1.6 | ' | ' | ' | ' |
Balance, period end at Dec. 31, 2013 | $1,174.80 | $1,142.30 | $0 | ($30.10) | $53.70 | $8.90 |
Balance, period end (shares) at Dec. 31, 2013 | ' | 48.6 | ' | ' | ' | ' |
Background_and_Basis_of_Presen
Background and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Background and Basis of Presentation | ' |
BACKGROUND AND BASIS OF PRESENTATION | |
Description of Business: 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. | |
A&B is headquartered in Honolulu and, with the acquisition of Grace Pacific ("Grace") on October 1, 2013, operates four segments in three industries—Real Estate, Natural Materials and Construction and Agribusiness. | |
Real Estate: The Real Estate Industry 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 investment in and development and sale of land and commercial and residential properties. The Real Estate Leasing segment owns, operates, and manages retail, office, and industrial properties in Hawaii and on the Mainland. The Real Estate Leasing segment also leases land in Hawaii. 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; and generates and sells electricity, to the extent not used in the Company’s Agribusiness operations. A&B is the member in Hawaiian Sugar & Transportation Cooperative (“HS&TC”), a cooperative that provides raw sugar marketing and transportation services. | |
Natural Materials and Construction: On October 1, 2013, the Company consummated its acquisition of Grace, a Hawaii-based natural materials and infrastructure construction company. Natural Materials and Construction, which contains one segment and includes the results of Grace from the date of acquisition, 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-control- related products and services. | |
Reclassifications: Certain amounts reflected in the consolidated balance sheets as of December 31, 2012 have been reclassified to conform to the presentation as of December 31, 2013. Intangible assets of $8.3 million, as of December 31, 2012, was reclassified from Other assets to Intangible assets to conform to the presentation used in 2013. Additionally, the Company reclassified certain prior year amounts in the Consolidated Statements of Cash Flows, as discussed below, to improve the transparency of its cash flows. Net cash provided by (used in) operations, net cash used in investing activities and net cash provided by financing activities did not change as a result of the reclassifications. | |
The Company's presentation of 1031 activities in the consolidated statements of cash flows was previously treated as a non-cash investing activity, but are now reflected as additional items within cash flows from investing activities. | |
Rounding: Amounts in the consolidated financial statement and Notes are rounded to the nearest tenth of a million, but per-share calculations 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. |
Significant_Accounting_Policie
Significant Accounting Policies (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Significant Accounting Policies | ' | |||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and all wholly owned and controlled subsidiaries, after elimination of intercompany amounts. Investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. A controlling financial interest is one in which the Company has a majority voting interest or one in which the Company is the primary beneficiary of a variable interest entity. In determining whether the Company is the primary beneficiary of a variable interest entity in which it has an interest, the Company is required to make significant judgments with respect to various factors including, but not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, the rights and ability of other investors to participate in decisions affecting the economic performance of the entity, and kick-out rights, among others. Activities that significantly affect the economic performance of the entities in which the Company has an interest include, but are not limited to, establishing and modifying detailed business, development, marketing and sales plans, approving and modifying the project budget, approving design changes and associated overruns, if any, and approving project financing, among others. The Company has not consolidated any variable interest entity in which the Company does not also have voting control because it has determined that it is not the primary beneficiary since decisions to direct the activities that most significantly impact the entity’s performance are shared by the joint venture partners. | ||||||||||||||||
The consolidated financial statements include the results of GP/RM, a supplier in the precast concrete industry, and GLP Asphalt, LLC, an importer and distributor of liquid asphalt, which are owned 51% and 70%, respectively. These entities are consolidated because the Company holds a controlling financial interest through its majority ownership of the voting interests of the entities. The remaining interest in these entities is reported as noncontrolling interest in the consolidated financial statements. Profits, losses, and cash distributions are allocated in accordance with the respective operating agreement. | ||||||||||||||||
Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for, but not limited to: (i) asset impairments, including intangible assets and goodwill, (ii) legal and environmental contingencies, (iii) revenue recognition for long-term real estate developments and construction contracts, (iv) pension and postretirement estimates and (v) income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions. | ||||||||||||||||
Cash and Cash Equivalents: Cash equivalents consist of highly liquid investments with a maturity of three months or less at the date of purchase. The Company carries these investments at cost, which approximates fair value. Outstanding checks in excess of funds on deposit totaled $2.2 million at December 31, 2012 and are reflected as current liabilities in the consolidated balance sheets. There were no outstanding checks in excess of funds on deposit as of December 31, 2013. | ||||||||||||||||
Fair Value of Financial Instruments: The fair values of cash and cash equivalents, receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The carrying amount and fair value of the Company’s debt at December 31, 2013 was $710.7 million and $723.2 million, respectively, and $235.5 million and $249.0 million at December 31, 2012, respectively. The fair value of 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). | ||||||||||||||||
Allowance for Doubtful Accounts: Allowances for doubtful accounts are established by management based on estimates of collectability. Estimates of collectability are principally based on an evaluation of the current financial condition the Company’s customers and their payment history, which are regularly monitored by the Company. The changes in the | ||||||||||||||||
allowance for doubtful accounts, included on the consolidated balance sheets as an offset to “Accounts receivable,” for the three years ended December 31, 2013 were as follows (in millions): | ||||||||||||||||
Balance at | Provision for bad debt | Write-offs | Balance at | |||||||||||||
Beginning of year | and Other | End of Year | ||||||||||||||
2013 | $1.60 | $0.10 | ($0.40) | $1.30 | ||||||||||||
2012 | $1.70 | $0.20 | ($0.30) | $1.60 | ||||||||||||
2011 | $1.40 | $0.90 | ($0.60) | $1.70 | ||||||||||||
Operating Cycle: The Company uses the duration of the construction contracts that range from one year to three years as its operating cycle for purposes of classifying assets and liabilities related to contracts. Accounts receivable and contracts retention collectible after one year related to the Natural Materials and Construction segment are included in current assets in the consolidated balance sheets and amounted to $5.7 million as of December 31, 2013. Accounts and contracts payable related to the Natural Materials and Construction segment payable after one year are included in current liabilities in the consolidated balance sheets and amounted to $0.6 million as of December 31, 2013. | ||||||||||||||||
Inventories: Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies and Natural Materials and Construction segment inventory are stated at the lower of cost (principally average cost, first-in, first-out basis) or market value. | ||||||||||||||||
Inventories at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Sugar inventories | $ | 16.8 | $ | 3.9 | ||||||||||||
Asphalt | 17.9 | — | ||||||||||||||
Processed rock, portland cement, and sand | 12.9 | — | ||||||||||||||
Work in progress | 2.7 | — | ||||||||||||||
Retail merchandise | 1.8 | — | ||||||||||||||
Parts, materials and supplies inventories | 16 | 19.6 | ||||||||||||||
Total | $ | 68.1 | $ | 23.5 | ||||||||||||
Property: Property is stated at cost, net of accumulated depreciation and amortization. Expenditures for major renewals and betterments are capitalized. Replacements, maintenance, and repairs that do not improve or extend asset lives are charged to expense as incurred. Upon acquiring commercial real estate that is deemed a business, the Company records land, buildings, leases above and below market, and other intangible assets based on their fair values. Costs related to due diligence are expensed as incurred. | ||||||||||||||||
Depreciation: Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets or the units-of-production method for quarry production-related assets. Estimated useful lives of property are as follows: | ||||||||||||||||
Classification | Range of Life (in years) | |||||||||||||||
Buildings | 10 to 40 | |||||||||||||||
Water, power and sewer systems | 5 to 50 | |||||||||||||||
Rock crushing and asphalt plants | 25 to 35 | |||||||||||||||
Machinery and equipment | 2 to 35 | |||||||||||||||
Other property improvements | 3 to 35 | |||||||||||||||
Real Estate Developments: Expenditures for real estate developments are capitalized during construction and are classified as real estate developments on the consolidated balance sheets. When construction is substantially complete, the costs are reclassified as either Real Estate Held for Sale or Property, based upon the Company’s intent to either sell the completed asset or to hold it as an investment property, respectively. Cash flows related to real estate developments are classified as either operating or investing activities, based upon the Company’s intention to sell the property or to retain ownership of the property as an investment following completion of construction. | ||||||||||||||||
For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the unit being sold and the relative-sales-value method for expenditures that benefit the entire project. Capitalized development costs typically include costs related to land acquisition, grading, roads, water and sewage systems, landscaping, capitalized interest, and project amenities. Direct overhead costs incurred after the development project is substantially complete, such as utilities, maintenance, and real estate taxes, are charged to selling, general, and administrative expense as incurred. All indirect overhead costs are charged to selling, general, and administrative costs as incurred. | ||||||||||||||||
Capitalized Interest: Interest costs incurred in connection with significant expenditures for real estate developments, the construction of assets, or investments in real estate joint ventures are capitalized during the period in which activities necessary to get the asset ready for its intended use are in progress. Capitalization of interest is discontinued when the asset is substantially complete and ready for its intended use. Capitalization of interest on investments in real estate joint ventures is recorded until the underlying investee commences its principal operations, which is typically when the investee has other-than-ancillary revenue generation. Total interest cost incurred was $20.8 million, $16.8 million, and $17.6 million in 2013, 2012, and 2011, respectively. Capitalized interest in 2013 and 2012 was $1.8 million and $2.0 million, respectively, and was principally related to the Company's investment in Waihonua and the Company’s Maui Business Park II project. Capitalized interest in 2011 was not material. | ||||||||||||||||
Impairment of Long-Lived Assets and Finite-Lived Intangible Assets: Long-lived assets, including finite-lived intangible assets, are reviewed for possible impairment when events or circumstances indicate that the carrying value may not be recoverable. In such an evaluation, the estimated future undiscounted cash flows generated by the asset are compared with the amount recorded for the asset to determine if its carrying value is not recoverable. If this review determines that the recorded value will not be recovered, the amount recorded for the asset is reduced to estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among others, estimates of the timing and amount of future cash flows, expected useful lives of the assets, uncertainty about future events, including changes in economic conditions, changes in operating performance, changes in the use of the assets, and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, the Company’s financial condition or its future operating results could be materially impacted. | ||||||||||||||||
During the second quarter of 2012, as a result of a change in its development strategy as part of the Separation, A&B recorded a $5.1 million non-cash impairment related to its Santa Barbara (CA) landholdings. The impairment loss recorded to reduce the carrying amount to the estimated fair value reflects the change to the Company’s development strategy, following Separation, to focus on development projects in Hawaii, and therefore, its related decision not to proceed with the development of Santa Barbara landholdings in the near term. The impairment of the Santa Barbara landholdings are classified within Operating costs and expenses in the consolidated statements of income. No material impairment charges were recorded in 2013 or 2011. | ||||||||||||||||
Impairment of Investments: The Company’s investments in unconsolidated affiliates are reviewed for impairment whenever there is evidence that fair value may be below carrying cost. An investment is written down to fair value if fair value is below carrying cost and the impairment is other-than-temporary. In evaluating the fair value of an investment and whether any identified impairment is other-than-temporary, significant estimates and considerable judgments are involved. These estimates and judgments are based, in part, on the Company’s current and future evaluation of economic conditions in general, as well as a joint venture’s current and future plans. Additionally, these impairment calculations are highly subjective because they also require management to make assumptions and apply judgments to estimates regarding the timing and amount of future cash flows, probabilities related to various cash flow scenarios, and appropriate discount rates based on the perceived risks, among others. In evaluating whether an impairment is other-than-temporary, the Company considers all available information, including the length of time and extent of the impairment, the financial condition and near-term prospects of the affiliate, the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value, and projected industry and economic trends, among others. Changes in these and other assumptions could affect the projected operational results and fair value of the unconsolidated affiliates, and accordingly, may require valuation adjustments to the Company’s investments that may materially impact the Company’s financial condition or its future operating results. For example, if current market conditions deteriorate significantly or a joint venture’s plans change materially, impairment charges may be required in future periods, and those charges could be material. | ||||||||||||||||
In September 2013, the Company entered into an Amended and Restated Limited Liability Company Agreement of Kukui'ula Village ("Agreement") with DMB Kukui'ula Village LLC ("DMB"). Under the Agreement, the Company assumed financial and operational control of Kukui'ula Village LLC ("Village") and consolidated the assets and liabilities of Village at fair value, resulting in a $6.3 million write down of its investment in the joint venture. During the second quarter of 2012, as a result of a change in its development strategy as part of the Separation, A&B recorded an impairment loss and equity losses totaling $4.7 million related to its joint venture investment in Bakersfield (CA) for a commercial development. The recognition of the impairment loss reduced the carrying amount of the investment to its estimated fair value and reflected the change in the Company’s development strategy to focus on development projects in Hawaii, and therefore, its related decision not to proceed with the development of California real estate assets in the near term. In 2011, A&B recorded a $6.4 million reduction in the carrying value of its investment in Waiawa, a residential joint venture on Oahu, due to the joint venture’s termination of its development plans. The impairment loss and equity losses of the Company’s investments are classified as Impairment and equity losses related to joint ventures in the consolidated statements of income. | ||||||||||||||||
Weakness in particular real estate markets, difficulty in obtaining or renewing project-level financing or development approvals, and changes in the Company’s development strategy, among other factors, may affect the value or feasibility of certain development projects owned by the Company or by its joint ventures and could lead to additional impairment charges in the future. | ||||||||||||||||
Intangible Assets: Intangibles are recorded on the consolidated balance sheets as other non-current assets and are related to the acquisition of commercial properties and the acquisition of Grace on October 1, 2013. Intangible assets include permitted rights to operate a quarry (remaining life of 19.0 years), values assigned to lease contracts in-place (remaining lives ranging from 1.0 - 48.0 years), property leases with favorable terms where the estimated market rents exceeds the Company's contractual lease rent payments (remaining lives of 1.0 - 25.0 years), and contract backlog (remaining life of 2.5 years). | ||||||||||||||||
Intangible assets for the years ended December 31 included the following (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Accumulated | Accumulated | |||||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place leases | $ | 59.6 | $ | (18.6 | ) | $ | 18.7 | $ | (11.8 | ) | ||||||
Permitted quarry rights | 18 | (0.1 | ) | — | — | |||||||||||
Other | 22.3 | (7.1 | ) | 6.1 | (4.7 | ) | ||||||||||
Total assets | $ | 99.9 | $ | (25.8 | ) | $ | 24.8 | $ | (16.5 | ) | ||||||
Aggregate intangible asset amortization was $9.3 million, $3.3 million, and $4.4 million for 2013, 2012, and 2011, respectively. Estimated amortization expenses related to intangibles over the next five years are as follows (in millions): | ||||||||||||||||
Estimated | ||||||||||||||||
Amortization | ||||||||||||||||
2014 | $11.50 | |||||||||||||||
2015 | $8.10 | |||||||||||||||
2016 | $6.60 | |||||||||||||||
2017 | $5.40 | |||||||||||||||
2018 | $4.80 | |||||||||||||||
Goodwill: The Company recorded $90.3 million of goodwill in connection with the acquisition of Grace on October 1, 2013. Additionally, the Company recorded $9.3 million of goodwill in the Real Estate Leasing reporting unit in connection with the consolidation of The Shops at Kukui'ula. The Grace and The Shops at Kukui'ula goodwill is not expected to be deductible for tax purposes and the assignment of goodwill from the Grace acquisition to reporting units has not yet been completed. The Company reviews goodwill for potential impairment on an annual basis and whenever changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Goodwill | ||||||||||||||||
Balance, January 1, 2012 | $ | — | ||||||||||||||
Additions | — | |||||||||||||||
Balance, December 31, 2012 | — | |||||||||||||||
Goodwill acquired during the year | 99.6 | |||||||||||||||
Balance, December 31, 2013 | $ | 99.6 | ||||||||||||||
Revenue Recognition: The Company has a wide variety of revenue sources, including, property sales, commercial property rentals, natural material sales, construction contracting, and the sales of raw sugar and molasses. Before recognizing revenue, the Company assesses the underlying terms of the transaction to ensure that recognition meets the requirements of relevant accounting standards. In general, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the service or product has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | ||||||||||||||||
Real Estate Sales Revenue Recognition: Real Estate Sales Revenue represents proceeds from the sale of a variety of real estate development inventory (which is classified as held for sale upon completion). Real estate development inventory held for sale may include industrial lots, residential lots, condominium units, single-family homes, and multi-family homes. Sales are recorded when the risks and rewards of ownership have passed to the buyers (generally on closing dates), adequate initial and continuing investments have been received, and collection of remaining balances, if any, is reasonably assured. For certain development projects that have continuing post-closing involvement and for which total revenue and capital costs are reasonably estimable, the Company uses the percentage-of-completion method for revenue recognition. Under this method, the amount of revenue recognized is based on development costs that have been incurred through the reporting period as a percentage of total expected development cost associated with the development project. This generally results in a stabilized gross margin percentage, but requires significant judgment and estimates. | ||||||||||||||||
Real Estate Leasing Revenue Recognition: Real estate leasing revenue is recognized on a straight-line basis over the terms of the related leases, including periods for which no rent is due (typically referred to as “rent holidays”). Differences between revenues recognized and amounts due under respective lease agreements are recorded as increases or decreases, as applicable, to deferred rent receivable. Also included in rental revenue are certain tenant reimbursements and percentage rents determined in accordance with the terms of the leases. Income arising from tenant rents that are contingent upon the sales of the tenant exceeding a defined threshold are recognized only after the contingency has been resolved (e.g., sales thresholds have been achieved). | ||||||||||||||||
Construction Contracts and Related Products Revenue Recognition: Grace generates revenue primarily from natural material sales and paving contracts. The recognition of revenue is based on the underlying terms of the transaction. | ||||||||||||||||
Natural Materials - Revenues from natural material sales, which include basalt aggregate, liquid asphalt, and imported sand and aggregates, are recognized when title to the product and risk of loss passes to third parties (generally this occurs when the product is picked up by customers or their agents) and when collection is reasonably assured. | ||||||||||||||||
Construction - A majority of paving contracts are performed for Hawaii state, federal, and county governments. Earnings on paving contracts are generally recognized using the percentage-of-completion method with progress toward completion measured on the basis of units (tons, cubic yards, square yards or square feet) of work completed as of a specific date to an estimate of the total units of work to be delivered under each contract. Grace uses this method as its management considers units of work completed to be the best available measure of progress on contracts. Contracts in progress are reviewed regularly, and sales and earnings may be adjusted based on revisions to assumption and estimates, including, but not limited to, revisions to job performance, job conditions, changes to the scope of work, estimated contract costs, progress toward completion, changes in internal and external factors or conditions and final contract settlement. Contract costs include all direct material, labor, equipment utilization, hired truckers, traffic control, bonds and subcontract costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, field office rentals, utilities, certain repair costs and other expenses attributable to the contracts. Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses become evident. | ||||||||||||||||
Sugar and Molasses Revenue Recognition: Revenue from sugar sales is recorded when title to the product and risk of loss passes to third parties (generally this occurs when the product is shipped or delivered to customers) and when collection is reasonably assured. | ||||||||||||||||
Agricultural Costs: Costs of growing and harvesting sugar cane are charged to the cost of inventory in the year incurred and to cost of sales as sugar is sold. | ||||||||||||||||
Discontinued Operations: The sales of certain income-producing assets are classified as discontinued operations if the operations and cash flows of the assets clearly can be distinguished from the remaining assets of the Company, if cash flows for the assets have been, or will be, eliminated from the ongoing operations of the Company, if the Company will not have a significant continuing involvement in the operations of the assets sold, and if the amount is considered material. Certain assets that are “held-for-sale,” based on the likelihood and intention of selling the property within 12 months, are also treated as discontinued operations. Upon reclassification, depreciation ceases on assets reclassified as “held-for-sale.” Sales of land not under lease and residential houses and lots are generally considered inventory and are not included in discontinued operations. | ||||||||||||||||
Employee Benefit Plans: The Company provides a wide range of benefits to existing employees and retired employees, including single-employer defined benefit plans, postretirement, defined contribution plans, post-employment and health care benefits. The Company records amounts relating to these plans based on various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and health care cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current economic conditions and trends. The Company believes that the assumptions utilized in recording obligations under the Company’s plans, which are presented in Note 12, “Employee Benefit Plans,” are reasonable based on its experience and on advice from its independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect the Company’s financial position or results of operations. | ||||||||||||||||
Share-Based Compensation: The Company records compensation expense for all share-based payment awards made to employees and directors. The Company’s various equity plans are more fully described in Note 14. | ||||||||||||||||
Earnings Per Share (“EPS”): The following table provides a reconciliation of income from continuing operations to income from continuing operations attributable to A&B (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Income from continuing operations | $ | 15.1 | $ | 7.7 | $ | 0.2 | ||||||||||
Noncontrolling interest | (0.5 | ) | — | — | ||||||||||||
Income from continuing operations attributable to A&B | $ | 14.6 | $ | 7.7 | $ | 0.2 | ||||||||||
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. 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. | ||||||||||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | 44.4 | 42.6 | 42.4 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding stock options and restricted stock units | 0.7 | 0.3 | — | |||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | 45.1 | 42.9 | 42.4 | |||||||||||||
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 and restricted stock units. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, there were no anti-dilutive securities outstanding. During the year ended December 31, 2011, there were no non-qualified stock options outstanding. | ||||||||||||||||
On January 27, 2014, the Company granted to employees, 53,118 shares of time-based restricted stock units, and 53,118 shares of performance share units. The time-based restricted stock units vests ratably over three years and the performance share units cliff vests over two years, provided that the minimum level of the two-year performance objective is achieved. | ||||||||||||||||
Income Taxes: The Company was 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 reported as a separate taxpayer. The current and deferred income tax expense recorded prior to June 30, 2012 in the consolidated financial statements has been determined by applying the provisions of ASC 740 as if the Company were a separate taxpayer. | ||||||||||||||||
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 consolidated statements of income or balance sheets. The Company records a liability for uncertain tax positions not deemed to meet the more-likely-than-not threshold. The Company did not have material uncertain tax positions as of December 31, 2013 and 2012. | ||||||||||||||||
The Company has not recorded a valuation allowance for its deferred tax assets. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. | ||||||||||||||||
Comprehensive Income: Comprehensive income includes all changes in equity, except those resulting from transactions with shareholders. Accumulated other comprehensive loss principally includes amortization of deferred pension and postretirement costs. The components of accumulated other comprehensive loss, net of taxes, were as follows for the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Unrealized components of benefit plans: | ||||||||||||||||
Pension plans | $ | (29.3 | ) | $ | (48.6 | ) | $ | (48.7 | ) | |||||||
Post-retirement plans | (1.1 | ) | 1.4 | 1.4 | ||||||||||||
Non-qualified benefit plans | 0.3 | — | (0.3 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (30.1 | ) | $ | (47.2 | ) | $ | (47.6 | ) | |||||||
Environmental Costs: Environmental exposures are recorded as a liability and charged to operations when an environmental liability has been incurred and can be reasonably estimated. If the aggregate amount of the liability and the amount and timing of cash payments for the liability are fixed or reliably determinable, the environmental liability is discounted. An environmental liability has been incurred when both of the following conditions have been met: (i) litigation has commenced or a claim or an assessment has been asserted, or, based on available information, commencement of litigation or assertion of a claim or an assessment is probable, and (ii) based on available information, it is probable that the outcome of such litigation, claim, or assessment will be unfavorable. If a range of probable loss is determined, the Company will record the obligation at the low end of the range unless another amount in the range better reflects the expected loss. Certain costs, however, are capitalized in Property when the obligation is recorded, if the cost (1) extends the life, increases the capacity or improves the safety and efficiency of property owned by the Company, (2) mitigates or prevents environmental contamination that has yet to occur and that otherwise may result from future operations or activities, or (3) is incurred or discovered in preparing for sale property that is classified as “held-for-sale.” The amounts of capitalized environmental costs were not material at December 31, 2013 or 2012. | ||||||||||||||||
Self-Insured Liabilities: The Company is self-insured for certain losses that include, but are not limited to, employee health, workers’ compensation, general liability, real and personal property, and real estate construction warranty and defect claims. When feasible, the Company obtains third-party insurance coverage to limit its exposure to these claims. When estimating its self-insured liabilities, the Company considers a number of factors, including historical claims experience, demographic factors, and valuations provided by independent third-parties. | ||||||||||||||||
Impact of Recently Issued Accounting Standards: 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. 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. |
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions | ' | |||||||
ACQUISITIONS | ||||||||
Grace Acquisition | ||||||||
On October 1, 2013, the Company consummated its acquisition of 100% of the shares of 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 assets and liabilities of Grace are included in the Consolidated Balance Sheets as of December 31, 2013, and the results of Grace’s operations subsequent to the acquisition date are included in the Consolidated Statements of Income. | ||||||||
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 also 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. | ||||||||
The total merger consideration paid to Grace equity holders was approximately $231.6 million, consisting of 5.4 million shares of A&B common stock, valued at $196.3 million, based on the fair value of the Company’s stock price on October 1, 2013, and approximately $35.25 million in cash. Additionally, approximately $67.6 million of net debt was assumed by A&B in the Merger. 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, as of December 31, 2013, approximately $23.5 million (the "Holdback Amount") remains withheld pro rata from Grace shareholders and retained by A&B to secure any final adjustments to the merger consideration and certain indemnification obligations of Grace 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 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 shareholders upon the release of any and all remaining portions of the Holdback Amount. | ||||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Cash consideration | $ | 35.3 | ||||||
Common stock issued as consideration | 196.3 | |||||||
Noncontrolling interest | 9.1 | |||||||
Fair value of consideration transferred | 240.7 | |||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Cash and cash equivalents | 5.7 | |||||||
Accounts receivable | 37.1 | |||||||
Contracts retention | 9.6 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 11.7 | |||||||
Inventories | 42 | |||||||
Property, plant and equipment | 148.6 | |||||||
Mineral rights | 18 | |||||||
Intangible assets | 5.8 | |||||||
All other, net | 10.4 | |||||||
Total assets acquired | 288.9 | |||||||
Liabilities assumed: | ||||||||
Accounts payable and accrued liabilities | 26.3 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 7.5 | |||||||
Deferred tax liability, long-term | 27.1 | |||||||
Long-term debt, including current portion | 72.7 | |||||||
All other, net | 4.9 | |||||||
Total liabilities assumed | 138.5 | |||||||
Excess of purchase price over net assets acquired | $ | 90.3 | ||||||
As of December 31, 2013, the purchase price allocation related to the acquisition is preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from the initial estimate. Goodwill is calculated as the excess of the purchase price over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition primarily reflects the value of the know-how, operating processes and employee base of Grace, and other intangible assets that do not qualify for separate recognition. | ||||||||
Through December 31, 2013, the Company incurred $4.6 million of acquisition costs and other related fees, which were recorded in selling, general and administrative costs. | ||||||||
Since October 1, 2013 through December 31, 2013, Grace has contributed operating revenues of $54.9 million and net earnings of $1.7 million (including earnings attributed to noncontrolling interest of 0.5 million), which included deductions of $0.1 million and $1.7 million for operating revenue and net earnings, respectively, related to purchase price allocation adjustments. The unaudited pro forma combined historical results (using audited Grace results for its fiscal years ended September 30, 2013 and 2012), as if Grace had been acquired at the beginning of 2012 are as follows (in millions): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Operating revenue | $ | 539.1 | $ | 454.1 | ||||
Income from continuing operations, after tax | $ | 31.7 | $ | 14.8 | ||||
