Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 15, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Alexander & Baldwin, Inc. | ||
Entity Central Index Key | 1545654 | ||
Current Fiscal Year End Date | -19 | ||
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 | 48,830,998 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Public Float | $1,907,656,352 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Revenue: | |||
Real estate leasing | $125.20 | $78.80 | $64.20 |
Real estate development and sales | 80 | 85.4 | 15 |
Materials and construction | 234.3 | 54.9 | 0 |
Agribusiness | 120.5 | 146.1 | 182.3 |
Total operating revenue | 560 | 365.2 | 261.5 |
Operating Costs and Expenses: | |||
Cost of real estate leasing | 78.3 | 48.4 | 38.4 |
Cost of real estate sales | 41 | 46.7 | 5.2 |
Cost of materials and construction contracts | 191.3 | 47.6 | 0 |
Cost of agribusiness goods and services | 131.9 | 136.8 | 161 |
Selling, general and administrative | 52.9 | 41.2 | 37.7 |
Gain on the sale of agricultural parcel | 0 | 0 | -7.3 |
Gain on charitable donation of appreciated land | 0 | 0 | -9.4 |
Impairment of real estate assets (Santa Barbara) | 0 | 0 | 5.1 |
Separation/acquisition costs | 0 | 4.6 | 6.8 |
Total operating costs and expenses | 495.4 | 325.3 | 237.5 |
Operating Income | 64.6 | 39.9 | 24 |
Other Income and (Expense): | |||
Income (loss) related to joint ventures | 2.1 | 4.3 | -4.4 |
Gain on insurance proceeds | 0 | 2.4 | 0 |
Impairment and equity losses related to joint ventures | -0.3 | -6.6 | -4.7 |
Reduction in KRS II carrying value, net (Note 6, 13) | -14.7 | 0 | 0 |
Interest income and other | 6.1 | 2.7 | 0.1 |
Interest expense | -29 | -19.1 | -14.9 |
Income From Continuing Operations Before Income Taxes | 28.8 | 23.6 | 0.1 |
Income tax expense (benefit) | -1.4 | 11.1 | -5.9 |
Income From Continuing Operations | 30.2 | 12.5 | 6 |
Income from discontinued operations, net of income taxes (Note 5) | 34.3 | 22.3 | 12.8 |
Net Income | 64.5 | 34.8 | 18.8 |
Income attributable to non-controlling interest | -3.1 | -0.5 | 0 |
Net Income Attributable to A&B | 61.4 | 34.3 | 18.8 |
Basic Earnings per Share of Common Stock: | |||
Continuing operations attributable to A&B shareholders (in dollars per share) | $0.56 | $0.27 | $0.14 |
Discontinued operations attributable to A&B shareholders (in dollars per share) | $0.70 | $0.50 | $0.30 |
Net income attributable to A&B shareholders (in dollars per share) | $1.26 | $0.77 | $0.44 |
Diluted Earnings per Share of Common Stock: | |||
Continuing operations attributable to A&B shareholders (in dollars per share) | $0.55 | $0.26 | $0.14 |
Discontinued operations attributable to A&B shareholders (in dollars per share) | $0.70 | $0.50 | $0.30 |
Net income attributable to A&B shareholders (in dollars per share) | $1.25 | $0.76 | $0.44 |
Weighted Average Number of Shares Outstanding: | |||
Basic (in shares) | 48.7 | 44.4 | 42.6 |
Diluted (in shares) | 49.3 | 45.1 | 42.9 |
Amounts Attributable to A&B Shareholders: | |||
Income from continuing operations, net of tax | 27.1 | 12 | 6 |
Discontinued operations, net of tax | 34.3 | 22.3 | 12.8 |
Net Income Attributable to A&B | $61.40 | $34.30 | $18.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $64.50 | $34.80 | $18.80 | |||
Defined benefit pension plans: | ||||||
Net gain (loss) / prior service credit (cost) | -26.7 | 22.4 | -6 | |||
Amortization of net loss included in net periodic pension cost | 4.5 | [1] | 7.7 | [1] | 8 | [1] |
Amortization of prior service credit included in net periodic pension cost | -1.3 | [1] | -1.3 | [1] | -1.3 | [1] |
Income taxes related to other comprehensive income | 9.2 | -11.7 | -0.3 | |||
Other Comprehensive Income (Loss) | -14.3 | 17.1 | 0.4 | |||
Comprehensive Income | 50.2 | 51.9 | 19.2 | |||
Comprehensive income attributable to non-controlling interest | -3.1 | -0.5 | 0 | |||
Comprehensive income attributable to A&B | $47.10 | $51.40 | $19.20 | |||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $2.80 | $3.30 |
