Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
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 | 48,745,770 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Revenue: | ' | ' | ' | ' |
Real estate leasing | $31 | $17.70 | $62 | $35.40 |
Real estate development and sales | 21.4 | 1.4 | 22.3 | 1.9 |
Construction and natural materials | 64.5 | 0 | 114.7 | 0 |
Agribusiness | 29.8 | 43.5 | 42.7 | 58.2 |
Total operating revenue | 146.7 | 62.6 | 241.7 | 95.5 |
Operating Costs and Expenses: | ' | ' | ' | ' |
Cost of real estate leasing | 19.4 | 10.7 | 39 | 20.3 |
Cost of real estate development and sales | 11.2 | 0.2 | 11.1 | 0.3 |
Cost of construction contracts and natural materials | 51.8 | 0 | 93.9 | 0 |
Costs of agribusiness revenues | 29.2 | 34.9 | 39 | 45.7 |
Selling, general and administrative | 12.3 | 7.2 | 25.7 | 14.8 |
Grace acquisition costs | 0 | 1.5 | 0 | 2.5 |
Total operating costs and expenses | 123.9 | 54.5 | 208.7 | 83.6 |
Operating Income | 22.8 | 8.1 | 33 | 11.9 |
Other Income and (Expense): | ' | ' | ' | ' |
Income (loss) related to joint ventures | 0.4 | 0.6 | -1.2 | 1.1 |
Interest income and other | 0.7 | 0.4 | 1.4 | 0.4 |
Interest expense | -7.2 | -3.9 | -14.5 | -7.5 |
Income From Continuing Operations Before Income Taxes | 16.7 | 5.2 | 18.7 | 5.9 |
Income tax expense | 6.5 | 2.6 | 9 | 2.8 |
Income From Continuing Operations | 10.2 | 2.6 | 9.7 | 3.1 |
Income From Discontinued Operations (net of income taxes) | 0 | 2.4 | 34.3 | 6.9 |
Net Income | 10.2 | 5 | 44 | 10 |
Income attributable to noncontrolling interest | -1 | 0 | -1.4 | 0 |
Net Income Attributable to A&B | 9.2 | 5 | 42.6 | 10 |
Basic Earnings Per Share: | ' | ' | ' | ' |
Continuing operations attributable to A&B shareholders (dollars per shares) | $0.19 | $0.06 | $0.17 | $0.07 |
Discontinued operations attributable to A&B shareholders (dollars per shares) | $0 | $0.05 | $0.70 | $0.16 |
Net income attributable to A&B shareholders (dollars per shares) | $0.19 | $0.11 | $0.87 | $0.23 |
Diluted Earnings Per Share: | ' | ' | ' | ' |
Continuing operations attributable to A&B shareholders (dollars per shares) | $0.19 | $0.06 | $0.17 | $0.07 |
Discontinued operations attributable to A&B shareholders (dollars per shares) | $0 | $0.05 | $0.70 | $0.16 |
Net income attributable to A&B shareholders (dollars per shares) | $0.19 | $0.11 | $0.87 | $0.23 |
Weighted Average Number of Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 48.7 | 43.1 | 48.7 | 43 |
Diluted (in shares) | 49.3 | 43.7 | 49.2 | 43.6 |
Amounts Attributable to A&B Shareholders: | ' | ' | ' | ' |
Income from continuing operations, net of tax | 9.2 | 2.6 | 8.3 | 3.1 |
Discontinued operations, net of tax | 0 | 2.4 | 34.3 | 6.9 |
Net Income Attributable to A&B | $9.20 | $5 | $42.60 | $10 |
Cash dividends declared per share | $0.04 | $0 | $0.08 | $0 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net Income | $10.20 | $5 | $44 | $10 | ||||
Defined benefit pension plans: | ' | ' | ' | ' | ||||
Net gain (loss) and prior service cost | 1.2 | -2 | 1.2 | -2 | ||||
Amortization of prior service cost (credit) included in net periodic pension cost | -0.3 | [1] | -0.3 | [1] | -0.6 | [1] | -0.6 | [1] |
Amortization of net loss included in net periodic pension cost | 0.3 | [1] | 1.9 | [1] | 2.2 | [1] | 3.9 | [1] |
Income taxes related to other comprehensive income | -0.4 | 0.2 | -1.1 | -0.5 | ||||
Other Comprehensive Income (Loss) | 0.8 | -0.2 | 1.7 | 0.8 | ||||
Comprehensive Income | 11 | 4.8 | 45.7 | 10.8 | ||||
Comprehensive income attributable to noncontrolling interest | -1 | 0 | -1.4 | 0 | ||||
Comprehensive income attributable to A&B | $10 | $4.80 | $44.30 | $10.80 | ||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $6.20 | $3.30 |
Accounts and other notes receivable, net | 41.2 | 36.5 |
Contracts retention | 9.5 | 9.3 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 11.8 | 10.5 |
Inventories | 92.1 | 68.1 |
Real estate held for sale | 0 | 15.9 |
Deferred income taxes | 7.8 | 7.8 |
Income tax receivable | 0 | 3 |
Prepaid expenses and other assets | 15.2 | 17 |
Total current assets | 183.8 | 171.4 |
Investments in Affiliates | 342.6 | 341.4 |
Real Estate Developments | 252.7 | 249.1 |
Property – net | 1,266.80 | 1,273.70 |
Intangible assets - net | 67.5 | 74.1 |
Goodwill | 100 | 99.6 |
Other Assets | 70.3 | 75.9 |
Total assets | 2,283.70 | 2,285.20 |
Current Liabilities: | ' | ' |
Notes payable and current portion of long-term debt | 46 | 105.2 |
Accounts payable | 32.2 | 32.6 |
Income taxes - current | 5.8 | 0 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4.3 | 4.4 |
Accrued interest | 5.8 | 5.9 |
Deferred revenue | 0.1 | 17.8 |
Indemnity holdback related to Grace Acquisition | 23.5 | 18.8 |
Accrued and other liabilities | 30.3 | 33.5 |
Total current liabilities | 148 | 218.2 |
Long-term Liabilities: | ' | ' |
Long-term debt | 630.1 | 605.5 |
Deferred income taxes | 200.9 | 188.7 |
Accrued pension and postretirement benefits | 32.9 | 37.3 |
Other non-current liabilities | 52.8 | 60.7 |
Total long-term liabilities | 916.7 | 892.2 |
Commitments and Contingencies (Note 3) | ' | ' |
Equity: | ' | ' |
Common stock | 1,146 | 1,142.30 |
Accumulated other comprehensive loss | -28.4 | -30.1 |
Retained earnings | 91.1 | 53.7 |
Total A&B Shareholders' equity | 1,208.70 | 1,165.90 |
Noncontrolling interest | 10.3 | 8.9 |
Total equity | 1,219 | 1,174.80 |
Total liabilities and equity | $2,283.70 | $2,285.20 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Cash Flows used in Operating Activities: | ($20.60) | ($16.80) |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures for property, plant and equipment | -19.7 | -13.1 |
Capital expenditures related to 1031 commercial property transactions | 0 | -25.3 |
Proceeds from investment tax credits and grants related to renewable energy projects | 4.5 | 0 |
Proceeds from disposal of property and other assets | 8.2 | 2.3 |
Proceeds from disposals related to 1031 commercial property transactions | 71.7 | 15.5 |
Payments for purchases of investments in affiliates | -9 | -28 |
Proceeds from investments in affiliates | 6.2 | 2.1 |
Change in restricted cash associated with 1031 transactions | -0.5 | 9.8 |
Net cash provided by (used in) investing activities | 61.4 | -36.7 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from issuances of long-term debt | 73 | 79 |
Payments of long-term debt and deferred financing costs | -43.4 | -30.4 |
Proceeds (payments) from line-of-credit agreements, net | -63.7 | 2.2 |
Dividends paid | -3.9 | 0 |
Proceeds from issuance (repurchase) of capital stock and other, net | 0.1 | 2.3 |
Net cash provided by (used in) financing activities | -37.9 | 53.1 |
Cash and Cash Equivalents: | ' | ' |
Net increase (decrease) for the period | 2.9 | -0.4 |
Balance, beginning of period | 3.3 | 1.1 |
Balance, end of period | 6.2 | 0.7 |
Other Cash Flow Information: | ' | ' |
Interest paid | -14.8 | -8.1 |
Income taxes paid | -11 | -5.2 |
Other Non-cash Information: | ' | ' |
Real estate exchanged for note receivable | 3.6 | 0 |
Note payable assumed in connection with acquisition of Waianae Mall | 0 | 19.7 |
Capital expenditures included in accounts payable and accrued expenses | $3.10 | $7.40 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Equity (USD $) | Total | A&B Share- holders' Equity | Non- controlling interest |
In Millions, unless otherwise specified | |||
Beginning balance at Dec. 31, 2012 | $914.40 | $914.40 | $0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Net Income | 10 | 10 | 0 |