The 2013 pro forma results excludes $6.9 million of pre-tax transaction-related costs incurred by A&B and Grace and includes amortization of the definite lived intangible assets and depreciation based on estimated fair value and useful lives. The pro forma results are for informational purposes only are not necessarily indicative of what actually would have occurred if the acquisition had been completed as of the beginning of 2012, nor are the pro forma results necessarily indicative of future consolidated results. | ||||||||
Kailua Portfolio Acquisition | ||||||||
On December 20, 2013, the Company consummated its previously announced purchase of a portfolio of commercial and other properties in Hawaii for $360.7 million, plus assumed debt of $12.0 million, from Castle Family LLC, Castle 1974 LLC, Castle Residuary LLC, Castle Kaopa LLC, and Harold K. L. Castle Foundation (collectively “KR”). The portfolio encompasses 43 grocery- and drug store-anchored shopping centers, light industrial properties and 51 acres ground leased to third-parties and improved with 760,000 square feet of retail and other commercial space, primarily located in the Windward Oahu town of Kailua. The portfolio also includes approximately 585 acres of mostly preservation-zoned land on Oahu. The purchase of the portfolio was funded with approximately $270 million of 1031 and 1033 proceeds from the sales of commercial properties and other non-income generating assets, a $60 million bridge loan, the assumption of $12.0 million in mortgage debt principal, and borrowings under the Company's line of credit for the balance. The portion of the purchase price not initially funded with 1031 and 1033 proceeds is ultimately expected to be funded with tax-deferred proceeds; however, to the extent 1031 and 1033 proceeds are insufficient to pay for the entire purchase price, the difference will be paid in cash. The acquisition of the portfolio is expected to improve the long-term growth prospects of the Company’s commercial portfolio. | ||||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Property, plant and equipment | $ | 367.7 | ||||||
Intangible assets | 30.4 | |||||||
Total assets acquired | 398.1 | |||||||
Liabilities assumed: | ||||||||
Intangible liabilities | 26 | |||||||
Liabilities assumed | 11.4 | |||||||
Total liabilities assumed | 37.4 | |||||||
Net assets acquired | $ | 360.7 | ||||||
As of December 31, 2013, the purchase price allocation related to the acquisition is preliminary and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of assets and liabilities, which may result in a change from the initial estimate. | ||||||||
Through December 31, 2013, the Company incurred $1.1 million of acquisition costs and other related fees, which were recorded in selling, general and administrative costs. | ||||||||
Since December 20, 2013 through December 31, 2013, the portfolio has contributed net revenues of $0.8 million and net earnings of $0.4 million. The unaudited pro forma combined historical results, as if the portfolio had been acquired at the beginning of 2012 are as follows (in millions): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Operating revenue | $ | 391 | $ | 285.5 | ||||
Income from continuing operations, after tax | $ | 23.3 | $ | 14.2 | ||||
The pro forma results include transaction costs, amortization of in-place and above/below leases and depreciation increase based on estimated fair value and useful lives. The pro forma results are not necessarily indicative of what actually would have occurred if the acquisition had been completed as of the beginning of 2012, nor are they necessarily indicative of future consolidated results. | ||||||||
Other Acquisitions | ||||||||
In 2013, A&B completed various acquisitions that included Waianae Mall (January 2013), Napili Plaza (May 2013), Pearl Highlands Center (September 2013), and The Shops at Kukui’ula (September 2013). The acquisitions were funded with $111.1 million of 1031 proceeds, the assumption of $130.9 million of debt, and $0.8 million of cash. | ||||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Property, plant and equipment | $ | 224.2 | ||||||
Intangible assets | 20.9 | |||||||
Goodwill | 9.3 | |||||||
Total assets acquired | 254.4 | |||||||
Liabilities assumed: | ||||||||
Intangible liabilities | 8.3 | |||||||
Liabilities assumed | 134.2 | |||||||
Total liabilities assumed | 142.5 | |||||||
Net assets acquired | $ | 111.9 | ||||||
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. Goodwill recorded is not deductible for tax purposes. | ||||||||
Through December 31, 2013, the Company incurred $2.1 million of acquisition costs and other related fees, which were recorded in selling, general and administrative costs. | ||||||||
Since the acquisition dates through December 31, 2013, the acquired assets have contributed net revenues of $12.4 million and net earnings after tax of $2.1 million. The unaudited pro forma combined historical results have been omitted because after making every reasonable effort, the properties' complete historical information is impracticable to obtain. |
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
RELATED PARTY TRANSACTIONS | |||||||||||||
Prior to Separation, Holdings (and its subsidiaries) was considered an affiliate of A&B and engaged in certain related party relationships with the Company, as more fully discussed below. Following the Separation, Holdings was no longer considered an affiliate of A&B. | |||||||||||||
Services and lease agreements. Historically, Holdings provided vessel management services to the Company for its bulk sugar vessel, the MV Moku Pahu, the cost of which was included in the cost of Agribusiness products and services. Additionally, the Company recognized lease income in Real Estate Leasing revenue for an industrial warehouse space in Savannah, Georgia, that was leased to Holdings. The Company also recognized Agribusiness operating revenue for equipment and repair services provided to Holdings, and was reimbursed at cost for various other services provided to Holdings. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Vessel management services expenses | $ | — | $ | (2.0 | ) | $ | (4.0 | ) | |||||
Lease income from affiliate | — | 2.1 | 4.4 | ||||||||||
Equipment and repair services income and other | — | 1.4 | 2.7 | ||||||||||
Related party revenue, net | $ | — | $ | 1.5 | $ | 3.1 | |||||||
Contributions. Holdings, a prior affiliate, made contributions to the Company, net of distributions from the Company, totaling $154.5 million and $22.1 million for the years ended December 31, 2012 and 2011, respectively. Distributions to Holdings represent dividends paid by the Company to shareholders of Holdings and contributions from Holdings consist of dividends and capital contributions received from a subsidiary of Holdings. | |||||||||||||
Construction Contracts and Material Sales. Grace entered into contracts, as a subcontractor and supplier, with various entities owned by certain stockholders and a director. Revenues earned by the Company from these entities was $7.9 million for the period October 1, 2013 through December 31, 2013. Receivables from these entities were $3.3 million as of December 31, 2013. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
The Company regularly evaluates and may sell selected properties from its portfolio when it believes the value of an asset has been maximized and the full fair market value for the asset can be realized. | ||||||||||||
During 2013, the sales of four Industrial properties, three retail properties and two office buildings were classified as discontinued operations. Additionally, Maui Mall, a retail property on Maui, was sold in January 2014, but was classified as held for sale, as of December 31, 2013, in the consolidated balance sheets. The revenues, expenses and operating profit from Maui Mall were classified as discontinued operations for all periods presented. | ||||||||||||
During 2012, the sales of the Firestone Boulevard Building and Northpoint Industrial, two industrial properties in California, and two leased fee properties in Maui were classified as discontinued operations. Northpoint Industrial was sold in January 2013, but was classified as held for sale, as of December 31, 2012, in the consolidated balance sheets. The revenues, expenses and operating profit from Northpoint were classified as discontinued operations for all periods presented. | ||||||||||||
During 2011, the sales of Arbor Park Shopping Center, a retail property in Texas, Wakea Business Center II, a commercial facility on Maui, and a leased Maui 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 for 2013, 2012, and 2011 were as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Proceeds from the sale of income-producing properties | $ | 337.6 | $ | 8.9 | $ | 45.5 | ||||||
Real estate leasing revenue | 31.6 | 36.4 | 36.4 | |||||||||
Gain on sale of income-producing properties, net | $ | 22.1 | $ | 4 | $ | 22.5 | ||||||
Real estate leasing operating profit | 14.6 | 17.1 | 16.3 | |||||||||
Total operating profit before taxes | 36.7 | 21.1 | 38.8 | |||||||||
Income tax expense | 14.4 | 8.3 | 15.5 | |||||||||
Income from discontinued operations | $ | 22.3 | $ | 12.8 | $ | 23.3 | ||||||
Basic Earnings Per Share | $ | 0.5 | $ | 0.3 | $ | 0.55 | ||||||
Diluted Earnings Per Share | $ | 0.5 | $ | 0.3 | $ | 0.55 | ||||||
Investments_in_Affiliates_Note
Investments in Affiliates (Notes) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||
Investments in Affiliates | ' | |||||||||||||||||||
INVESTMENTS IN AFFILIATES | ||||||||||||||||||||
At December 31, 2013 and 2012, investments consisted principally of equity in limited liability companies. The Company has the ability to exercise significant influence over the operating and financial policies of these investments and, accordingly, accounts for its investments using the equity method of accounting. The amount of the Company’s investment at December 31, 2013 that represents undistributed earnings of investments in affiliates was approximately $0.8 million. Dividends and distributions from unconsolidated affiliates totaled $6.6 million in 2013, $2.9 million in 2012 and $0.8 million for 2011. The Company’s investments in affiliates totaled $341.4 million and $319.9 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||
Operating results include the Company’s proportionate share of net income from its equity method investments. A summary of financial information for the Company’s equity method investments at December 31 is as follows (in millions): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Current assets | $ | 43.5 | $ | 23.7 | ||||||||||||||||
Noncurrent assets | 673.2 | 600.9 | ||||||||||||||||||
Total assets | $ | 716.7 | $ | 624.6 | ||||||||||||||||
Current liabilities | $ | 44.2 | $ | 9.3 | ||||||||||||||||
Noncurrent liabilities | 107.9 | 120.2 | ||||||||||||||||||
Total liabilities | $ | 152.1 | $ | 129.5 | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Operating revenue | $ | 37.8 | $ | 29.8 | $ | 20.1 | ||||||||||||||
Operating costs and expenses | 31.1 | 32.5 | 32.5 | |||||||||||||||||
Operating (loss) income | $ | 6.7 | $ | (2.7 | ) | $ | (12.4 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 6.8 | $ | (11.5 | ) | $ | (15.1 | ) | ||||||||||||
Net income (loss) | $ | 6.8 | $ | (11.5 | ) | $ | (15.1 | ) | ||||||||||||
In April 2002, the Company entered into a joint venture with DMB Communities II, an affiliate of DMB Associates, Inc., an Arizona-based developer of master-planned communities (“DMB”), for the development of Kukui’ula, a master planned resort residential community located in Poipu, Kauai, planned for approximately 1,000 - 1,500 high-end residential units. The capital contributed by A&B to the joint venture, including the value of land initially contributed, net of joint venture earnings and losses, was $259.2 million as of December 31, 2013. Due to the joint venture’s obligation to complete improvements and amenities, the joint venture uses the percentage-of-completion method for revenue recognition. The Company does not have a controlling financial interest in the joint venture, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounts for its investment using the equity method. Due to the complex nature of cash distributions to the members, net income of the joint venture is allocated to the members, including the Company, using the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, joint venture income or loss is allocated to the members based on the period change in each member’s claim on the net assets of the venture, excluding capital contributions and distributions made during the period. | ||||||||||||||||||||
The Company also had investments in various other joint ventures that operate or develop real estate. The Company does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of these joint ventures and, accordingly, accounts for its investments in these real estate ventures using the equity method of accounting. | ||||||||||||||||||||
On September 24, 2013, KDC LLC ("KDC"), a wholly owned subsidiary of the Company and 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 commercial retail center on the South shore of Kauai. At December 31, 2013, the assets and liabilities of Village were $43.3 million and $45.6 million, respectively. | ||||||||||||||||||||
Under the Agreement KDC assumed control of Village, and accordingly, consolidated Village's assets and liabilities at fair value, which included secured loans, which totaled approximately $44.0 million at December 31, 2013. Prior to the consolidation of the assets and liabilities of Village on September 24, 2013, the carrying value of the Company's investment in Village was approximately $6.3 million. Based on the other member's forfeiture of their interest in the joint venture for no consideration, there was an indication that the fair value of the Company's investment in Village was below its carrying value. Consequently, the Company wrote down its investment in Village in connection with the consolidation of Village in 2013. | ||||||||||||||||||||
During the second quarter of 2012, as a result of a change in its development strategy in connection with the Separation, A&B recorded non-cash impairments and equity losses totaling $9.8 million related to two of its three real estate development projects on the Mainland, of which $5.1 million relates to the Company’s Santa Barbara (CA) landholdings and $4.7 million relates to the Company’s joint venture investment in Bakersfield (CA) for a commercial development. The impairment write-downs to estimated fair values reflect the Company’s change to its development strategy to focus on development projects in Hawaii, and therefore, its related decision not to proceed with the development of these California real estate assets in the near term. In 2011, the Company recorded a $6.4 million reduction in the carrying value of its investment in Waiawa, a residential joint venture on Oahu, due to the joint venture’s termination of its development plans. | ||||||||||||||||||||
The fair values of the development projects that were written down were calculated based on valuation approaches that included the market approach, which utilized market comparables, as well as an expected cash flow approach in which cash flows under various scenarios are probability weighted and discounted to the present using an appropriate rate that corresponds to the timing of the cash flow. | ||||||||||||||||||||
The Company’s assets measured at fair value on a nonrecurring basis were as follows (in millions): | ||||||||||||||||||||
Total Fair Value Measurement as of Year End | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Un-observable Inputs | Total Loss for the Year | ||||||||||||||||
(Level 3) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
The Shops at Kukui'ula Investment | $ | — | $ | — | $ | — | $ | 6.3 | $ | 6.3 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Santa Barbara landholdings | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | 5.1 | ||||||||||
Bakersfield (CA) joint venture* | 7 | — | — | 7 | 4.7 | |||||||||||||||
Total | $ | 12.9 | $ | — | $ | — | $ | 12.9 | $ | 9.8 | ||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Waiawa joint venture | $ | 1.6 | $ | — | $ | — | $ | 1.6 | $ | 6.4 | ||||||||||
* | The Total Loss for the Year includes equity in losses of $3.9 million related to the write down of landholdings owned by the joint venture. |
Uncompleted_Contracts_Notes
Uncompleted Contracts (Notes) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Contractors [Abstract] | ' | |||
Uncompleted Contracts | ' | |||
UNCOMPLETED CONTRACTS | ||||
Information related to uncompleted contracts as of December 31, 2013 is as follows: | ||||
2013 | ||||
Costs incurred on uncompleted contracts | $ | 135.8 | ||
Estimated earnings | 26.6 | |||
Subtotal | 162.4 | |||
Less: billings to date | 156.3 | |||
Total | $ | 6.1 | ||
Included in accompanying balance sheet under the following captions: | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 10.5 | ||
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (4.4 | ) | ||
Total | $ | 6.1 | ||
Property_Notes
Property (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property | ' | |||||||
PROPERTY | ||||||||
Property on the consolidated balance sheets includes the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Buildings | $ | 560 | $ | 553.5 | ||||
Land | 572.7 | 254.8 | ||||||
Machinery and equipment | 230.9 | 200.2 | ||||||
Asphalt plants | 48 | — | ||||||
Water, power and sewer systems | 138.8 | 134.9 | ||||||
Other property improvements | 90.2 | 83 | ||||||
Vessel | 7.2 | 7.1 | ||||||
Subtotal | 1,647.80 | 1,233.50 | ||||||
Accumulated depreciation | (374.1 | ) | (394.8 | ) | ||||
Property - net | $ | 1,273.70 | $ | 838.7 | ||||
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Notes Payable and Long-Term Debt | ' | |||||||
NOTES PAYABLE AND LONG-TERM DEBT | ||||||||
At December 31, 2013 and 2012, notes payable and long-term debt consisted of the following (in millions): | ||||||||
2013 | 2012 | |||||||
Revolving Credit loans, (2.53% for 2013 and 2.07% for 2012) | $ | 112.1 | $ | 5 | ||||
Term Loans: | ||||||||
6.90%, payable through 2020 | 85 | 90 | ||||||
5.55%, payable through 2026 | 50 | 50 | ||||||
5.53%, payable through 2024 | 37.5 | 37.5 | ||||||
5.56%, payable through 2026 | 25 | 25 | ||||||
3.90%, payable through 2024 | 75 | — | ||||||
4.35%, payable through 2026 | 25 | — | ||||||
6.20%, payable through 2013, secured by Deere Valley Center | — | 10.1 | ||||||
6.38%, payable through 2017, secured by Midstate 99 Distribution Ctr. | 8.3 | 8.3 | ||||||
5.50%, payable through 2014, secured by Little Cottonwood Center | 6.1 | 6.3 | ||||||
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | 3.2 | 3.3 | ||||||
5.39%, payable through 2015, secured by Waianae Mall | 19.9 | — | ||||||
5.89%, payable through 2016, secured by Pearl Highlands Center | 61.8 | — | ||||||
2.08%, payable through 2021, secured by Kailua Town Center III (a) | 11.3 | — | ||||||
2.84%, payable through 2016, secured by Kukui'ula Village (b) | 44 | — | ||||||
2.80%, payable through 2016, secured by Kahala Estate Properties (c) | 42 | — | ||||||
3.05%, payable through 2014, secured by Maui Mall (d) | 60 | — | ||||||
3.31%, payable through 2018 | 8 | — | ||||||
2.00%, payable through 2018 | 2.9 | — | ||||||
2.65%, payable through 2016 | 1.8 | — | ||||||
5.00%, payable through 2014 | 0.3 | — | ||||||
5.19%, payable through 2019 | 11.9 | — | ||||||
1.17%, payable through 2021, secured by asphalt plant (e) | 8.9 | — | ||||||
1.85%, payable through 2017 | 10.7 | — | ||||||
Total debt | 710.7 | 235.5 | ||||||
Less debt (premium) discount | (1.8 | ) | — | |||||
Total debt (contractual) | 708.9 | 235.5 | ||||||
Less current portion | (105.2 | ) | (15.5 | ) | ||||
Add debt premium (discount) | 1.8 | — | ||||||
Long-term debt | $ | 605.5 | $ | 220 | ||||
(a) | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate. | |||||||
(b) | Loan has a stated interest rate of LIBOR plus 2.66%. | |||||||
(c) | Loan has a stated interest rate of LIBOR plus 2.63%. | |||||||
(d) | Loan has a stated interest rate of LIBOR plus 3.00%. The loan was used as temporary financing for the acquisition of the Kailua Portfolio in December 2013. The loan was paid off with reverse 1031 proceeds from Maui Mall on January 6, 2014. | |||||||
(e) | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate. | |||||||
Long-term Debt Maturities: At December 31, 2013, debt maturities during the next five years and thereafter, excluding amortization of debt discount or premium, are $105.2 million in 2014 (which includes a $60 million term loan paid off on January 6, 2014 with reverse 1031 proceeds from the sale of Maui Mall), $45.1 million in 2015, $166.7 million in 2016 (which includes $94.0 million of secured mortgage debt), $133.9 million for 2017 (which includes $95.0 million of revolving credit loans that mature in 2017), $31.9 million in 2018, and $226.1 million thereafter. | ||||||||
Revolving Credit Facilities: The Company has a revolving senior credit facility that provides for an aggregate $350 million, 5-year unsecured commitment ("A&B Senior Credit Facility"), with an uncommitted $100 million increase option. The facility expires in June 2017. The A&B Senior Credit Facility also provides for a $100 million sub-limit for the issuance of standby and commercial letters of credit and an $80 million sub-limit for swing line loans. Amounts drawn under the facilities bear interest at London Interbank Offered Rate (“LIBOR”) plus a margin based on a ratio of debt to earnings before interest, taxes, depreciation and amortization (“EBITDA”) pricing grid. The agreement contains certain restrictive covenants, the most significant of which requires the maintenance of minimum shareholders’ equity levels, minimum EBITDA to fixed charges ratio, maximum debt to total assets ratio, minimum unencumbered income-producing asset value to unencumbered debt ratio, and limitations on priority debt. At December 31, 2013, $95.0 million was outstanding, $11.4 million in letters of credit had been issued against the facilities, and $243.6 million remained available for borrowing. | ||||||||
The Company has a replenishing three-year unsecured note purchase and private shelf agreement with Prudential Investment Management, Inc. and its affiliates (collectively, “Prudential”) under which the Company may issue notes in an aggregate amount up to $300 million, less the sum of all principal amounts then outstanding on any notes issued by the Company or any of its subsidiaries to Prudential and the amounts of any notes that are committed under the note purchase agreement. The Prudential agreement contains certain restrictive covenants that are substantially the same as the covenants contained in the revolving senior credit facilities. The ability to draw additional amounts under the Prudential facility expires in June 2015 and borrowings under the shelf facility bear interest at rates that are determined at the time of the borrowing. At December 31, 2013, approximately $2.5 million was available under the facility. | ||||||||
At December 31, 2013, the Company had, at two subsidiaries, a $40.0 million line of credit that matures in August 2014 and a $4.0 million line of credit that matures in May 2014. Approximately $17.1 million was outstanding on the $40.0 million line of credit and there were no borrowings outstanding under the $4.0 million line of credit. The lines are collateralized by the respective subsidiaries' accounts receivable, inventory, and equipment. The Company and the noncontrolling interest holders are guarantors, on a several basis, for its pro rata share (based on membership interests) of borrowings under the line of credit. | ||||||||
The unused borrowing capacity under all revolving credit and term facilities as of December 31, 2013 totaled $246.1 million. | ||||||||
Real Estate Secured Term Debt: On December 18, 2013, the Company entered into a short-term facility ("Bridge Loan"), by and among A&B LLC, Bank of America, N.A., and other lenders party thereto, to finance a portion of the Company's $372.7 million purchase of the Kailua Portfolio. On December 20, 2013, the Company consummated the acquisition and borrowed $60 million under the Bridge Loan, which bears interest at LIBOR plus 3 percent. The Bridge Loan was paid off on January 6, 2014 with reverse 1031 proceeds from the disposition of Maui Mall. Additionally, in connection with the acquisition of the Kailua Portfolio, the Company assumed a $12.0 million mortgage note, which matures in September 2021, and an interest rate swap that effectively converts the floating rate debt to a fixed rate of 5.95 percent. | ||||||||
On December 16, 2013, Estates of Kahala LLC, a wholly owned subsidiary of the Company, entered into a non-recourse loan agreement (the "Loan Agreement") and promissory note ("Note") with First Hawaiian Bank ("Lender"). The $42.0 million loan is secured by 15 residential lots on Kahala Avenue on Oahu, three parcels in Windward Oahu, and an agricultural parcel on Maui. The Loan Agreement and Note require principal payments equal to 70 percent of the net sales proceeds from the sale of any of the secured properties. To the extent cumulative principal payments are less than $18 million after 18 months, the Company is required to make an additional principal payment, such that the remaining principal balance of the loan is less than or equal to $24 million. The loan bears interest at LIBOR plus 2.625 percent, matures on December 16, 2016, is prepayable without penalty, and provides for a one-year extension option, provided certain conditions are met. The loan also requires that the Company maintain a loan to value ratio below 65 percent for the properties secured. | ||||||||
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 commercial retail center on the South shore of Kauai. Under the Agreement KDC assumed control of Village. 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 owned by Kukui'ula Development Company (Hawaii), LLC ("Kukui'ula"), in which KDC is a member. The second loan, totaling $9.4 million (the "Term Loan") is secured by a letter of credit. 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 remaining $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, is secured by The Shops at Kukui'ula, 45 acres owned by Kukui'ula, in which KDC is a member, and an A&B guaranty. The loan bears interest at LIBOR plus 2.85 percent and requires principal amortization of $0.9 million per quarter. The second loan, totaling $9.4 million, is interest only, secured by a letter of credit, and bears interest at LIBOR plus 2.0 percent. The first loan contains guarantor covenants that mirror the covenants in A&B's $350 million revolving credit agreement. | ||||||||
On September 17, 2013, A & B Properties, Inc., a wholly owned subsidiary of the Company, closed the purchase of Pearl Highlands Center, a 415,400 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. | ||||||||
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 approximate book values of assets used in the Real Estate segments pledged as collateral under the foregoing credit agreements at December 31, 2013 was $330.6 million. The approximate book values of assets used in the Natural Materials and Construction segment pledged as collateral under the foregoing credit agreements at December 31, 2013 was $41.2 million. There were no assets used in the Agribusiness segment that were pledged as collateral. |
LeasesCompany_as_Lessee_Notes
Leases-Company as Lessee (Notes) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases-Company as Lessee | ' | ||||
LEASES—THE COMPANY AS LESSEE | |||||
Principal non-cancelable operating leases include land, office space, harbors and equipment leased for periods that expire through 2043. Management expects that, in the normal course of business, most operating leases will be renewed or replaced by other similar leases. Rental expense under operating leases totaled $4.5 million, $3.5 million, and $3.4 million for 2013, 2012, and 2011, respectively. Rental expense for operating leases that provide for future escalations are accounted for on a straight-line basis. | |||||
Future minimum payments under non-cancelable operating leases and rental income from subleases were as follows (in millions): | |||||
Years Ending December 31, | Minimum Lease Payments | ||||
2014 | $ | 4.7 | |||
2015 | 3 | ||||
2016 | 2.7 | ||||
2017 | 2.7 | ||||
2018 | 2.5 | ||||
Thereafter | 12.3 | ||||
Total | $ | 27.9 | |||
LeasesCompany_as_Lessor_Notes
Leases-Company as Lessor (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases-Company as Lessor | ' | |||||||||||
LEASES—THE COMPANY AS LESSOR | ||||||||||||
The Company leases land, buildings, and land improvements under operating leases. The historical cost of, and accumulated depreciation on, leased property at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Leased property - real estate | $ | 1,100.00 | $ | 844.3 | ||||||||
Less accumulated depreciation | (99.5 | ) | (130.8 | ) | ||||||||
Property under operating leases - net | $ | 1,000.50 | $ | 713.5 | ||||||||
Total rental income, excluding tenant reimbursements (which totaled $24.1 million, $21.5 million, and $20.9 million for the years ended December 31, 2013, 2012, and 2011, respectively), under these operating leases was as follows (in millions): | ||||||||||||
Years Ending December 31, | 2013 | 2012 | 2011 | |||||||||
Minimum rentals | $ | 80.5 | $ | 74.3 | $ | 74.3 | ||||||
Contingent rentals (based on sales volume) | 3 | 2.8 | 2 | |||||||||
Total | $ | 83.5 | $ | 77.1 | $ | 76.3 | ||||||
Future minimum rentals on non-cancelable leases at December 31, 2013 were as follows (in millions): | ||||||||||||
OperatingLeases | ||||||||||||
2014 | $ | 82.8 | ||||||||||
2015 | $ | 75.1 | ||||||||||
2016 | $ | 63.6 | ||||||||||
2017 | $ | 53.9 | ||||||||||
2018 | $ | 43.8 | ||||||||||
Thereafter | $ | 329.6 | ||||||||||
Total | $ | 648.8 | ||||||||||
Employee_Benefit_Plans_Notes
Employee Benefit Plans (Notes) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
The Company has funded single-employer defined benefit pension plans that cover substantially all non-bargaining unit employees and certain bargaining unit employees. In addition, the Company has plans that provide certain retiree health care and life insurance benefits to substantially all salaried and to certain hourly employees. Employees are generally eligible for such benefits upon retirement and completion of a specified number of years of credited service. The Company does not pre-fund these health care and life insurance benefits and has the right to modify or terminate certain of these plans in the future. Certain groups of retirees pay a portion of the benefit costs. | ||||||||||||||||||||||||
Plan Administration, Investments and Asset Allocations: The Company has an Investment Committee that is responsible for the investment and management of the pension plan assets. In late 2013, the Company changed its pension plan investment and management approach to a liability driven investment strategy, which seeks to increase the correlation of the pension plan assets and liabilities to reduce the volatility of the plan's funded status, and over time, improve the funded status of the plan. The adoption of this strategy has resulted in an asset allocation that is weighted more toward fixed income investments, which reduces investment volatility, but also reduces investment returns over time. In connection with the adoption of a liability driven investment strategy, the Company appointed an investment adviser that directs investments and selects investment options, based on guidelines established by the Investment Committee. | ||||||||||||||||||||||||
The Company’s investment strategy for its pension plan assets is to achieve a diversified mix of investments that balances long-term growth with an acceptable level of risk. The mix of assets includes a fixed income allocation that increases as the plan's funded status improves. The Company’s weighted-average asset allocations at December 31, 2013 and 2012, and 2013 year-end target allocation, by asset category, were as follows: | ||||||||||||||||||||||||
Target | 2013 | 2012 | ||||||||||||||||||||||
Domestic equity securities | 28 | % | 29 | % | 50 | % | ||||||||||||||||||
International equity securities | 15 | % | 16 | % | 14 | % | ||||||||||||||||||
Debt securities | 46 | % | 44 | % | 18 | % | ||||||||||||||||||
Real estate | 7 | % | 5 | % | 5 | % | ||||||||||||||||||
Other and cash | 4 | % | 6 | % | 13 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The Company’s investments in equity securities primarily include domestic large-cap and mid-cap companies, but also include an allocation to small-cap and international equity securities. Equity investments do not include any direct holdings of the Company’s stock but may include such holdings to the extent that the stock is included as part of certain mutual fund or ETF holdings. Debt securities include investment-grade corporate bonds from diversified industries and U.S. Treasuries. Other types of investments include funds that invest in commercial real estate assets, and to a lesser extent, private equity investments in technology companies. | ||||||||||||||||||||||||
The expected return on plan assets is principally based on the Company’s historical returns combined with the Company’s long-term future expectations regarding asset class returns, the mix of plan assets, and inflation assumptions. One-, three-, and five-year pension asset returns were 16.6 percent, 8.7 percent, and 11.6 percent, respectively, and the long-term average return (since plan inception in 1989) has been approximately 8.6 percent. Over the long-term, the actual returns have generally exceeded the benchmark returns used by the Company to evaluate performance of its fund managers. | ||||||||||||||||||||||||
The Company’s pension plan assets are held in a master trust and stated at estimated fair value, which is based on the fair values of the underlying investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. | ||||||||||||||||||||||||
FASB ASC Topic 820, Fair Value Measurements and Disclosures, as amended, establishes a fair value hierarchy, which requires the pension plans to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and assigns the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the hierarchy are defined as follows: | ||||||||||||||||||||||||
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||||||||||
Level 2: Significant other observable inputs other than level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||||||
Level 3: Significant unobservable inputs that reflect the pension plans’ own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||||||
If the technique used to measure fair value includes inputs from multiple levels of the fair value hierarchy, the lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. | ||||||||||||||||||||||||
Equity Securities: Domestic and international common stocks are valued by obtaining quoted prices on recognized and highly liquid exchanges. | ||||||||||||||||||||||||
Exchange-Trade Funds (ETF): ETFs are valued by obtaining quoted prices on recognized and highly liquid exchanges. | ||||||||||||||||||||||||
Fixed Income Securities: Corporate bonds and U.S. government treasury and agency securities are valued based upon the closing price reported in the market in which the security is traded. U.S. government agency, corporate asset-backed securities, and mortgage securities may utilize models, such as a matrix pricing model, that incorporates other observable inputs such as cash flow, security structure, or market information, when broker/dealer quotes are not available. | ||||||||||||||||||||||||