Accounts receivable, less allowances of $1.7 for 2014 and $1.3 for 2013 | 33.1 | 36.5 |
Contracts retention | 9.1 | 9.3 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 15.9 | 10.5 |
Inventories | 81.9 | 68.1 |
Real estate held for sale | 2.5 | 15.9 |
Deferred income taxes | 8.3 | 7.8 |
Income tax receivable | 6.7 | 1.4 |
Prepaid expenses and other assets | 15.6 | 17 |
Total current assets | 175.9 | 169.8 |
Investments in Affiliates | 418.6 | 341.4 |
Real Estate Developments | 224 | 249.1 |
Property – Net | 1,301.70 | 1,273.70 |
Intangible Assets - Net | 63.9 | 74.1 |
Goodwill | 102.3 | 99.6 |
Other Assets | 43.5 | 75.9 |
Total assets | 2,329.90 | 2,283.60 |
Current Liabilities | ||
Notes payable and current portion of long-term debt | 74.5 | 105.2 |
Accounts payable | 37.6 | 32.6 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 3.6 | 4.4 |
Accrued interest | 5.7 | 5.9 |
Deferred revenue | 16.5 | 17.8 |
Indemnity holdback related to Grace acquisition | 9.3 | 18.8 |
Accrued and other liabilities | 35.8 | 33.5 |
Total current liabilities | 183 | 218.2 |
Long-term Liabilities | ||
Long-term debt | 631.5 | 605.5 |
Deferred income taxes | 194 | 193.2 |
Accrued pension and postretirement benefits | 54.8 | 37.3 |
Other non-current liabilities | 51.8 | 60.7 |
Total long-term liabilities | 932.1 | 896.7 |
Commitments and Contingencies (Note 15) | ||
Equity | ||
Common stock – no par value; authorized, 150 million shares; outstanding, 48.8 million and 48.6 million shares at December 31, 2014 and 2013, respectively | 1,147.30 | 1,140.50 |
Accumulated other comprehensive loss | -44.4 | -30.1 |
Retained earnings | 101 | 49.4 |
Total A&B shareholders' equity | 1,203.90 | 1,159.80 |
Non-controlling interest | 10.9 | 8.9 |
Total equity | 1,214.80 | 1,168.70 |
Total liabilities and equity | $2,329.90 | $2,283.60 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Account Receivables, allowances | $1.70 | $1.30 |
Common stock, par value (in $ per share) | ||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares outstanding (in shares) | 48,800,000 | 48,600,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net income | $64.50 | $34.80 | $18.80 | |||
Depreciation and amortization | 55 | 41.7 | 35.1 | |||
Deferred income taxes | 8.8 | -0.6 | -4.6 | |||
Gains on asset transactions, net of impairment losses | -82.2 | -52.8 | -14.8 | |||
Share-based expense | 4.9 | 4.2 | 5.4 | |||
Equity in (income) loss of affiliates, net of distributions | 0.1 | -2.9 | 8.4 | |||
Trade, contracts retention, and other receivables | 1.6 | 3.3 | 0.1 | |||
Costs and estimated earnings in excess of billings on uncompleted contracts - net | -6.4 | -1.9 | 0 | |||
Inventories | -13.5 | -2.7 | 12.8 | |||
Prepaid expenses and other assets | 5 | -0.4 | -10 | |||
Accrued pension and post-retirement benefits | -2.3 | 5.2 | 4.2 | |||
Accounts payable, contracts retention, and income taxes | -2.3 | -4.9 | -1.5 | |||
Accrued and other liabilities | -6 | 7.6 | -14.2 | |||
Real estate inventory sales (real estate developments held for sale) | 53.6 | 81.7 | 8.4 | |||
Expenditures for real estate inventory (real estate developments held for sale) | -41.7 | -150.6 | -37.2 | |||
Net cash provided by (used in) operations | 39.1 | -38.3 | 10.9 | |||
Cash Flows used in Investing Activities: | ||||||
Capital expenditures for property, plant and equipment | -60.2 | -32.5 | -45.4 | |||
Capital expenditures related to 1031 commercial property transactions | -14.9 | -472.8 | -9.4 | |||
Proceeds from investment tax credits and grants related to Port Allen Solar Farm | 4.5 | 2.4 | 7.5 | |||
Proceeds from disposal of property and other assets | 9.5 | 1.2 | 2.2 | |||
Proceeds from disposals related to 1031 commercial property transactions | 85.6 | 330.8 | 18.8 | |||
Payments for purchases of investments in affiliates and preferred investment | -75.1 | -43.4 | -17.5 | |||
Proceeds from investments in affiliates and preferred investment | 36.2 | 5.1 | 2.9 | |||