Other comprehensive income, net of tax | 0.8 | 0.8 | ' |
Dividends paid on common stock | 0 | 0 | ' |
Share-based compensation | 2.2 | 2.2 | ' |
Shares issued or repurchased, net | -0.9 | -0.9 | ' |
Excess tax benefit from share-based awards | 1.2 | 1.2 | ' |
Ending balance at Jun. 30, 2013 | 927.7 | 927.7 | 0 |
Beginning balance at Dec. 31, 2013 | 1,174.80 | 1,165.90 | 8.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' |
Net Income | 44 | 42.6 | 1.4 |
Other comprehensive income, net of tax | 1.7 | 1.7 | ' |
Dividends paid on common stock | -3.9 | -3.9 | ' |
Share-based compensation | 2.4 | 2.4 | ' |
Shares issued or repurchased, net | -1.3 | -1.3 | ' |
Excess tax benefit from share-based awards | 1.3 | 1.3 | ' |
Ending balance at Jun. 30, 2014 | $1,219 | $1,208.70 | $10.30 |
Description_of_Business
Description of Business | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of Business | ' |
Description of Business. A&B is headquartered in Honolulu and operates four segments: Real Estate Development and Sales; Real Estate Leasing; Agribusiness; and Natural Materials and Construction. | |
Real Estate Leasing: 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. | |
Real Estate Development and Sales: 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 in Hawaii. | |
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, equipment maintenance and repair services; leases agricultural land to third parties; charters the MV Moku Pahu between sugar voyages; and generates and sells electricity to the extent not used in A&B’s Agribusiness operations. | |
Natural Materials and Construction: On October 1, 2013, the Company acquired Grace Pacific ("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. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation. The condensed consolidated financial statements are unaudited. Because of the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2013 and the notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013, and other subsequent filings with the SEC. | |
Rounding: Amounts in the condensed consolidated financial statement and Notes are rounded to the nearest tenth of a million, but per-share calculations and percentages were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different. | |
Certain amounts reflected in the condensed consolidated statements of cash flows were reclassified to improve the transparency of the Company's cash flows. The Company's 1031 activities in the condensed consolidated statement of cash flows were previously presented as non-cash activities, but those activities are now reflected as additional items within cash flows from investing activities. Net cash provided by (used in) operations, net cash provided by (used in) investing activities and net cash provided by (used in) financing activities did not change as a result of the reclassifications. |
Commitments_Guarantees_and_Con
Commitments, Guarantees and Contingencies | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments, Guarantees and Contingencies | ' | |||
Commitments, Guarantees and Contingencies: Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 10 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013, included the following (in millions) as of June 30, 2014: | ||||
Standby letters of credit related to real estate projects | $ | 11.4 | ||
Bonds related to real estate and construction* | $ | 326.1 | ||
* | Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and 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 have 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 joint venture 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 individually or in the aggregate. | ||||
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 June 30, 2014, the Company had not paid or accrued any amounts under the guaranty. | ||||
The Company's Waihonua joint venture has a $120 million construction loan to finance the construction of a 43-story, 341-unit high-rise condominium, which was sold-out in July 2013. The Company provided a limited guaranty to the lenders for up to $20 million, as well as certain other limited guaranties and a completion guaranty. The Company has determined that the fair value of its obligation under the guaranties is not material, and as of June 30, 2014, the Company had not paid or accrued any amounts under the guaranties. | ||||
The Company's Club Villas joint venture has a $14 million construction loan to finance the construction of up to six units, all of which have been pre-sold under binding sales contracts. The Company and its joint venture partner each provided a separate limited loan guaranty of 50 percent of $14 million on a several basis, and a completion guaranty. The Company has determined that the fair value of its obligation under the guaranties is not material, and as of June 30, 2014, the Company had not paid or accrued any amounts under the guaranties. | ||||
Other than obligations described above, obligations of the Company’s non-consolidated 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 56 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 streams 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. | ||||
The water loss that may result from the Water Commission’s future decisions will impose challenges to the Company’s sugar growing operations. The water loss will result in a combination of future suppression of sugar yields and negative financial impacts on the Company that will only be quantifiable over time. Accordingly, the Company is unable to predict, at this time, the total impact of the water proceedings. | ||||
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 14 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. On April 4, 2014, the parties entered into a settlement on the amount of water to be returned to the four streams, and the Water Commission approved the settlement on April 17, 2014. | ||||
In January 2013, the Environmental Protection Agency (“EPA”) finalized nationwide standards for controlling hazardous air pollutant emissions from industrial, commercial, institutional boilers and process heaters (the “Boiler MACT” rule), which apply to Hawaiian Commercial & Sugar Company’s three boilers at the Puunene Sugar Mill. Compliance with the Boiler MACT rule is required by 2016. The Company anticipates that the Puunene Mill boilers will be able to meet the new emissions limits without significant modifications, and that compliance costs will be less than $5 million based on currently available information. The Company is currently developing strategies for achieving compliance with the new regulations, including identifying required upgrades to boiler and air pollution control instrumentation and developing the complex compliance monitoring approaches necessary to accommodate the facility’s multi-fuel operations. There remains significant uncertainty as to the final requirements of the Boiler MACT rule, pending an EPA response to various petitions for reconsideration and ongoing litigation. Any resulting changes to the Boiler MACT rule could adversely impact the Company’s compliance schedule or cost of compliance. | ||||