Real Estate, Private Equity, Managed Futures, and Insurance Contract Interests: The fair value of real estate fund investments, private equity, and insurance contract interests are determined by the issuer based on the unit values of the funds. Unit values are determined by dividing the fund’s net assets by the number of units outstanding at the valuation date. Fair value for underlying investments in real estate is determined through a combination of independent property appraisals and market, income and cost valuation approaches. Fair value of underlying investments in private equity assets is determined based on one or more valuation techniques, such as the market or income valuation approach, utilizing information provided by the general partner and taking into consideration the purchase price of the underlying securities, developments concerning the investee company subsequent to the acquisition of the investment, financial data and projections of the investee company provided to the general partner, illiquidity and non-transferability, and such other factors as the general partner deems relevant. The fair value of managed futures fund investments is determined by the issuer based on the unit values of the fund. Unit values are determined by dividing the fund’s net assets by the number of units outstanding at the valuation date. Fair value of the underlying investments in the managed futures fund is determined through quoted market prices. Insurance contract interests consist of investments in group annuity contracts, which are valued based on the present value of expected future payments. | ||||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 5.2 | $ | 5.2 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large-cap | 24.4 | 24.4 | ||||||||||||||||||||||
U.S. mid- and small-cap | 20.4 | 20.4 | ||||||||||||||||||||||
International large-cap | 16.3 | 16.3 | ||||||||||||||||||||||
International mid-cap | 8.1 | 8.1 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Exchange traded funds - U.S. Treasuries | 16.3 | 16.3 | ||||||||||||||||||||||
Exchange traded funds - Investment grade U.S. corporate bonds | 45 | 45 | ||||||||||||||||||||||
Limited partnership investment in high-yield U.S. corporate bonds | 6.4 | 6.4 | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Real estate partnership interests | 7.5 | 7.5 | ||||||||||||||||||||||
Private equity partnership interests (a) | 0.3 | 0.3 | ||||||||||||||||||||||
Exchange traded fund - commodities | 2.5 | 2.5 | ||||||||||||||||||||||
Insurance contracts | 1 | 1 | ||||||||||||||||||||||
Total | $ | 153.4 | $ | 138.2 | $ | — | $ | 15.2 | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 12.7 | $ | 12.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large-cap | 47.6 | 47.6 | ||||||||||||||||||||||
U.S. mid- and small-cap | 23.6 | 23.6 | ||||||||||||||||||||||
International large-cap | 16 | 5.8 | 10.2 | |||||||||||||||||||||
Emerging market equity | 4.1 | 4.1 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasuries | 0.8 | 0.8 | ||||||||||||||||||||||
Municipal bonds | 1.9 | 1.9 | ||||||||||||||||||||||
Investment grade U.S. corporate bonds | 6.1 | 6.1 | ||||||||||||||||||||||
High-yield U.S. corporate bonds | 4.1 | 4.1 | ||||||||||||||||||||||
Mortgage-backed securities and other | 12.5 | 12.5 | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Real estate partnership interests | 7.8 | 7.8 | ||||||||||||||||||||||
Private equity partnership interests (a) | 0.7 | 0.7 | ||||||||||||||||||||||
Managed Futures fund | 3.5 | 3.5 | ||||||||||||||||||||||
Insurance contracts | 0.9 | 0.9 | ||||||||||||||||||||||
Total | $ | 142.3 | $ | 89.7 | $ | 43.2 | $ | 9.4 | ||||||||||||||||
(a) This category represents private equity funds that invest principally in U.S. technology companies. | ||||||||||||||||||||||||
The table below presents a reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the years ended December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Real Estate | Private Equity | Insurance | Limited Partnership | Total | ||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 7.4 | $ | 0.8 | $ | 0.7 | $ | — | $ | 8.9 | ||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | 0.7 | — | — | — | 0.7 | |||||||||||||||||||
Assets sold during the period | 0.3 | 0.3 | — | — | 0.6 | |||||||||||||||||||
Purchases, sales and settlements | (0.6 | ) | (0.4 | ) | 0.2 | — | (0.8 | ) | ||||||||||||||||
Ending balance, December 31, 2012 | 7.8 | 0.7 | 0.9 | — | 9.4 | |||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | 1.1 | (0.2 | ) | 0.1 | 0.3 | 1.3 | ||||||||||||||||||
Assets sold during the period | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||||||
Purchases, sales and settlements | (1.7 | ) | (0.3 | ) | — | 6.1 | 4.1 | |||||||||||||||||
Ending balance, December 31, 2013 | $ | 7.5 | $ | 0.3 | $ | 1 | $ | 6.4 | $ | 15.2 | ||||||||||||||
Contributions are determined annually for each plan by the Company’s pension administrative committee, based upon the actuarially determined minimum required contribution under the Employee Retirement Income Security Act of 1974, as amended, the Pension Protection Act of 2006 (the “Act”), and the maximum deductible contribution allowed for tax purposes. In 2013 and 2012, the Company contributed approximately $0.1 million and $2.6 million, respectively, to its defined benefit pension plans. The Company did not make any contributions during 2011. The Company’s funding policy is to contribute cash to its pension plans so that it meets at least the minimum contribution requirements. | ||||||||||||||||||||||||
For the plans covering employees who are members of collective bargaining units, the benefit formulas are determined according to the collective bargaining agreements, either using career average pay as the base or a flat dollar amount per year of service. | ||||||||||||||||||||||||
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 changed 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. | ||||||||||||||||||||||||
Benefit Plan Assets and Obligations: The measurement date for the Company’s benefit plan disclosures is December 31st of each year. The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2013 and 2012 are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 189.7 | $ | 173.6 | $ | 10.9 | $ | 11.4 | ||||||||||||||||
Service cost | 2.6 | 2.4 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 7.6 | 8.2 | 0.4 | 0.5 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 1 | ||||||||||||||||||||
Actuarial (gain) loss | (13.2 | ) | 15.4 | 3 | (0.3 | ) | ||||||||||||||||||
Benefits paid | (11.1 | ) | (10.0 | ) | (1.8 | ) | (1.8 | ) | ||||||||||||||||
Special or contractual termination benefits | — | 0.1 | — | — | ||||||||||||||||||||
Curtailment | (0.2 | ) | — | (0.6 | ) | |||||||||||||||||||
Amendments | — | — | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 175.4 | $ | 189.7 | $ | 12.9 | $ | 10.9 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 142.3 | 130.8 | — | — | ||||||||||||||||||||
Actual return on plan assets | 22.1 | 18.9 | — | — | ||||||||||||||||||||
Employer contributions | 0.1 | 2.6 | — | — | ||||||||||||||||||||
Benefits paid | (11.1 | ) | (10.0 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 153.4 | $ | 142.3 | $ | — | $ | — | ||||||||||||||||
Funded Status and Recognized Liability | $ | (22.0 | ) | $ | (47.4 | ) | $ | (12.9 | ) | $ | (10.9 | ) | ||||||||||||
The accumulated benefit obligation for the Company’s qualified pension plans was $173.6 million and $186.9 million as of December 31, 2013 and 2012, respectively. Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Non-current assets | $ | 3.3 | $ | 1.4 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (0.9 | ) | (0.8 | ) | ||||||||||||||||||
Non-current liabilities | (25.3 | ) | (48.8 | ) | (12.0 | ) | (10.1 | ) | ||||||||||||||||
Total | $ | (22.0 | ) | $ | (47.4 | ) | $ | (12.9 | ) | $ | (10.9 | ) | ||||||||||||
Net loss (gain) (net of taxes) | $ | 33.2 | $ | 53 | $ | 1.1 | $ | (1.4 | ) | |||||||||||||||
Unrecognized prior service credit (net of taxes) | (3.9 | ) | (4.4 | ) | — | — | ||||||||||||||||||
Total | $ | 29.3 | $ | 48.6 | $ | 1.1 | $ | (1.4 | ) | |||||||||||||||
The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 is shown below (in millions): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 167.7 | $ | 181 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 166 | $ | 178.4 | ||||||||||||||||||||
Fair value of plan assets | $ | 142.4 | $ | 132.2 | ||||||||||||||||||||
The estimated prior service credit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2014 is ($0.8) million. The estimated net loss that will be recognized in net periodic pension cost for the defined benefit pension plans in 2014 is $4.0 million. The estimated net loss for the other defined benefit post-retirement plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost in 2014 is $0.4 million. The estimated prior service cost for the other defined benefit post-retirement plans that will be amortized from accumulated other comprehensive loss into net periodic pension cost in 2014 is negligible. | ||||||||||||||||||||||||
Unrecognized gains and losses of the post-retirement benefit plans are amortized over five years. Although current health costs are expected to increase, the Company attempts to mitigate these increases by maintaining caps on certain of its benefit plans, using lower cost health care plan options where possible, requiring that certain groups of employees pay a portion of their benefit costs, self-insuring for certain insurance plans, encouraging wellness programs for employees, and implementing measures to mitigate future benefit cost increases. | ||||||||||||||||||||||||
Components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2013, 2012, and 2011, are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 2.6 | $ | 2.4 | $ | 3.4 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||||
Interest cost | 7.6 | 8.2 | 9.3 | 0.4 | 0.5 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (10.9 | ) | (10.5 | ) | (11.7 | ) | — | — | — | |||||||||||||||
Amortization of net loss (gain) | 7.7 | 7.9 | 4.8 | (0.2 | ) | (0.2 | ) | — | ||||||||||||||||
Amortization of prior service cost (credit) | (0.8 | ) | (0.8 | ) | 0.6 | — | — | — | ||||||||||||||||
Curtailment gain | — | — | — | (0.5 | ) | — | — | |||||||||||||||||
Recognition of loss on special termination benefit | — | 0.1 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | 6.2 | 7.3 | 6.4 | (0.2 | ) | 0.4 | 0.9 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||
Net loss (gain) | (24.7 | ) | 7 | 21 | 3 | (0.4 | ) | (0.8 | ) | |||||||||||||||
Amortization of unrecognized (loss) gain | (7.7 | ) | (7.9 | ) | (3.0 | ) | 0.2 | 0.3 | — | |||||||||||||||
Prior service credit | — | — | (6.7 | ) | — | — | — | |||||||||||||||||
Amortization of prior service cost (credit) | 0.8 | 0.8 | (0.3 | ) | — | — | — | |||||||||||||||||
Total recognized in other comprehensive income | (31.6 | ) | (0.1 | ) | 11 | 3.2 | (0.1 | ) | (0.8 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and | ||||||||||||||||||||||||
other comprehensive income | $ | (25.4 | ) | $ | 7.2 | $ | 17.4 | $ | 3 | $ | 0.3 | $ | 0.1 | |||||||||||
The weighted average assumptions used to determine benefit information during 2013, 2012, and 2011 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted Average Assumptions: | ||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.8 | % | 4.9 | % | 4.1 | % | 4.9 | % | ||||||||||||
Expected return on plan assets | 8 | % | 8.25 | % | 8.25 | % | — | % | — | % | — | % | ||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 4 | % | ||||||||||||
Initial health care cost trend rate | 7.5 | % | 8 | % | 9 | % | ||||||||||||||||||
Ultimate rate | 4.5 | % | 4.5 | % | 5 | % | ||||||||||||||||||
Year ultimate rate is reached | 2028 | 2020 | 2016 | |||||||||||||||||||||
If the assumed health care cost trend rate were increased or decreased by one percentage point, the accumulated post-retirement benefit obligation, as of December 31, 2013, 2012, and 2011 and the net periodic post-retirement benefit cost for 2013, 2012 and 2011, would have increased or decreased as follows (in millions): | ||||||||||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Effect on total of service and interest cost components | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Effect on post-retirement benefit obligation | $ | 1.2 | $ | 0.6 | $ | 0.5 | $ | (1.0 | ) | $ | (0.5 | ) | $ | (0.5 | ) | |||||||||
Non-qualified Benefit Plans: The Company has non-qualified supplemental pension plans covering certain employees and retirees, which provide for incremental pension payments from the Company’s general funds so that total pension benefits would be substantially equal to amounts that would have been payable from the Company’s qualified pension plans if it were not for limitations imposed by income tax regulations. The obligations relating to these plans totaled $6.9 million at December 31, 2013. A 3.5 percent discount rate was used to determine the 2013 obligation. The expense associated with the non-qualified plans was $0.1 million in 2013, $0.9 million in 2012, and $1.6 million in 2011. As of December 31, 2013, the amount recognized in accumulated other comprehensive income for unrecognized loss, net of tax, was approximately $1.8 million, and the amount recognized as unrecognized prior service credit, net of tax, was ($2.1) million. The estimated net loss and prior service credit, net of tax, that will be recognized in net periodic pension cost in 2013 is ($0.1) million. | ||||||||||||||||||||||||
Estimated Benefit Payments: The estimated future benefit payments for the next ten years are as follows (in millions): | ||||||||||||||||||||||||
Pension | Non-qualified | Post-retirement | ||||||||||||||||||||||
Year | Benefits | Plan Benefits | Benefits | |||||||||||||||||||||
2014 | $ | 10.4 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2015 | $ | 10.6 | $ | 0.7 | $ | 0.8 | ||||||||||||||||||
2016 | $ | 10.9 | $ | 3.5 | $ | 0.8 | ||||||||||||||||||
2017 | $ | 11 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2018 | $ | 11.2 | $ | 1 | $ | 0.7 | ||||||||||||||||||
2019-2023 | $ | 60.1 | $ | 0.5 | $ | 2.5 | ||||||||||||||||||
Current liabilities of approximately $1.1 million, related to non-qualified plan and post-retirement benefits, are classified as accrued and other liabilities in the consolidated balance sheet as of December 31, 2013. | ||||||||||||||||||||||||
Multiemployer Plans: Grace and certain subsidiaries contribute to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||||||||
a. | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||||
c. | If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||||||
The Company's participation in these plans for the period from October 1, 2013 through December 31, 2013, is outlined in the table below. The "EIN Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. The most recent Pension Protection Act (PPA) zone status available in 2013 is for the plan's year-end as of December 31, 2012, for the Pension Trust Fund for Operating Engineers Pension Plan and Laborer's National (Industrial) Pension Fund. The zone status available for 2013 for the Hawaii Laborers Trust Funds is for the plan year-end as of February 28, 2013. GP Roadway Solutions, Inc. and GP/RM Prestress, LLC have separate contracts and different expiration dates with the Hawaii Laborers Trust Fund. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans that are less than 65 percent funded are "red zone" plans in need of reorganization; plans between 65 percent and 80 percent funded or that have an accumulated funding deficiency or are expected to have a deficiency in any of the next six years are "yellow zone" plans; plans that meet both of the "yellow zone" criteria are "orange zone" plans; and if the plan is funded more than 80 percent, it is a "green zone" plan. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration dates of the collective-bargaining agreements to which the plans are subject. There were no plans where the Company contributed more than 5 percent of the total contributions. | ||||||||||||||||||||||||
Pension Protection Act Zone Status | FIP/RP Status | Contribution by Entity | Surcharge Imposed | Expiration Date | Current Plan Year End | |||||||||||||||||||
EIN Plan No. | 2013 | Pending/Implemented | Oct. 1 - Dec. 31, 2013 | |||||||||||||||||||||
Fund | ||||||||||||||||||||||||
Operating Engineers | 94-6090764; 001 | Red | Yes | $ | 1 | No | 8/31/14 | 12/31/13 | ||||||||||||||||
Laborers National | 52-6074345; 001 | Red | Yes | — | No | 8/31/15 | 12/31/13 | |||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.1 | No | 8/1/15 | 2/28/13 | |||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | — | No | 9/30/14 | 2/28/13 | |||||||||||||||||
$ | 1.1 | |||||||||||||||||||||||
Defined Contribution Plans: The Company sponsors defined contribution plans that qualify under Section 401(k) of the Internal Revenue Code and provides matching contributions of up to 3 percent of eligible employee compensation. For 2010, the 401(k) matching contributions were suspended for all employees who are participants in the Company’s defined benefit plan, but was reinstated starting in 2011. The Company’s matching contributions expensed under these plans totaled $0.7 million for each of the years ended December 31, 2013 and 2012. The Company also maintains profit sharing plans, and if a minimum threshold of Company performance is achieved, provides contributions of 1 to 5 percent, depending upon Company performance above the minimum threshold. In 2013, the profit sharing contribution expense was $0.9 million. There was no profit sharing contribution expense recorded in 2012 and 2011 for these plans. | ||||||||||||||||||||||||
In connection with the acquisition of Grace, Grace's four 401(k) plans were terminated effective September 30, 2013, the day immediately preceding the date of closing. On October 1, 2013, two new 401(k) plans for Grace were established. | ||||||||||||||||||||||||
Both 401(k) plans allow for discretionary non-elective employer contributions up to the sum of 10 percent of each eligible employee's compensation for the 12 months in the plan year. The Plan has two separate participant groups eligible to participate. Group 1 includes participants who are also officers of Grace, and Group 2 includes all other employees. For the short plan year period October 1, 2013 to December 31, 2013, Grace elected to make no contributions to Group 1 and contributed 10 percent to Group 2. Officers did not receive this elective 401(k) contribution, but accrued amounts were recharacterized as a Profit Sharing Bonus, subject to an overall combined limitation of $25,000 per employee. Profit Sharing Bonuses are calculated using 10 percent of each eligible employee's compensation (including officers) for 12 months in the preceding fiscal year in the same manner as the discretionary non-elective contribution. On an employee-by-employee basis, if applicable, the amount of the employee's Profit Sharing Bonus shall be reduced so that the sum of the non-elective employer contribution and the Profit Sharing Bonus does not exceed $25,000. As an overall test, the sum of all employees' Profit Sharing Bonuses shall not exceed 5 percent of Grace's pre-tax income, after deduction for accruals for charitable contributions, management incentives, and non-elective employer contributions. Management incentives and/or Profit Sharing Bonuses can be deferred to the employee's 401(k) account but will be subject to the IRS' annual limit on employee elective deferrals. For the period October 1, 2013 to December 31, 2013, Grace recognized non-elective employer contributions and profit sharing expense of approximately $0.7 million. |
Income_Taxes_Notes
Income Taxes (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
The income tax expense on income from continuing operations for each of the three years in the period ended December 31, 2013 consisted of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 17.1 | $ | 4.3 | $ | 8 | ||||||
State | 2.1 | 0.8 | 2.1 | |||||||||
Current | 19.2 | 5.1 | 10.1 | |||||||||
Deferred: | ||||||||||||
Federal | (8.0 | ) | (10.5 | ) | (6.3 | ) | ||||||
State | (2.7 | ) | (2.2 | ) | (2.8 | ) | ||||||
Deferred | (10.7 | ) | (12.7 | ) | (9.1 | ) | ||||||
Total continuing operations tax expense (benefit) | $ | 8.5 | $ | (7.6 | ) | $ | 1 | |||||
Income tax expense for 2013, 2012, and 2011 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed federal income tax expense | $ | 8.3 | $ | — | $ | 0.4 | ||||||
State income taxes | 1 | (0.3 | ) | (0.6 | ) | |||||||
Non-deductible transaction costs | 1.6 | 1.7 | 0.8 | |||||||||
Charitable contribution | (0.2 | ) | (3.5 | ) | — | |||||||
Solar tax credits | — | (2.9 | ) | — | ||||||||
Other—net | (2.2 | ) | (2.6 | ) | 0.4 | |||||||
Income tax expense (benefit) | $ | 8.5 | $ | (7.6 | ) | $ | 1 | |||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Benefit plans | $ | 23.6 | $ | 32.2 | ||||||||
Capitalized costs | 24.1 | 17.8 | ||||||||||
Charitable contribution | 1.5 | 4 | ||||||||||
Basis differences for property and equipment | — | 3.6 | ||||||||||
Joint ventures and other investments | 15 | 5.5 | ||||||||||
Impairment and amortization | 0.5 | 4.1 | ||||||||||
Insurance and other reserves | 6.7 | 5.4 | ||||||||||
Solar credit | 3.5 | 2.9 | ||||||||||
Other | 5.4 | 0.8 | ||||||||||
Total deferred tax assets | 80.3 | 76.3 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Tax-deferred gains on real estate transactions | 225.4 | 211.4 | ||||||||||
Basis differences for property and equipment | 23.4 | — | ||||||||||
Straight-line rental income and advanced rent | 7.2 | 8.1 | ||||||||||
Other | 5.2 | 1.9 | ||||||||||
Total deferred tax liabilities | 261.2 | 221.4 | ||||||||||
Net deferred tax liability | $ | 180.9 | $ | 145.1 | ||||||||
The basis difference for property and equipment changed from a deferred tax assets in 2012 to a deferred tax liability in 2013 due to additional basis differences associated with property included in the Grace Pacific acquisition, partially offset by property included in the Kailua Portfolio acquisition. | ||||||||||||
The Company’s income taxes payable has been reduced by the tax benefits from share-based compensation. The Company receives an income tax benefit for exercised stock options calculated as the difference between the fair market value of the stock issued at the time of exercise and the option exercise price, tax effected. The Company also receives an income tax benefit for restricted stock units when they vest, measured as the fair market value of the stock issued at the time of vesting, tax effected. The net tax benefits from share-based transactions were $1.6 million and $4.3 million for 2013 and 2012, respectively, and the portion of the tax benefit related to the excess of the amount reported as the tax deduction over expense was reflected as an increase to equity in the consolidated statements of equity. | ||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | ||||||||||||
Balance at January 1, 2011 | $ | 2.5 | ||||||||||
Additions for tax positions of prior years | — | |||||||||||
Additions for tax positions of current year | — | |||||||||||
Reductions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | 2.5 | |||||||||||
Additions for tax positions of prior years | ||||||||||||
Additions for tax positions of current year | ||||||||||||
Reductions for tax positions of prior years | (2.5 | ) | ||||||||||
Reductions for lapse of statute of limitations | ||||||||||||
Balance at December 31, 2012 | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Additions for tax positions of current year | — | |||||||||||
Reductions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
The Company is included in the consolidated tax return of Matson, Inc. (formerly Alexander & Baldwin Holding, 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 consolidated financial statement for the 2011 year and the short period ended June 30, 2012 has been determined by applying the provisions of ASC 740 as if the Company were a separate taxpayer. | ||||||||||||
Upon Separation, the Company’s unrecognized tax benefits were reflected on Matson Inc.’s (“Matson”) financial statements because Matson is considered the successor parent to the former Alexander & Baldwin, Inc. affiliated tax group. In connection with the Separation, the Company entered into a Tax Sharing Agreement with Matson. As of December 31, 2013, $0.3 million remained as a liability for the indemnity to Matson in the event the Company’s pre-Separation unrecognized tax benefits are not realized. As of December 31, 2013, the Company has not identified any material unrecognized tax positions. | ||||||||||||
On September 13, 2013 the U.S. Treasury Department released final income tax regulations on the deduction and capitalization of expenditures related to tangible property. These final regulations apply to tax years beginning on or after January 1, 2014. Several of the provisions within the regulations will require a tax accounting method change to be filed with the IRS resulting in a cumulative effect adjustment. To account for the adoption of these regulations, $7.6 million was reclassified from deferred income taxes (non-current) to other non-current liabilities in 2013. | ||||||||||||
The company is subject to taxation by the United States and various state and local jurisdictions. As of December 31, 2013, the Company’s tax year 2012 is open to examination by the tax authorities. In addition, tax years 2010, 2011 and 2012, for which the Company was included in the consolidated tax group with Matson, are open to examination by the tax authorities in the company’s material jurisdictions. In addition, the 2009 tax year is also open to examination by California. The Company is not currently under examination by any tax authorities. |
ShareBased_Awards_Notes
Share-Based Awards (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Share-Based Awards | ' | |||||||||||
SHARE-BASED AWARDS | ||||||||||||
2012 Incentive Compensation Plan (“2012 Plan”): The 2012 Incentive Compensation Plan, which became effective as of the Separation with Matson, allows for the granting of stock options, restricted stock units, and common stock. Under the 2012 Plan, 4.3 million shares of common stock were initially reserved for issuance, and as of December 31, 2013, 1.5 million shares of the Company’s common stock remained available for future issuance, which is reflective of a 2.7 million share reduction for outstanding equity awards replaced in the Separation. 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 private transactions. | ||||||||||||
The 2012 Plan consists of four separate incentive compensation programs: (i) the discretionary grant program, (ii) the stock issuance program, (iii) the incentive bonus program and (iv) the automatic grant program for the non-employee members of the Company’s Board of Directors. Share-based compensation is generally awarded under three of the four programs, as more fully described below. | ||||||||||||
Discretionary Grant Program – Under the Discretionary Grant Program, stock options may be granted with an exercise price no less than 100 percent of the fair market value (defined as the closing market price) of the Company’s common stock on the date of the grant. Options generally become exercisable ratably over three years and have a maximum contractual term of 10 years. | ||||||||||||
Stock Issuance Program – Under the Stock Issuance Program, shares of common stock or restricted stock units may be granted. Equity awards granted may be designated as time-based or performance-based. | ||||||||||||
Automatic Grant Program –At each annual shareholder meeting, non-employee directors will receive an award of restricted stock units that entitle the holder to an equivalent number of shares of common stock upon vesting. Awards of restricted stock units granted under the program generally vest ratably over three years. | ||||||||||||
There were no option grants in 2013, and the Company currently does not expect to issue options in the future. 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 | (377.1 | ) | $20.09 | |||||||||
Forfeited and expired | (8.3 | ) | $21.21 | |||||||||
Outstanding, December 31, 2013 | 1,337.30 | $19.21 | 5.3 | $29,841 | ||||||||
Vested or expected to vest | 1,323.90 | $19.21 | 5.3 | $29,542 | ||||||||
Exercisable, December 31, 2013 | 1,148.60 | $18.87 | 4.9 | $26,012 | ||||||||
The following table summarizes 2013 non-vested restricted stock unit activity (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 | (52.3 | ) | $22.96 | |||||||||
Outstanding, December 31, 2013 | 242.3 | $27.92 | ||||||||||
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. The fair values of the time-based restricted stock units and performance share units were valued based on the Company's stock price on the date of grant. The weighted average fair value of the time-based restricted stock units and performance share units was $34.12 in 2013 and $20.23 in 2012. | ||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||
Stock options | $ | 0.7 | $ | 1.1 | $ | 1.2 | ||||||
Incremental share-based compensation cost related to separation | 0.5 | 1.2 | — | |||||||||
Non-vested stock & restricted stock units | 3 | 3.1 | 3.6 | |||||||||
Total share-based expense | 4.2 | 5.4 | 4.8 | |||||||||
Total recognized tax benefit | (1.3 | ) | (1.8 | ) | (1.2 | ) | ||||||
Share-based expense (net of tax) | $ | 2.9 | $ | 3.6 | $ | 3.6 | ||||||
Cash received upon option exercise | $ | 7.6 | $ | 20.9 | $ | 6.1 | ||||||
Intrinsic value of options exercised | $ | 6.7 | $ | 13.4 | $ | 3.5 | ||||||
Tax benefit realized upon option exercise | $ | 2.5 | $ | 2.3 | $ | 1.3 | ||||||
Fair value of stock vested | $ | 5.2 | $ | 4.2 | $ | 5.5 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
Commitments, Guarantees and Contingencies: Commitments and financial arrangements not recorded on the Company's consolidated balance sheet, excluding lease commitments that are disclosed in Note 10, included the following as of December 31, 2013 (in millions): | |||||
Standby letters of credit | (a) | $ | 11.4 | ||
Bonds | (b) | $ | 404.1 | ||
(a) | Consists of standby letters of credit, issued by the Company’s lenders under the Company’s revolving credit facilities, and relate primarily to the Company’s real estate activities. In the event the letters of credit are drawn upon, the Company would be obligated to reimburse the issuer of the letter of credit. None of the letters of credit has been drawn upon to date, and the Company believes it is unlikely that any of these letters of credit will be drawn upon. | ||||
(b) | Represents bonds related to construction and real estate activities in Hawaii. Approximately $380.5 million is related to construction bonds issued by third party sureties (bid, performance, and payment bonds) and the remainder is related to commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds has been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. | ||||
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 December 31, 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. In September 2013, the Water Commission noticed its intent to initiate the remanded hearing process in January 2014. | |||||
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 and its subsidiaries are parties 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 consolidated financial statements as a whole. |
Derivative_Instruments_Notes
Derivative Instruments (Notes) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Derivative Instruments | ' | |||||||
DERIVATIVE INSTRUMENTS | ||||||||
The Company is exposed to interest rate risk related to its variable interest debt. The Company balances its cost of debt and exposure to interest rates primarily through its mix of fixed and variable rate debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. | ||||||||
As of December 31, 2013, the Company had a gross notional amount of $21.6 million related to interest rate swaps that were assumed in connection with acquisitions, in which the floating rates are swapped for fixed rates. The table below presents the fair value of derivative financial instruments, which are included in Other non-current liabilities in the consolidated balance sheets (in millions): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Interest rate swap liability - floating to fixed rate | $ | 2.8 | $ | — | ||||
The Company recorded in Interest income and other in the consolidated statements of income, $0.2 million of income in 2013 related to the change in fair value of the interest rate swaps. There were no amounts recorded in 2012. |
Segment_Results_Notes
Segment Results (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Results | ' | ||||||||||||||||
Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the foregoing, the Company has four segments that operate in three industries: Real Estate, Natural Materials and Construction and Agribusiness. | |||||||||||||||||
The Real Estate Industry consists of two operating segments. The Real Estate Development and Sales segment generates its revenues through the investment in and development and sale of land and commercial and residential properties. The Real Estate Leasing segment owns, operates, and manages retail, office, and industrial properties in Hawaii and on the Mainland. When property that was previously leased is sold, the sales revenue and operating profit are included with the Real Estate Sales segment. | |||||||||||||||||
Natural Materials and Construction, which contains one segment and includes the results of Grace from the date of acquisition, 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-control- related products and services. | |||||||||||||||||
Agribusiness, which consists of one segment, grows sugar cane; 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; and generates and sells, to the extent not used in the Company’s operations, electricity. | |||||||||||||||||
The accounting policies of the operating segments are described in the summary of significant accounting policies. Reportable segments are measured based on operating profit, exclusive of interest expense, general corporate expenses, and income taxes. Transactions between reportable segments are accounted for on the same basis as transactions with unrelated third parties. | |||||||||||||||||
Raw sugar revenues from the Company’s largest customer, C&H Sugar Company, Inc., exceeded 10 percent of total consolidated revenues and totaled $87.6 million, $117.5 million, and $93.2 million in 2013, 2012, and 2011, respectively. | |||||||||||||||||
Operating segment information for 2013, 2012, and 2011 is summarized as below (in millions): | |||||||||||||||||
For the Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 110.4 | $ | 100.6 | $ | 99.7 | |||||||||||
Development and Sales | 423 | 32.2 | 59.8 | ||||||||||||||
Less amounts reported in discontinued operations1 | (369.2 | ) | (45.3 | ) | (81.9 | ) | |||||||||||
Natural materials and construction | 54.9 | — | — | ||||||||||||||
Agribusiness | 146.1 | 182.3 | 157.5 | ||||||||||||||
Reconciling items2 | — | (8.3 | ) | — | |||||||||||||
Total revenue | $ | 365.2 | $ | 261.5 | $ | 235.1 | |||||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 43.4 | $ | 41.6 | $ | 39.3 | |||||||||||
Development and Sales3 | 44.4 | (4.4 | ) | 15.5 | |||||||||||||
Less amounts reported in discontinued operations1 | (36.7 | ) | (21.1 | ) | (38.8 | ) | |||||||||||
Natural materials and construction4 | 2.9 | — | — | ||||||||||||||
Agribusiness | 10.7 | 20.8 | 22.2 | ||||||||||||||
Total operating profit | 64.7 | 36.9 | 38.2 | ||||||||||||||
Interest Expense | (19.1 | ) | (14.9 | ) | (17.1 | ) | |||||||||||
General Corporate Expenses | (17.4 | ) | (15.1 | ) | (19.9 | ) | |||||||||||
Separation/Acquisition Costs | (4.6 | ) | (6.8 | ) | — | ||||||||||||
Income From Continuing Operations Before Income Taxes | 23.6 | 0.1 | 1.2 | ||||||||||||||
Income Tax Expense (benefit) | 8.5 | (7.6 | ) | 1 | |||||||||||||
Income From Continuing Operations | 15.1 | 7.7 | 0.2 | ||||||||||||||
Income From Discontinued Operations (net of income taxes) | 22.3 | 12.8 | 23.3 | ||||||||||||||
Net Income | 37.4 | 20.5 | 23.5 | ||||||||||||||
Income Attributable to Noncontrolling Interest | (0.5 | ) | — | — | |||||||||||||
Net Income Attributable to A&B | $ | 36.9 | $ | 20.5 | $ | 23.5 | |||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | Represents the sale of a 286-acre parcel in 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. | ||||||||||||||||
3 | The Real Estate Development and Sales segment includes approximately $4.2 million, $(8.3) million, and ($7.9) million in equity in (loss) earnings from its various real estate joint ventures for 2013, 2012, and 2011, respectively. Included in operating profit are non-cash impairment and equity losses of $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, $9.8 million (Bakersfield joint venture and Santa Barbara real estate project) in 2012 and $6.4 million (Waiawa real estate joint venture) in 2011. | ||||||||||||||||
4 | Includes the results of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | ||||||||||||||||
As of December 31, | 2013 | 2012 | 2011 | ||||||||||||||
Identifiable Assets: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 1,113.40 | $ | 771.3 | $ | 772 | |||||||||||
Development and Sales5 | 640.9 | 504.8 | 451.5 | ||||||||||||||