Change in restricted cash associated with 1031 transactions | 0.6 | 3.2 | -9.2 | |||
Acquisition of business, net of cash (including Grace indemnity holdback) | -14.2 | -5.7 | 0 | |||
Net cash used in investing activities | -28 | -211.7 | -50.1 | |||
Cash Flows from Financing Activities: | ||||||
Proceeds from issuances of long-term debt | 283 | 585 | 134 | |||
Payments of long-term debt and deferred financing costs | -224.2 | -380.3 | -257.2 | |||
Proceeds (payments) from line-of-credit agreements, net | -62.3 | 51.6 | -6 | |||
Distributions to Alexander & Baldwin Holdings, Inc.(a) | 0 | [1] | 0 | [1] | -26.7 | [1] |
Contributions from Alexander & Baldwin Holdings, Inc.(a) | 0 | [1] | 0 | [1] | 172.7 | [1] |
Distribution to non-controlling interests | -0.2 | -1.1 | 0 | |||
Dividends paid | -8.3 | -2 | 0 | |||
Proceeds from issuance (repurchase) of capital stock and other, net | 0.4 | -1 | 11.8 | |||
Net cash provided by (used in) financing activities | -11.6 | 252.2 | 28.6 | |||
Cash and Cash Equivalents: | ||||||
Net increase (decrease) for the period | -0.5 | 2.2 | -10.6 | |||
Balance, beginning of year | 3.3 | 1.1 | 11.7 | |||
Balance, end of year | 2.8 | 3.3 | 1.1 | |||
Other Cash Flow Information: | ||||||
Interest paid, net of amounts capitalized | -29.8 | -19.1 | -14.9 | |||
Income taxes paid | -14.2 | -12 | -2 | |||
Other Non-cash Information: | ||||||
Real estate exchanged for note receivable | 3.6 | 0 | 0 | |||
Acquisition of Grace (issuance of equity and indemnity holdback) | 0 | 219.8 | 0 | |||
Mortgage debt assumed at fair value in real estate acquisitions | 0 | 142.2 | 0 | |||
Property (net) acquired in connection with the consolidation of The Shops at Kukui'ula | 0 | 39 | 0 | |||
Capital expenditures included in accounts payable and accrued expenses | 5.7 | 6.6 | 12.2 | |||
Conversion of net investment of A&B Holdings into common stock | 0 | 0 | 926.3 | |||
The Collection Joint Venture | ||||||
Other Non-cash Information: | ||||||
Contribution of land and development assets | 33.8 | 0 | 0 | |||
Waihonua Joint Venture | ||||||
Other Non-cash Information: | ||||||
Contribution of land and development assets | $0 | $0 | $24.20 | |||
[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, except Per Share data, unless otherwise specified | ||||||
Balance, beginning period at Dec. 31, 2011 | $724 | $0 | $771.60 | ($47.60) | $0 | $0 |
Balance, beginning period (shares) at Dec. 31, 2011 | 0 | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income | 18.8 | -1.6 | 20.4 | |||
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 (shares) | 42.4 | |||||
Conversion of net investment of Alexander & Baldwin Holdings, Inc. into common stock | 0 | 924.5 | -924.5 | |||
Share-based compensation | 2.1 | 2.1 | ||||
Shares issued or repurchased, net (in shares) | 0.5 | |||||
Shares issued or repurchased, 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 | 910.9 | 938 | 0 | -47.2 | 20.1 | 0 |
Balance, period end (shares) at Dec. 31, 2012 | 42.9 | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income | 34.8 | 34.3 | 0.5 | |||
Other comprehensive income, net of tax | 17.1 | 17.1 | ||||
Dividends paid on common stock | -2 | -2 | ||||
Distributions to non-controlling 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 | ||||
Dividend declared (in dollars per share) | $0.04 | |||||
Balance, period end at Dec. 31, 2013 | 1,168.70 | 1,140.50 | 0 | -30.1 | 49.4 | 8.9 |
Balance, period end (shares) at Dec. 31, 2013 | 48.6 | |||||
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net income | 64.5 | 61.4 | 3.1 | |||
Other comprehensive income, net of tax | -14.3 | -14.3 | ||||
Dividends paid on common stock | -8.3 | -8.3 | ||||
Distributions to non-controlling interest | -1.1 | -1.1 | ||||
Share-based compensation | 4.9 | 4.9 | ||||
Shares issued or repurchased, net (in shares) | 0.2 | |||||
Shares issued or repurchased, net | -0.9 | 0.6 | -1.5 | |||
Excess tax benefit from share-based awards | 1.3 | 1.3 | ||||