On June 24, 2014, the Hawaii State Department of Health (“DOH”) Clean Air Branch issued a Notice and Finding of Violation and Order (“NFVO”) to Hawaiian Commercial & Sugar Company (“HC&S”) alleging various violations relating to the operation of HC&S’s three boilers at its sugar mill. The DOH reviewed a five-year period (2009-2013) and alleged violations relating primarily to periods of excess visible emissions and operation of the wet scrubbers installed to control particulate matter emissions from the boiler stacks. All incidents were self-reported by HC&S to the DOH prior to the DOH’s review, and there is no indication that these deviations resulted in any violation of health-based air quality standards. The NFVO includes an administrative penalty of $1.3 million, which HC&S has contested. The Company is unable to predict, at this time, the outcome or financial impact of the NFVO, but does not believe that the financial impact of the NFVO will be material to its financial position or results of operations. | ||||
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, but does not believe that the financial impact will be material to its financial position or results of operations. | ||||
A&B is a party to, or may be contingently liable in connection with, other legal actions arising in the normal conduct of its businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on A&B’s condensed consolidated financial statements as a whole. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
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): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 10.2 | $ | 2.6 | $ | 9.7 | $ | 3.1 | ||||||||
Noncontrolling interest | (1.0 | ) | — | (1.4 | ) | — | ||||||||||
Income from continuing operations attributable to A&B, net of tax | $ | 9.2 | $ | 2.6 | $ | 8.3 | $ | 3.1 | ||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator for basic EPS – weighted average shares | 48.7 | 43.1 | 48.7 | 43 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee/director stock options and restricted stock units | 0.6 | 0.6 | 0.5 | 0.6 | ||||||||||||
Denominator for diluted EPS – weighted average shares | 49.3 | 43.7 | 49.2 | 43.6 | ||||||||||||
Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include non-qualified stock options, time-based restricted stock units and performance share units. The vesting of performance share units is contingent upon the achievement of relative total shareholder return metrics. Prior to vesting, if all necessary conditions would have been satisfied by the end of the reporting period (as if the end of the reporting period were deemed to be the end of the performance measurement period), the dilutive effect of the performance share units, if any, is included in the computation of diluted EPS using the treasury stock method. | ||||||||||||||||
During the three and six month periods ended June 30, 2014 and 2013, there were no anti-dilutive securities outstanding. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments. The fair values of receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The Company’s cash and cash equivalents, consisting principally of cash on deposit, may from time to time include short-term money markets funds. The fair values of these money market funds, based on market prices (level 2), approximate their carrying values due to their short-maturities. The carrying amount and fair value of the Company’s long-term debt at June 30, 2014 was $676.1 million and $700.1 million, respectively, and $710.7 million and $723.2 million at December 31, 2013, respectively. The fair value of long-term debt is calculated by discounting the future cash flows of the debt at rates based on instruments with similar risk, terms and maturities as compared to the Company’s existing debt arrangements (level 2). |
Inventories
Inventories | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories. Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies 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 June 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Sugar inventories | $ | 20.8 | $ | 16.8 | ||||
Work in process - sugar | 21.2 | — | ||||||
Asphalt | 19.7 | 17.9 | ||||||
Processed rock, portland cement, and sand | 15.3 | 12.9 | ||||||
Work in process - aggregate | 2.7 | 2.7 | ||||||
Retail merchandise | 1.4 | 1.8 | ||||||
Parts, materials and supplies inventories | 11 | 16 | ||||||
Total | $ | 92.1 | $ | 68.1 | ||||
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation | ' | |||||||||||||||
Share-Based Compensation. Under the 2012 Plan, which provides for grants of equity-based incentive compensation, 4.3 million shares of common stock were initially reserved for issuance, and as of June 30, 2014, 1,376,473 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 transaction from Matson, Inc. in 2012. The shares of common stock authorized to be issued under the 2012 Plan may be drawn from the shares of the Company’s authorized but unissued common stock or from shares of its common stock that the Company acquires, including shares purchased on the open market or in private transactions. | ||||||||||||||||
Activity in the Company’s stock option plans in 2014 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, 2014 | 1,337.30 | $ | 19.21 | |||||||||||||
Exercised | (153.6 | ) | $ | 21.23 | ||||||||||||
Forfeited and expired | — | $ | — | |||||||||||||
Outstanding, June 30, 2014 | 1,183.70 | $ | 18.94 | 4.9 | $ | 25,895 | ||||||||||
Exercisable, June 30, 2014 | 1,134.20 | $ | 18.79 | 4.7 | $ | 24,989 | ||||||||||
The following table summarizes non-vested restricted stock unit activity through June 30, 2014 (in thousands, except weighted average grant-date fair value amounts): | ||||||||||||||||
2012 | Weighted | |||||||||||||||
Plan | Average | |||||||||||||||
Restricted | Grant-Date | |||||||||||||||
Stock | Fair Value | |||||||||||||||
Units | ||||||||||||||||
Outstanding, January 1, 2014 | 242.3 | $ | 27.92 | |||||||||||||
Granted | 123 | $ | 39.38 | |||||||||||||
Vested | (83.0 | ) | $ | 25.37 | ||||||||||||
Outstanding, June 30, 2014 | 282.3 | $ | 33.66 | |||||||||||||
A portion of the restricted stock unit awards are time-based awards that vest ratably over three years. The remaining portion of the awards represents market-based awards that cliff vest after two years, provided that the total shareholder return of the Company’s common stock over the two-year measurement period meets or exceeds pre-defined levels of relative total shareholder returns of the Standard & Poor’s MidCap 400 index. | ||||||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||||||
Stock options | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | 0.7 | ||||||||
Restricted stock units | 1.1 | 0.7 | 2.1 | 1.4 | ||||||||||||
Total share-based expense | 1.2 | 1 | 2.4 | 2.1 | ||||||||||||
Total recognized tax benefit | (0.3 | ) | (0.3 | ) | (0.7 | ) | (0.6 | ) | ||||||||
Share-based expense (net of tax) | $ | 0.9 | $ | 0.7 | $ | 1.7 | $ | 1.5 | ||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations. The revenues and expenses related to the sale of Maui Mall, a retail property on Maui, have been classified as discontinued operations. During 2013, the sales of four industrial properties, three retail properties and two office buildings 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. As described in Note 10, the Company early adopted Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity(“ASU 2014-08”), which changes the requirements for reporting discontinued operations. | ||||||||||||||||
The revenue, operating profit, income tax expense and after-tax effects of these transactions were as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from the sale of income-producing properties | $ | — | $ | — | $ | 70.1 | $ | 14.9 | ||||||||
Real estate leasing revenue | — | 8.5 | 0.2 | 17.1 | ||||||||||||
— | 8.5 | 70.3 | 32 | |||||||||||||