Agribusiness | 160 | 149.9 | 157.8 | ||||||||||||||
Natural materials and construction | 358.7 | — | — | ||||||||||||||
Other | 12.2 | 11.3 | 5.3 | ||||||||||||||
Total assets | $ | 2,285.20 | $ | 1,437.30 | $ | 1,386.60 | |||||||||||
Capital Expenditures: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing6 | $ | 488.5 | $ | 23.1 | $ | 43.6 | |||||||||||
Development and Sales7 | 0.1 | — | 5.2 | ||||||||||||||
Agribusiness8 | 11.8 | 31.7 | 10.5 | ||||||||||||||
Natural materials and construction | 4.8 | — | — | ||||||||||||||
Other | 0.1 | — | — | ||||||||||||||
Total capital expenditures | $ | 505.3 | $ | 54.8 | $ | 59.3 | |||||||||||
Depreciation and Amortization: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing1 | $ | 24.3 | $ | 22 | $ | 21.6 | |||||||||||
Development and Sales | 0.2 | 0.2 | 0.2 | ||||||||||||||
Agribusiness | 11.7 | 11.6 | 11.9 | ||||||||||||||
Natural materials and construction | 4.4 | — | — | ||||||||||||||
Other | 1.1 | 1.3 | 1.1 | ||||||||||||||
Total depreciation and amortization | $ | 41.7 | $ | 35.1 | $ | 34.8 | |||||||||||
5 | The Real Estate Development and Sales segment includes approximately $335.0 million, $319.7 million, and $290.1 million related to its investment in various real estate joint ventures as of December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
6 | Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows. | ||||||||||||||||
7 | Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $150.6 million, $37.2 million, and $13.8 million for 2013, 2012, and 2011, respectively. Investments in joint ventures were $22.2 million, $17.4 million, and $27.9 million in 2013, 2012, and 2011, respectively. | ||||||||||||||||
8 Includes $21.8 million of capital in 2012 related to the Company’s Port Allen solar project before tax credits. | |||||||||||||||||
Unaudited quarterly segment results for the years ended December 31, 2013 and 2012 were as follows (in millions): | |||||||||||||||||
2013 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 26.3 | $ | 26.2 | $ | 27.5 | $ | 30.4 | |||||||||
Development and Sales | 15.4 | 1.4 | 47.4 | 358.8 | |||||||||||||
Less amounts reported in discontinued operations1 | (23.6 | ) | (8.4 | ) | (45.9 | ) | (291.3 | ) | |||||||||
Natural materials and construction | — | — | — | 54.9 | |||||||||||||
Agribusiness | 14.7 | 43.5 | 35.9 | 52 | |||||||||||||
Reconciling items | — | — | — | — | |||||||||||||
Total revenue | $ | 32.8 | $ | 62.7 | $ | 64.9 | $ | 204.8 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 10.9 | $ | 10.6 | $ | 11.2 | $ | 10.7 | |||||||||
Development and Sales3 | 2.4 | (0.7 | ) | 4.6 | 38.1 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.2 | ) | (3.8 | ) | (11.8 | ) | (12.9 | ) | |||||||||
Natural materials and construction | — | — | — | 2.9 | |||||||||||||
Agribusiness | 3.8 | 8.3 | 2.2 | (3.6 | ) | ||||||||||||
Total operating profit | 8.9 | 14.4 | 6.2 | 35.2 | |||||||||||||
Interest Expense | (3.6 | ) | (3.9 | ) | (4.2 | ) | (7.4 | ) | |||||||||
General Corporate Expenses | (4.4 | ) | (3.7 | ) | (3.4 | ) | (5.9 | ) | |||||||||
Grace Acquisition Costs | (1.0 | ) | (1.5 | ) | (2.0 | ) | (0.1 | ) | |||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (0.1 | ) | 5.3 | (3.4 | ) | 21.8 | |||||||||||
Income Tax Expense (Benefit) | (0.1 | ) | 2.6 | (0.6 | ) | 6.6 | |||||||||||
Income (Loss) From Continuing Operations | — | 2.7 | (2.8 | ) | 15.2 | ||||||||||||
Income From Discontinued Operations (net of income taxes) | 5 | 2.3 | 7.2 | 7.8 | |||||||||||||
Net Income | 5 | 5 | 4.4 | 23 | |||||||||||||
Income Attributable to Noncontrolling Interest | — | — | — | (0.5 | ) | ||||||||||||
Net Income Attributable to A&B | $ | 5 | $ | 5 | $ | 4.4 | $ | 22.5 | |||||||||
Earnings Per Share Attributable to A&B: | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.11 | $ | 0.1 | $ | 0.46 | |||||||||
Diluted | $ | 0.12 | $ | 0.11 | $ | 0.1 | $ | 0.46 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 43 | 43.1 | 43.1 | 48.6 | |||||||||||||
Diluted | 43.6 | 43.7 | 43.8 | 49.2 | |||||||||||||
2012 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 25.5 | $ | 25.5 | $ | 24.9 | $ | 24.7 | |||||||||
Development and Sales | 11.4 | 7 | 8.4 | 5.4 | |||||||||||||
Less amounts reported in discontinued operations1 | (18.3 | ) | (9.1 | ) | (9.0 | ) | (8.9 | ) | |||||||||
Agribusiness | 13.6 | 39.9 | 67.9 | 60.9 | |||||||||||||
Reconciling items2 | — | — | (8.3 | ) | — | ||||||||||||
Total revenue | $ | 32.2 | $ | 63.3 | $ | 83.9 | $ | 82.1 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 10.7 | $ | 10.5 | $ | 10.2 | $ | 10.2 | |||||||||
Development and Sales3 | 0.9 | (9.9 | ) | 3.3 | 1.3 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.4 | ) | (4.3 | ) | (4.2 | ) | (4.2 | ) | |||||||||
Natural materials and construction | — | — | — | — | |||||||||||||
Agribusiness | 3.5 | 7 | 9.1 | 1.2 | |||||||||||||
Total operating profit | 6.7 | 3.3 | 18.4 | 8.5 | |||||||||||||
Interest Expense | (4.1 | ) | (4.0 | ) | (3.6 | ) | (3.2 | ) | |||||||||
General Corporate Expenses | (4.7 | ) | (4.0 | ) | (3.0 | ) | (3.4 | ) | |||||||||
Separation Costs | (1.7 | ) | (4.4 | ) | (0.7 | ) | — | ||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (3.8 | ) | (9.1 | ) | 11.1 | 1.9 | |||||||||||
Income Tax Expense (benefit) | (1.5 | ) | (2.1 | ) | 0.3 | (4.3 | ) | ||||||||||
Income (Loss) From Continuing Operations | (2.3 | ) | (7.0 | ) | 10.8 | 6.2 | |||||||||||
Income From Discontinued Operations (net of income taxes) | 5.1 | 2.6 | 2.6 | 2.5 | |||||||||||||
Net Income (Loss) | 2.8 | (4.4 | ) | 13.4 | 8.7 | ||||||||||||
Income Attributable to Noncontrolling Interest | — | — | — | — | |||||||||||||
Net Income (Loss) Attributable to A&B | $ | 2.8 | $ | (4.4 | ) | $ | 13.4 | $ | 8.7 | ||||||||
Earnings Per Share Attributable to A&B: | |||||||||||||||||
Basic | $ | 0.07 | $ | (0.10 | ) | $ | 0.31 | $ | 0.2 | ||||||||
Diluted | $ | 0.07 | $ | (0.10 | ) | $ | 0.31 | $ | 0.2 | ||||||||
Weighted average shares: | |||||||||||||||||
Basic | 42.4 | 42.4 | 42.6 | 42.9 | |||||||||||||
Diluted | 42.4 | 42.4 | 43.3 | 43.5 | |||||||||||||
1 | Amounts recast to reflect 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. | ||||||||||||||||
3 | The Real Estate Development and Sales segment operating profit includes non-cash impairment loss on consolidation of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula and non-cash impairment and equity losses of $9.8 million in the second quarter of 2012 related to the Company’s Bakersfield and Santa Barbara real estate projects. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation Schedule III-Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | |||||||||||||||||||||||||||||||
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||
Alexander & Baldwin, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(in millions) | Initial Cost | Costs Capitalized Subsequent to Acquisition | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||||
Description | Encum- | Land | Buildings | Improve- | Carrying Costs | Land | Buildings | Total | Accumulated | Date of | Date | |||||||||||||||||||||
brances (1) | and | ments | and | Depreciation (2) | Construction | Acquired/ | ||||||||||||||||||||||||||
Improve- | Improve-ments | Completed | ||||||||||||||||||||||||||||||
ments | ||||||||||||||||||||||||||||||||
Real Estate Leasing Segment | ||||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
Kailua Industrial/Other (HI) | $ | — | $ | 10.5 | $ | 2 | $ | — | $ | — | $ | 10.5 | $ | 2 | $ | 12.5 | $ | — | Various | 2013 | ||||||||||||
Komohana Industrial Park (HI) | — | 25.2 | 10.8 | 0.4 | — | 25.2 | 11.2 | 36.4 | (1.1 | ) | 1990 | 2010 | ||||||||||||||||||||
P&L Warehouse (HI) | — | — | — | 1 | — | — | 1 | 1 | (0.6 | ) | 1970 | |||||||||||||||||||||
Port Allen (HI) | — | — | 0.7 | 1.9 | — | — | 2.6 | 2.6 | (1.7 | ) | 1985, 1993 | |||||||||||||||||||||
Waipio Industrial (HI) | — | 19.6 | 7.7 | 0.2 | — | 19.6 | 7.9 | 27.5 | (1.1 | ) | 1988-1989 | 2009 | ||||||||||||||||||||
Midstate 99 Distribution Ctr. (CA) | 11.5 | 2.7 | 29.6 | 1.1 | — | 2.7 | 30.7 | 33.4 | (4.3 | ) | 2002-2008 | 2008 | ||||||||||||||||||||
Sparks Business Center (NV) | — | 3.2 | 17.2 | 3 | — | 3.2 | 20.2 | 23.4 | (6.6 | ) | 1996-1998 | 2002 | ||||||||||||||||||||
Office : | ||||||||||||||||||||||||||||||||
Mililani South (HI) | — | 7 | 3.5 | 0.1 | — | 7 | 3.6 | 10.6 | (0.2 | ) | 1992 & 2006 | 2012 | ||||||||||||||||||||
Judd Building (HI) | — | 1 | 2.1 | 0.8 | — | 1 | 2.9 | 3.9 | (1.2 | ) | 1898/1979 | 2000 | ||||||||||||||||||||
Kahului Office Building (HI) | — | 1 | 0.4 | 5.3 | — | 1 | 5.7 | 6.7 | (6.3 | ) | 1974 | |||||||||||||||||||||
Kahului Office Center (HI) | — | — | — | 5.3 | — | — | 5.3 | 5.3 | (3.2 | ) | 1991 | |||||||||||||||||||||
Lono Center (HI) | — | — | 1.4 | 0.8 | — | — | 2.2 | 2.2 | (1.2 | ) | 1973 | 1991 | ||||||||||||||||||||
Maui Clinic Building (HI) | — | — | — | 0.5 | — | — | 0.5 | 0.5 | (0.1 | ) | 1958 | 2008 | ||||||||||||||||||||
Stangenwald Building (HI) | — | 1.8 | 1 | 1.1 | — | 1.8 | 2.1 | 3.9 | (0.6 | ) | 1901/1980 | 1996 | ||||||||||||||||||||
Concorde Commerce Center (AZ) | — | 3.9 | 20.9 | 5.8 | — | 3.9 | 26.7 | 30.6 | (4.2 | ) | 1998 | 2006 | ||||||||||||||||||||
Deer Valley Financial Center (AZ) | — | 3.4 | 19.2 | 2.7 | — | 3.4 | 21.9 | 25.3 | (5.3 | ) | 2001 | 2005 | ||||||||||||||||||||
2890 Gateway Oaks (CA) | — | 1.7 | 10.8 | 1 | — | 1.7 | 11.8 | 13.5 | (2.5 | ) | 1999 | 2006 | ||||||||||||||||||||
Ninigret Office X and XI (UT) | — | 3.1 | 17.7 | 3 | — | 3.1 | 20.7 | 23.8 | (5.3 | ) | 1999 & 2002 | 2006 | ||||||||||||||||||||
1800/ 1820 Preston Park (TX) | — | 4.5 | 19.9 | 4.4 | — | 4.5 | 24.3 | 28.8 | (5.1 | ) | 1997-1998 | 2006 | ||||||||||||||||||||
2868 Prospect Park (CA) | — | 2.9 | 18.1 | 8.1 | — | 2.9 | 26.2 | 29.1 | (11.6 | ) | 1998 | 1998 | ||||||||||||||||||||
San Pedro Plaza (TX) | — | 4.6 | 11.9 | 7.3 | — | 4.6 | 19.2 | 23.8 | (9.0 | ) | 1985 | 1998, 2000 | ||||||||||||||||||||
Union Bank (WA) | — | 3.4 | 10.5 | 0.4 | — | 3.4 | 10.9 | 14.3 | (0.9 | ) | 1993 & 2008 | 2011 | ||||||||||||||||||||
Retail : | ||||||||||||||||||||||||||||||||
Gateway at Mililani Mauka (HI) | — | 5 | 4.7 | 0.2 | — | 5 | 4.9 | 9.9 | (0.3 | ) | 2006 & 2013 | 2011 | ||||||||||||||||||||
Kahului Shopping Center (HI) | — | — | — | 2.4 | — | — | 2.4 | 2.4 | (1.4 | ) | 1951 | |||||||||||||||||||||
Kailua Grocery Anchored (HI) | 11.3 | 54.4 | 49.3 | — | — | 54.4 | 49.3 | 103.7 | (0.1 | ) | Various | 2013 | ||||||||||||||||||||
Kailua Retail Other (HI) | — | 29.6 | 26.7 | — | — | 29.6 | 26.7 | 56.3 | — | Various | 2013 | |||||||||||||||||||||
Kaneohe Bay Shopping Ctr. (HI) | — | — | 13.4 | 1.8 | — | — | 15.2 | 15.2 | (4.6 | ) | 1971 | 2001 | ||||||||||||||||||||
Kunia Shopping Center (HI) | — | 2.7 | 10.6 | 1.3 | — | 2.7 | 11.9 | 14.6 | (3.0 | ) | 2004 | 2002 | ||||||||||||||||||||
Lahaina Square (HI) | — | 4.6 | 3.7 | 0.3 | — | 4.6 | 4 | 8.6 | (0.3 | ) | 1973 | 2010 | ||||||||||||||||||||
Lanihau Marketplace (HI) | — | 9.4 | 13.2 | 0.4 | — | 9.4 | 13.6 | 23 | (1.3 | ) | 1987 | 2010 | ||||||||||||||||||||
Maui Mall (HI) | — | 0.1 | 9.2 | 16.6 | — | 0.1 | 25.8 | 25.9 | (15.4 | ) | 1971 | |||||||||||||||||||||
Napili Plaza (HI) | — | 9.4 | 8 | — | — | 9.4 | 8 | 17.4 | (0.2 | ) | 1991 | 2013 | ||||||||||||||||||||
Pearl Highlands Center (HI) | 61.8 | 43.4 | 96.2 | — | — | 43.4 | 96.2 | 139.6 | (0.9 | ) | 1993 | 2013 | ||||||||||||||||||||
Port Allen Marina Ctr. (HI) | — | — | 3.4 | 1 | — | — | 4.4 | 4.4 | (1.7 | ) | 2002 | |||||||||||||||||||||
Waipio Shopping Center (HI) | — | 24 | 7.6 | 0.3 | — | 24 | 7.9 | 31.9 | (0.9 | ) | 1986-2004 | 2009 | ||||||||||||||||||||
Little Cottonwood Center (UT) | 6.1 | 12.2 | 9.1 | 0.9 | — | 12.2 | 10 | 22.2 | (1.0 | ) | 1998-2008 | 2010 | ||||||||||||||||||||
Royal MacArthur Center (TX) | — | 3.5 | 10.1 | 1.5 | — | 3.5 | 11.6 | 15.1 | (2.2 | ) | 2006 | 2007 | ||||||||||||||||||||
The Shops at Kuiui'ula (HI) | 44 | 8.9 | 30.1 | — | — | 8.9 | 30.1 | 39 | (0.2 | ) | 2009 | 2013 | ||||||||||||||||||||
Waianae Mall (HI) | 19.9 | 17.4 | 10.1 | 0.7 | — | 17.4 | 10.8 | 28.2 | (0.3 | ) | 0 | — | ||||||||||||||||||||
Wilshire Shopping Center (CO) | — | 1.3 | 1.3 | 0.4 | — | 1.3 | 1.7 | 3 | (0.9 | ) | 0 | — | ||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||
Oahu Ground Leases (HI) | — | 187.7 | 0.6 | — | — | 187.7 | 0.6 | 188.3 | — | N/A | 2013 | |||||||||||||||||||||
Other miscellaneous investments | — | 19.5 | 0.3 | 20 | — | 19.5 | 20.3 | 39.8 | (10.1 | ) | ||||||||||||||||||||||
Total | $ | 154.6 | $ | 532.6 | $ | 513 | $ | 102 | $ | — | $ | 532.6 | $ | 615 | $ | 1,147.60 | $ | (116.9 | ) | |||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Description | Encum-berances | Land | Buildings and Improve-ments | Improve- | Carrying Costs | Land | Buildings and Improve-ments | Total | Accumulated Depreciation | |||||||||||||||||||||||
ments | ||||||||||||||||||||||||||||||||
Real Estate Sales Segment | ||||||||||||||||||||||||||||||||
Brydeswood | $ | — | $ | — | $ | — | $ | 2.4 | $ | — | $ | — | $ | 2.4 | $ | 2.4 | $ | — | ||||||||||||||
The Collection | — | — | — | 4.5 | — | — | 4.5 | 4.5 | — | |||||||||||||||||||||||
Maui Business Park II | — | — | — | 53.6 | — | — | 53.6 | 53.6 | — | |||||||||||||||||||||||
Keola 'O Wailea (MF-11) | — | 2.7 | — | 6.3 | — | 2.7 | 6.3 | 9 | — | |||||||||||||||||||||||
The Ridge at Wailea (MF-19) | — | 1.9 | — | 6.6 | — | 1.9 | 6.6 | 8.5 | — | |||||||||||||||||||||||
Wailea B-1 | — | 4.6 | — | — | — | 4.6 | — | 4.6 | — | |||||||||||||||||||||||
Wailea MF-7 | — | 2.9 | — | 5.9 | — | 2.9 | 5.9 | 8.8 | — | |||||||||||||||||||||||
Aina ‘O Kane | — | — | — | 1.2 | — | — | 1.2 | 1.2 | — | |||||||||||||||||||||||
Haliimaile | — | — | — | 0.9 | — | — | 0.9 | 0.9 | — | |||||||||||||||||||||||
Kahala Portfolio | 42 | 104.1 | — | — | — | 104.1 | — | 104.1 | — | |||||||||||||||||||||||
Kahului Town Center | — | — | — | 2.2 | — | — | 2.2 | 2.2 | — | |||||||||||||||||||||||
Wailea SF-8 | — | 1.3 | — | — | — | 1.3 | — | 1.3 | — | |||||||||||||||||||||||
Wailea MF-6 | — | 5.8 | — | — | — | 5.8 | — | 5.8 | — | |||||||||||||||||||||||
Wailea MF-10 | — | 3.8 | — | 0.5 | — | 3.8 | 0.5 | 4.3 | — | |||||||||||||||||||||||
Wailea MF-16 | — | 2.7 | — | — | — | 2.7 | — | 2.7 | — | |||||||||||||||||||||||
Wailea, other | — | 15.3 | — | 1.4 | — | 15.3 | 1.4 | 16.7 | — | |||||||||||||||||||||||
Santa Barbara | — | 5.9 | — | — | — | 5.9 | — | 5.9 | — | |||||||||||||||||||||||
Kai'Olino | — | — | — | 11.3 | — | — | 11.3 | 11.3 | — | |||||||||||||||||||||||
Grove Ranch | — | — | — | 1.5 | — | — | 1.5 | 1.5 | — | |||||||||||||||||||||||
Waiale Community | — | — | — | 1.3 | — | — | 1.3 | 1.3 | — | |||||||||||||||||||||||
Other Maui landholdings | — | — | — | 2.5 | — | — | 2.5 | 2.5 | — | |||||||||||||||||||||||
Other Kauai landholdings | — | — | — | 1.4 | — | — | 1.4 | 1.4 | — | |||||||||||||||||||||||
Total | $ | 42 | $ | 151 | $ | — | $ | 103.5 | $ | — | $ | 151 | $ | 103.5 | $ | 254.5 | $ | — | ||||||||||||||
-1 | See Note 9 to consolidated financial statements. | |||||||||||||||||||||||||||||||
-2 | Depreciation is computed based upon the following estimated useful lives: | |||||||||||||||||||||||||||||||
Building and improvements 10 – 40 years | ||||||||||||||||||||||||||||||||
Leasehold improvements 5 – 10 years (lesser of useful life or lease term) | ||||||||||||||||||||||||||||||||
Reconciliation of Real Estate (in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,022.00 | $ | 998.5 | $ | 964.1 | ||||||||||||||||||||||||||
Additions and improvements | 758.5 | 63.2 | 70.7 | |||||||||||||||||||||||||||||
Impairments | — | (5.1 | ) | — | ||||||||||||||||||||||||||||
Dispositions, retirements and other adjustments | (378.4 | ) | (34.6 | ) | (36.3 | ) | ||||||||||||||||||||||||||
Balance at end of year | $ | 1,402.10 | $ | 1,022.00 | $ | 998.5 | ||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation (in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 133.8 | $ | 115.9 | $ | 107.2 | ||||||||||||||||||||||||||
Depreciation expense | 19.5 | 18.3 | 17.9 | |||||||||||||||||||||||||||||
Dispositions, retirements and other adjustments | (36.4 | ) | (0.4 | ) | (9.2 | ) | ||||||||||||||||||||||||||
Balance at end of year | $ | 116.9 | $ | 133.8 | $ | 115.9 | ||||||||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company and all wholly owned and controlled subsidiaries, after elimination of intercompany amounts. Investments in businesses, partnerships, and limited liability companies in which the Company does not have a controlling financial interest, but has the ability to exercise significant influence, are accounted for under the equity method. A controlling financial interest is one in which the Company has a majority voting interest or one in which the Company is the primary beneficiary of a variable interest entity. In determining whether the Company is the primary beneficiary of a variable interest entity in which it has an interest, the Company is required to make significant judgments with respect to various factors including, but not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance, the rights and ability of other investors to participate in decisions affecting the economic performance of the entity, and kick-out rights, among others. Activities that significantly affect the economic performance of the entities in which the Company has an interest include, but are not limited to, establishing and modifying detailed business, development, marketing and sales plans, approving and modifying the project budget, approving design changes and associated overruns, if any, and approving project financing, among others. The Company has not consolidated any variable interest entity in which the Company does not also have voting control because it has determined that it is not the primary beneficiary since decisions to direct the activities that most significantly impact the entity’s performance are shared by the joint venture partners. | ||||||||||||
The consolidated financial statements include the results of GP/RM, a supplier in the precast concrete industry, and GLP Asphalt, LLC, an importer and distributor of liquid asphalt, which are owned 51% and 70%, respectively. These entities are consolidated because the Company holds a controlling financial interest through its majority ownership of the voting interests of the entities. The remaining interest in these entities is reported as noncontrolling interest in the consolidated financial statements. Profits, losses, and cash distributions are allocated in accordance with the respective operating agreement. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates: The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported. Estimates and assumptions are used for, but not limited to: (i) asset impairments, including intangible assets and goodwill, (ii) legal and environmental contingencies, (iii) revenue recognition for long-term real estate developments and construction contracts, (iv) pension and postretirement estimates and (v) income taxes. Future results could be materially affected if actual results differ from these estimates and assumptions. | ||||||||||||
Cash and Cash Equivalents | ' | |||||||||||
Cash and Cash Equivalents: Cash equivalents consist of highly liquid investments with a maturity of three months or less at the date of purchase. The Company carries these investments at cost, which approximates fair value. Outstanding checks in excess of funds on deposit totaled $2.2 million at December 31, 2012 and are reflected as current liabilities in the consolidated balance sheets. | ||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value of Financial Instruments: The fair values of cash and cash equivalents, receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The carrying amount and fair value of the Company’s debt at December 31, 2013 was $710.7 million and $723.2 million, respectively, and $235.5 million and $249.0 million at December 31, 2012, respectively. The fair value of 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). | ||||||||||||
Allowance for Doubtful Accounts | ' | |||||||||||
Allowance for Doubtful Accounts: Allowances for doubtful accounts are established by management based on estimates of collectability. Estimates of collectability are principally based on an evaluation of the current financial condition the Company’s customers and their payment history, which are regularly monitored by the Company. | ||||||||||||
Operating Cycle | ' | |||||||||||
Operating Cycle: The Company uses the duration of the construction contracts that range from one year to three years as its operating cycle for purposes of classifying assets and liabilities related to contracts. Accounts receivable and contracts retention collectible after one year related to the Natural Materials and Construction segment are included in current assets in the consolidated balance sheets and amounted to $5.7 million as of December 31, 2013. Accounts and contracts payable related to the Natural Materials and Construction segment payable after one year are included in current liabilities in the consolidated balance sheets and amounted to $0.6 million as of December 31, 2013. | ||||||||||||
Inventories | ' | |||||||||||
Inventories: Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies and Natural Materials and Construction segment inventory are stated at the lower of cost (principally average cost, first-in, first-out basis) or market value. | ||||||||||||
Property | ' | |||||||||||
Property: Property is stated at cost, net of accumulated depreciation and amortization. Expenditures for major renewals and betterments are capitalized. Replacements, maintenance, and repairs that do not improve or extend asset lives are charged to expense as incurred. Upon acquiring commercial real estate that is deemed a business, the Company records land, buildings, leases above and below market, and other intangible assets based on their fair values. Costs related to due diligence are expensed as incurred. | ||||||||||||
Depreciation | ' | |||||||||||
Depreciation: Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets or the units-of-production method for quarry production-related assets. Estimated useful lives of property are as follows: | ||||||||||||
Classification | Range of Life (in years) | |||||||||||
Buildings | 10 to 40 | |||||||||||
Water, power and sewer systems | 5 to 50 | |||||||||||
Rock crushing and asphalt plants | 25 to 35 | |||||||||||
Machinery and equipment | 2 to 35 | |||||||||||
Other property improvements | 3 to 35 | |||||||||||
Real Estate Developments | ' | |||||||||||
Real Estate Developments: Expenditures for real estate developments are capitalized during construction and are classified as real estate developments on the consolidated balance sheets. When construction is substantially complete, the costs are reclassified as either Real Estate Held for Sale or Property, based upon the Company’s intent to either sell the completed asset or to hold it as an investment property, respectively. Cash flows related to real estate developments are classified as either operating or investing activities, based upon the Company’s intention to sell the property or to retain ownership of the property as an investment following completion of construction. | ||||||||||||
For development projects, capitalized costs are allocated using the direct method for expenditures that are specifically associated with the unit being sold and the relative-sales-value method for expenditures that benefit the entire project. Capitalized development costs typically include costs related to land acquisition, grading, roads, water and sewage systems, landscaping, capitalized interest, and project amenities. Direct overhead costs incurred after the development project is substantially complete, such as utilities, maintenance, and real estate taxes, are charged to selling, general, and administrative expense as incurred. All indirect overhead costs are charged to selling, general, and administrative costs as incurred. | ||||||||||||
Capitalized Interest | ' | |||||||||||
Capitalized Interest: Interest costs incurred in connection with significant expenditures for real estate developments, the construction of assets, or investments in real estate joint ventures are capitalized during the period in which activities necessary to get the asset ready for its intended use are in progress. Capitalization of interest is discontinued when the asset is substantially complete and ready for its intended use. Capitalization of interest on investments in real estate joint ventures is recorded until the underlying investee commences its principal operations, which is typically when the investee has other-than-ancillary revenue generation. | ||||||||||||
Impairment of Long-Lived Assets and Finite-Lived Intangible Assets | ' | |||||||||||
Impairment of Long-Lived Assets and Finite-Lived Intangible Assets: Long-lived assets, including finite-lived intangible assets, are reviewed for possible impairment when events or circumstances indicate that the carrying value may not be recoverable. In such an evaluation, the estimated future undiscounted cash flows generated by the asset are compared with the amount recorded for the asset to determine if its carrying value is not recoverable. If this review determines that the recorded value will not be recovered, the amount recorded for the asset is reduced to estimated fair value. These asset impairment analyses are highly subjective because they require management to make assumptions and apply considerable judgments to, among others, estimates of the timing and amount of future cash flows, expected useful lives of the assets, uncertainty about future events, including changes in economic conditions, changes in operating performance, changes in the use of the assets, and ongoing costs of maintenance and improvements of the assets, and thus, the accounting estimates may change from period to period. If management uses different assumptions or if different conditions occur in future periods, the Company’s financial condition or its future operating results could be materially impacted. | ||||||||||||
During the second quarter of 2012, as a result of a change in its development strategy as part of the Separation, A&B recorded a $5.1 million non-cash impairment related to its Santa Barbara (CA) landholdings. The impairment loss recorded to reduce the carrying amount to the estimated fair value reflects the change to the Company’s development strategy, following Separation, to focus on development projects in Hawaii, and therefore, its related decision not to proceed with the development of Santa Barbara landholdings in the near term. The impairment of the Santa Barbara landholdings are classified within Operating costs and expenses in the consolidated statements of income. No material impairment charges were recorded in 2013 or 2011. | ||||||||||||
Impairment of Investments | ' | |||||||||||
Impairment of Investments: The Company’s investments in unconsolidated affiliates are reviewed for impairment whenever there is evidence that fair value may be below carrying cost. An investment is written down to fair value if fair value is below carrying cost and the impairment is other-than-temporary. In evaluating the fair value of an investment and whether any identified impairment is other-than-temporary, significant estimates and considerable judgments are involved. These estimates and judgments are based, in part, on the Company’s current and future evaluation of economic conditions in general, as well as a joint venture’s current and future plans. Additionally, these impairment calculations are highly subjective because they also require management to make assumptions and apply judgments to estimates regarding the timing and amount of future cash flows, probabilities related to various cash flow scenarios, and appropriate discount rates based on the perceived risks, among others. In evaluating whether an impairment is other-than-temporary, the Company considers all available information, including the length of time and extent of the impairment, the financial condition and near-term prospects of the affiliate, the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value, and projected industry and economic trends, among others. Changes in these and other assumptions could affect the projected operational results and fair value of the unconsolidated affiliates, and accordingly, may require valuation adjustments to the Company’s investments that may materially impact the Company’s financial condition or its future operating results. For example, if current market conditions deteriorate significantly or a joint venture’s plans change materially, impairment charges may be required in future periods, and those charges could be material. | ||||||||||||
In September 2013, the Company entered into an Amended and Restated Limited Liability Company Agreement of Kukui'ula Village ("Agreement") with DMB Kukui'ula Village LLC ("DMB"). Under the Agreement, the Company assumed financial and operational control of Kukui'ula Village LLC ("Village") and consolidated the assets and liabilities of Village at fair value, resulting in a $6.3 million write down of its investment in the joint venture. During the second quarter of 2012, as a result of a change in its development strategy as part of the Separation, A&B recorded an impairment loss and equity losses totaling $4.7 million related to its joint venture investment in Bakersfield (CA) for a commercial development. The recognition of the impairment loss reduced the carrying amount of the investment to its estimated fair value and reflected the change in the Company’s development strategy to focus on development projects in Hawaii, and therefore, its related decision not to proceed with the development of California real estate assets in the near term. In 2011, A&B recorded a $6.4 million reduction in the carrying value of its investment in Waiawa, a residential joint venture on Oahu, due to the joint venture’s termination of its development plans. The impairment loss and equity losses of the Company’s investments are classified as Impairment and equity losses related to joint ventures in the consolidated statements of income. | ||||||||||||
Weakness in particular real estate markets, difficulty in obtaining or renewing project-level financing or development approvals, and changes in the Company’s development strategy, among other factors, may affect the value or feasibility of certain development projects owned by the Company or by its joint ventures and could lead to additional impairment charges in the future. | ||||||||||||
Intangible Assets | ' | |||||||||||
Intangible Assets: Intangibles are recorded on the consolidated balance sheets as other non-current assets and are related to the acquisition of commercial properties and the acquisition of Grace on October 1, 2013. Intangible assets include permitted rights to operate a quarry (remaining life of 19.0 years), values assigned to lease contracts in-place (remaining lives ranging from 1.0 - 48.0 years), property leases with favorable terms where the estimated market rents exceeds the Company's contractual lease rent payments (remaining lives of 1.0 - 25.0 years), and contract backlog (remaining life of 2.5 years). | ||||||||||||
Goodwill | ' | |||||||||||
Goodwill: The Company recorded $90.3 million of goodwill in connection with the acquisition of Grace on October 1, 2013. Additionally, the Company recorded $9.3 million of goodwill in the Real Estate Leasing reporting unit in connection with the consolidation of The Shops at Kukui'ula. The Grace and The Shops at Kukui'ula goodwill is not expected to be deductible for tax purposes and the assignment of goodwill from the Grace acquisition to reporting units has not yet been completed. The Company reviews goodwill for potential impairment on an annual basis and whenever changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition: The Company has a wide variety of revenue sources, including, property sales, commercial property rentals, natural material sales, construction contracting, and the sales of raw sugar and molasses. Before recognizing revenue, the Company assesses the underlying terms of the transaction to ensure that recognition meets the requirements of relevant accounting standards. In general, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery of the service or product has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. | ||||||||||||
Real Estate Sales Revenue Recognition: Real Estate Sales Revenue represents proceeds from the sale of a variety of real estate development inventory (which is classified as held for sale upon completion). Real estate development inventory held for sale may include industrial lots, residential lots, condominium units, single-family homes, and multi-family homes. Sales are recorded when the risks and rewards of ownership have passed to the buyers (generally on closing dates), adequate initial and continuing investments have been received, and collection of remaining balances, if any, is reasonably assured. For certain development projects that have continuing post-closing involvement and for which total revenue and capital costs are reasonably estimable, the Company uses the percentage-of-completion method for revenue recognition. Under this method, the amount of revenue recognized is based on development costs that have been incurred through the reporting period as a percentage of total expected development cost associated with the development project. This generally results in a stabilized gross margin percentage, but requires significant judgment and estimates. | ||||||||||||
Real Estate Leasing Revenue Recognition: Real estate leasing revenue is recognized on a straight-line basis over the terms of the related leases, including periods for which no rent is due (typically referred to as “rent holidays”). Differences between revenues recognized and amounts due under respective lease agreements are recorded as increases or decreases, as applicable, to deferred rent receivable. Also included in rental revenue are certain tenant reimbursements and percentage rents determined in accordance with the terms of the leases. Income arising from tenant rents that are contingent upon the sales of the tenant exceeding a defined threshold are recognized only after the contingency has been resolved (e.g., sales thresholds have been achieved). | ||||||||||||
Construction Contracts and Related Products Revenue Recognition: Grace generates revenue primarily from natural material sales and paving contracts. The recognition of revenue is based on the underlying terms of the transaction. | ||||||||||||
Natural Materials - Revenues from natural material sales, which include basalt aggregate, liquid asphalt, and imported sand and aggregates, are recognized when title to the product and risk of loss passes to third parties (generally this occurs when the product is picked up by customers or their agents) and when collection is reasonably assured. | ||||||||||||
Construction - A majority of paving contracts are performed for Hawaii state, federal, and county governments. Earnings on paving contracts are generally recognized using the percentage-of-completion method with progress toward completion measured on the basis of units (tons, cubic yards, square yards or square feet) of work completed as of a specific date to an estimate of the total units of work to be delivered under each contract. Grace uses this method as its management considers units of work completed to be the best available measure of progress on contracts. Contracts in progress are reviewed regularly, and sales and earnings may be adjusted based on revisions to assumption and estimates, including, but not limited to, revisions to job performance, job conditions, changes to the scope of work, estimated contract costs, progress toward completion, changes in internal and external factors or conditions and final contract settlement. Contract costs include all direct material, labor, equipment utilization, hired truckers, traffic control, bonds and subcontract costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, field office rentals, utilities, certain repair costs and other expenses attributable to the contracts. Selling, general and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses become evident. | ||||||||||||
Sugar and Molasses Revenue Recognition: Revenue from sugar sales is recorded when title to the product and risk of loss passes to third parties (generally this occurs when the product is shipped or delivered to customers) and when collection is reasonably assured. | ||||||||||||