Dividend declared (in dollars per share) | $0.17 | |||||
Balance, period end at Dec. 31, 2014 | $1,214.80 | $1,147.30 | $0 | ($44.40) | $101 | $10.90 |
Balance, period end (shares) at Dec. 31, 2014 | 48.8 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
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 operates four segments, principally in Hawaii: Real Estate Development and Sales; Real Estate Leasing; Agribusiness; and Materials and Construction. | |
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. | |
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 urban land in Hawaii to third-party lessees. | |
Agribusiness: The Agribusiness segment produces bulk raw sugar, specialty food grade sugars and molasses; produces and sells specialty food-grade sugars; provides general trucking services, equipment maintenance and repair services; leases agricultural land to third parties; and generates and sells electricity to the extent not used in A&B’s Agribusiness operations. | |
Materials and Construction: The Materials and Construction segment, which includes the results of Grace from October 1, 2013, the date of acquisition, performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate; produces and sells asphaltic concrete; provides and sells various construction- and traffic-control-related products and manufactures and sells precast concrete products. | |
Reclassifications: The Company reclassified certain 2012 year amounts in the Consolidated Statements of Cash Flows to improve the transparency of its cash flows. The Company's 1031 activities in the consolidated statement of cash flows for 2012 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. | |
Revisions of prior period financial statements: In the course of preparing the Company’s financial statements for the year ended December 31, 2014, the Company identified misstatements in certain deferred tax accounts related to prior periods. For the year ended December 31, 2013, income tax expense was understated and net income and comprehensive income attributable to A&B was overstated by $2.6 million, which includes a $1.6 million out-of-period 2013 adjustment to income taxes previously recorded in the first quarter of 2014. The balance sheet impact of the misstatement resulted in an overstatement of non-current deferred taxes and income tax receivable by approximately $0.6 million and $2.0 million, respectively. For the year ended December 31, 2012, income tax expense was understated and net income and comprehensive income attributable to A&B was overstated by $1.7 million. The balance sheet impact of the misstatement resulted in an overstatement of non-current deferred and current deferred taxes by approximately $1.5 million and $0.2 million, respectively. Net investment within the consolidated statement of equity as of January 1, 2012 was overstated by $1.8 million. Accordingly, the Company has corrected the misstatements for the years ended December 31, 2013 and 2012 in the accompanying financial statements. The Company assessed the materiality of these misstatements quantitatively and qualitatively and has concluded that the correction of these errors are immaterial to the consolidated financial statements taken as a whole. The impact of the misstatements had no impact on pre-tax income or cash flows from operating, investing or financing activities. | |
Rounding: Amounts in the consolidated financial statements and notes thereto 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of Alexander & Baldwin, Inc. and all wholly owned and controlled subsidiaries, after elimination of significant intercompany amounts. Significant 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 percent and 70 percent, 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 non-controlling interest in the consolidated financial statements. Profits, losses and cash distributions are allocated in accordance with the respective operating agreements. | ||||||||||||||||