Gain on sale of income-producing properties | — | — | 55.9 | 4.2 | ||||||||||||
Real estate leasing operating profit | — | 3.9 | 0.2 | 7 | ||||||||||||
Total operating profit before taxes | — | 3.9 | 56.1 | 11.2 | ||||||||||||
Income tax expense | — | 1.5 | 21.8 | 4.3 | ||||||||||||
Income from discontinued operations | $ | — | $ | 2.4 | $ | 34.3 | $ | 6.9 | ||||||||
Pension_and_Postretirement_Pla
Pension and Post-retirement Plans | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pension and Post-retirement Plans | ' | |||||||||||||||
Pension and Post-retirement Plans. The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans. In 2007, the Company changed the traditional defined benefit pension plan formula for new non-bargaining unit employees hired after January 1, 2008 and replaced it with a cash balance defined benefit pension plan formula. Subsequently, effective January 1, 2012, the Company froze the benefits under its traditional defined benefit plans for non-bargaining unit employees hired before January 1, 2008 and replaced the benefit with the same cash balance defined benefit pension plan formula provided to those employees hired after January 1, 2008. Retirement benefits under the cash balance pension plan formula are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year-to-year based on the ten-year U.S. Treasury rate. | ||||||||||||||||
The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company’s intentions with respect to these plans. Management believes that its assumptions and estimates are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans. | ||||||||||||||||
The components of net periodic benefit cost recorded for the three months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | — | $ | — | ||||||||
Interest cost | 2.2 | 1.8 | 0.1 | — | ||||||||||||
Expected return on plan assets | (2.6 | ) | (2.9 | ) | — | — | ||||||||||
Curtailment | — | — | — | (0.5 | ) | |||||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Amortization of net loss | 0.1 | 1.9 | — | — | ||||||||||||
Net periodic benefit cost | $ | — | $ | 1.2 | $ | 0.1 | $ | (0.5 | ) | |||||||
The components of net periodic benefit cost recorded for the six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1.2 | $ | 1.2 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 4.1 | 3.8 | 0.2 | 0.2 | ||||||||||||
Expected return on plan assets | (5.3 | ) | (5.5 | ) | — | — | ||||||||||
Curtailment | — | — | — | (0.5 | ) | |||||||||||
Amortization of prior service credit | (0.4 | ) | (0.4 | ) | — | — | ||||||||||
Amortization of net loss | 2 | 3.9 | 0.1 | — | ||||||||||||
Net periodic benefit cost | $ | 1.6 | $ | 3 | $ | 0.4 | $ | (0.2 | ) | |||||||
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements. In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). This update changes the requirements for reporting discontinued operations under Subtopic 205-20. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when either (i) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale, (ii) the component of an entity or group of components of an entity is disposed of by sale, or (iii) the component of an entity or group of components of an entity is disposed of other than by sale. The amendments in ASU 2014-08 improve the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. The amendments in the update require additional disclosures about discontinued operations and disclosures related to the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The amendments in ASU 2014-08 are to be applied to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company has early adopted the provisions under ASU 2014-08. | |
In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, as a new Topic, Accounting Standards Codification (ASC) Topic 606. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is effective for annual periods beginning after December 15, 2016 and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the potential impact of adopting this new accounting standard. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
Accumulated Other Comprehensive Income. The changes in accumulated other comprehensive income by component for the six months ended June 30, 2014 were as follows (in millions, net of tax): | ||||||||||||||||
Pension and postretirement plans | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | 30.1 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (1.7 | ) | ||||||||||||||
Ending balance | $ | 28.4 | ||||||||||||||
The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the three and six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Actuarial gain (loss)* | $ | 1.2 | $ | (2.0 | ) | $ | 1.2 | $ | (2.0 | ) | ||||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||||||||||||
Net loss* | $ | 0.3 | 1.9 | $ | 2.2 | 3.9 | ||||||||||
Prior service credit* | (0.3 | ) | (0.3 | ) | (0.6 | ) | (0.6 | ) | ||||||||
Total before income tax | 1.2 | (0.4 | ) | 2.8 | 1.3 | |||||||||||
Income taxes | (0.4 | ) | 0.2 | (1.1 | ) | (0.5 | ) | |||||||||
Other comprehensive income net of tax | $ | 0.8 | $ | (0.2 | ) | $ | 1.7 | $ | 0.8 | |||||||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes. The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of tax credits, tax benefits and deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. To the extent adjustments are required in any given period, the adjustments would be included within the tax provision in the condensed consolidated statements of income or balance sheet. | |
Prior to June 30, 2012, the Company was included in the consolidated tax return of Matson, Inc. (formerly Alexander & Baldwin Holding, Inc.) for results occurring prior to June 30, 2012. Upon Separation from Matson, Inc. (“Matson”) in 2012, the Company’s unrecognized tax benefits were reflected on Matson’s financial statements because Matson is considered the successor parent to the former Alexander & Baldwin, Inc. affiliated tax group. In connection with the separation from Matson, the Company entered into a Tax Sharing Agreement with Matson. As of June 30, 2014, $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 June 30, 2014, the Company has not identified any material unrecognized tax positions. | |
On September 13, 2013 the IRS and Treasury Department released final regulations on the deduction and capitalization of expenditures related to tangible property (“Tangible Property Regulations”). 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, $8.6 million was reclassified from deferred income taxes (non-current) to other current and non-current liabilities. | |
The Company is subject to taxation by the United States and various state and local jurisdictions. As of June 30, 2014, 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. | |
The effective income tax rate for the six month period ended June 30, 2014 was higher than the statutory rate due primarily due to a final tax adjustment of $1.6 million recorded in the first quarter of 2014 related to the accounting for deferred intercompany gains triggered by the separation from Matson, Inc. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Notes Payable and Long-Term Debt | ' |
Notes Payable and Long-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 bore 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. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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. | ||||||||
The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps (Level 2) are determined based on discounted cash flow analysis, reflecting the terms of the contracts, and utilize observable inputs such as interest rates and yield curves. | ||||||||