Agricultural Costs | ' | |||||||||||
Agricultural Costs: Costs of growing and harvesting sugar cane are charged to the cost of inventory in the year incurred and to cost of sales as sugar is sold. | ||||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations: The sales of certain income-producing assets are classified as discontinued operations if the operations and cash flows of the assets clearly can be distinguished from the remaining assets of the Company, if cash flows for the assets have been, or will be, eliminated from the ongoing operations of the Company, if the Company will not have a significant continuing involvement in the operations of the assets sold, and if the amount is considered material. Certain assets that are “held-for-sale,” based on the likelihood and intention of selling the property within 12 months, are also treated as discontinued operations. Upon reclassification, depreciation ceases on assets reclassified as “held-for-sale.” Sales of land not under lease and residential houses and lots are generally considered inventory and are not included in discontinued operations. | ||||||||||||
Employee Benefit Plans | ' | |||||||||||
Employee Benefit Plans: The Company provides a wide range of benefits to existing employees and retired employees, including single-employer defined benefit plans, postretirement, defined contribution plans, post-employment and health care benefits. The Company records amounts relating to these plans based on various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and health care cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current economic conditions and trends. The Company believes that the assumptions utilized in recording obligations under the Company’s plans, which are presented in Note 12, “Employee Benefit Plans,” are reasonable based on its experience and on advice from its independent actuaries; however, differences in actual experience or changes in the assumptions may materially affect the Company’s financial position or results of operations. | ||||||||||||
Share-based Compensation | ' | |||||||||||
Share-Based Compensation: The Company records compensation expense for all share-based payment awards made to employees and directors. The Company’s various equity plans are more fully described in Note 14. | ||||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share (“EPS”): The following table provides a reconciliation of income from continuing operations to income from continuing operations attributable to A&B (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 15.1 | $ | 7.7 | $ | 0.2 | ||||||
Noncontrolling interest | (0.5 | ) | — | — | ||||||||
Income from continuing operations attributable to A&B | $ | 14.6 | $ | 7.7 | $ | 0.2 | ||||||
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. 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. | ||||||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Denominator for basic EPS - weighted average shares outstanding | 44.4 | 42.6 | 42.4 | |||||||||
Effect of dilutive securities: | ||||||||||||
Outstanding stock options and restricted stock units | 0.7 | 0.3 | — | |||||||||
Denominator for diluted EPS - weighted average shares outstanding | 45.1 | 42.9 | 42.4 | |||||||||
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 and restricted stock units. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes: The Company was 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 reported as a separate taxpayer. The current and deferred income tax expense recorded prior to June 30, 2012 in the consolidated financial statements has been determined by applying the provisions of ASC 740 as if the Company were a separate taxpayer. | ||||||||||||
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 consolidated statements of income or balance sheets. The Company records a liability for uncertain tax positions not deemed to meet the more-likely-than-not threshold. The Company did not have material uncertain tax positions as of December 31, 2013 and 2012. | ||||||||||||
The Company has not recorded a valuation allowance for its deferred tax assets. A valuation allowance would be established if, based on the weight of available evidence, management believes that it is more likely than not that some portion or all of a recorded deferred tax asset would not be realized in future periods. | ||||||||||||
Comprehensive Income | ' | |||||||||||
Comprehensive Income: Comprehensive income includes all changes in equity, except those resulting from transactions with shareholders. Accumulated other comprehensive loss principally includes amortization of deferred pension and postretirement costs. | ||||||||||||
Environmental Costs | ' | |||||||||||
Environmental Costs: Environmental exposures are recorded as a liability and charged to operations when an environmental liability has been incurred and can be reasonably estimated. If the aggregate amount of the liability and the amount and timing of cash payments for the liability are fixed or reliably determinable, the environmental liability is discounted. An environmental liability has been incurred when both of the following conditions have been met: (i) litigation has commenced or a claim or an assessment has been asserted, or, based on available information, commencement of litigation or assertion of a claim or an assessment is probable, and (ii) based on available information, it is probable that the outcome of such litigation, claim, or assessment will be unfavorable. If a range of probable loss is determined, the Company will record the obligation at the low end of the range unless another amount in the range better reflects the expected loss. Certain costs, however, are capitalized in Property when the obligation is recorded, if the cost (1) extends the life, increases the capacity or improves the safety and efficiency of property owned by the Company, (2) mitigates or prevents environmental contamination that has yet to occur and that otherwise may result from future operations or activities, or (3) is incurred or discovered in preparing for sale property that is classified as “held-for-sale.” | ||||||||||||
Self-Insured Liabilities | ' | |||||||||||
Self-Insured Liabilities: The Company is self-insured for certain losses that include, but are not limited to, employee health, workers’ compensation, general liability, real and personal property, and real estate construction warranty and defect claims. When feasible, the Company obtains third-party insurance coverage to limit its exposure to these claims. When estimating its self-insured liabilities, the Company considers a number of factors, including historical claims experience, demographic factors, and valuations provided by independent third-parties. | ||||||||||||
Impact of Recently Issued Accounting Standards | ' | |||||||||||
Impact of Recently Issued Accounting Standards: 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. 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. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Changes in Allowance for Doubtful Accounts | ' | |||||||||||||||
The changes in the | ||||||||||||||||
allowance for doubtful accounts, included on the consolidated balance sheets as an offset to “Accounts receivable,” for the three years ended December 31, 2013 were as follows (in millions): | ||||||||||||||||
Balance at | Provision for bad debt | Write-offs | Balance at | |||||||||||||
Beginning of year | and Other | End of Year | ||||||||||||||
2013 | $1.60 | $0.10 | ($0.40) | $1.30 | ||||||||||||
2012 | $1.70 | $0.20 | ($0.30) | $1.60 | ||||||||||||
2011 | $1.40 | $0.90 | ($0.60) | $1.70 | ||||||||||||
Inventories | ' | |||||||||||||||
Inventories at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Sugar inventories | $ | 16.8 | $ | 3.9 | ||||||||||||
Asphalt | 17.9 | — | ||||||||||||||
Processed rock, portland cement, and sand | 12.9 | — | ||||||||||||||
Work in progress | 2.7 | — | ||||||||||||||
Retail merchandise | 1.8 | — | ||||||||||||||
Parts, materials and supplies inventories | 16 | 19.6 | ||||||||||||||
Total | $ | 68.1 | $ | 23.5 | ||||||||||||
Estimated Useful Lives of Property | ' | |||||||||||||||
Estimated useful lives of property are as follows: | ||||||||||||||||
Classification | Range of Life (in years) | |||||||||||||||
Buildings | 10 to 40 | |||||||||||||||
Water, power and sewer systems | 5 to 50 | |||||||||||||||
Rock crushing and asphalt plants | 25 to 35 | |||||||||||||||
Machinery and equipment | 2 to 35 | |||||||||||||||
Other property improvements | 3 to 35 | |||||||||||||||
Intangible Assets | ' | |||||||||||||||
Intangible assets for the years ended December 31 included the following (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Accumulated | Accumulated | |||||||||||||||
Cost | Amortization | Cost | Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place leases | $ | 59.6 | $ | (18.6 | ) | $ | 18.7 | $ | (11.8 | ) | ||||||
Permitted quarry rights | 18 | (0.1 | ) | — | — | |||||||||||
Other | 22.3 | (7.1 | ) | 6.1 | (4.7 | ) | ||||||||||
Total assets | $ | 99.9 | $ | (25.8 | ) | $ | 24.8 | $ | (16.5 | ) | ||||||
Estimated Future Amortization Expenses Related to Intangible Assets | ' | |||||||||||||||
Estimated amortization expenses related to intangibles over the next five years are as follows (in millions): | ||||||||||||||||
Estimated | ||||||||||||||||
Amortization | ||||||||||||||||
2014 | $11.50 | |||||||||||||||
2015 | $8.10 | |||||||||||||||
2016 | $6.60 | |||||||||||||||
2017 | $5.40 | |||||||||||||||
2018 | $4.80 | |||||||||||||||
Changes in the Carrying Amount of Goodwill | ' | |||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||
Goodwill | ||||||||||||||||
Balance, January 1, 2012 | $ | — | ||||||||||||||
Additions | — | |||||||||||||||
Balance, December 31, 2012 | — | |||||||||||||||
Goodwill acquired during the year | 99.6 | |||||||||||||||
Balance, December 31, 2013 | $ | 99.6 | ||||||||||||||
Shares Used to Compute Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table provides a reconciliation of income from continuing operations to income from continuing operations attributable to A&B (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Income from continuing operations | $ | 15.1 | $ | 7.7 | $ | 0.2 | ||||||||||
Noncontrolling interest | (0.5 | ) | — | — | ||||||||||||
Income from continuing operations attributable to A&B | $ | 14.6 | $ | 7.7 | $ | 0.2 | ||||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | 44.4 | 42.6 | 42.4 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding stock options and restricted stock units | 0.7 | 0.3 | — | |||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | 45.1 | 42.9 | 42.4 | |||||||||||||
Components of Accumulated Other Comprehensive Loss, Net of Taxes | ' | |||||||||||||||
The components of accumulated other comprehensive loss, net of taxes, were as follows for the years ended December 31 (in millions): | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Unrealized components of benefit plans: | ||||||||||||||||
Pension plans | $ | (29.3 | ) | $ | (48.6 | ) | $ | (48.7 | ) | |||||||
Post-retirement plans | (1.1 | ) | 1.4 | 1.4 | ||||||||||||
Non-qualified benefit plans | 0.3 | — | (0.3 | ) | ||||||||||||
Accumulated other comprehensive loss | $ | (30.1 | ) | $ | (47.2 | ) | $ | (47.6 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Acquisition [Line Items] | ' | |||||||
Unaudited Pro Forma Results | ' | |||||||
The unaudited pro forma combined historical results, as if the portfolio had been acquired at the beginning of 2012 are as follows (in millions): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Operating revenue | $ | 391 | $ | 285.5 | ||||
Income from continuing operations, after tax | $ | 23.3 | $ | 14.2 | ||||
The unaudited pro forma combined historical results (using audited Grace results for its fiscal years ended September 30, 2013 and 2012), as if Grace had been acquired at the beginning of 2012 are as follows (in millions): | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Operating revenue | $ | 539.1 | $ | 454.1 | ||||
Income from continuing operations, after tax | $ | 31.7 | $ | 14.8 | ||||
Grace Pacific Corporation | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | ' | |||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Cash consideration | $ | 35.3 | ||||||
Common stock issued as consideration | 196.3 | |||||||
Noncontrolling interest | 9.1 | |||||||
Fair value of consideration transferred | 240.7 | |||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Cash and cash equivalents | 5.7 | |||||||
Accounts receivable | 37.1 | |||||||
Contracts retention | 9.6 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 11.7 | |||||||
Inventories | 42 | |||||||
Property, plant and equipment | 148.6 | |||||||
Mineral rights | 18 | |||||||
Intangible assets | 5.8 | |||||||
All other, net | 10.4 | |||||||
Total assets acquired | 288.9 | |||||||
Liabilities assumed: | ||||||||
Accounts payable and accrued liabilities | 26.3 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 7.5 | |||||||
Deferred tax liability, long-term | 27.1 | |||||||
Long-term debt, including current portion | 72.7 | |||||||
All other, net | 4.9 | |||||||
Total liabilities assumed | 138.5 | |||||||
Excess of purchase price over net assets acquired | $ | 90.3 | ||||||
Kailua Portfolio Acquisition | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | ' | |||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Property, plant and equipment | $ | 367.7 | ||||||
Intangible assets | 30.4 | |||||||
Total assets acquired | 398.1 | |||||||
Liabilities assumed: | ||||||||
Intangible liabilities | 26 | |||||||
Liabilities assumed | 11.4 | |||||||
Total liabilities assumed | 37.4 | |||||||
Net assets acquired | $ | 360.7 | ||||||
Waianae Mall, Napili Plaza, Pearl Highlands Center, and The Shops at Kukui'ula | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | ' | |||||||
The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||
Fair value of assets acquired and liabilities assumed | ||||||||
Assets acquired: | ||||||||
Property, plant and equipment | $ | 224.2 | ||||||
Intangible assets | 20.9 | |||||||
Goodwill | 9.3 | |||||||
Total assets acquired | 254.4 | |||||||
Liabilities assumed: | ||||||||
Intangible liabilities | 8.3 | |||||||
Liabilities assumed | 134.2 | |||||||
Total liabilities assumed | 142.5 | |||||||
Net assets acquired | $ | 111.9 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
The Company also recognized Agribusiness operating revenue for equipment and repair services provided to Holdings, and was reimbursed at cost for various other services provided to Holdings. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Vessel management services expenses | $ | — | $ | (2.0 | ) | $ | (4.0 | ) | |||||
Lease income from affiliate | — | 2.1 | 4.4 | ||||||||||
Equipment and repair services income and other | — | 1.4 | 2.7 | ||||||||||
Related party revenue, net | $ | — | $ | 1.5 | $ | 3.1 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 for 2013, 2012, and 2011 were as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Proceeds from the sale of income-producing properties | $ | 337.6 | $ | 8.9 | $ | 45.5 | ||||||
Real estate leasing revenue | 31.6 | 36.4 | 36.4 | |||||||||
Gain on sale of income-producing properties, net | $ | 22.1 | $ | 4 | $ | 22.5 | ||||||
Real estate leasing operating profit | 14.6 | 17.1 | 16.3 | |||||||||
Total operating profit before taxes | 36.7 | 21.1 | 38.8 | |||||||||
Income tax expense | 14.4 | 8.3 | 15.5 | |||||||||
Income from discontinued operations | $ | 22.3 | $ | 12.8 | $ | 23.3 | ||||||
Basic Earnings Per Share | $ | 0.5 | $ | 0.3 | $ | 0.55 | ||||||
Diluted Earnings Per Share | $ | 0.5 | $ | 0.3 | $ | 0.55 | ||||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||
Summary of Financial Information for Equity Method Investments | ' | |||||||||||||||||||
A summary of financial information for the Company’s equity method investments at December 31 is as follows (in millions): | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Current assets | $ | 43.5 | $ | 23.7 | ||||||||||||||||
Noncurrent assets | 673.2 | 600.9 | ||||||||||||||||||
Total assets | $ | 716.7 | $ | 624.6 | ||||||||||||||||
Current liabilities | $ | 44.2 | $ | 9.3 | ||||||||||||||||
Noncurrent liabilities | 107.9 | 120.2 | ||||||||||||||||||
Total liabilities | $ | 152.1 | $ | 129.5 | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Operating revenue | $ | 37.8 | $ | 29.8 | $ | 20.1 | ||||||||||||||
Operating costs and expenses | 31.1 | 32.5 | 32.5 | |||||||||||||||||
Operating (loss) income | $ | 6.7 | $ | (2.7 | ) | $ | (12.4 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 6.8 | $ | (11.5 | ) | $ | (15.1 | ) | ||||||||||||
Net income (loss) | $ | 6.8 | $ | (11.5 | ) | $ | (15.1 | ) | ||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ' | |||||||||||||||||||
The Company’s assets measured at fair value on a nonrecurring basis were as follows (in millions): | ||||||||||||||||||||
Total Fair Value Measurement as of Year End | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Un-observable Inputs | Total Loss for the Year | ||||||||||||||||
(Level 3) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
The Shops at Kukui'ula Investment | $ | — | $ | — | $ | — | $ | 6.3 | $ | 6.3 | ||||||||||
Year Ended December 31, 2012: | ||||||||||||||||||||
Santa Barbara landholdings | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | 5.1 | ||||||||||
Bakersfield (CA) joint venture* | 7 | — | — | 7 | 4.7 | |||||||||||||||
Total | $ | 12.9 | $ | — | $ | — | $ | 12.9 | $ | 9.8 | ||||||||||
Year Ended December 31, 2011: | ||||||||||||||||||||
Waiawa joint venture | $ | 1.6 | $ | — | $ | — | $ | 1.6 | $ | 6.4 | ||||||||||
* | The Total Loss for the Year includes equity in losses of $3.9 million related to the write down of landholdings owned by the joint venture. |
Uncompleted_Contracts_Tables
Uncompleted Contracts (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Contractors [Abstract] | ' | |||
Information Related to Uncompleted Contracts | ' | |||
Information related to uncompleted contracts as of December 31, 2013 is as follows: | ||||
2013 | ||||
Costs incurred on uncompleted contracts | $ | 135.8 | ||
Estimated earnings | 26.6 | |||
Subtotal | 162.4 | |||
Less: billings to date | 156.3 | |||
Total | $ | 6.1 | ||
Included in accompanying balance sheet under the following captions: | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 10.5 | ||
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (4.4 | ) | ||
Total | $ | 6.1 | ||
Property_Tables
Property (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property | ' | |||||||
Property on the consolidated balance sheets includes the following (in millions): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Buildings | $ | 560 | $ | 553.5 | ||||
Land | 572.7 | 254.8 | ||||||
Machinery and equipment | 230.9 | 200.2 | ||||||
Asphalt plants | 48 | — | ||||||
Water, power and sewer systems | 138.8 | 134.9 | ||||||
Other property improvements | 90.2 | 83 | ||||||
Vessel | 7.2 | 7.1 | ||||||
Subtotal | 1,647.80 | 1,233.50 | ||||||
Accumulated depreciation | (374.1 | ) | (394.8 | ) | ||||
Property - net | $ | 1,273.70 | $ | 838.7 | ||||
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Notes Payable and Long-Term Debt | ' | |||||||
At December 31, 2013 and 2012, notes payable and long-term debt consisted of the following (in millions): | ||||||||
2013 | 2012 | |||||||
Revolving Credit loans, (2.53% for 2013 and 2.07% for 2012) | $ | 112.1 | $ | 5 | ||||
Term Loans: | ||||||||
6.90%, payable through 2020 | 85 | 90 | ||||||
5.55%, payable through 2026 | 50 | 50 | ||||||
5.53%, payable through 2024 | 37.5 | 37.5 | ||||||
5.56%, payable through 2026 | 25 | 25 | ||||||
3.90%, payable through 2024 | 75 | — | ||||||
4.35%, payable through 2026 | 25 | — | ||||||
6.20%, payable through 2013, secured by Deere Valley Center | — | 10.1 | ||||||
6.38%, payable through 2017, secured by Midstate 99 Distribution Ctr. | 8.3 | 8.3 | ||||||
5.50%, payable through 2014, secured by Little Cottonwood Center | 6.1 | 6.3 | ||||||
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | 3.2 | 3.3 | ||||||
5.39%, payable through 2015, secured by Waianae Mall | 19.9 | — | ||||||
5.89%, payable through 2016, secured by Pearl Highlands Center | 61.8 | — | ||||||
2.08%, payable through 2021, secured by Kailua Town Center III (a) | 11.3 | — | ||||||
2.84%, payable through 2016, secured by Kukui'ula Village (b) | 44 | — | ||||||
2.80%, payable through 2016, secured by Kahala Estate Properties (c) | 42 | — | ||||||
3.05%, payable through 2014, secured by Maui Mall (d) | 60 | — | ||||||
3.31%, payable through 2018 | 8 | — | ||||||
2.00%, payable through 2018 | 2.9 | — | ||||||
2.65%, payable through 2016 | 1.8 | — | ||||||
5.00%, payable through 2014 | 0.3 | — | ||||||
5.19%, payable through 2019 | 11.9 | — | ||||||
1.17%, payable through 2021, secured by asphalt plant (e) | 8.9 | — | ||||||
1.85%, payable through 2017 | 10.7 | — | ||||||
Total debt | 710.7 | 235.5 | ||||||
Less debt (premium) discount | (1.8 | ) | — | |||||
Total debt (contractual) | 708.9 | 235.5 | ||||||
Less current portion | (105.2 | ) | (15.5 | ) | ||||
Add debt premium (discount) | 1.8 | — | ||||||
Long-term debt | $ | 605.5 | $ | 220 | ||||
(a) | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate. | |||||||
(b) | Loan has a stated interest rate of LIBOR plus 2.66%. | |||||||
(c) | Loan has a stated interest rate of LIBOR plus 2.63%. | |||||||
(d) | Loan has a stated interest rate of LIBOR plus 3.00%. The loan was used as temporary financing for the acquisition of the Kailua Portfolio in December 2013. The loan was paid off with reverse 1031 proceeds from Maui Mall on January 6, 2014. | |||||||
(e) | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate |
LeasesCompany_as_Lessee_Tables
Leases-Company as Lessee (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
Future minimum payments under non-cancelable operating leases and rental income from subleases were as follows (in millions): | |||||
Years Ending December 31, | Minimum Lease Payments | ||||
2014 | $ | 4.7 | |||
2015 | 3 | ||||
2016 | 2.7 | ||||
2017 | 2.7 | ||||
2018 | 2.5 | ||||
Thereafter | 12.3 | ||||
Total | $ | 27.9 | |||
LeasesCompany_as_Lessor_Tables
Leases-Company as Lessor (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Historical Cost and Accumulated Depreciation of Leased Property | ' | |||||||||||
The historical cost of, and accumulated depreciation on, leased property at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Leased property - real estate | $ | 1,100.00 | $ | 844.3 | ||||||||
Less accumulated depreciation | (99.5 | ) | (130.8 | ) | ||||||||
Property under operating leases - net | $ | 1,000.50 | $ | 713.5 | ||||||||
Total Rental Income Under Operating Leases | ' | |||||||||||
Total rental income, excluding tenant reimbursements (which totaled $24.1 million, $21.5 million, and $20.9 million for the years ended December 31, 2013, 2012, and 2011, respectively), under these operating leases was as follows (in millions): | ||||||||||||
Years Ending December 31, | 2013 | 2012 | 2011 | |||||||||
Minimum rentals | $ | 80.5 | $ | 74.3 | $ | 74.3 | ||||||
Contingent rentals (based on sales volume) | 3 | 2.8 | 2 | |||||||||
Total | $ | 83.5 | $ | 77.1 | $ | 76.3 | ||||||
Future Minimum Rentals on Non Cancelable Leases | ' | |||||||||||
Future minimum rentals on non-cancelable leases at December 31, 2013 were as follows (in millions): | ||||||||||||
OperatingLeases | ||||||||||||
2014 | $ | 82.8 | ||||||||||
2015 | $ | 75.1 | ||||||||||
2016 | $ | 63.6 | ||||||||||
2017 | $ | 53.9 | ||||||||||
2018 | $ | 43.8 | ||||||||||
Thereafter | $ | 329.6 | ||||||||||
Total | $ | 648.8 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Weighted-Average and Target Asset Allocations | ' | |||||||||||||||||||||||
The Company’s weighted-average asset allocations at December 31, 2013 and 2012, and 2013 year-end target allocation, by asset category, were as follows: | ||||||||||||||||||||||||
Target | 2013 | 2012 | ||||||||||||||||||||||
Domestic equity securities | 28 | % | 29 | % | 50 | % | ||||||||||||||||||
International equity securities | 15 | % | 16 | % | 14 | % | ||||||||||||||||||
Debt securities | 46 | % | 44 | % | 18 | % | ||||||||||||||||||
Real estate | 7 | % | 5 | % | 5 | % | ||||||||||||||||||
Other and cash | 4 | % | 6 | % | 13 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Fair Value of Pension Plan Assets | ' | |||||||||||||||||||||||
The fair values of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category, are as follows (in millions): | ||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 5.2 | $ | 5.2 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large-cap | 24.4 | 24.4 | ||||||||||||||||||||||
U.S. mid- and small-cap | 20.4 | 20.4 | ||||||||||||||||||||||
International large-cap | 16.3 | 16.3 | ||||||||||||||||||||||
International mid-cap | 8.1 | 8.1 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
Exchange traded funds - U.S. Treasuries | 16.3 | 16.3 | ||||||||||||||||||||||
Exchange traded funds - Investment grade U.S. corporate bonds | 45 | 45 | ||||||||||||||||||||||
Limited partnership investment in high-yield U.S. corporate bonds | 6.4 | 6.4 | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Real estate partnership interests | 7.5 | 7.5 | ||||||||||||||||||||||
Private equity partnership interests (a) | 0.3 | 0.3 | ||||||||||||||||||||||
Exchange traded fund - commodities | 2.5 | 2.5 | ||||||||||||||||||||||
Insurance contracts | 1 | 1 | ||||||||||||||||||||||
Total | $ | 153.4 | $ | 138.2 | $ | — | $ | 15.2 | ||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 12.7 | $ | 12.7 | ||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
U.S. large-cap | 47.6 | 47.6 | ||||||||||||||||||||||
U.S. mid- and small-cap | 23.6 | 23.6 | ||||||||||||||||||||||
International large-cap | 16 | 5.8 | 10.2 | |||||||||||||||||||||
Emerging market equity | 4.1 | 4.1 | ||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasuries | 0.8 | 0.8 | ||||||||||||||||||||||
Municipal bonds | 1.9 | 1.9 | ||||||||||||||||||||||
Investment grade U.S. corporate bonds | 6.1 | 6.1 | ||||||||||||||||||||||
High-yield U.S. corporate bonds | 4.1 | 4.1 | ||||||||||||||||||||||
Mortgage-backed securities and other | 12.5 | 12.5 | ||||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Real estate partnership interests | 7.8 | 7.8 | ||||||||||||||||||||||
Private equity partnership interests (a) | 0.7 | 0.7 | ||||||||||||||||||||||
Managed Futures fund | 3.5 | 3.5 | ||||||||||||||||||||||
Insurance contracts | 0.9 | 0.9 | ||||||||||||||||||||||
Total | $ | 142.3 | $ | 89.7 | $ | 43.2 | $ | 9.4 | ||||||||||||||||
(a) This category represents private equity funds that invest principally in U.S. technology companies. | ||||||||||||||||||||||||
Reconciliations of Pension Plan Investments Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||
The table below presents a reconciliation of all pension plan investments measured at fair value on a recurring basis using significant unobservable inputs (level 3) for the years ended December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Real Estate | Private Equity | Insurance | Limited Partnership | Total | ||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 7.4 | $ | 0.8 | $ | 0.7 | $ | — | $ | 8.9 | ||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | 0.7 | — | — | — | 0.7 | |||||||||||||||||||
Assets sold during the period | 0.3 | 0.3 | — | — | 0.6 | |||||||||||||||||||
Purchases, sales and settlements | (0.6 | ) | (0.4 | ) | 0.2 | — | (0.8 | ) | ||||||||||||||||
Ending balance, December 31, 2012 | 7.8 | 0.7 | 0.9 | — | 9.4 | |||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | 1.1 | (0.2 | ) | 0.1 | 0.3 | 1.3 | ||||||||||||||||||
Assets sold during the period | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||||||
Purchases, sales and settlements | (1.7 | ) | (0.3 | ) | — | 6.1 | 4.1 | |||||||||||||||||
Ending balance, December 31, 2013 | $ | 7.5 | $ | 0.3 | $ | 1 | $ | 6.4 | $ | 15.2 | ||||||||||||||
Benefit Obligation, Plan Assets, and Funded Status | ' | |||||||||||||||||||||||
The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2013 and 2012 are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 189.7 | $ | 173.6 | $ | 10.9 | $ | 11.4 | ||||||||||||||||
Service cost | 2.6 | 2.4 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 7.6 | 8.2 | 0.4 | 0.5 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 0.9 | 1 | ||||||||||||||||||||
Actuarial (gain) loss | (13.2 | ) | 15.4 | 3 | (0.3 | ) | ||||||||||||||||||
Benefits paid | (11.1 | ) | (10.0 | ) | (1.8 | ) | (1.8 | ) | ||||||||||||||||
Special or contractual termination benefits | — | 0.1 | — | — | ||||||||||||||||||||
Curtailment | (0.2 | ) | — | (0.6 | ) | |||||||||||||||||||
Amendments | — | — | — | — | ||||||||||||||||||||
Benefit obligation at end of year | $ | 175.4 | $ | 189.7 | $ | 12.9 | $ | 10.9 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 142.3 | 130.8 | — | — | ||||||||||||||||||||
Actual return on plan assets | 22.1 | 18.9 | — | — | ||||||||||||||||||||
Employer contributions | 0.1 | 2.6 | — | — | ||||||||||||||||||||
Benefits paid | (11.1 | ) | (10.0 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 153.4 | $ | 142.3 | $ | — | $ | — | ||||||||||||||||
Funded Status and Recognized Liability | $ | (22.0 | ) | $ | (47.4 | ) | $ | (12.9 | ) | $ | (10.9 | ) | ||||||||||||
Amounts Recognized on the Consolidated Balance Sheets and in Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||
Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Non-current assets | $ | 3.3 | $ | 1.4 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (0.9 | ) | (0.8 | ) | ||||||||||||||||||
Non-current liabilities | (25.3 | ) | (48.8 | ) | (12.0 | ) | (10.1 | ) | ||||||||||||||||
Total | $ | (22.0 | ) | $ | (47.4 | ) | $ | (12.9 | ) | $ | (10.9 | ) | ||||||||||||
Net loss (gain) (net of taxes) | $ | 33.2 | $ | 53 | $ | 1.1 | $ | (1.4 | ) | |||||||||||||||
Unrecognized prior service credit (net of taxes) | (3.9 | ) | (4.4 | ) | — | — | ||||||||||||||||||
Total | $ | 29.3 | $ | 48.6 | $ | 1.1 | $ | (1.4 | ) | |||||||||||||||
Accumulated Benefit Obligation in Excess of Plan Assets | ' | |||||||||||||||||||||||
The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 is shown below (in millions): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 167.7 | $ | 181 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 166 | $ | 178.4 | ||||||||||||||||||||
Fair value of plan assets | $ | 142.4 | $ | 132.2 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss | ' | |||||||||||||||||||||||
Components of the net periodic benefit cost and other amounts recognized in other comprehensive loss for the defined benefit pension plans and the post-retirement health care and life insurance benefit plans during 2013, 2012, and 2011, are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 2.6 | $ | 2.4 | $ | 3.4 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||||
Interest cost | 7.6 | 8.2 | 9.3 | 0.4 | 0.5 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (10.9 | ) | (10.5 | ) | (11.7 | ) | — | — | — | |||||||||||||||
Amortization of net loss (gain) | 7.7 | 7.9 | 4.8 | (0.2 | ) | (0.2 | ) | — | ||||||||||||||||
Amortization of prior service cost (credit) | (0.8 | ) | (0.8 | ) | 0.6 | — | — | — | ||||||||||||||||
Curtailment gain | — | — | — | (0.5 | ) | — | — | |||||||||||||||||
Recognition of loss on special termination benefit | — | 0.1 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | 6.2 | 7.3 | 6.4 | (0.2 | ) | 0.4 | 0.9 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||
Net loss (gain) | (24.7 | ) | 7 | 21 | 3 | (0.4 | ) | (0.8 | ) | |||||||||||||||
Amortization of unrecognized (loss) gain | (7.7 | ) | (7.9 | ) | (3.0 | ) | 0.2 | 0.3 | — | |||||||||||||||
Prior service credit | — | — | (6.7 | ) | — | — | — | |||||||||||||||||
Amortization of prior service cost (credit) | 0.8 | 0.8 | (0.3 | ) | — | — | — | |||||||||||||||||
Total recognized in other comprehensive income | (31.6 | ) | (0.1 | ) | 11 | 3.2 | (0.1 | ) | (0.8 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and | ||||||||||||||||||||||||
other comprehensive income | $ | (25.4 | ) | $ | 7.2 | $ | 17.4 | $ | 3 | $ | 0.3 | $ | 0.1 | |||||||||||
Weighted Average Assumptions Used to Determine Benefit Information | ' | |||||||||||||||||||||||
The weighted average assumptions used to determine benefit information during 2013, 2012, and 2011 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted Average Assumptions: | ||||||||||||||||||||||||
Discount rate | 4.9 | % | 4.1 | % | 4.8 | % | 4.9 | % | 4.1 | % | 4.9 | % | ||||||||||||
Expected return on plan assets | 8 | % | 8.25 | % | 8.25 | % | — | % | — | % | — | % | ||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 4 | % | 3 | % | 3 | % | 4 | % | ||||||||||||
Initial health care cost trend rate | 7.5 | % | 8 | % | 9 | % | ||||||||||||||||||
Ultimate rate | 4.5 | % | 4.5 | % | 5 | % | ||||||||||||||||||
Year ultimate rate is reached | 2028 | 2020 | 2016 | |||||||||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
If the assumed health care cost trend rate were increased or decreased by one percentage point, the accumulated post-retirement benefit obligation, as of December 31, 2013, 2012, and 2011 and the net periodic post-retirement benefit cost for 2013, 2012 and 2011, would have increased or decreased as follows (in millions): | ||||||||||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Effect on total of service and interest cost components | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Effect on post-retirement benefit obligation | $ | 1.2 | $ | 0.6 | $ | 0.5 | $ | (1.0 | ) | $ | (0.5 | ) | $ | (0.5 | ) | |||||||||
Estimated Future Benefit Payments for the Next Ten Years | ' | |||||||||||||||||||||||
The estimated future benefit payments for the next ten years are as follows (in millions): | ||||||||||||||||||||||||
Pension | Non-qualified | Post-retirement | ||||||||||||||||||||||
Year | Benefits | Plan Benefits | Benefits | |||||||||||||||||||||
2014 | $ | 10.4 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2015 | $ | 10.6 | $ | 0.7 | $ | 0.8 | ||||||||||||||||||
2016 | $ | 10.9 | $ | 3.5 | $ | 0.8 | ||||||||||||||||||
2017 | $ | 11 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2018 | $ | 11.2 | $ | 1 | $ | 0.7 | ||||||||||||||||||
2019-2023 | $ | 60.1 | $ | 0.5 | $ | 2.5 | ||||||||||||||||||
Schedule of Multiemployer Plans | ' | |||||||||||||||||||||||
Pension Protection Act Zone Status | FIP/RP Status | Contribution by Entity | Surcharge Imposed | Expiration Date | Current Plan Year End | |||||||||||||||||||
EIN Plan No. | 2013 | Pending/Implemented | Oct. 1 - Dec. 31, 2013 | |||||||||||||||||||||
Fund | ||||||||||||||||||||||||
Operating Engineers | 94-6090764; 001 | Red | Yes | $ | 1 | No | 8/31/14 | 12/31/13 | ||||||||||||||||
Laborers National | 52-6074345; 001 | Red | Yes | — | No | 8/31/15 | 12/31/13 | |||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.1 | No | 8/1/15 | 2/28/13 | |||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | — | No | 9/30/14 | 2/28/13 | |||||||||||||||||
$ | 1.1 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax from Continuing Operations | ' | |||||||||||
The income tax expense on income from continuing operations for each of the three years in the period ended December 31, 2013 consisted of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | 17.1 | $ | 4.3 | $ | 8 | ||||||
State | 2.1 | 0.8 | 2.1 | |||||||||
Current | 19.2 | 5.1 | 10.1 | |||||||||
Deferred: | ||||||||||||
Federal | (8.0 | ) | (10.5 | ) | (6.3 | ) | ||||||
State | (2.7 | ) | (2.2 | ) | (2.8 | ) | ||||||
Deferred | (10.7 | ) | (12.7 | ) | (9.1 | ) | ||||||
Total continuing operations tax expense (benefit) | $ | 8.5 | $ | (7.6 | ) | $ | 1 | |||||
Income Tax Reconciliation | ' | |||||||||||
Income tax expense for 2013, 2012, and 2011 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed federal income tax expense | $ | 8.3 | $ | — | $ | 0.4 | ||||||
State income taxes | 1 | (0.3 | ) | (0.6 | ) | |||||||
Non-deductible transaction costs | 1.6 | 1.7 | 0.8 | |||||||||
Charitable contribution | (0.2 | ) | (3.5 | ) | — | |||||||
Solar tax credits | — | (2.9 | ) | — | ||||||||
Other—net | (2.2 | ) | (2.6 | ) | 0.4 | |||||||
Income tax expense (benefit) | $ | 8.5 | $ | (7.6 | ) | $ | 1 | |||||
Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Benefit plans | $ | 23.6 | $ | 32.2 | ||||||||
Capitalized costs | 24.1 | 17.8 | ||||||||||
Charitable contribution | 1.5 | 4 | ||||||||||
Basis differences for property and equipment | — | 3.6 | ||||||||||