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. | ||||||||||||||||
Customer Concentration: Grace derives a significant portion of Materials and Construction revenues from a limited customer base. For the year ended December 31, 2014 approximately $37.5 million and $79.6 million of revenue was generated directly and indirectly from projects administered by the City and County of Honolulu and the State of Hawaii, respectively, where Grace served as general contractor or subcontractor. The revenues derived from the City and County of Honolulu and the State of Hawaii for the period from the date of acquisition of October 1, 2013 through December 31, 2013 were $14.3 million and $8.9 million, respectively. Hawaiian Commercial & Sugar Company, a consolidated subsidiary included in the Agribusiness segment, derived approximately $65.5 million, $87.6 million, and $117.5 million of revenue from C&H Sugar Company for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||
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 $3.0 million at December 31, 2014 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, 2014 was $706.0 million and $729.6 million, respectively, and $710.7 million and $723.2 million at December 31, 2013, 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, 2014 were as follows (in millions): | ||||||||||||||||
Balance at | Provision for bad debt | Write-offs | Balance at | |||||||||||||
Beginning of year | and Other | End of Year | ||||||||||||||
2014 | $1.30 | $0.80 | ($0.40) | $1.70 | ||||||||||||
2013 | $1.60 | $0.10 | ($0.40) | $1.30 | ||||||||||||
2012 | $1.70 | $0.20 | ($0.30) | $1.60 | ||||||||||||
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 Materials and Construction segment are included in current assets in the consolidated balance sheets and amounted to $6.0 million and $5.7 million as of December 31, 2014 and December 31, 2013, respectively. Accounts and contracts payable related to the 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 both December 31, 2014 and 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 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, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Sugar inventories | $ | 23.3 | $ | 16.8 | ||||||||||||
Asphalt | 21.3 | 17.9 | ||||||||||||||
Processed rock, portland cement, and sand | 15.7 | 12.9 | ||||||||||||||
Work in progress | 2.8 | 2.7 | ||||||||||||||
Retail merchandise | 1.5 | 1.8 | ||||||||||||||
Parts, materials and supplies inventories | 17.3 | 16 | ||||||||||||||
Total | $ | 81.9 | $ | 68.1 | ||||||||||||
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 $31.0 million, $20.8 million and $16.8 million in 2014, 2013 and 2012, respectively. Capitalized interest in 2014, 2013 and 2012 was $1.9 million, $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. | ||||||||||||||||
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, A&B’s financial condition or its future operating results could be materially impacted. | ||||||||||||||||
During the second quarter of 2012, the Company recorded a non-cash impairment charge of $5.1 million related to its Santa Barbara real estate landholdings in California. The impairment of the Santa Barbara landholdings are classified within Operating costs and expenses in the Consolidated Statements of Income. No impairment charges were recorded in 2014 or 2013. | ||||||||||||||||
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 believed to be 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 that may consider various factors, including sales prices, development costs, market conditions and absorption rates, 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 July 2014, the Company invested $23.8 million in KIUC Renewable Solutions Two LLC (KRS II), an entity that owns and operates a 12-megawatt solar farm in Koloa, Kauai. The investment return from the Company's investment in KRS II is principally composed of federal and state tax benefits. As tax benefits are realized over the life of the investment, the Company recognizes a non-cash reduction to the carrying amount of its investment in KRS II. For the year ended December 31, 2014, the Company recorded a net non-cash reduction of $14.7 million in Other income (expense) in the Consolidated Statements of Income. The Company expects that future reductions to its investment in KRS II will be recognized as tax benefits are realized. | ||||||||||||||||