As of June 30, 2014, the Company had a gross notional amount of $20.9 million related to interest rate swaps that were assumed in connection with 2013 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 condensed consolidated balance sheets (in millions): | ||||||||
As of June 30, | As of December 31, | |||||||
2014 | 2013 | |||||||
Interest rate swap liability - floating to fixed rate | $ | 3 | $ | 2.8 | ||||
The amount of expense the Company recorded in Interest income and other in the consolidated statements of income for the change in the fair values of the interest rate swaps was not material in 2014. No income or expense was recorded in the second quarter of 2013 related to the interest rate swaps since the swaps were acquired in the fourth quarter of 2013. |
Segment_Results
Segment Results | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Results | ' | |||||||||||||||
Segment Results. Segment results for the three and six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 31 | $ | 26.2 | $ | 62.2 | $ | 52.5 | ||||||||
Development and Sales | 21.4 | 1.4 | 92.4 | 16.8 | ||||||||||||
Less amounts reported in discontinued operations | — | (8.5 | ) | (70.3 | ) | (32.0 | ) | |||||||||
Natural Materials and Construction | 64.5 | — | 114.7 | — | ||||||||||||
Agribusiness | 29.8 | 43.5 | 42.7 | 58.2 | ||||||||||||
Total revenue | $ | 146.7 | $ | 62.6 | $ | 241.7 | $ | 95.5 | ||||||||
Operating Profit, Net Income: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 12 | $ | 10.6 | $ | 23.8 | $ | 21.5 | ||||||||
Development and Sales | 7.8 | (0.7 | ) | 60.1 | 1.7 | |||||||||||
Less amounts reported in discontinued operations | — | (3.9 | ) | (56.1 | ) | (11.2 | ) | |||||||||
Natural Materials and Construction | 8 | — | 11.4 | — | ||||||||||||
Agribusiness | 0.4 | 8.3 | 3.5 | 12.1 | ||||||||||||
Total operating profit | 28.2 | 14.3 | 42.7 | 24.1 | ||||||||||||
Interest expense | (7.2 | ) | (3.9 | ) | (14.5 | ) | (7.5 | ) | ||||||||
General corporate expenses | (4.3 | ) | (3.7 | ) | (9.5 | ) | (8.2 | ) | ||||||||
Grace acquisition costs | — | (1.5 | ) | — | (2.5 | ) | ||||||||||
Income from continuing operations before income taxes | 16.7 | 5.2 | 18.7 | 5.9 | ||||||||||||
Income tax expense | 6.5 | 2.6 | 9 | 2.8 | ||||||||||||
Income from continuing operations | 10.2 | 2.6 | 9.7 | 3.1 | ||||||||||||
Income from discontinued operations (net of income taxes) | — | 2.4 | 34.3 | 6.9 | ||||||||||||
Net income | 10.2 | 5 | 44 | 10 | ||||||||||||
Income attributable to noncontrolling interest | (1.0 | ) | — | (1.4 | ) | — | ||||||||||
Net income attributable to A&B | $ | 9.2 | $ | 5 | $ | 42.6 | $ | 10 | ||||||||
1 | Prior year amounts recast for amounts treated as discontinued operations. |
Grace_Acquisition_Preliminary_
Grace Acquisition - Preliminary Valuation of Assets and Liabilities | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Grace Acquisition - Preliminary Valuation of Assets and Liabilities | ' | |||||||||||
Grace Acquisition - Preliminary Valuation of Assets and Liabilities. | ||||||||||||
The assets acquired and liabilities assumed in the Grace acquisition have been measured at their fair values at October 1, 2013 as set forth below. The excess of the purchase price over the fair values of the net assets acquired was recorded as goodwill, which 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. | ||||||||||||
The initial fair values recorded were determined based upon a preliminary valuation and the estimates and assumptions used in such valuation are subject to change within the measurement period and the change could be material. The primary areas that are not yet finalized include environmental liabilities, income tax liabilities, certain legal matters and goodwill. | ||||||||||||
The preliminary fair values and adjustments recorded in the first half of 2014 for the assets acquired and liabilities assumed for Grace are as follows: | ||||||||||||
Preliminary Valuation | Adjustments/reclassifications | Adjusted Valuation | ||||||||||
1-Oct-13 | 30-Jun-14 | |||||||||||
Fair value of consideration transferred | $ | 240.7 | $ | — | $ | 240.7 | ||||||
Cash | 5.7 | — | 5.7 | |||||||||
Intangible assets | 5.8 | — | 5.8 | |||||||||
All other assets | 277.4 | — | 277.4 | |||||||||
Total assets acquired | 288.9 | — | 288.9 | |||||||||
Liabilities assumed | 138.5 | 0.4 | 138.9 | |||||||||
Total net assets acquired | 150.4 | (0.4 | ) | 150 | ||||||||
Excess of purchase price over net assets acquired | $ | 90.3 | $ | 0.4 | $ | 90.7 | ||||||
During the first half of 2014, the Company recorded an adjustment to the preliminary valuation of liabilities resulting in a net increase to goodwill of $0.4 million. The adjustment did not have a significant impact on the Company's condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, was not retrospectively adjusted in the financial statements. The provisional measurements of assets and liabilities set forth above are subject to further change. The Company expects to complete the purchase accounting valuation as soon as practicable, but in any event, no later than one year from the acquisition date. |
Commitments_Guarantees_and_Con1
Commitments, Guarantees and Contingencies (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments, guarantees and contingencies | ' | |||
Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 10 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2013, included the following (in millions) as of June 30, 2014: | ||||
Standby letters of credit related to real estate projects | $ | 11.4 | ||
Bonds related to real estate and construction* | $ | 326.1 | ||
* | Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and 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 have been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of calculation of numerator and denominator in 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): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 10.2 | $ | 2.6 | $ | 9.7 | $ | 3.1 | ||||||||
Noncontrolling interest | (1.0 | ) | — | (1.4 | ) | — | ||||||||||
Income from continuing operations attributable to A&B, net of tax | $ | 9.2 | $ | 2.6 | $ | 8.3 | $ | 3.1 | ||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Denominator for basic EPS – weighted average shares | 48.7 | 43.1 | 48.7 | 43 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Employee/director stock options and restricted stock units | 0.6 | 0.6 | 0.5 | 0.6 | ||||||||||||
Denominator for diluted EPS – weighted average shares | 49.3 | 43.7 | 49.2 | 43.6 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of inventory | ' | |||||||
Inventories at June 30, 2014 and December 31, 2013 were as follows (in millions): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Sugar inventories | $ | 20.8 | $ | 16.8 | ||||
Work in process - sugar | 21.2 | — | ||||||
Asphalt | 19.7 | 17.9 | ||||||
Processed rock, portland cement, and sand | 15.3 | 12.9 | ||||||
Work in process - aggregate | 2.7 | 2.7 | ||||||
Retail merchandise | 1.4 | 1.8 | ||||||
Parts, materials and supplies inventories | 11 | 16 | ||||||
Total | $ | 92.1 | $ | 68.1 | ||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of stock option activity | ' | |||||||||||||||
Activity in the Company’s stock option plans in 2014 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, 2014 | 1,337.30 | $ | 19.21 | |||||||||||||
Exercised | (153.6 | ) | $ | 21.23 | ||||||||||||