Joint ventures and other investments | 15 | 5.5 | ||||||||||
Impairment and amortization | 0.5 | 4.1 | ||||||||||
Insurance and other reserves | 6.7 | 5.4 | ||||||||||
Solar credit | 3.5 | 2.9 | ||||||||||
Other | 5.4 | 0.8 | ||||||||||
Total deferred tax assets | 80.3 | 76.3 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Tax-deferred gains on real estate transactions | 225.4 | 211.4 | ||||||||||
Basis differences for property and equipment | 23.4 | — | ||||||||||
Straight-line rental income and advanced rent | 7.2 | 8.1 | ||||||||||
Other | 5.2 | 1.9 | ||||||||||
Total deferred tax liabilities | 261.2 | 221.4 | ||||||||||
Net deferred tax liability | $ | 180.9 | $ | 145.1 | ||||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions): | ||||||||||||
Balance at January 1, 2011 | $ | 2.5 | ||||||||||
Additions for tax positions of prior years | — | |||||||||||
Additions for tax positions of current year | — | |||||||||||
Reductions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2011 | 2.5 | |||||||||||
Additions for tax positions of prior years | ||||||||||||
Additions for tax positions of current year | ||||||||||||
Reductions for tax positions of prior years | (2.5 | ) | ||||||||||
Reductions for lapse of statute of limitations | ||||||||||||
Balance at December 31, 2012 | — | |||||||||||
Additions for tax positions of prior years | — | |||||||||||
Additions for tax positions of current year | — | |||||||||||
Reductions for tax positions of prior years | — | |||||||||||
Reductions for lapse of statute of limitations | — | |||||||||||
Balance at December 31, 2013 | $ | — | ||||||||||
ShareBased_Awards_Tables
Share-Based Awards (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 | (377.1 | ) | $20.09 | |||||||||
Forfeited and expired | (8.3 | ) | $21.21 | |||||||||
Outstanding, December 31, 2013 | 1,337.30 | $19.21 | 5.3 | $29,841 | ||||||||
Vested or expected to vest | 1,323.90 | $19.21 | 5.3 | $29,542 | ||||||||
Exercisable, December 31, 2013 | 1,148.60 | $18.87 | 4.9 | $26,012 | ||||||||
Summarizes non-vested restricted stock unit activity | ' | |||||||||||
The following table summarizes 2013 non-vested restricted stock unit activity (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 | (52.3 | ) | $22.96 | |||||||||
Outstanding, December 31, 2013 | 242.3 | $27.92 | ||||||||||
Summary of compensation cost related to share-based payments | ' | |||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||
Stock options | $ | 0.7 | $ | 1.1 | $ | 1.2 | ||||||
Incremental share-based compensation cost related to separation | 0.5 | 1.2 | — | |||||||||
Non-vested stock & restricted stock units | 3 | 3.1 | 3.6 | |||||||||
Total share-based expense | 4.2 | 5.4 | 4.8 | |||||||||
Total recognized tax benefit | (1.3 | ) | (1.8 | ) | (1.2 | ) | ||||||
Share-based expense (net of tax) | $ | 2.9 | $ | 3.6 | $ | 3.6 | ||||||
Cash received upon option exercise | $ | 7.6 | $ | 20.9 | $ | 6.1 | ||||||
Intrinsic value of options exercised | $ | 6.7 | $ | 13.4 | $ | 3.5 | ||||||
Tax benefit realized upon option exercise | $ | 2.5 | $ | 2.3 | $ | 1.3 | ||||||
Fair value of stock vested | $ | 5.2 | $ | 4.2 | $ | 5.5 | ||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments, Guarantees and Contingencies | ' | ||||
Commitments and financial arrangements not recorded on the Company's consolidated balance sheet, excluding lease commitments that are disclosed in Note 10, included the following as of December 31, 2013 (in millions): | |||||
Standby letters of credit | (a) | $ | 11.4 | ||
Bonds | (b) | $ | 404.1 | ||
(a) | Consists of standby letters of credit, issued by the Company’s lenders under the Company’s revolving credit facilities, and relate primarily to the Company’s real estate activities. In the event the letters of credit are drawn upon, the Company would be obligated to reimburse the issuer of the letter of credit. None of the letters of credit has been drawn upon to date, and the Company believes it is unlikely that any of these letters of credit will be drawn upon. | ||||
(b) | Represents bonds related to construction and real estate activities in Hawaii. Approximately $380.5 million is related to construction bonds issued by third party sureties (bid, performance, and payment bonds) and the remainder is related to commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds has been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Fair Value of Derivative Financial Instruments | ' | |||||||
The table below presents the fair value of derivative financial instruments, which are included in Other non-current liabilities in the consolidated balance sheets (in millions): | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Interest rate swap liability - floating to fixed rate | $ | 2.8 | $ | — | ||||
Segment_Results_Tables
Segment Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Results | ' | ||||||||||||||||
Operating segment information for 2013, 2012, and 2011 is summarized as below (in millions): | |||||||||||||||||
For the Year Ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 110.4 | $ | 100.6 | $ | 99.7 | |||||||||||
Development and Sales | 423 | 32.2 | 59.8 | ||||||||||||||
Less amounts reported in discontinued operations1 | (369.2 | ) | (45.3 | ) | (81.9 | ) | |||||||||||
Natural materials and construction | 54.9 | — | — | ||||||||||||||
Agribusiness | 146.1 | 182.3 | 157.5 | ||||||||||||||
Reconciling items2 | — | (8.3 | ) | — | |||||||||||||
Total revenue | $ | 365.2 | $ | 261.5 | $ | 235.1 | |||||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 43.4 | $ | 41.6 | $ | 39.3 | |||||||||||
Development and Sales3 | 44.4 | (4.4 | ) | 15.5 | |||||||||||||
Less amounts reported in discontinued operations1 | (36.7 | ) | (21.1 | ) | (38.8 | ) | |||||||||||
Natural materials and construction4 | 2.9 | — | — | ||||||||||||||
Agribusiness | 10.7 | 20.8 | 22.2 | ||||||||||||||
Total operating profit | 64.7 | 36.9 | 38.2 | ||||||||||||||
Interest Expense | (19.1 | ) | (14.9 | ) | (17.1 | ) | |||||||||||
General Corporate Expenses | (17.4 | ) | (15.1 | ) | (19.9 | ) | |||||||||||
Separation/Acquisition Costs | (4.6 | ) | (6.8 | ) | — | ||||||||||||
Income From Continuing Operations Before Income Taxes | 23.6 | 0.1 | 1.2 | ||||||||||||||
Income Tax Expense (benefit) | 8.5 | (7.6 | ) | 1 | |||||||||||||
Income From Continuing Operations | 15.1 | 7.7 | 0.2 | ||||||||||||||
Income From Discontinued Operations (net of income taxes) | 22.3 | 12.8 | 23.3 | ||||||||||||||
Net Income | 37.4 | 20.5 | 23.5 | ||||||||||||||
Income Attributable to Noncontrolling Interest | (0.5 | ) | — | — | |||||||||||||
Net Income Attributable to A&B | $ | 36.9 | $ | 20.5 | $ | 23.5 | |||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | Represents the sale of a 286-acre parcel in 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. | ||||||||||||||||
3 | The Real Estate Development and Sales segment includes approximately $4.2 million, $(8.3) million, and ($7.9) million in equity in (loss) earnings from its various real estate joint ventures for 2013, 2012, and 2011, respectively. Included in operating profit are non-cash impairment and equity losses of $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, $9.8 million (Bakersfield joint venture and Santa Barbara real estate project) in 2012 and $6.4 million (Waiawa real estate joint venture) in 2011. | ||||||||||||||||
4 | Includes the results of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | ||||||||||||||||
As of December 31, | 2013 | 2012 | 2011 | ||||||||||||||
Identifiable Assets: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 1,113.40 | $ | 771.3 | $ | 772 | |||||||||||
Development and Sales5 | 640.9 | 504.8 | 451.5 | ||||||||||||||
Agribusiness | 160 | 149.9 | 157.8 | ||||||||||||||
Natural materials and construction | 358.7 | — | — | ||||||||||||||
Other | 12.2 | 11.3 | 5.3 | ||||||||||||||
Total assets | $ | 2,285.20 | $ | 1,437.30 | $ | 1,386.60 | |||||||||||
Capital Expenditures: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing6 | $ | 488.5 | $ | 23.1 | $ | 43.6 | |||||||||||
Development and Sales7 | 0.1 | — | 5.2 | ||||||||||||||
Agribusiness8 | 11.8 | 31.7 | 10.5 | ||||||||||||||
Natural materials and construction | 4.8 | — | — | ||||||||||||||
Other | 0.1 | — | — | ||||||||||||||
Total capital expenditures | $ | 505.3 | $ | 54.8 | $ | 59.3 | |||||||||||
Depreciation and Amortization: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing1 | $ | 24.3 | $ | 22 | $ | 21.6 | |||||||||||
Development and Sales | 0.2 | 0.2 | 0.2 | ||||||||||||||
Agribusiness | 11.7 | 11.6 | 11.9 | ||||||||||||||
Natural materials and construction | 4.4 | — | — | ||||||||||||||
Other | 1.1 | 1.3 | 1.1 | ||||||||||||||
Total depreciation and amortization | $ | 41.7 | $ | 35.1 | $ | 34.8 | |||||||||||
5 | The Real Estate Development and Sales segment includes approximately $335.0 million, $319.7 million, and $290.1 million related to its investment in various real estate joint ventures as of December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
6 | Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows. | ||||||||||||||||
7 | Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $150.6 million, $37.2 million, and $13.8 million for 2013, 2012, and 2011, respectively. Investments in joint ventures were $22.2 million, $17.4 million, and $27.9 million in 2013, 2012, and 2011, respectively. | ||||||||||||||||
8 Includes $21.8 million of capital in 2012 related to the Company’s Port Allen solar project before tax credits. | |||||||||||||||||
Unaudited quarterly segment results for the years ended December 31, 2013 and 2012 were as follows (in millions): | |||||||||||||||||
2013 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 26.3 | $ | 26.2 | $ | 27.5 | $ | 30.4 | |||||||||
Development and Sales | 15.4 | 1.4 | 47.4 | 358.8 | |||||||||||||
Less amounts reported in discontinued operations1 | (23.6 | ) | (8.4 | ) | (45.9 | ) | (291.3 | ) | |||||||||
Natural materials and construction | — | — | — | 54.9 | |||||||||||||
Agribusiness | 14.7 | 43.5 | 35.9 | 52 | |||||||||||||
Reconciling items | — | — | — | — | |||||||||||||
Total revenue | $ | 32.8 | $ | 62.7 | $ | 64.9 | $ | 204.8 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 10.9 | $ | 10.6 | $ | 11.2 | $ | 10.7 | |||||||||
Development and Sales3 | 2.4 | (0.7 | ) | 4.6 | 38.1 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.2 | ) | (3.8 | ) | (11.8 | ) | (12.9 | ) | |||||||||
Natural materials and construction | — | — | — | 2.9 | |||||||||||||
Agribusiness | 3.8 | 8.3 | 2.2 | (3.6 | ) | ||||||||||||
Total operating profit | 8.9 | 14.4 | 6.2 | 35.2 | |||||||||||||
Interest Expense | (3.6 | ) | (3.9 | ) | (4.2 | ) | (7.4 | ) | |||||||||
General Corporate Expenses | (4.4 | ) | (3.7 | ) | (3.4 | ) | (5.9 | ) | |||||||||
Grace Acquisition Costs | (1.0 | ) | (1.5 | ) | (2.0 | ) | (0.1 | ) | |||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (0.1 | ) | 5.3 | (3.4 | ) | 21.8 | |||||||||||
Income Tax Expense (Benefit) | (0.1 | ) | 2.6 | (0.6 | ) | 6.6 | |||||||||||
Income (Loss) From Continuing Operations | — | 2.7 | (2.8 | ) | 15.2 | ||||||||||||
Income From Discontinued Operations (net of income taxes) | 5 | 2.3 | 7.2 | 7.8 | |||||||||||||
Net Income | 5 | 5 | 4.4 | 23 | |||||||||||||
Income Attributable to Noncontrolling Interest | — | — | — | (0.5 | ) | ||||||||||||
Net Income Attributable to A&B | $ | 5 | $ | 5 | $ | 4.4 | $ | 22.5 | |||||||||
Earnings Per Share Attributable to A&B: | |||||||||||||||||
Basic | $ | 0.12 | $ | 0.11 | $ | 0.1 | $ | 0.46 | |||||||||
Diluted | $ | 0.12 | $ | 0.11 | $ | 0.1 | $ | 0.46 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 43 | 43.1 | 43.1 | 48.6 | |||||||||||||
Diluted | 43.6 | 43.7 | 43.8 | 49.2 | |||||||||||||
2012 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 25.5 | $ | 25.5 | $ | 24.9 | $ | 24.7 | |||||||||
Development and Sales | 11.4 | 7 | 8.4 | 5.4 | |||||||||||||
Less amounts reported in discontinued operations1 | (18.3 | ) | (9.1 | ) | (9.0 | ) | (8.9 | ) | |||||||||
Agribusiness | 13.6 | 39.9 | 67.9 | 60.9 | |||||||||||||
Reconciling items2 | — | — | (8.3 | ) | — | ||||||||||||
Total revenue | $ | 32.2 | $ | 63.3 | $ | 83.9 | $ | 82.1 | |||||||||
Operating Profit (Loss) | |||||||||||||||||
Real Estate1: | |||||||||||||||||
Leasing | $ | 10.7 | $ | 10.5 | $ | 10.2 | $ | 10.2 | |||||||||
Development and Sales3 | 0.9 | (9.9 | ) | 3.3 | 1.3 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.4 | ) | (4.3 | ) | (4.2 | ) | (4.2 | ) | |||||||||
Natural materials and construction | — | — | — | — | |||||||||||||
Agribusiness | 3.5 | 7 | 9.1 | 1.2 | |||||||||||||
Total operating profit | 6.7 | 3.3 | 18.4 | 8.5 | |||||||||||||
Interest Expense | (4.1 | ) | (4.0 | ) | (3.6 | ) | (3.2 | ) | |||||||||
General Corporate Expenses | (4.7 | ) | (4.0 | ) | (3.0 | ) | (3.4 | ) | |||||||||
Separation Costs | (1.7 | ) | (4.4 | ) | (0.7 | ) | — | ||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | (3.8 | ) | (9.1 | ) | 11.1 | 1.9 | |||||||||||
Income Tax Expense (benefit) | (1.5 | ) | (2.1 | ) | 0.3 | (4.3 | ) | ||||||||||
Income (Loss) From Continuing Operations | (2.3 | ) | (7.0 | ) | 10.8 | 6.2 | |||||||||||
Income From Discontinued Operations (net of income taxes) | 5.1 | 2.6 | 2.6 | 2.5 | |||||||||||||
Net Income (Loss) | 2.8 | (4.4 | ) | 13.4 | 8.7 | ||||||||||||
Income Attributable to Noncontrolling Interest | — | — | — | — | |||||||||||||
Net Income (Loss) Attributable to A&B | $ | 2.8 | $ | (4.4 | ) | $ | 13.4 | $ | 8.7 | ||||||||
Earnings Per Share Attributable to A&B: | |||||||||||||||||
Basic | $ | 0.07 | $ | (0.10 | ) | $ | 0.31 | $ | 0.2 | ||||||||
Diluted | $ | 0.07 | $ | (0.10 | ) | $ | 0.31 | $ | 0.2 | ||||||||
Weighted average shares: | |||||||||||||||||
Basic | 42.4 | 42.4 | 42.6 | 42.9 | |||||||||||||
Diluted | 42.4 | 42.4 | 43.3 | 43.5 | |||||||||||||
1 | Amounts recast to reflect 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. | ||||||||||||||||
3 | The Real Estate Development and Sales segment operating profit includes non-cash impairment loss on consolidation of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula and non-cash impairment and equity losses of $9.8 million in the second quarter of 2012 related to the Company’s Bakersfield and Santa Barbara real estate projects. |
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Dec. 31, 2012 |
Segment | Real Estate | Agribusiness | Natural Materials and Construction | Scenario, Adjustment | ||
Segment | Segment | Grace Pacific Corporation | ||||
Segment | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of AB common stock received | ' | 1 | ' | ' | ' | ' |
Number of operating segments | 4 | ' | 2 | 1 | 1 | ' |
Number of industries | 3 | ' | ' | ' | ' | ' |
Intangible assets - net | $74.10 | $8.30 | ' | ' | ' | $8.30 |
Other assets | $75.90 | $63 | ' | ' | ' | ($8.30) |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Sep. 30, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2011 |
Carrying Amount | Carrying Amount | Fair Value | Fair Value | Stock Options | GPRM Prestress, LLC | GLP Alphalt, LLC | Minimum | Maximum | Natural Materials and Construction | Grace Pacific Corporation | Kukui'ula Village LLC | Permitted quarry rights | In-place leases | In-place leases | Above Market Leases | Above Market Leases | Order or Production Backlog | Performance Shares | Time Based Restricted Stock Units | Bakersfield (CA) joint venture | Bakersfield (CA) joint venture | Kukui'ula Village LLC | Waiawa joint venture | ||||
Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | ||||||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling controlling interest percentage in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank overdrafts | ' | $2.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of recorded loan | ' | ' | ' | 710.7 | 235.5 | 723.2 | 249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of construction contracts (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable and contracts retention | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts and contracts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest cost incurred | 20.8 | 16.8 | 17.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | 1.8 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of real estate assets | 0 | 5.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment and equity losses | 6.6 | 4.7 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | 4.7 | 6.3 | 6.4 |
Estimated useful lives of intangible assets (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19 years | '1 year | '48 years | '1 year | '25 years | '2 years 6 months | ' | ' | ' | ' | ' | ' |
Aggregate intangible asset amortization | 9.3 | 3.3 | 4.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $99.60 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $90.30 | $9.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities excluded from the computation of weighted average dilutive shares outstanding | 0 | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,118 | 53,118 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' |
Performance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies - Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Balance at Beginning of year | $1.60 | $1.70 | $1.40 |
Provision for bad debt | 0.1 | 0.2 | 0.9 |
Write-offs and Other | -0.4 | -0.3 | -0.6 |
Balance at End of Year | $1.30 | $1.60 | $1.70 |
Significant_Accounting_Policie5
Significant Accounting Policies - Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventories | $68.10 | $23.50 |
Sugar inventories | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 16.8 | 3.9 |
Asphalt | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 17.9 | 0 |
Processed rock, portland cement, and sand | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 12.9 | 0 |
Work in progress | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 2.7 | 0 |
Retail merchandise | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 1.8 | 0 |
Parts, materials and supplies inventories | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | $16 | $19.60 |
Significant_Accounting_Policie6
Significant Accounting Policies - Estimated Useful Lives of Property (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '10 years |
Buildings | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '40 years |
Water, power and sewer systems | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '5 years |
Water, power and sewer systems | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '50 years |
Rock Crushing and Asphalt Plants | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '25 years |
Rock Crushing and Asphalt Plants | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '35 years |
Machinery and equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '2 years |
Machinery and equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '35 years |
Other property improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '3 years |
Other property improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives of property (in years) | '35 years |
Significant_Accounting_Policie7
Significant Accounting Policies - Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $99.90 | $24.80 |
Accumulated Amortization | -25.8 | -16.5 |
In-place leases | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 59.6 | 18.7 |
Accumulated Amortization | -18.6 | -11.8 |
Permitted quarry rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 18 | 0 |
Accumulated Amortization | -0.1 | 0 |
Other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 22.3 | 6.1 |
Accumulated Amortization | ($7.10) | ($4.70) |
Significant_Accounting_Policie8
Significant Accounting Policies - Estimated Future Amortization Expenses (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | ' |
2014 | $11.50 |
2015 | 8.1 |
2016 | 6.6 |
2017 | 5.4 |
2018 | $4.80 |
Significant_Accounting_Policie9
Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning balance | $0 | $0 |
Goodwill acquired during the year | 99.6 | 0 |
Goodwill, ending balance | $99.60 | $0 |
Recovered_Sheet1
Significant Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $15.20 | ($2.80) | $2.70 | $0 | $6.20 | $10.80 | ($7) | ($2.30) | $15.10 | $7.70 | $0.20 |
Income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -0.5 | 0 | 0 |
Income from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $14.60 | $7.70 | $0.20 |
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS - weighted average shares outstanding | 48.6 | 43.1 | 43.1 | 43 | 42.9 | 42.6 | 42.4 | 42.4 | 44.4 | 42.6 | 42.4 |
Employee/director stock options and restricted stock units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 0.3 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 49.2 | 43.8 | 43.7 | 43.6 | 43.5 | 43.3 | 42.4 | 42.4 | 45.1 | 42.9 | 42.4 |
Recovered_Sheet2
Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Unrealized components of benefit plans: | ' | ' | ' |
Pension plans | ($29.30) | ($48.60) | ($48.70) |
Post-retirement plans | -1.1 | 1.4 | 1.4 |
Non-qualified benefit plans | 0.3 | 0 | -0.3 |
Accumulated other comprehensive loss | ($30.10) | ($47.20) | ($47.60) |
Acquisitions_Grace_Acquisition
Acquisitions - Grace Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | Grace Pacific Corporation | Fair Value Adjustment to Purchase Price | ||||||||
D | Grace Pacific Corporation | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interest acquired | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' | ' | ' | ' | $231.60 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | 35.25 | ' | ' | ' | ' |
Common stock issued as consideration | ' | ' | ' | ' | ' | ' | ' | 196.3 | ' | ' | ' | ' |
Noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 9.1 | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' | ' | ' | ' | 240.7 | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | 5.7 | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | 37.1 | ' | ' | ' | ' |
Contracts retention | ' | ' | ' | ' | ' | ' | ' | 9.6 | ' | ' | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | ' | ' | ' | ' | ' | ' | ' | 11.7 | ' | ' | ' | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | 42 | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | 148.6 | ' | ' | ' | ' |
Mineral rights | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 5.8 | ' | ' | ' | ' |
All other, net | ' | ' | ' | ' | ' | ' | ' | 10.4 | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | 288.9 | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | 26.3 | ' | ' | ' | ' |
Billings in excess of cost and estimated earnings on uncompleted contracts | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' |
Deferred tax liability, long-term | ' | ' | ' | ' | ' | ' | ' | 27.1 | ' | ' | ' | ' |
Long-term debt, including current portion | ' | ' | ' | ' | ' | ' | ' | 72.7 | ' | ' | ' | ' |
All other, net | ' | ' | ' | ' | ' | ' | ' | 4.9 | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | 138.5 | ' | ' | ' | ' |
Excess of purchase price over net assets acquired | 99.6 | ' | ' | ' | 99.6 | 0 | 0 | 90.3 | ' | ' | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539.1 | 454.1 | -0.1 |
Income from continuing operations, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.7 | 14.8 | -1.7 |
Number of shares transferred in business combination | ' | ' | ' | ' | ' | ' | ' | 5.4 | ' | ' | ' | ' |
Net of debt assumed in business combination | ' | ' | ' | ' | ' | ' | ' | 67.6 | ' | ' | ' | ' |
Equity interest issued and issuable calculation basis | ' | ' | ' | ' | ' | ' | ' | 199.75 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | 23.5 | ' | ' | ' | ' |
Cash payment to shareholders' representative to cover for transaction costs | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Acquisition related costs | 0.1 | 2 | 1.5 | 1 | 4.6 | 6.8 | 0 | ' | ' | 4.6 | ' | ' |
Net earnings (loss) since acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' |
Earnings (loss) attributed to noncontrolling interest since acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' |
Construction and natural materials revenue since acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 54.9 | ' | ' | ' |
Adjustments excluded from pro forma results | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.90 | ' | ' |
Acquisitions_Kailua_Portfolio_
Acquisitions - Kailua Portfolio Acquisition(Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 20, 2013 |
Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | Bridge Loan | Mortgages | Ground Lease | Retail | ||||||||
Property | Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | Kailua Portfolio Acquisition | |||||||||||
acre | acre | sqft | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | $367.70 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 30.4 | ' | ' | ' | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | 398.1 | ' | ' | ' | ' | ' | ' | ' |
Intangible liabilities | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | ' | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | 37.4 | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | 360.7 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391 | 285.5 | ' | ' | ' | ' |
Income from continuing operations, after tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.3 | 14.2 | ' | ' | ' | ' |
Net revenues since acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' |
Net earnings (loss) since acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' | ' | ' | ' | 360.7 | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed in a business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 12 | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | ' | ' | ' | ' |
Area of real building improvements owned by third-party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 760,000 |
Area of properties that is subject to ground leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' |
Area of properties that are preservation-zone land | ' | ' | ' | ' | ' | ' | ' | 585 | ' | ' | ' | ' | ' | ' | ' |
The purchase was funded with 1031 and 1033 proceeds | ' | ' | ' | ' | ' | ' | ' | 270 | ' | ' | ' | ' | ' | ' | ' |
Liabilities assumed in a business combination | ' | ' | ' | ' | ' | ' | ' | 11.4 | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | $0.10 | $2 | $1.50 | $1 | $4.60 | $6.80 | $0 | ' | ' | $1.10 | ' | ' | ' | ' | ' |
Acquisitions_Other_Acquisition
Acquisitions - Other Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $99.60 | ' | ' | ' | $99.60 | $0 | $0 |
Acquisition related costs | 0.1 | 2 | 1.5 | 1 | 4.6 | 6.8 | 0 |
Various Acquisitions | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment | 224.2 | ' | ' | ' | 224.2 | ' | ' |
Intangible assets | 20.9 | ' | ' | ' | 20.9 | ' | ' |
Goodwill | 9.3 | ' | ' | ' | 9.3 | ' | ' |
Total assets acquired | 254.4 | ' | ' | ' | 254.4 | ' | ' |
Intangible liabilities | 8.3 | ' | ' | ' | 8.3 | ' | ' |
Long-term debt, including current portion | 134.2 | ' | ' | ' | 134.2 | ' | ' |
Total liabilities assumed | 142.5 | ' | ' | ' | 142.5 | ' | ' |
Net assets acquired | 111.9 | ' | ' | ' | 111.9 | ' | ' |
The purchase was funded with 1031 proceeds | ' | ' | ' | ' | 111.1 | ' | ' |
Liabilities assumed in a business combination | 130.9 | ' | ' | ' | 130.9 | ' | ' |
Cash consideration | ' | ' | ' | ' | 0.8 | ' | ' |
Acquisition related costs | ' | ' | ' | ' | 2.1 | ' | ' |
Net revenues since acquisition | ' | ' | ' | ' | 12.4 | ' | ' |
Net earnings (loss) since acquisition | ' | ' | ' | ' | $2.10 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Contribution from former related party | ' | ' | $154.50 | $22.10 |
Affiliated Entity | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Vessel management services expenses | ' | 0 | -2 | -4 |
Lease income from affiliate | ' | 0 | 2.1 | 4.4 |
Equipment and repair services income and other | ' | 0 | 1.4 | 2.7 |
Related party revenue, net | 7.9 | 0 | 1.5 | 3.1 |
Receivables from affiliates | $3.30 | $3.30 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property | |||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Number of industrial properties | ' | 2 | ' |
Number of leased fee properties | ' | 2 | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Income from discontinued operations | $22.30 | $12.80 | $23.30 |
Basic Earnings Per Share | $0.50 | $0.30 | $0.55 |
Diluted Earnings Per Share | $0.50 | $0.30 | $0.55 |
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 | 337.6 | 8.9 | 45.5 |
Real estate leasing revenue | 31.6 | 36.4 | 36.4 |
Gain on sale of income-producing properties, net | 22.1 | 4 | 22.5 |
Real estate leasing operating profit | 14.6 | 17.1 | 16.3 |
Total operating profit before taxes | 36.7 | 21.1 | 38.8 |
Income tax expense | 14.4 | 8.3 | 15.5 |
Income from discontinued operations | $22.30 | $12.80 | $23.30 |
Industrial | 2013 Discontinued Operations | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of real estate properties | 4 | ' | ' |
Retail | 2013 Discontinued Operations | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of real estate properties | 3 | ' | ' |
Office : | 2013 Discontinued Operations | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of real estate properties | 2 | ' | ' |
Investments_in_Affiliates_Deta
Investments in Affiliates (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | |
Kukui'ula Village LLC | Santa Barbara landholdings | Bakersfield (CA) joint venture | Bakersfield (CA) joint venture | Waiawa joint venture | Real Estate | Real Estate | Real Estate | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | KDC LLC | KDC LLC | KDC LLC | KDC LLC | KDC LLC | |||||
Joint Venture with DMB Communities II | Minimum | Maximum | Santa Barbara landholdings | Bakersfield (CA) joint venture | Waiawa joint venture | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | |||||||||||
Joint Venture with DMB Communities II | Joint Venture with DMB Communities II | Mortgages | Mortgages | Mortgages | |||||||||||||||||
residential_unit | residential_unit | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Undistributed earnings of investments in affiliates | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends and distributions from unconsolidated affiliates | 6.6 | 2.9 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Investments in affiliates | 341.4 | 319.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of high-end residential units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Capital and value of land contributed, net of joint venture earnings and losses | ' | ' | ' | ' | ' | ' | ' | ' | 259.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Assets | 2,285.20 | 1,437.30 | 1,386.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.3 | ' | ' | ' | |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.6 | ' | ' | ' | |
Secured debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 44 | 51.2 | |
Investment in various real estate joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | |
Impairment and equity losses | $6.60 | $4.70 | $0 | $6.30 | $5.10 | $4.70 | $4.70 | $6.40 | ' | ' | ' | $9.80 | $5.10 | $4.70 | [1] | $6.40 | ' | ' | ' | ' | ' |
[1] | The Total Loss for the Year includes equity in losses of $3.9 million related to the write down of landholdings owned by the joint venture. |
Investments_in_Affiliates_Fina
Investments in Affiliates - Financial Information for Equity Method Investments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ' | ' | ' |
Current assets | $43.50 | $23.70 | ' |
Noncurrent assets | 673.2 | 600.9 | ' |
Total assets | 716.7 | 624.6 | ' |
Liabilities [Abstract] | ' | ' | ' |
Current liabilities | 44.2 | 9.3 | ' |
Noncurrent liabilities | 107.9 | 120.2 | ' |
Total liabilities | 152.1 | 129.5 | ' |
Income Statement [Abstract] | ' | ' | ' |
Operating revenue | 37.8 | 29.8 | 20.1 |
Operating costs and expenses | 31.1 | 32.5 | 32.5 |
Operating (loss) income | 6.7 | -2.7 | -12.4 |
Income (loss) from continuing operations | 6.8 | -11.5 | -15.1 |
Net income (loss) | $6.80 | ($11.50) | ($15.10) |
Investments_in_Affiliates_Asse
Investments in Affiliates - Assets Measured at Fair Value on Nonrecurring Basis (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Santa Barbara landholdings | Bakersfield (CA) joint venture | Bakersfield (CA) joint venture | Waiawa joint venture | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | ||||||||
The Shops at Kukui'ula Investment | Santa Barbara landholdings | Bakersfield (CA) joint venture | Waiawa joint venture | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | Fair Value, Measurements, Nonrecurring | |||||||||||||
The Shops at Kukui'ula Investment | Santa Barbara landholdings | Bakersfield (CA) joint venture | Waiawa joint venture | The Shops at Kukui'ula Investment | Santa Barbara landholdings | Bakersfield (CA) joint venture | Waiawa joint venture | The Shops at Kukui'ula Investment | Santa Barbara landholdings | Bakersfield (CA) joint venture | Waiawa joint venture | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total fair value measurement as of year end | ' | ' | ' | ' | ' | ' | ' | $12.90 | $0 | $5.90 | $7 | [1] | $1.60 | $0 | $0 | $0 | $0 | [1] | $0 | $0 | $0 | $0 | $0 | [1] | $0 | $12.90 | $6.30 | $5.90 | $7 | [1] | $1.60 |
Total loss for the year | 6.6 | 4.7 | 0 | 5.1 | 4.7 | 4.7 | 6.4 | 9.8 | 6.3 | 5.1 | 4.7 | [1] | 6.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total loss for the Year included equity in losses related to the write down of landholdings owned by the joint venture | ' | $3.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | The Total Loss for the Year includes equity in losses of $3.9 million related to the write down of landholdings owned by the joint venture. |
Uncompleted_Contracts_Details
Uncompleted Contracts (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Contractors [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | $135.80 | ' |
Estimated earnings | 26.6 | ' |
Subtotal | 162.4 | ' |
Less: billings to date | 156.3 | ' |
Total | 6.1 | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | 10.5 | 0 |
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | ($4.40) | $0 |
Property_Details
Property (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | $1,647.80 | $1,233.50 |
Accumulated depreciation | -374.1 | -394.8 |
Property - net | 1,273.70 | 838.7 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 560 | 553.5 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 572.7 | 254.8 |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 230.9 | 200.2 |
Asphalt plants | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 48 | 0 |
Water, power and sewer systems | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 138.8 | 134.9 |
Other property improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | 90.2 | 83 |
Vessel | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property - gross | $7.20 | $7.10 |
Notes_Payable_and_LongTerm_Deb2
Notes Payable and Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||
In Millions, unless otherwise specified | Revolving Credit loans, (2.53% for 2013 and 2.07% for 2012) | Revolving Credit loans, (2.53% for 2013 and 2.07% for 2012) | 6.90%, payable through 2020 | 6.90%, payable through 2020 | 5.55%, payable through 2026 | 5.55%, payable through 2026 | 5.53%, payable through 2024 | 5.53%, payable through 2024 | 5.56%, payable through 2026 | 5.56%, payable through 2026 | 3.90%, payable through 2024 | 3.90%, payable through 2024 | 4.35%, payable through 2026 | 4.35%, payable through 2026 | 6.20%, payable through 2013, secured by Deere Valley Center | 6.20%, payable through 2013, secured by Deere Valley Center | 6.38%, payable through 2017, secured by Midstate 99 Distribution Ctr. | 6.38%, payable through 2017, secured by Midstate 99 Distribution Ctr. | 5.50%, payable through 2014, secured by Little Cottonwood Center | 5.50%, payable through 2014, secured by Little Cottonwood Center | 5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | 5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | 5.39%, payable through 2015, secured by Waianae Mall | 5.39%, payable through 2015, secured by Waianae Mall | 5.89%, payable through 2016, secured by Pearl Highlands Center | 5.89%, payable through 2016, secured by Pearl Highlands Center | 2.08%, payable through 2021, secured by Kailua Town Center III (a) | 2.08%, payable through 2021, secured by Kailua Town Center III (a) | 2.84%, payable through 2016, secured by Kukui'ula Village (b) | 2.84%, payable through 2016, secured by Kukui'ula Village (b) | 2.80%, payable through 2016, secured by Kahala Estate Properties (c) | 2.80%, payable through 2016, secured by Kahala Estate Properties (c) | 3.05%, payable through 2014, secured by Maui Mall (d) | 3.05%, payable through 2014, secured by Maui Mall (d) | 3.31%, payable through 2018 | 3.31%, payable through 2018 | 2.00%, payable through 2018 | 2.00%, payable through 2018 | 2.65%, payable through 2016 | 2.65%, payable through 2016 | 5.00%, payable through 2014 | 5.00%, payable through 2014 | 5.19%, payable through 2019 | 5.19%, payable through 2019 | 1.17%, payable through 2021, secured by asphalt plant (e) | 1.17%, payable through 2021, secured by asphalt plant (e) | 1.85%, payable through 2017 | 1.85%, payable through 2017 | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||