Forfeited and expired | — | $ | — | |||||||||||||
Outstanding, June 30, 2014 | 1,183.70 | $ | 18.94 | 4.9 | $ | 25,895 | ||||||||||
Exercisable, June 30, 2014 | 1,134.20 | $ | 18.79 | 4.7 | $ | 24,989 | ||||||||||
Summarizes non-vested restricted stock unit activity | ' | |||||||||||||||
The following table summarizes non-vested restricted stock unit activity through June 30, 2014 (in thousands, except weighted average grant-date fair value amounts): | ||||||||||||||||
2012 | Weighted | |||||||||||||||
Plan | Average | |||||||||||||||
Restricted | Grant-Date | |||||||||||||||
Stock | Fair Value | |||||||||||||||
Units | ||||||||||||||||
Outstanding, January 1, 2014 | 242.3 | $ | 27.92 | |||||||||||||
Granted | 123 | $ | 39.38 | |||||||||||||
Vested | (83.0 | ) | $ | 25.37 | ||||||||||||
Outstanding, June 30, 2014 | 282.3 | $ | 33.66 | |||||||||||||
Summary of compensation cost related to share-based payments | ' | |||||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||||||
Stock options | $ | 0.1 | $ | 0.3 | $ | 0.3 | $ | 0.7 | ||||||||
Restricted stock units | 1.1 | 0.7 | 2.1 | 1.4 | ||||||||||||
Total share-based expense | 1.2 | 1 | 2.4 | 2.1 | ||||||||||||
Total recognized tax benefit | (0.3 | ) | (0.3 | ) | (0.7 | ) | (0.6 | ) | ||||||||
Share-based expense (net of tax) | $ | 0.9 | $ | 0.7 | $ | 1.7 | $ | 1.5 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Summary of revenue, operating profit, income tax expense and after-tax effects of these transactions | ' | |||||||||||||||
The revenue, operating profit, income tax expense and after-tax effects of these transactions were as follows (in millions): | ||||||||||||||||
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from the sale of income-producing properties | $ | — | $ | — | $ | 70.1 | $ | 14.9 | ||||||||
Real estate leasing revenue | — | 8.5 | 0.2 | 17.1 | ||||||||||||
— | 8.5 | 70.3 | 32 | |||||||||||||
Gain on sale of income-producing properties | — | — | 55.9 | 4.2 | ||||||||||||
Real estate leasing operating profit | — | 3.9 | 0.2 | 7 | ||||||||||||
Total operating profit before taxes | — | 3.9 | 56.1 | 11.2 | ||||||||||||
Income tax expense | — | 1.5 | 21.8 | 4.3 | ||||||||||||
Income from discontinued operations | $ | — | $ | 2.4 | $ | 34.3 | $ | 6.9 | ||||||||
Pension_and_Postretirement_Pla1
Pension and Post-retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit cost recorded for the three months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 0.5 | $ | 0.6 | $ | — | $ | — | ||||||||
Interest cost | 2.2 | 1.8 | 0.1 | — | ||||||||||||
Expected return on plan assets | (2.6 | ) | (2.9 | ) | — | — | ||||||||||
Curtailment | — | — | — | (0.5 | ) | |||||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | — | — | ||||||||||
Amortization of net loss | 0.1 | 1.9 | — | — | ||||||||||||
Net periodic benefit cost | $ | — | $ | 1.2 | $ | 0.1 | $ | (0.5 | ) | |||||||
The components of net periodic benefit cost recorded for the six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Pension Benefits | Post-retirement Benefits | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1.2 | $ | 1.2 | $ | 0.1 | $ | 0.1 | ||||||||
Interest cost | 4.1 | 3.8 | 0.2 | 0.2 | ||||||||||||
Expected return on plan assets | (5.3 | ) | (5.5 | ) | — | — | ||||||||||
Curtailment | — | — | — | (0.5 | ) | |||||||||||
Amortization of prior service credit | (0.4 | ) | (0.4 | ) | — | — | ||||||||||
Amortization of net loss | 2 | 3.9 | 0.1 | — | ||||||||||||
Net periodic benefit cost | $ | 1.6 | $ | 3 | $ | 0.4 | $ | (0.2 | ) | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Changes in accumulated other comprehensive income | ' | |||||||||||||||
The changes in accumulated other comprehensive income by component for the six months ended June 30, 2014 were as follows (in millions, net of tax): | ||||||||||||||||
Pension and postretirement plans | ||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||
Beginning balance | $ | 30.1 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (1.7 | ) | ||||||||||||||
Ending balance | $ | 28.4 | ||||||||||||||
Reclassifications of other comprehensive income | ' | |||||||||||||||
The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the three and six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Actuarial gain (loss)* | $ | 1.2 | $ | (2.0 | ) | $ | 1.2 | $ | (2.0 | ) | ||||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||||||||||||
Net loss* | $ | 0.3 | 1.9 | $ | 2.2 | 3.9 | ||||||||||
Prior service credit* | (0.3 | ) | (0.3 | ) | (0.6 | ) | (0.6 | ) | ||||||||
Total before income tax | 1.2 | (0.4 | ) | 2.8 | 1.3 | |||||||||||
Income taxes | (0.4 | ) | 0.2 | (1.1 | ) | (0.5 | ) | |||||||||
Other comprehensive income net of tax | $ | 0.8 | $ | (0.2 | ) | $ | 1.7 | $ | 0.8 | |||||||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 condensed consolidated balance sheets (in millions): | ||||||||
As of June 30, | As of December 31, | |||||||
2014 | 2013 | |||||||
Interest rate swap liability - floating to fixed rate | $ | 3 | $ | 2.8 | ||||
Segment_Results_Tables
Segment Results (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment results | ' | |||||||||||||||
Segment results for the three and six months ended June 30, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 31 | $ | 26.2 | $ | 62.2 | $ | 52.5 | ||||||||
Development and Sales | 21.4 | 1.4 | 92.4 | 16.8 | ||||||||||||
Less amounts reported in discontinued operations | — | (8.5 | ) | (70.3 | ) | (32.0 | ) | |||||||||
Natural Materials and Construction | 64.5 | — | 114.7 | — | ||||||||||||
Agribusiness | 29.8 | 43.5 | 42.7 | 58.2 | ||||||||||||
Total revenue | $ | 146.7 | $ | 62.6 | $ | 241.7 | $ | 95.5 | ||||||||
Operating Profit, Net Income: | ||||||||||||||||
Real Estate1: | ||||||||||||||||
Leasing | $ | 12 | $ | 10.6 | $ | 23.8 | $ | 21.5 | ||||||||
Development and Sales | 7.8 | (0.7 | ) | 60.1 | 1.7 | |||||||||||
Less amounts reported in discontinued operations | — | (3.9 | ) | (56.1 | ) | (11.2 | ) | |||||||||
Natural Materials and Construction | 8 | — | 11.4 | — | ||||||||||||
Agribusiness | 0.4 | 8.3 | 3.5 | 12.1 | ||||||||||||
Total operating profit | 28.2 | 14.3 | 42.7 | 24.1 | ||||||||||||
Interest expense | (7.2 | ) | (3.9 | ) | (14.5 | ) | (7.5 | ) | ||||||||
General corporate expenses | (4.3 | ) | (3.7 | ) | (9.5 | ) | (8.2 | ) | ||||||||
Grace acquisition costs | — | (1.5 | ) | — | (2.5 | ) | ||||||||||
Income from continuing operations before income taxes | 16.7 | 5.2 | 18.7 | 5.9 | ||||||||||||
Income tax expense | 6.5 | 2.6 | 9 | 2.8 | ||||||||||||
Income from continuing operations | 10.2 | 2.6 | 9.7 | 3.1 | ||||||||||||
Income from discontinued operations (net of income taxes) | — | 2.4 | 34.3 | 6.9 | ||||||||||||
Net income | 10.2 | 5 | 44 | 10 | ||||||||||||
Income attributable to noncontrolling interest | (1.0 | ) | — | (1.4 | ) | — | ||||||||||
Net income attributable to A&B | $ | 9.2 | $ | 5 | $ | 42.6 | $ | 10 | ||||||||
1 | Prior year amounts recast for amounts treated as discontinued operations. |
Grace_Acquisition_Preliminary_1
Grace Acquisition - Preliminary Valuation of Assets and Liabilities (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Allocation of purchase price to assets acquired and liabilities assumed | ' | |||||||||||
The preliminary fair values and adjustments recorded in the first half of 2014 for the assets acquired and liabilities assumed for Grace are as follows: | ||||||||||||
Preliminary Valuation | Adjustments/reclassifications | Adjusted Valuation | ||||||||||
1-Oct-13 | 30-Jun-14 | |||||||||||
Fair value of consideration transferred | $ | 240.7 | $ | — | $ | 240.7 | ||||||
Cash | 5.7 | — | 5.7 | |||||||||
Intangible assets | 5.8 | — | 5.8 | |||||||||
All other assets | 277.4 | — | 277.4 | |||||||||
Total assets acquired | 288.9 | — | 288.9 | |||||||||
Liabilities assumed | 138.5 | 0.4 | 138.9 | |||||||||
Total net assets acquired | 150.4 | (0.4 | ) | 150 | ||||||||
Excess of purchase price over net assets acquired | $ | 90.3 | $ | 0.4 | $ | 90.7 | ||||||
Description_of_Business_Detail
Description of Business (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 4 |
Agribusiness | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Natural Materials and Construction | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Real Estate Leasing | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Real Estate Development and Sales | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 1 |
Commitments_Guarantees_and_Con2
Commitments, Guarantees and Contingencies (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Jul. 31, 2010 | Jun. 30, 2010 | Jun. 25, 2004 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-10 | Sep. 25, 2008 | 24-May-01 | Jun. 30, 2014 | Mar. 31, 2011 | Jun. 24, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||
Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Petitions Filed Requesting IIFS In West Maui Streams | Indemnification Agreement | Standby letters of credit | Performance and customs bonds | Long Term Water Lease Request | Petitions Filed Requesting IIFS In East Maui Streams | Petitions Filed Requesting IIFS In East Maui Streams | Petitions Filed Requesting IIFS In East Maui Streams | Environmental Protection Agency | Environmental Protection Agency | Hawaii State Department of Health | Waihonua Joint Venture | Waihonua Joint Venture | Club Villas Joint Venture | Club Villas Joint Venture | ||
Organization | Petition | Stream | License | Petition | Petition | Stream | Unfavorable Regulatory Action | Unfavorable Regulatory Action | Unfavorable Regulatory Action | Unit | Indemnification Agreement | Unit | Indemnification Agreement | ||||||
Organization | acre | Boiler | Boiler | Story | |||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum amount of possible loss contingency | ' | ' | ' | ' | ' | $11,400,000 | $326,100,000 | [1] | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' |
Guarantor obligations, maximum exposure amount | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | 7,000,000 | |
Maturity date | ' | ' | ' | ' | 31-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Construction loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | 14,000,000 | ' | |
Number of stories in real estate property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43 | ' | ' | ' | |
Number of Units in Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 341 | ' | 6 | ' | |
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) | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
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) | 14.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of boilers impacted by EPA standards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | |
Number of boilers not compliant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | |
Number of periods of alleged violations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | |
Possible administrative penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | |
[1] | Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and 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 have been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $10.20 | $2.60 | $9.70 | $3.10 |
Income attributable to noncontrolling interest | -1 | 0 | -1.4 | 0 |
Income (loss) from continuing operations, net of tax | $9.20 | $2.60 | $8.30 | $3.10 |
Shares used to compute basic and diluted earnings per share [Abstract] | ' | ' | ' | ' |
Denominator for basic EPS - weighted average shares (in shares) | 48,700,000 | 43,100,000 | 48,700,000 | 43,000,000 |
Effect of dilutive securities [Abstract] | ' | ' | ' | ' |
Employee/director stock options and restricted stock units (in shares) | 600,000 | 600,000 | 500,000 | 600,000 |
Denominator for diluted EPS - weighted average shares (in shares) | 49,300,000 | 43,700,000 | 49,200,000 | 43,600,000 |
Anti-dilutive securities excluded from the computation of weighted average dilutive shares outstanding (in shares) | 0 | 0 | 0 | 0 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value Measuremnt of Long-term Debt [Line Items] | ' | ' |
Long-term debt value | $676.10 | $710.70 |
Fair Value | ' | ' |
Fair Value Measuremnt of Long-term Debt [Line Items] | ' | ' |
Long-term debt value | $700.10 | $723.20 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Inventories | $92.10 | $68.10 |
Sugar inventories | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 20.8 | 16.8 |
Work in process - sugar | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 21.2 | 0 |
Asphalt | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 19.7 | 17.9 |
Processed rock, portland cement, and sand | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 15.3 | 12.9 |
Work in process - aggregate | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 2.7 | 2.7 |
Retail merchandise | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | 1.4 | 1.8 |
Parts, materials and supplies inventories | ' | ' |
Inventory [Line Items] | ' | ' |
Inventories | $11 | $16 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) | 6 Months Ended |
Jun. 30, 2014 | |
2012 Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares reserved for issuance (in shares) | 4,300,000 |
Stock available for future issuance (in shares) | 1,376,473 |
Options granted in period (in shares) | 2,700,000 |
Restricted Stock Units (RSUs) | 2012 Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '3 years |
Performance Shares | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '2 years |
ShareBased_Compensation_Activi
Share-Based Compensation Activity of stock option plans (Details) (Stock Options, 2012 Plan, USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Stock Options | 2012 Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding, beginning balance (in shares) | 1,337,300 |
Exercised (in shares) | -153,600 |
Forfeitures and expired (in shares) | 0 |
Outstanding, ending balance (in shares) | 1,183,700 |
Exercisable (in shares) | 1,134,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Outstanding, beginning balance (in dollars per share) | $19.21 |
Exercised (in dollars per share) | $21.23 |
Forfeited and expired (in dollars per share) | $0 |
Outstanding, ending balance (in dollars per share) | $18.94 |
Exercisable (in dollars per share) | $18.79 |
Weighted Average Contractual Life [Abstract] | ' |
Outstanding weighted average contractual life (in years) | '4 years 10 months 12 days |
Exercisable weighted average contractual life (in years) | '4 years 8 months 0 days |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Aggregate Intrinsic Value [Abstract] | ' |
Outstanding aggregate intrinsic value | $25,895 |
Exercisable intrinsic value | $24,989 |
ShareBased_Compensation_Activi1
Share-Based Compensation Activity of non-vested restricted stock units (Details) (Non-Vested Stock & Restricted Stock Units, 2012 Plan, USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Non-Vested Stock & Restricted Stock Units | 2012 Plan | ' |
2012 Plan Restricted Stock Units [Roll Forward] | ' |
Outstanding, beginning balance (in shares) | 242,300 |
Granted (in shares) | 123,000 |