2.08%, payable through 2021, secured by Kailua Town Center III (a) | 2.84%, payable through 2016, secured by Kukui'ula Village (b) | 2.80%, payable through 2016, secured by Kahala Estate Properties (c) | 3.05%, payable through 2014, secured by Maui Mall (d) | 1.17%, payable through 2021, secured by asphalt plant (e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable and long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total debt | $710.70 | $235.50 | $112.10 | $5 | $85 | $90 | $50 | $50 | $37.50 | $37.50 | $25 | $25 | $75 | $0 | $25 | $0 | $0 | $10.10 | $8.30 | $8.30 | $6.10 | $6.30 | $3.20 | $3.30 | $19.90 | $0 | $61.80 | $0 | $11.30 | [1] | $0 | [1] | $44 | [2] | $0 | [2] | $42 | [3] | $0 | [3] | $60 | [4] | $0 | [4] | $8 | $0 | $2.90 | $0 | $1.80 | $0 | $0.30 | $0 | $11.90 | $0 | $8.90 | [5] | $0 | [5] | $10.70 | $0 | ' | ' | ' | ' | ' |
Less debt (premium) discount | -1.8 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total debt (contractual) | 708.9 | 235.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Less current portion | -105.2 | -15.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Add debt premium (discount) | 1.8 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Long-term debt | $605.50 | $220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ||||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.66% | 2.63% | 3.00% | 1.00% | ||||||||||
Fixed rate on derivative (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.98% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Loan has a stated interest rate of LIBOR plus 2.66%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Loan has a stated interest rate of LIBOR plus 2.63%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Loan has a stated interest rate of LIBOR plus 3.00%. The loan was used as temporary financing for the acquisition of the Kailua Portfolio in December 2013. The loan was paid off with reverse 1031 proceeds from Maui Mall on January 6, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate |
Notes_Payable_and_LongTerm_Deb3
Notes Payable and Long-Term Debt - Long-term Debt Maturities (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 06, 2014 | Dec. 31, 2013 |
Mortgages | Subsequent Event | Revolving Credit Facility | ||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Maturity terms for long-term debts | '5 years | ' | ' | ' | ' | ' |
Debts mature in 2014 | $105.20 | ' | ' | ' | ' | ' |
Repayment of term loan | 380.3 | 257.2 | 145.9 | ' | 60 | ' |
Debts mature in 2015 | 45.1 | ' | ' | ' | ' | ' |
Debts mature in 2016 | 166.7 | ' | ' | 94 | ' | ' |
Debts mature in 2017 | 133.9 | ' | ' | ' | ' | 95 |
Debts mature in 2018 | 31.9 | ' | ' | ' | ' | ' |
Debts mature after 2018 | $226.10 | ' | ' | ' | ' | ' |
Notes_Payable_and_LongTerm_Deb4
Notes Payable and Long-Term Debt - Revolving Credit Facilities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Prudential facility | ' |
Line of Credit Facility [Line Items] | ' |
Revolving credit maximum borrowing capacity | $300,000,000 |
Line of credit term of facility | '3 years |
Total remaining capacity available for borrowing | 2,500,000 |
A and B Senior Credit Facility | Revolving Credit Facility | ' |
Line of Credit Facility [Line Items] | ' |
Revolving credit maximum borrowing capacity | 350,000,000 |
Line of credit term of facility | '5 years |
Uncommitted increase option | 100,000,000 |
Sub limit for the issuance of standby and commercial letters of credit | 100,000,000 |
Sub limit for swing line loans | 80,000,000 |
Outstanding letters of credit | 11,400,000 |
Total remaining capacity available for borrowing | 243,600,000 |
Line of credit facility outstanding amount | 95,000,000 |
Line of Credit | Revolving Credit Facility | ' |
Line of Credit Facility [Line Items] | ' |
Unused borrowing capacity | 246,100,000 |
Subsidiary, One | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility outstanding amount | 17,100,000 |
Subsidiary, One | Line of Credit | ' |
Line of Credit Facility [Line Items] | ' |
Face amount of debt | 40,000,000 |
Subsidiary, Two | ' |
Line of Credit Facility [Line Items] | ' |
Line of credit facility outstanding amount | 4,000,000 |
Subsidiary, Two | Line of Credit | ' |
Line of Credit Facility [Line Items] | ' |
Face amount of debt | $4,000,000 |
Notes_Payable_and_LongTerm_Deb5
Notes Payable and Long-Term Debt - Real Estate Secured Term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2013 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 31, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Dec. 31, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Sep. 17, 2013 | Jan. 22, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Sep. 24, 2013 | Nov. 05, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Sep. 17, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Kaneohe Ranch Portfolio | Kaneohe Ranch Portfolio | Kaneohe Ranch Portfolio | Bridge Loan | LIBOR | KDC LLC | KDC LLC | KDC LLC | KDC LLC | KDC LLC | A&B Properties, Inc | Parent Company | First Mortgage | First Mortgage | First Mortgage | Second Mortgage | Second Mortgage | First Hawaiian Bank | First Hawaiian Bank | First Hawaiian Bank | First Hawaiian Bank | Northwestern Mutual Life Insurance Company | Maximum | Real estate | Natural Materials and Construction | Agribusiness | Revolving Credit Facility | ||||
Mortgages | Mortgages | Kaneohe Ranch Portfolio | Bridge Loan | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Kukui'ula Village LLC | Pearl City | Waianae Mall | KDC LLC | KDC LLC | KDC LLC | KDC LLC | KDC LLC | Estates of Kahala, LLC | Estates of Kahala, LLC | Estates of Kahala, LLC | Estates of Kahala, LLC | A&B Properties, Inc | First Hawaiian Bank | A and B Senior Credit Facility | ||||||||
Kaneohe Ranch Portfolio | acre | Mortgages | Mortgages | Mortgages | sqft | sqft | Kukui'ula Village LLC | Kukui'ula Village LLC | LIBOR | Kukui'ula Village LLC | LIBOR | Parcel | Residential_Lot | Secured Debt | LIBOR | Pearl City | Estates of Kahala, LLC | |||||||||||||
Building | Mortgages | Mortgages | Kukui'ula Village LLC | Mortgages | Kukui'ula Village LLC | Secured Debt | Mortgages | Secured Debt | ||||||||||||||||||||||
acre | Mortgages | Mortgages | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | $372,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | 3 | 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.85% | ' | 2.00% | ' | ' | ' | 2.63% | ' | ' | ' | ' | ' | ' |
Net of debt assumed in business combination | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | 59,300,000 | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate on derivative (in percents) | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | ' | ' | ' | ' | ' | ' | ' |
Required principal payments, percentage of net sales proceeds from the sale of secured properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' |
Minimum cumulative principal payments after 18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maturity terms for long-term debts | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' |
Maximum cumulative principal payments after 18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,000,000 | ' | ' | ' | ' | ' | ' | ' |
One-year extension option on debt (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Maximum percentage of loan to value ratio required to be maintained (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' |
Percentage ownership member in property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000,000 | 44,000,000 | 51,200,000 | ' | ' | 34,600,000 | 41,800,000 | 9,400,000 | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of real estate property | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | 415,400 | 170,300 | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loan | 380,300,000 | 257,200,000 | 145,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required periodic payment of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt periodic principal payment frequency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,200,000 | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan interest rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | ' | ' | ' |
Monthly payment of principal and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Final balloon payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,200,000 | ' | ' | ' | ' | ' |
Percentage of outstanding principal balance Guarantor is reliable for upon default (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book values of assets being pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $330,600,000 | $41,200,000 | $0 | ' |
LeasesCompany_as_Lessee_Detail
Leases-Company as Lessee (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Expiration date of existing leasing arrangements | 31-Dec-43 | ' | ' |
Rental expense under operating leases | $4.50 | $3.50 | $3.40 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 4.7 | ' | ' |
2015 | 3 | ' | ' |
2016 | 2.7 | ' | ' |
2017 | 2.7 | ' | ' |
2018 | 2.5 | ' | ' |
Thereafter | 12.3 | ' | ' |
Total | $27.90 | ' | ' |
LeasesCompany_as_Lessor_Histor
Leases-Company as Lessor - Historical Cost and Accumulated Depreciation of Leases Property (Details) (Land and Building, Property Subject to Operating Lease, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Land and Building | Property Subject to Operating Lease | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' |
Leased property - real estate | $1,100 | $844.30 |
Less accumulated depreciation | -99.5 | -130.8 |
Property under operating leases - net | $1,000.50 | $713.50 |
LeasesCompany_as_Lessor_Schedu
Leases-Company as Lessor - Schedule of Rental Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Tenant reimbursements | $24.10 | $21.50 | $20.90 |
Minimum rentals | 80.5 | 74.3 | 74.3 |
Contingent rentals (based on sales volume) | 3 | 2.8 | 2 |
Total | $83.50 | $77.10 | $76.30 |
LeasesCompany_as_Lessor_Future
Leases-Company as Lessor - Future Minimum Payments Receivable (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $82.80 |
2015 | 75.1 |
2016 | 63.6 |
2017 | 53.9 |
2018 | 43.8 |
Thereafter | 329.6 |
Total | $648.80 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 02, 2013 | Dec. 31, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Non-qualified Plan Benefits | Non-qualified Plan Benefits | Non-qualified Plan Benefits | Other Post-retirement Benefits | Other Post-retirement Benefits | Other Post-retirement Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Cash Balance Defined Benefit Pension Plan | Non qualified and Post retirement Benefit Plans | Defined Contribution 401k Plan | Deferred Profit Sharing | Minimum | Maximum | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Officer | Non-Officer Employees | ||
Deferred Profit Sharing | Deferred Profit Sharing | Defined Contribution 401k Plan | Deferred Profit Sharing | Natural Materials and Construction | Natural Materials and Construction | |||||||||||||||||
Plan | Defined Contribution 401k Plan | Defined Contribution 401k Plan | ||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One year pension returns (losses) | 16.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Three year pension returns (losses) | 8.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Five year pension returns (losses) | 11.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term average return since plan inception (in percent) | 8.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension contributions | ' | ' | ' | ' | ' | ' | ' | $100,000 | $2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of interest credit rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'ten-year U.S. Treasury rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation | ' | ' | ' | ' | ' | ' | ' | 173,600,000 | 186,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated net prior service credit, net of tax, that will be recognized in net periodic pension cost in next fiscal year | ' | 400,000 | ' | ' | ' | ' | ' | -800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | ' | 100,000 | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of unrecognized gains and losses | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plans obligations | ' | 6,900,000 | ' | ' | -12,900,000 | -10,900,000 | ' | -22,000,000 | -47,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 3.50% | ' | ' | 4.90% | 4.10% | 4.90% | 4.90% | 4.10% | 4.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net periodic benefit cost | ' | 100,000 | 900,000 | 1,600,000 | -200,000 | 400,000 | 900,000 | 6,200,000 | 7,300,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount recognized in accumulated other comprehensive income for unrecognized loss, net of tax | ' | -1,800,000 | ' | ' | -1,100,000 | 1,400,000 | ' | -33,200,000 | -53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized prior service credit (net of taxes) | ' | 2,100,000 | ' | ' | 0 | 0 | ' | 3,900,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities related to non-qualified plan and post-retirement benefits | ' | ' | ' | ' | 900,000 | 800,000 | ' | 0 | 0 | ' | ' | -1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer matching contribution, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 1.00% | 5.00% | ' | ' | ' | ' | 0.00% | 10.00% |
Company's matching contribution expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 900,000 | ' | ' | ' | 700,000 | ' | ' | ' | ' |
Number of 401K plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Maximum annual contribution per employee (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' |
Overall combined limitations of 401k and profit sharing per employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' |
Maximum annual contribution, percent of income before income taxes (in percents) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans - Plan Asset Allocations (Details) (Pension Benefits) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 100.00% | ' |
Weighted-average asset allocations (in percent) | 100.00% | 100.00% |
Domestic equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 28.00% | ' |
Weighted-average asset allocations (in percent) | 50.00% | 29.00% |
International equity securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 15.00% | ' |
Weighted-average asset allocations (in percent) | 14.00% | 16.00% |
Debt securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 46.00% | ' |
Weighted-average asset allocations (in percent) | 18.00% | 44.00% |
Real estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 7.00% | ' |
Weighted-average asset allocations (in percent) | 5.00% | 5.00% |
Other and cash | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target allocations (in percent) | 4.00% | ' |
Weighted-average asset allocations (in percent) | 13.00% | 6.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Pension Plan Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | $153.40 | $142.30 | ||
Cash | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 5.2 | 12.7 | ||
U.S. large-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 24.4 | 47.6 | ||
U.S. mid- and small-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 20.4 | 23.6 | ||
International large-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 16.3 | 16 | ||
International mid-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 8.1 | 4.1 | ||
Exchange traded funds - U.S. Treasuries | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 16.3 | 0.8 | ||
Municipal bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 1.9 | ||
Investment grade U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 45 | 6.1 | ||
High-yield U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 6.4 | 4.1 | ||
Mortgage-backed securities and other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 12.5 | ||
Real estate partnership interests | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 7.5 | 7.8 | ||
Private equity partnership interests (a) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 0.3 | [1] | 0.7 | [1] |
Exchange traded fund - commodities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 2.5 | ' | ||
Managed Futures fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 3.5 | ||
Insurance contracts | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 1 | 0.9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 138.2 | 89.7 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 5.2 | 12.7 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. large-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 24.4 | 47.6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. mid- and small-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 20.4 | 23.6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | International large-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 16.3 | 5.8 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | International mid-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 8.1 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded funds - U.S. Treasuries | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 16.3 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investment grade U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 45 | ' | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange traded fund - commodities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 2.5 | ' | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 0 | 43.2 | ||
Significant Other Observable Inputs (Level 2) | International large-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 10.2 | ||
Significant Other Observable Inputs (Level 2) | International mid-cap | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 4.1 | ||
Significant Other Observable Inputs (Level 2) | Exchange traded funds - U.S. Treasuries | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 0.8 | ||
Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 1.9 | ||
Significant Other Observable Inputs (Level 2) | Investment grade U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 6.1 | ||
Significant Other Observable Inputs (Level 2) | High-yield U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 4.1 | ||
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities and other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 12.5 | ||
Significant Other Observable Inputs (Level 2) | Managed Futures fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | ' | 3.5 | ||
Significant Un-observable Inputs (Level 3) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 15.2 | 9.4 | ||
Significant Un-observable Inputs (Level 3) | High-yield U.S. corporate bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 6.4 | ' | ||
Significant Un-observable Inputs (Level 3) | Real estate partnership interests | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 7.5 | 7.8 | ||
Significant Un-observable Inputs (Level 3) | Private equity partnership interests (a) | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 0.3 | [1] | 0.7 | [1] |
Significant Un-observable Inputs (Level 3) | Insurance contracts | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | $1 | $0.90 | ||
[1] | This category represents private equity funds that invest principally in U.S. technology companies. |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of Pension Plan Investments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | ||||
In Millions, unless otherwise specified | Pension Benefits | Pension Benefits | Pension Benefits | Real estate partnership interests | Real estate partnership interests | Private Equity | Private Equity | Insurance | Insurance | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | Significant Un-observable Inputs (Level 3) | ||||||
Pension Benefits | Pension Benefits | Real estate partnership interests | Real estate partnership interests | Real estate partnership interests | Real estate partnership interests | Private Equity | Private Equity | Private Equity | Private Equity | Insurance | Insurance | Insurance | Insurance | Limited Partner [Member] | Limited Partner [Member] | ||||||||||||||||||
Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||
Change in plan assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fair value of plan assets at beginning of year | $153.40 | $142.30 | $153.40 | $142.30 | $130.80 | $7.50 | $7.80 | $0.30 | [1] | $0.70 | [1] | $1 | $0.90 | $15.20 | $9.40 | $9.40 | $8.90 | $7.50 | $7.80 | $7.80 | $7.40 | $0.30 | [1] | $0.70 | [1] | $0.70 | $0.80 | $1 | $0.90 | $0.90 | $0.70 | $0 | $0 |
Actual return on plan assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Assets held at the reporting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 0.7 | ' | ' | 1.1 | 0.7 | ' | ' | -0.2 | ' | ' | ' | 0.1 | ' | 0.3 | ' | ||||
Assets sold during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.6 | ' | ' | 0.3 | 0.3 | ' | ' | 0.1 | 0.3 | ' | ' | ' | ' | ' | ' | ||||
Purchases, sales and settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | -0.8 | ' | ' | -1.7 | -0.6 | ' | ' | -0.3 | -0.4 | ' | ' | ' | 0.2 | 6.1 | ' | ||||
Fair value of plan assets at end of year | $153.40 | $142.30 | $153.40 | $142.30 | $130.80 | $7.50 | $7.80 | $0.30 | [1] | $0.70 | [1] | $1 | $0.90 | $15.20 | $9.40 | $15.20 | $9.40 | $7.50 | $7.80 | $7.50 | $7.80 | $0.30 | [1] | $0.70 | [1] | $0.30 | $0.70 | $1 | $0.90 | $1 | $0.90 | $6.40 | $0 |
[1] | This category represents private equity funds that invest principally in U.S. technology companies. |
Employee_Benefit_Plans_Benefit
Employee Benefit Plans - Benefit Obligation, Plan Assets, and Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at end of year | ' | $189.70 | ' |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at end of year | 153.4 | 142.3 | ' |
Pension Benefits | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 189.7 | 173.6 | ' |
Service cost | 2.6 | 2.4 | 3.4 |
Interest cost | 7.6 | 8.2 | 9.3 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial (gain) loss | -13.2 | 15.4 | ' |
Benefits paid | -11.1 | -10 | ' |
Special or contractual termination benefits | 0 | 0.1 | ' |
Curtailment | -0.2 | 0 | ' |
Amendments | 0 | 0 | ' |
Benefit obligation at end of year | 175.4 | 189.7 | 173.6 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 142.3 | 130.8 | ' |
Actual return on plan assets | 22.1 | 18.9 | ' |
Employer contributions | 0.1 | 2.6 | ' |
Benefits paid | -11.1 | -10 | ' |
Fair value of plan assets at end of year | 153.4 | 142.3 | 130.8 |
Funded Status and Recognized Liability | -22 | -47.4 | ' |
Accumulated benefit obligation [Abstract] | ' | ' | ' |
Accumulated benefit obligation | 173.6 | 186.9 | ' |
Other Post-retirement Benefits | ' | ' | ' |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' |
Benefit obligation at beginning of year | 10.9 | 11.4 | ' |
Service cost | 0.1 | 0.1 | 0.2 |
Interest cost | 0.4 | 0.5 | 0.7 |
Plan participants' contributions | 0.9 | 1 | ' |
Actuarial (gain) loss | 3 | -0.3 | ' |
Benefits paid | -1.8 | -1.8 | ' |
Special or contractual termination benefits | 0 | 0 | ' |
Curtailment | -0.6 | ' | ' |
Amendments | 0 | 0 | ' |
Benefit obligation at end of year | 12.9 | 10.9 | 11.4 |
Change in Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 0 | 0 | ' |
Benefits paid | 0 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded Status and Recognized Liability | ($12.90) | ($10.90) | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets and Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amounts recognized on the consolidated balance sheets [Abstract] | ' | ' |
Non-current liabilities | ($37.30) | ($58.90) |
Pension Benefits | ' | ' |
Amounts recognized on the consolidated balance sheets [Abstract] | ' | ' |
Non-current assets | 3.3 | 1.4 |
Current liabilities | 0 | 0 |
Non-current liabilities | -25.3 | -48.8 |
Total | -22 | -47.4 |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ' | ' |
Net loss (gain) (net of taxes) | 33.2 | 53 |
Unrecognized prior service credit (net of taxes) | -3.9 | -4.4 |
Total | 29.3 | 48.6 |
Other Post-retirement Benefits | ' | ' |
Amounts recognized on the consolidated balance sheets [Abstract] | ' | ' |
Non-current assets | 0 | 0 |
Current liabilities | -0.9 | -0.8 |
Non-current liabilities | -12 | -10.1 |
Total | -12.9 | -10.9 |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ' | ' |
Net loss (gain) (net of taxes) | 1.1 | -1.4 |
Unrecognized prior service credit (net of taxes) | 0 | 0 |
Total | $1.10 | ($1.40) |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $167.70 | $181 |
Accumulated benefit obligation | 166 | 178.4 |
Fair value of plan assets | $142.40 | $132.20 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | $2.60 | $2.40 | $3.40 |
Interest cost | 7.6 | 8.2 | 9.3 |
Expected return on plan assets | -10.9 | -10.5 | -11.7 |
Amortization of net loss (gain) | 7.7 | 7.9 | 4.8 |
Amortization of prior service cost (credit) | -0.8 | -0.8 | 0.6 |
Curtailment gain | 0 | 0 | 0 |
Recognition of loss on special termination benefit | 0 | 0.1 | 0 |
Net periodic benefit cost | 6.2 | 7.3 | 6.4 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | ' | ' | ' |
Net loss (gain) | -24.7 | 7 | 21 |
Amortization of unrecognized (loss) gain | -7.7 | -7.9 | -3 |
Prior service credit | 0 | 0 | -6.7 |
Amortization of prior service cost (credit) | 0.8 | 0.8 | -0.3 |
Total recognized in other comprehensive income | -31.6 | -0.1 | 11 |
Total recognized in net periodic benefit cost and other comprehensive income | -25.4 | 7.2 | 17.4 |
Other Post-retirement Benefits | ' | ' | ' |
Components of Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0.1 | 0.1 | 0.2 |
Interest cost | 0.4 | 0.5 | 0.7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss (gain) | -0.2 | -0.2 | 0 |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Curtailment gain | -0.5 | 0 | 0 |
Recognition of loss on special termination benefit | ' | 0 | 0 |
Net periodic benefit cost | -0.2 | 0.4 | 0.9 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | ' | ' | ' |
Net loss (gain) | 3 | -0.4 | -0.8 |
Amortization of unrecognized (loss) gain | 0.2 | 0.3 | 0 |
Prior service credit | 0 | 0 | 0 |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Total recognized in other comprehensive income | 3.2 | -0.1 | -0.8 |
Total recognized in net periodic benefit cost and other comprehensive income | $3 | $0.30 | $0.10 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits | ' | ' | ' |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' |
Discount rate | 4.90% | 4.10% | 4.80% |
Expected return on plan assets | 8.00% | 8.25% | 8.25% |
Rate of compensation increase | 3.00% | 3.00% | 4.00% |
Other Post-retirement Benefits | ' | ' | ' |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' |
Discount rate | 4.90% | 4.10% | 4.90% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.00% | 3.00% | 4.00% |
Assumed health care cost trend rates [Abstract] | ' | ' | ' |
Initial health care cost trend rate | 7.50% | 8.00% | 9.00% |
Ultimate rate | 4.50% | 4.50% | 5.00% |
Year ultimate rate is reached | '2028 | '2020 | '2016 |
Employee_Benefit_Plans_Assumed
Employee Benefit Plans - Assumed Health Care Cost Trend Rates (Details) (Other Post-retirement Benefits, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Post-retirement Benefits | ' | ' | ' |
Effect of one-percentage point change in assumed health care cost trend rates [Abstract] | ' | ' | ' |
Effect of one percentage point increase on total of service and interest cost components | $0 | $0 | $0 |
Effect of one percentage point increase on post-retirement benefit obligation | 1.2 | 0.6 | 0.5 |
Effect of one percentage point decrease on total of service and interest cost components | 0 | 0 | 0 |
Effect of one percentage point decrease on post-retirement benefit obligation | ($1) | ($0.50) | ($0.50) |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Benefit Payments (Details) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $10.40 |
2015 | 10.6 |
2016 | 10.9 |
2017 | 11 |
2018 | 11.2 |
2019-2023 | 60.1 |
Non-qualified Plan Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 0.1 |
2015 | 0.7 |
2016 | 3.5 |
2017 | 0.1 |
2018 | 1 |
2019-2023 | 0.5 |
Other Post-retirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 0.8 |
2015 | 0.8 |
2016 | 0.8 |
2017 | 0.8 |
2018 | 0.7 |
2019-2023 | $2.50 |
Employee_Benefit_Plans_Multiem
Employee Benefit Plans - Multiemployer Plan (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Multiemployer Plans [Line Items] | ' |
Contribution by Entity | $1.10 |
Operating Engineers | ' |
Multiemployer Plans [Line Items] | ' |
Pension Protection Act Zone Status | 'Red |
Contribution by Entity | 1 |
Surcharge Imposed | 'No |
Laborers National | ' |
Multiemployer Plans [Line Items] | ' |
Pension Protection Act Zone Status | 'Red |
Contribution by Entity | 0 |
Surcharge Imposed | 'No |
Hawaii Laborers | ' |
Multiemployer Plans [Line Items] | ' |
Pension Protection Act Zone Status | 'Green |
Contribution by Entity | 0.1 |
Surcharge Imposed | 'No |
Hawaii Laborers | ' |
Multiemployer Plans [Line Items] | ' |
Pension Protection Act Zone Status | 'Green |
Contribution by Entity | $0 |
Surcharge Imposed | 'No |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Scenario, Adjustment | |||
Net tax benefit from share-based transactions | $1.60 | $4.30 | ' |
Reclassified to other non-current liabilities | 188.7 | 152.9 | -7.6 |
Reclassification from deferred income taxes, noncurrent | 60.7 | 21.5 | 7.6 |
Unrecognized tax benefit, liability due to tax sharing agreement | $0 | ' | ' |
Income_Taxes_Income_Tax_from_C
Income Taxes - Income Tax from Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $17.10 | $4.30 | $8 |
State | 2.1 | 0.8 | 2.1 |
Current | 19.2 | 5.1 | 10.1 |
Deferred: | ' | ' | ' |
Federal | -8 | -10.5 | -6.3 |
State | -2.7 | -2.2 | -2.8 |
Deferred | -10.7 | -12.7 | -9.1 |
Total continuing operations tax expense (benefit) | $8.50 | ($7.60) | $1 |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Computed federal income tax expense | $8.30 | $0 | $0.40 |
State income taxes | 1 | -0.3 | -0.6 |
Non-deductible transaction costs | 1.6 | 1.7 | 0.8 |
Charitable contribution | -0.2 | -3.5 | 0 |
Solar tax credits | 0 | -2.9 | 0 |
Other—net | -2.2 | -2.6 | 0.4 |
Total continuing operations tax expense (benefit) | $8.50 | ($7.60) | $1 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Benefit plans | $23.60 | $32.20 |
Capitalized costs | 24.1 | 17.8 |
Charitable contribution | 1.5 | 4 |
Basis differences for property and equipment | 0 | 3.6 |
Joint ventures and other investments | 15 | 5.5 |
Impairment and amortization | 0.5 | 4.1 |
Insurance and other reserves | 6.7 | 5.4 |
Solar credit | 3.5 | 2.9 |
Other | 5.4 | 0.8 |
Total deferred tax assets | 80.3 | 76.3 |
Deferred tax liabilities: | ' | ' |
Tax-deferred gains on real estate transactions | 225.4 | 211.4 |
Basis differences for property and equipment | 23.4 | 0 |
Straight-line rental income and advanced rent | 7.2 | 8.1 |
Other | 5.2 | 1.9 |
Total deferred tax liabilities | 261.2 | 221.4 |
Net deferred tax liability | $180.90 | $145.10 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Balance, beginning period | $0 | $2.50 | $2.50 |
Additions for tax positions of prior years | 0 | ' | 0 |
Additions for tax positions of current year | 0 | ' | 0 |
Reductions for tax positions of prior years | 0 | -2.5 | 0 |
Reductions for lapse of statute of limitations | 0 | ' | 0 |
Balance, ending period | $0 | $0 | $2.50 |
ShareBased_Awards_Details
Share-Based Awards (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 |
Program | |||
2012 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares reserved for issuance (in shares) | ' | ' | 4.3 |
Stock available for future issuance (in shares) | 1.5 | ' | ' |
Number of shares granted during period | ' | 2.7 | ' |
Number of separate incentive compensation programs | 4 | ' | ' |
Number of programs that generally award share based compensation | 3 | ' | ' |
Minimum percentage of fair market value allowed for exercise price of stock options granted | 100.00% | ' | ' |
Vesting period | '3 years | ' | ' |
Maximum contractual term of awards granted | '10 years | ' | ' |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '2 years | ' | ' |
Performance Shares | 2012 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '2 years | ' | ' |
Number of measurement periods of total shareholder return | '2 years | ' | ' |
Restricted Stock Units (RSUs) | 2012 Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Weighed average fair value of restricted stock and performance share units | 34.12 | 20.23 | ' |
ShareBased_Awards_Stock_Option
Share-Based Awards - Stock Option Activity (Details) (2012 Plan, USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
2012 Plan | ' |
2012 Incentive Compensation Plan [Roll Forward] | ' |
Outstanding, January 1, 2013 (in shares) | 1,722,700 |
Exercised (in shares) | -377,100 |
Forfeitures and expired (in shares) | -8,300 |
Outstanding, December 31, 2013 (in shares) | 1,337,300 |
Vested or expected to vest (in shares) | 1,323,900 |
Exercisable (in shares) | 1,148,600 |
Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding, January 1, 2013 (in dollars per share) | $19.41 |
Exercised (in dollars per share) | $20.09 |
Forfeited and expired (in dollars per share) | $21.21 |
Outstanding, December 31, 2013 (in dollars per share) | $19.21 |
Vested or expected to vest (in dollars per share) | $19.21 |
Exercisable (in dollars per share) | $18.87 |
Weighted Average Contractual Life [Abstract] | ' |
Weighted average contractual life, December 31, 2013 | '5 years 3 months 12 days |
Vested or expected to vest weighted average contractual life (in years) | '5 years 3 months 12 days |
Weighted average contractual life, exercisable (in years) | '4 years 10 months 12 days |
Aggregate Intrinsic Value [Abstract] | ' |
Aggregate intrinsic value, December 31, 2013 | $29,841 |
Vested and expected to vest aggregate intrinsic value | 29,542 |
Aggregate intrinsic value, exercisable | $26,012 |
ShareBased_Awards_Nonvested_Re
Share-Based Awards - Nonvested Restricted Stock Unit Activity (Details) (2012 Plan, Restricted Stock Units (RSUs), USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
2012 Plan | Restricted Stock Units (RSUs) | ' | ' |
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) | -52,300 | ' |
Outstanding, December 31, 2013 (in shares) | 242,300 | 330,000 |
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 | $20.23 |
Vested (in dollars per share) | $18.57 | ' |
Canceled (in dollars per share) | $22.96 | ' |
Outstanding, December 31, 2013 (in dollars per share) | $27.92 | $20.43 |
ShareBased_Awards_Summary_of_C
Share-Based Awards - Summary of Compensation Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based expense | $4.20 | $5.40 | $4.80 |
Total recognized tax benefit | -1.3 | -1.8 | -1.2 |
Share-based expense (net of tax) | 2.9 | 3.6 | 3.6 |
Cash received upon option exercise | 7.6 | 20.9 | 6.1 |
Intrinsic value of options exercised | 6.7 | 13.4 | 3.5 |
Tax benefit realized upon option exercise | 2.5 | 2.3 | 1.3 |
Fair value of stock vested | 5.2 | 4.2 | 5.5 |
Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based expense | 0.7 | 1.1 | 1.2 |
Incremental non cash share based compensation expense | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based expense | 0.5 | 1.2 | 0 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based expense | $3 | $3.10 | $3.60 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2010 | Jun. 30, 2010 | Jun. 25, 2004 | 31-May-10 | Sep. 25, 2008 | 24-May-01 | Mar. 31, 2011 | Jun. 30, 2011 | |||
Standby letters of credit | Performance and customs bonds | Performance Bond | Indemnification Agreement | Indemnification Agreement | Long Term Water Lease Request | 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 | Petitions Filed Requesting IIFS In West Maui Streams | 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 | ||||
License | Organization | Petition | Organization | Petition | Petition | Stream | Boiler | Farm | |||||||||||
acre | Stream | ||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Commitments and financial arrangements | ' | $11,400,000 | [1] | $404,100,000 | [2] | $380,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ||