Vested (in shares) | -83,000 |
Outstanding, ending balance (in shares) | 282,300 |
Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Outstanding, beginning balance (in dollars per share) | $27.92 |
Granted (in dollars per share) | $39.38 |
Vested (in dollars per share) | $25.37 |
Outstanding, ending balance (in dollars per share) | $33.66 |
ShareBased_Compensation_Shareb
Share-Based Compensation Share-based expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total share-based expense | $1.20 | $1 | $2.40 | $2.10 |
Total recognized tax benefit | -0.3 | -0.3 | -0.7 | -0.6 |
Share-based expense (net of tax) | 0.9 | 0.7 | 1.7 | 1.5 |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total share-based expense | 0.1 | 0.3 | 0.3 | 0.7 |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total share-based expense | $1.10 | $0.70 | $2.10 | $1.40 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Real Estate Leasing | Industrial Property | Retail Site | Office Building | |||||
2013 Discontinued Operations | 2013 Discontinued Operations | 2013 Discontinued Operations | |||||||||
Property | Property | Property | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 2 |
Proceeds from the sale of income-producing properties | ' | ' | ' | ' | $0 | $0 | $70.10 | $14.90 | ' | ' | ' |
Real estate leasing revenue | ' | ' | ' | ' | 0 | 8.5 | 0.2 | 17.1 | ' | ' | ' |
Revenue from discontinued operations | ' | ' | ' | ' | 0 | 8.5 | 70.3 | 32 | ' | ' | ' |
Gain on sale of income-producing properties | ' | ' | ' | ' | 0 | 0 | 55.9 | 4.2 | ' | ' | ' |
Real estate leasing operating profit | ' | ' | ' | ' | 0 | 3.9 | 0.2 | 7 | ' | ' | ' |
Total operating profit before taxes | ' | ' | ' | ' | 0 | 3.9 | 56.1 | 11.2 | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | 0 | 1.5 | 21.8 | 4.3 | ' | ' | ' |
Income from discontinued operations | $0 | $2.40 | $34.30 | $6.90 | $0 | $2.40 | $34.30 | $6.90 | ' | ' | ' |
Pension_and_Postretirement_Pla2
Pension and Post-retirement Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' |
Service cost | $0.50 | $0.60 | $1.20 | $1.20 |
Interest cost | 2.2 | 1.8 | 4.1 | 3.8 |
Expected return on plan assets | -2.6 | -2.9 | -5.3 | -5.5 |
Curtailment | 0 | 0 | 0 | 0 |
Amortization of prior service credit | -0.2 | -0.2 | -0.4 | -0.4 |
Amortization of net loss (gain) | 0.1 | 1.9 | 2 | 3.9 |
Net periodic benefit cost | 0 | 1.2 | 1.6 | 3 |
United States Postretirement Benefit Plans of US Entity, Defined Benefit | ' | ' | ' | ' |
Components of net periodic benefit cost [Abstract] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0.1 | 0.1 |
Interest cost | 0.1 | 0 | 0.2 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Curtailment | 0 | -0.5 | 0 | -0.5 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of net loss (gain) | 0 | 0 | 0.1 | 0 |
Net periodic benefit cost | $0.10 | ($0.50) | $0.40 | ($0.20) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Changes In Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ||||
Pension and postretirement plans, Beginning balance | ' | ' | ' | $30.10 | ||||
Amounts reclassified from accumulated other comprehensive income, net of tax | ' | ' | -1.7 | ' | ||||
Pension and postretirement plans, Ending balance | 28.4 | ' | 28.4 | ' | ||||
Reclassifications of other comprehensive income [Abstract] | ' | ' | ' | ' | ||||
Actuarial gain (loss) | 1.2 | [1] | -2 | [1] | 1.2 | [1] | -2 | [1] |
Amortization of defined benefit pension items reclassified to net periodic pension cost: [Abstract] | ' | ' | ' | ' | ||||
Net loss | 0.3 | [1] | 1.9 | [1] | 2.2 | [1] | 3.9 | [1] |
Prior service credit | -0.3 | [1] | -0.3 | [1] | -0.6 | [1] | -0.6 | [1] |
Total before income tax | 1.2 | -0.4 | 2.8 | 1.3 | ||||
Income taxes | -0.4 | 0.2 | -1.1 | -0.5 | ||||
Other Comprehensive Income (Loss) | $0.80 | ($0.20) | $1.70 | $0.80 | ||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details). |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Unrecognized tax benefits related to the separation from Matson | $0.30 | ' |
Deferred income tax liabilities | 200.9 | 188.7 |
Other non-current liabilities | 52.8 | 60.7 |
Increase in income tax due separation from Matson, Inc | 1.6 | ' |
Reclassification Adjustment | ' | ' |
Deferred income tax liabilities | -8.6 | ' |
Other non-current liabilities | $8.60 | ' |
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Details) (Kaneohe Ranch Portfolio, USD $) | 0 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 18, 2013 | Dec. 20, 2013 | Dec. 20, 2013 |
Bridge Loan | Bridge Loan | ||
LIBOR | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total consideration paid for acquisition | $372.70 | ' | ' |
Secured loan amount | ' | $60 | ' |
LIBOR | ' | ' | 'LIBOR |
Basis spread on variable rate | ' | ' | 3.00% |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross notional amount related to interest rate swaps | $20.90 | ' |
Other Liabilities | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value of interest rate swap | $3 | $2.80 |
Segment_Results_Details
Segment Results (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | $146.70 | $62.60 | $241.70 | $95.50 | ||||
Operating profit | 28.2 | 14.3 | 42.7 | 24.1 | ||||
Interest Expense | -7.2 | -3.9 | -14.5 | -7.5 | ||||
General corporate expenses | -4.3 | -3.7 | -9.5 | -8.2 | ||||
Grace Acquisition costs | 0 | -1.5 | 0 | -2.5 | ||||
Income From Continuing Operations Before Income Taxes | 16.7 | 5.2 | 18.7 | 5.9 | ||||
Income tax expense | 6.5 | 2.6 | 9 | 2.8 | ||||
Income From Continuing Operations | 10.2 | 2.6 | 9.7 | 3.1 | ||||
Income From Discontinued Operations (net of income taxes) | 0 | 2.4 | 34.3 | 6.9 | ||||
Net Income | 10.2 | 5 | 44 | 10 | ||||
Income attributable to noncontrolling interest | -1 | 0 | -1.4 | 0 | ||||
Net Income Attributable to A&B | 9.2 | 5 | 42.6 | 10 | ||||
Real Estate Leasing | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 31 | [1] | 26.2 | [1] | 62.2 | [1] | 52.5 | [1] |
Operating profit | 12 | [1] | 10.6 | [1] | 23.8 | [1] | 21.5 | [1] |
Real Estate Development and Sales | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 21.4 | [1] | 1.4 | [1] | 92.4 | [1] | 16.8 | [1] |
Operating profit | 7.8 | [1] | -0.7 | [1] | 60.1 | [1] | 1.7 | [1] |
Less Amounts Reported in Discontinued Operations | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 0 | [1] | 8.5 | [1] | 70.3 | [1] | 32 | [1] |
Operating profit | 0 | [1] | 3.9 | [1] | 56.1 | [1] | 11.2 | [1] |
Natural Materials and Construction | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 64.5 | 0 | 114.7 | 0 | ||||
Operating profit | 8 | 0 | 11.4 | 0 | ||||
Agribusiness | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenue | 29.8 | 43.5 | 42.7 | 58.2 | ||||
Operating profit | $0.40 | $8.30 | $3.50 | $12.10 | ||||
[1] | Prior year amounts recast for amounts treated as discontinued operations. |
Grace_Acquisition_Preliminary_2
Grace Acquisition - Preliminary Valuation of Assets and Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Grace Pacific Corporation | Scenario, Adjustment | Scenario, Previously Reported | ||
Grace Pacific Corporation | Grace Pacific Corporation | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | $240.70 | ' | $240.70 |
Cash | ' | ' | 5.7 | ' | 5.7 |
Intangible assets | ' | ' | 5.8 | ' | 5.8 |
All other assets | ' | ' | 277.4 | ' | 277.4 |
Total assets acquired | ' | ' | 288.9 | ' | 288.9 |
Total liabilities assumed | ' | ' | 138.9 | 0.4 | 138.5 |
Total net assets acquired | ' | ' | 150 | -0.4 | 150.4 |
Goodwill | $100 | $99.60 | $90.70 | $0.40 | $90.30 |