[1] | Consists of standby letters of credit, issued by the Company’s lenders under the Company’s revolving credit facilities, and relate primarily to the Company’s real estate activities. In the event the letters of credit are drawn upon, the Company would be obligated to reimburse the issuer of the letter of credit. None of the letters of credit has been drawn upon to date, and the Company believes it is unlikely that any of these letters of credit will be drawn upon. | ||||||||||||||||||
[2] | Represents bonds related to construction and real estate activities in Hawaii. Approximately $380.5 million is related to construction bonds issued by third party sureties (bid, performance, and payment bonds) and the remainder is related to commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds has been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ' | ' |
Gross notional amount related to interest rate swaps | $21,600,000 | ' |
Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of interest rate derivative | 2,800,000 | 0 |
Other Interest Income | ' | ' |
Derivative [Line Items] | ' | ' |
Change in fair value of interest swaps recognized in earnings | $200,000 | $0 |
Segment_Results_Details
Segment Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 |
Segment | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Customer Concentration Risk | Customer Concentration Risk | Customer Concentration Risk | Natural Materials and Construction | |||||||||||
Agribusiness | Agribusiness | Agribusiness | Grace Pacific Corporation | |||||||||||||||||||||||
C&H Sugar Company, Inc | C&H Sugar Company, Inc | C&H Sugar Company, Inc | Segment | |||||||||||||||||||||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Revenue | $204.80 | $64.90 | $62.70 | $32.80 | $82.10 | $83.90 | $63.30 | $32.20 | $365.20 | $261.50 | $235.10 | $52 | $35.90 | $43.50 | $14.70 | $60.90 | $67.90 | $39.90 | $13.60 | $146.10 | $182.30 | $157.50 | $87.60 | $117.50 | $93.20 | ' |
Segment_Results_Operating_Segm
Segment Results - Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
acre | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Less amounts reported in discontinued operations | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Natural Materials and Construction | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Agribusiness | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Significant Reconciling Items | Other | Other | Other | Kukui'ula Village LLC | Kukui'ula Village LLC | Bakersfield (CA) joint venture | Bakersfield (CA) joint venture | Bakersfield and Santa Barbara Real Estate Projects | Bakersfield and Santa Barbara Real Estate Projects | Waiawa joint venture | Waiawa joint venture | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Development and Sales | Real Estate Development and Sales | Real Estate Development and Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) related to joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | $4.30 | ($4.40) | ($1.80) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.20 | ($8.30) | ($7.90) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 204.8 | 64.9 | 62.7 | 32.8 | 82.1 | 83.9 | 63.3 | 32.2 | 365.2 | 261.5 | 235.1 | 30.4 | 27.5 | 26.2 | 26.3 | 24.7 | 24.9 | 25.5 | 25.5 | 110.4 | 100.6 | 99.7 | 358.8 | 47.4 | 1.4 | 15.4 | 5.4 | 8.4 | 7 | 11.4 | 423 | 32.2 | 59.8 | 291.3 | 45.9 | 8.4 | 23.6 | 8.9 | [1] | 9 | [1] | 9.1 | [1] | 18.3 | [1] | 369.2 | [1] | 45.3 | [1] | 81.9 | [1] | 54.9 | 0 | 0 | 0 | ' | ' | ' | ' | 54.9 | 0 | 0 | 52 | 35.9 | 43.5 | 14.7 | 60.9 | 67.9 | 39.9 | 13.6 | 146.1 | 182.3 | 157.5 | 0 | 0 | 0 | 0 | 0 | [2] | -8.3 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | -8.3 | [2] | 0 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||
Operating profit | 35.2 | 6.2 | 14.4 | 8.9 | 8.5 | 18.4 | 3.3 | 6.7 | 64.7 | 36.9 | 38.2 | 10.7 | [1] | 11.2 | [1] | 10.6 | [1] | 10.9 | [1] | 10.2 | [1] | 10.2 | [1] | 10.5 | [1] | 10.7 | [1] | 43.4 | 41.6 | 39.3 | 38.1 | [1],[3] | 4.6 | [1],[3] | -0.7 | [1],[3] | 2.4 | [1],[3] | 1.3 | [1],[3] | 3.3 | [1],[3] | -9.9 | [1],[3] | 0.9 | [1],[3] | 44.4 | [4] | -4.4 | [4] | 15.5 | [4] | 12.9 | [1] | 11.8 | [1] | 3.8 | [1] | 8.2 | [1] | 4.2 | [1] | 4.2 | [1] | 4.3 | [1] | 8.4 | [1] | 36.7 | [1] | 21.1 | [1] | 38.8 | [1] | 2.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9 | [5] | 0 | [5] | 0 | [5] | -3.6 | 2.2 | 8.3 | 3.8 | 1.2 | 9.1 | 7 | 3.5 | 10.7 | 20.8 | 22.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Interest Expense | -7.4 | -4.2 | -3.9 | -3.6 | -3.2 | -3.6 | -4 | -4.1 | -19.1 | -14.9 | -17.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
General corporate expenses | -5.9 | -3.4 | -3.7 | -4.4 | -3.4 | -3 | -4 | -4.7 | -17.4 | -15.1 | -19.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | -0.1 | -2 | -1.5 | -1 | ' | ' | ' | ' | -4.6 | -6.8 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Separation cost | ' | ' | ' | ' | 0 | -0.7 | -4.4 | -1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | 21.8 | -3.4 | 5.3 | -0.1 | 1.9 | 11.1 | -9.1 | -3.8 | 23.6 | 0.1 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (benefit) | 6.6 | -0.6 | 2.6 | -0.1 | -4.3 | 0.3 | -2.1 | -1.5 | 8.5 | -7.6 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Income From Continuing Operations | 15.2 | -2.8 | 2.7 | 0 | 6.2 | 10.8 | -7 | -2.3 | 15.1 | 7.7 | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations, net of tax | 7.8 | 7.2 | 2.3 | 5 | 2.5 | 2.6 | 2.6 | 5.1 | 22.3 | 12.8 | 23.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income | 23 | 4.4 | 5 | 5 | 8.7 | 13.4 | -4.4 | 2.8 | 37.4 | 20.5 | 23.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Income Attributable to Noncontrolling Interest | -0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0.5 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to A&B | 22.5 | 4.4 | 5 | 5 | 8.7 | 13.4 | -4.4 | 2.8 | 36.9 | 20.5 | 23.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic | $0.46 | $0.10 | $0.11 | $0.12 | $0.20 | $0.31 | ($0.10) | $0.07 | $0.83 | $0.48 | $0.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Diluted | $0.46 | $0.10 | $0.11 | $0.12 | $0.20 | $0.31 | ($0.10) | $0.07 | $0.82 | $0.48 | $0.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Basic | 48.6 | 43.1 | 43.1 | 43 | 42.9 | 42.6 | 42.4 | 42.4 | 44.4 | 42.6 | 42.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Diluted | 49.2 | 43.8 | 43.7 | 43.6 | 43.5 | 43.3 | 42.4 | 42.4 | 45.1 | 42.9 | 42.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | 2,285.20 | ' | ' | ' | 1,437.30 | ' | ' | ' | 2,285.20 | 1,437.30 | 1,386.60 | 1,113.40 | ' | ' | ' | 771.3 | ' | ' | ' | 1,113.40 | 771.3 | 772 | 640.9 | [6] | ' | ' | ' | 504.8 | [6] | ' | ' | ' | 640.9 | [6] | 504.8 | [6] | 451.5 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 358.7 | ' | ' | ' | 0 | ' | ' | ' | 358.7 | 0 | 0 | 160 | ' | ' | ' | 149.9 | ' | ' | ' | 160 | 149.9 | 157.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.2 | 11.3 | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 505.3 | 54.8 | 59.3 | ' | ' | ' | ' | ' | ' | ' | ' | 488.5 | [7] | 23.1 | [7] | 43.6 | [7] | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | [8] | 0 | [8] | 5.2 | [8] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 11.8 | [9] | 31.7 | [9] | 10.5 | [9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 41.7 | 35.1 | 34.8 | ' | ' | ' | ' | ' | ' | ' | ' | 24.3 | [1] | 22 | [1] | 21.6 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.2 | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 11.7 | 11.6 | 11.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 1.3 | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||
Investment in various real estate joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335 | ' | ' | ' | 319.7 | ' | ' | ' | 335 | 319.7 | 290.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Expenditures for real estate inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.6 | 37.2 | 13.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Investment in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.2 | 17.4 | 27.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Capital before tax credits related to Port Allen solar project | ' | ' | ' | ' | 21.8 | ' | ' | ' | ' | 21.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Area of agricultural parcel sold | ' | ' | ' | ' | ' | 286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment of real estate assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5.1 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | 9.8 | ' | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Impairment and equity losses | ' | ' | ' | ' | ' | ' | ' | ' | $6.60 | $4.70 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.30 | ' | $4.70 | $4.70 | $9.80 | ' | $6.40 | ' | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | Amounts recast to reflect discontinued operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents the sale of a 286-acre parcel in 2012 classified as "Gain on sale of agricultural parcel" in the consolidated statements of income, but reflected as revenue for segment reporting purposes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Real Estate Development and Sales segment operating profit includes non-cash impairment loss on consolidation of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula and non-cash impairment and equity losses of $9.8 million in the second quarter of 2012 related to the Company’s Bakersfield and Santa Barbara real estate projects. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Real Estate Development and Sales segment includes approximately $4.2 million, $(8.3) million, and ($7.9) million in equity in (loss) earnings from its various real estate joint ventures for 2013, 2012, and 2011, respectively. Included in operating profit are non-cash impairment and equity losses of $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, $9.8 million (Bakersfield joint venture and Santa Barbara real estate project) in 2012 and $6.4 million (Waiawa real estate joint venture) in 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Includes the results of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Real Estate Development and Sales segment includes approximately $335.0 million, $319.7 million, and $290.1 million related to its investment in various real estate joint ventures as of December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Represents gross capital additions to the leasing portfolio, including gross tax-deferred property purchases, but excluding the assumption of debt, that are reflected as non-cash transactions in the Consolidated Statements of Cash Flows. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | Excludes expenditures for real estate developments held for sale which are classified as Cash Flows from Operating Activities within the Consolidated Statements of Cash Flows and excludes investment in joint ventures classified as Cash Flows from Investing Activities. Operating cash flows for expenditures related to real estate developments were $150.6 million, $37.2 million, and $13.8 million for 2013, 2012, and 2011, respectively. Investments in joint ventures were $22.2 million, $17.4 million, and $27.9 million in 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Includes $21.8 million of capital in 2012 related to the Company’s Port Allen solar project before tax credits. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation Schedule III-Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | $154.60 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 532.6 | ' | ' | |
Buildings and Improvements | 513 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 102 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 532.6 | ' | ' | |
Buildings and improvements | 615 | ' | ' | |
Total | 1,147.60 | ' | ' | |
Accumulated depreciation | -116.9 | [2] | ' | ' |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 1,022 | 998.5 | 964.1 | |
Additions and improvements | 758.5 | 63.2 | 70.7 | |
Impairments | 0 | -5.1 | 0 | |
Dispositions, retirements and other adjustments | -378.4 | -34.6 | -36.3 | |
Balance at end of year | 1,402.10 | 1,022 | 998.5 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | ' | |
Balance at beginning of year | 133.8 | 115.9 | 107.2 | |
Depreciation expense | 19.5 | 18.3 | 17.9 | |
Disposition, retirements and other adjustments | -36.4 | -0.4 | -9.2 | |
Balance at end of year | 116.9 | 133.8 | 115.9 | |
Building and Improvements | Maximum | ' | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Useful lives | ' | '40 years | ' | |
Building and Improvements | Minimum | ' | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Useful lives | ' | '10 years | ' | |
Leasehold Improvements | Maximum | ' | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Useful lives | ' | '10 years | ' | |
Leasehold Improvements | Minimum | ' | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Useful lives | ' | '5 years | ' | |
Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 42 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 151 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 103.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 151 | ' | ' | |
Buildings and improvements | 103.5 | ' | ' | |
Total | 254.5 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Kailua Industrial/Other (HI) | Industrial | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 10.5 | ' | ' | |
Buildings and Improvements | 2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 10.5 | ' | ' | |
Buildings and improvements | 2 | ' | ' | |
Total | 12.5 | ' | ' | |
Accumulated depreciation | 0 | [2] | ' | ' |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Komohana Industrial Park (HI) | Industrial | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 25.2 | ' | ' | |
Buildings and Improvements | 10.8 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 25.2 | ' | ' | |
Buildings and improvements | 11.2 | ' | ' | |
Total | 36.4 | ' | ' | |
Accumulated depreciation | -1.1 | [2] | ' | ' |
First year of construction | '1990 | ' | ' | |
Year Acquired/Completed, First Date | '2010 | ' | ' | |
P&L Warehouse (HI) | Industrial | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 1 | ' | ' | |
Total | 1 | ' | ' | |
Accumulated depreciation | -0.6 | [2] | ' | ' |
First year of construction | '1970 | ' | ' | |
Port Allen (HI) | Industrial | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.9 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.6 | ' | ' | |
Total | 2.6 | ' | ' | |
Accumulated depreciation | -1.7 | [2] | ' | ' |
First year of construction | '1985 | ' | ' | |
Second year of construction | '1993 | ' | ' | |
Waipio Industrial (HI) | Industrial | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 19.6 | ' | ' | |
Buildings and Improvements | 7.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.2 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 19.6 | ' | ' | |
Buildings and improvements | 7.9 | ' | ' | |
Total | 27.5 | ' | ' | |
Accumulated depreciation | -1.1 | [2] | ' | ' |
First year of construction | '1988 | ' | ' | |
Second year of construction | '1989 | ' | ' | |
Year Acquired/Completed, First Date | '2009 | ' | ' | |
Midstate 99 Distribution Ctr. (CA) | Industrial | CALIFORNIA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 11.5 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and Improvements | 29.6 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and improvements | 30.7 | ' | ' | |
Total | 33.4 | ' | ' | |
Accumulated depreciation | -4.3 | [2] | ' | ' |
First year of construction | '2002 | ' | ' | |
Second year of construction | '2008 | ' | ' | |
Year Acquired/Completed, First Date | '2008 | ' | ' | |
Sparks Business Center (NV) | Industrial | NEVADA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.2 | ' | ' | |
Buildings and Improvements | 17.2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.2 | ' | ' | |
Buildings and improvements | 20.2 | ' | ' | |
Total | 23.4 | ' | ' | |
Accumulated depreciation | -6.6 | [2] | ' | ' |
First year of construction | '1996 | ' | ' | |
Second year of construction | '1998 | ' | ' | |
Year Acquired/Completed, First Date | '2002 | ' | ' | |
Mililani South (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 7 | ' | ' | |
Buildings and Improvements | 3.5 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 7 | ' | ' | |
Buildings and improvements | 3.6 | ' | ' | |
Total | 10.6 | ' | ' | |
Accumulated depreciation | -0.2 | [2] | ' | ' |
First year of construction | '1992 | ' | ' | |
Second year of construction | '2006 | ' | ' | |
Year Acquired/Completed, First Date | '2012 | ' | ' | |
Judd Building (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 1 | ' | ' | |
Buildings and Improvements | 2.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.8 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1 | ' | ' | |
Buildings and improvements | 2.9 | ' | ' | |
Total | 3.9 | ' | ' | |
Accumulated depreciation | -1.2 | [2] | ' | ' |
First year of construction | '1898 | ' | ' | |
Second year of construction | '1979 | ' | ' | |
Year Acquired/Completed, First Date | '2000 | ' | ' | |
Kahului Office Building (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 1 | ' | ' | |
Buildings and Improvements | 0.4 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 5.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1 | ' | ' | |
Buildings and improvements | 5.7 | ' | ' | |
Total | 6.7 | ' | ' | |
Accumulated depreciation | -6.3 | [2] | ' | ' |
First year of construction | '1974 | ' | ' | |
Kahului Office Center (HI) | Office : | HAWAII | ' | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 5.3 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 5.3 | ' | ' | |
Total | 5.3 | ' | ' | |
Accumulated depreciation | -3.2 | [2] | ' | ' |
First year of construction | '1991 | ' | ' | |
Lono Center (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 1.4 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.8 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.2 | ' | ' | |
Total | 2.2 | ' | ' | |
Accumulated depreciation | -1.2 | [2] | ' | ' |
First year of construction | '1973 | ' | ' | |
Year Acquired/Completed, First Date | '1991 | ' | ' | |
Maui Clinic Building (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 0.5 | ' | ' | |
Total | 0.5 | ' | ' | |
Accumulated depreciation | -0.1 | [2] | ' | ' |
First year of construction | '1958 | ' | ' | |
Year Acquired/Completed, First Date | '2008 | ' | ' | |
Stangenwald Building (HI) | Office : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 1.8 | ' | ' | |
Buildings and Improvements | 1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1.8 | ' | ' | |
Buildings and improvements | 2.1 | ' | ' | |
Total | 3.9 | ' | ' | |
Accumulated depreciation | -0.6 | [2] | ' | ' |
First year of construction | '1901 | ' | ' | |
Second year of construction | '1980 | ' | ' | |
Year Acquired/Completed, First Date | '1996 | ' | ' | |
Concorde Commerce Center (AZ) | Office : | ARIZONA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.9 | ' | ' | |
Buildings and Improvements | 20.9 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 5.8 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.9 | ' | ' | |
Buildings and improvements | 26.7 | ' | ' | |
Total | 30.6 | ' | ' | |
Accumulated depreciation | -4.2 | [2] | ' | ' |
First year of construction | '1998 | ' | ' | |
Year Acquired/Completed, First Date | '2006 | ' | ' | |
Deer Valley Financial Center (AZ) | Office : | ARIZONA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.4 | ' | ' | |
Buildings and Improvements | 19.2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 2.7 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.4 | ' | ' | |
Buildings and improvements | 21.9 | ' | ' | |
Total | 25.3 | ' | ' | |
Accumulated depreciation | -5.3 | [2] | ' | ' |
First year of construction | '2001 | ' | ' | |
Year Acquired/Completed, First Date | '2005 | ' | ' | |
2890 Gateway Oaks (CA) | Office : | CALIFORNIA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 1.7 | ' | ' | |
Buildings and Improvements | 10.8 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1.7 | ' | ' | |
Buildings and improvements | 11.8 | ' | ' | |
Total | 13.5 | ' | ' | |
Accumulated depreciation | -2.5 | [2] | ' | ' |
First year of construction | '1999 | ' | ' | |
Year Acquired/Completed, First Date | '2006 | ' | ' | |
Ninigret Office X and XI (UT) | Office : | TEXAS | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.1 | ' | ' | |
Buildings and Improvements | 17.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.1 | ' | ' | |
Buildings and improvements | 20.7 | ' | ' | |
Total | 23.8 | ' | ' | |
Accumulated depreciation | -5.3 | [2] | ' | ' |
First year of construction | '1999 | ' | ' | |
Second year of construction | '2002 | ' | ' | |
Year Acquired/Completed, First Date | '2006 | ' | ' | |
1800/ 1820 Preston Park (TX) | Office : | TEXAS | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 4.5 | ' | ' | |
Buildings and Improvements | 19.9 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 4.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 4.5 | ' | ' | |
Buildings and improvements | 24.3 | ' | ' | |
Total | 28.8 | ' | ' | |
Accumulated depreciation | -5.1 | [2] | ' | ' |
First year of construction | '1997 | ' | ' | |
Second year of construction | '1998 | ' | ' | |
Year Acquired/Completed, First Date | '2006 | ' | ' | |
2868 Prospect Park (CA) | Office : | CALIFORNIA | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 2.9 | ' | ' | |
Buildings and Improvements | 18.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 8.1 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.9 | ' | ' | |
Buildings and improvements | 26.2 | ' | ' | |
Total | 29.1 | ' | ' | |
Accumulated depreciation | -11.6 | [2] | ' | ' |
First year of construction | '1998 | ' | ' | |
Year Acquired/Completed, First Date | '1998 | ' | ' | |
San Pedro Plaza (TX) | Office : | TEXAS | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and Improvements | 11.9 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 7.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and improvements | 19.2 | ' | ' | |
Total | 23.8 | ' | ' | |
Accumulated depreciation | -9 | [2] | ' | ' |
First year of construction | '1985 | ' | ' | |
Year Acquired/Completed, First Date | ' | '1998 | ' | |
Year Acquired/Completed Second Date | '2000 | ' | ' | |
Union Bank (WA) | Office : | WASHINGTON | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.4 | ' | ' | |
Buildings and Improvements | 10.5 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.4 | ' | ' | |
Buildings and improvements | 10.9 | ' | ' | |
Total | 14.3 | ' | ' | |
Accumulated depreciation | -0.9 | [2] | ' | ' |
First year of construction | '1993 | ' | ' | |
Second year of construction | '2008 | ' | ' | |
Year Acquired/Completed, First Date | '2011 | ' | ' | |
Gateway at Mililani Mauka (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 5 | ' | ' | |
Buildings and Improvements | 4.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.2 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 5 | ' | ' | |
Buildings and improvements | 4.9 | ' | ' | |
Total | 9.9 | ' | ' | |
Accumulated depreciation | -0.3 | [2] | ' | ' |
First year of construction | '2006 | ' | ' | |
Second year of construction | '2013 | ' | ' | |
Year Acquired/Completed, First Date | '2011 | ' | ' | |
Kahului Shopping Center (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 2.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.4 | ' | ' | |
Total | 2.4 | ' | ' | |
Accumulated depreciation | -1.4 | [2] | ' | ' |
First year of construction | '1951 | ' | ' | |
Kailua Grocery Anchored (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 11.3 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 54.4 | ' | ' | |
Buildings and Improvements | 49.3 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 54.4 | ' | ' | |
Buildings and improvements | 49.3 | ' | ' | |
Total | 103.7 | ' | ' | |
Accumulated depreciation | -0.1 | [2] | ' | ' |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Kailua Retail Other (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 29.6 | ' | ' | |
Buildings and Improvements | 26.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 29.6 | ' | ' | |
Buildings and improvements | 26.7 | ' | ' | |
Total | 56.3 | ' | ' | |
Accumulated depreciation | 0 | [2] | ' | ' |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Kaneohe Bay Shopping Ctr. (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 13.4 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.8 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 15.2 | ' | ' | |
Total | 15.2 | ' | ' | |
Accumulated depreciation | -4.6 | [2] | ' | ' |
First year of construction | '1971 | ' | ' | |
Year Acquired/Completed, First Date | '2001 | ' | ' | |
Kunia Shopping Center (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and Improvements | 10.6 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and improvements | 11.9 | ' | ' | |
Total | 14.6 | ' | ' | |
Accumulated depreciation | -3 | [2] | ' | ' |
First year of construction | '2004 | ' | ' | |
Year Acquired/Completed, First Date | '2002 | ' | ' | |
Lahaina Square (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and Improvements | 3.7 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and improvements | 4 | ' | ' | |
Total | 8.6 | ' | ' | |
Accumulated depreciation | -0.3 | [2] | ' | ' |
First year of construction | '1973 | ' | ' | |
Year Acquired/Completed, First Date | '2010 | ' | ' | |
Lanihau Marketplace (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 9.4 | ' | ' | |
Buildings and Improvements | 13.2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 9.4 | ' | ' | |
Buildings and improvements | 13.6 | ' | ' | |
Total | 23 | ' | ' | |
Accumulated depreciation | -1.3 | [2] | ' | ' |
First year of construction | '1987 | ' | ' | |
Year Acquired/Completed, First Date | '2010 | ' | ' | |
Maui Mall (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0.1 | ' | ' | |
Buildings and Improvements | 9.2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 16.6 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0.1 | ' | ' | |
Buildings and improvements | 25.8 | ' | ' | |
Total | 25.9 | ' | ' | |
Accumulated depreciation | -15.4 | [2] | ' | ' |
First year of construction | '1971 | ' | ' | |
Napili Plaza (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 9.4 | ' | ' | |
Buildings and Improvements | 8 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 9.4 | ' | ' | |
Buildings and improvements | 8 | ' | ' | |
Total | 17.4 | ' | ' | |
Accumulated depreciation | -0.2 | [2] | ' | ' |
First year of construction | '1991 | ' | ' | |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Pearl Highlands Center (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 61.8 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 43.4 | ' | ' | |
Buildings and Improvements | 96.2 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 43.4 | ' | ' | |
Buildings and improvements | 96.2 | ' | ' | |
Total | 139.6 | ' | ' | |
Accumulated depreciation | -0.9 | [2] | ' | ' |
First year of construction | '1993 | ' | ' | |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Port Allen Marina Ctr. (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 3.4 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 4.4 | ' | ' | |
Total | 4.4 | ' | ' | |
Accumulated depreciation | -1.7 | [2] | ' | ' |
First year of construction | '2002 | ' | ' | |
Waipio Shopping Center (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 24 | ' | ' | |
Buildings and Improvements | 7.6 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.3 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 24 | ' | ' | |
Buildings and improvements | 7.9 | ' | ' | |
Total | 31.9 | ' | ' | |
Accumulated depreciation | -0.9 | [2] | ' | ' |
First year of construction | '1986 | ' | ' | |
Second year of construction | '2004 | ' | ' | |
Year Acquired/Completed, First Date | '2009 | ' | ' | |
Little Cottonwood Center (UT) | Retail : | UTAH | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 6.1 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 12.2 | ' | ' | |
Buildings and Improvements | 9.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.9 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 12.2 | ' | ' | |
Buildings and improvements | 10 | ' | ' | |
Total | 22.2 | ' | ' | |
Accumulated depreciation | -1 | [2] | ' | ' |
First year of construction | '1998 | ' | ' | |
Second year of construction | '2008 | ' | ' | |
Year Acquired/Completed, First Date | '2010 | ' | ' | |
Royal MacArthur Center (TX) | Retail : | TEXAS | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 3.5 | ' | ' | |
Buildings and Improvements | 10.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.5 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.5 | ' | ' | |
Buildings and improvements | 11.6 | ' | ' | |
Total | 15.1 | ' | ' | |
Accumulated depreciation | -2.2 | [2] | ' | ' |
First year of construction | '2006 | ' | ' | |
Year Acquired/Completed, First Date | '2007 | ' | ' | |
The Shops at Kuiui'ula (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 44 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 8.9 | ' | ' | |
Buildings and Improvements | 30.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 8.9 | ' | ' | |
Buildings and improvements | 30.1 | ' | ' | |
Total | 39 | ' | ' | |
Accumulated depreciation | -0.2 | [2] | ' | ' |
First year of construction | '2009 | ' | ' | |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Waianae Mall (HI) | Retail : | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 19.9 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 17.4 | ' | ' | |
Buildings and Improvements | 10.1 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.7 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 17.4 | ' | ' | |
Buildings and improvements | 10.8 | ' | ' | |
Total | 28.2 | ' | ' | |
Accumulated depreciation | -0.3 | [2] | ' | ' |
Wilshire Shopping Center (CO) | Retail : | COLORADO | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 1.3 | ' | ' | |
Buildings and Improvements | 1.3 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.4 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1.3 | ' | ' | |
Buildings and improvements | 1.7 | ' | ' | |
Total | 3 | ' | ' | |
Accumulated depreciation | -0.9 | [2] | ' | ' |
Oahu Ground Leases (HI) | Other: | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 187.7 | ' | ' | |
Buildings and Improvements | 0.6 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 187.7 | ' | ' | |
Buildings and improvements | 0.6 | ' | ' | |
Total | 188.3 | ' | ' | |
Accumulated depreciation | 0 | [2] | ' | ' |
Year Acquired/Completed, First Date | '2013 | ' | ' | |
Other miscellaneous investments | Other: | HAWAII | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | [1] | ' | ' |
Initial Cost | ' | ' | ' | |
Land | 19.5 | ' | ' | |
Buildings and Improvements | 0.3 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 20 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 19.5 | ' | ' | |
Buildings and improvements | 20.3 | ' | ' | |
Total | 39.8 | ' | ' | |
Accumulated depreciation | -10.1 | [2] | ' | ' |
Brydeswood | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 2.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.4 | ' | ' | |
Total | 2.4 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
The Collection | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 4.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 4.5 | ' | ' | |
Total | 4.5 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Maui Business Park II | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 53.6 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 53.6 | ' | ' | |
Total | 53.6 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Keola 'O Wailea (MF-11) | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 6.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and improvements | 6.3 | ' | ' | |
Total | 9 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
The Ridge at Wailea (MF-19) | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 1.9 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 6.6 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1.9 | ' | ' | |
Buildings and improvements | 6.6 | ' | ' | |
Total | 8.5 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea B-1 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 4.6 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 4.6 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea MF-7 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 2.9 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 5.9 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.9 | ' | ' | |
Buildings and improvements | 5.9 | ' | ' | |
Total | 8.8 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Aina ‘O Kane | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.2 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 1.2 | ' | ' | |
Total | 1.2 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Haliimaile | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.9 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 0.9 | ' | ' | |
Total | 0.9 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Kahala Portfolio | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 42 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 104.1 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 104.1 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 104.1 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Kahului Town Center | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 2.2 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.2 | ' | ' | |
Total | 2.2 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea SF-8 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 1.3 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 1.3 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 1.3 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea MF-6 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 5.8 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 5.8 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 5.8 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea MF-10 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 3.8 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 3.8 | ' | ' | |
Buildings and improvements | 0.5 | ' | ' | |
Total | 4.3 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea MF-16 | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 2.7 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 2.7 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Wailea, other | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 15.3 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 15.3 | ' | ' | |
Buildings and improvements | 1.4 | ' | ' | |
Total | 16.7 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Santa Barbara | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 5.9 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 0 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 5.9 | ' | ' | |
Buildings and improvements | 0 | ' | ' | |
Total | 5.9 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Kai'Olino | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 11.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 11.3 | ' | ' | |
Total | 11.3 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Grove Ranch | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 1.5 | ' | ' | |
Total | 1.5 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Waiale Community | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.3 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 1.3 | ' | ' | |
Total | 1.3 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Other Maui landholdings | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 2.5 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 2.5 | ' | ' | |
Total | 2.5 | ' | ' | |
Accumulated depreciation | 0 | ' | ' | |
Other Kauai landholdings | Real Estate | ' | ' | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | |
Encumbrances | 0 | ' | ' | |
Initial Cost | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and Improvements | 0 | ' | ' | |
Costs Capitalized Subsequent to Acquisition [Abstract] | ' | ' | ' | |
Improvements | 1.4 | ' | ' | |
Carrying costs | 0 | ' | ' | |
Gross Amounts at which carried at close of period | ' | ' | ' | |
Land | 0 | ' | ' | |
Buildings and improvements | 1.4 | ' | ' | |
Total | 1.4 | ' | ' | |
Accumulated depreciation | $0 | ' | ' | |
[1] | See Note 9 to consolidated financial statements. | |||
[2] | Depreciation is computed based upon the following estimated useful lives: |