In 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. | ||||||||||||||||
In 2012, the Company 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. 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 acquired in 2014 and 2013 were as follows: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | Weighted Average Life (Years) | Amount | Weighted Average Life (Years) | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place/favorable leases | $ | 2.1 | 1.8 | $ | 51.3 | 7.2 | ||||||||||
Permitted quarry rights | — | — | 18 | 19 | ||||||||||||
Contract backlog | — | — | 2.6 | 2.2 | ||||||||||||
Trade name/customer relationships | — | — | 3.1 | 8 | ||||||||||||
Total | $ | 2.1 | 1.8 | $ | 75 | 9.9 | ||||||||||
Intangible assets for the years ended December 31 included the following (in millions): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place leases | $ | 61.6 | $ | (25.8 | ) | $ | 59.6 | $ | (18.6 | ) | ||||||
Favorable leases | 16.6 | (7.8 | ) | 16.6 | (6.1 | ) | ||||||||||
Permitted quarry rights | 18 | (0.7 | ) | 18 | (0.1 | ) | ||||||||||
Contract backlog | 2.6 | (2.5 | ) | 2.6 | (1.0 | ) | ||||||||||
Trade name/customer relationships | 2.2 | (0.3 | ) | 3.1 | — | |||||||||||
Total assets | $ | 101 | $ | (37.1 | ) | $ | 99.9 | $ | (25.8 | ) | ||||||
Aggregate intangible asset amortization was $11.2 million, $9.3 million and $3.3 million for 2014, 2013 and 2012, respectively. Estimated amortization expenses related to intangibles over the next five years are as follows (in millions): | ||||||||||||||||
Estimated | ||||||||||||||||
Amortization | ||||||||||||||||
2015 | $9.00 | |||||||||||||||
2016 | $6.70 | |||||||||||||||
2017 | $5.60 | |||||||||||||||
2018 | $4.80 | |||||||||||||||
2019 | $4.30 | |||||||||||||||
Goodwill: The Company recorded a total of $93.6 million of goodwill in connection with the acquisition of Grace, which occurred on October 1, 2013. Additionally, the Company recorded $9.3 million of goodwill 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. In 2014, the Company finalized its valuation of Grace and, as a result, recorded an additional $3.3 million of goodwill, primarily related to the fair value of liabilities associated with the maintenance and management of former quarry sites. The Company reviews goodwill for impairment at the reporting unit level annually and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. The changes in the carrying amount of goodwill allocated to the Company's reportable segments for the years ended December 31, 2014 and 2013 were as follows (in millions): | ||||||||||||||||
Materials & Construction | Real Estate Leasing | Total | ||||||||||||||
Balance, January 1, 2013 | $ | — | $ | — | $ | — | ||||||||||
Goodwill acquired during the year | 90.3 | 9.3 | 99.6 | |||||||||||||
Balance, December 31, 2013 | 90.3 | 9.3 | 99.6 | |||||||||||||
Goodwill increase during the year | 3.3 | — | 3.3 | |||||||||||||
Goodwill allocated to sale of Maui Mall | — | (0.6 | ) | (0.6 | ) | |||||||||||
Balance, December 31, 2014 | $ | 93.6 | $ | 8.7 | $ | 102.3 | ||||||||||
Revenue Recognition: The Company has a wide variety of revenue sources, including real estate sales, commercial property rentals, material sales, paving construction, 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 Development and Sales revenue represents proceeds from the sale of a variety of real estate development inventory. Real estate development inventory 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 material sales and paving contracts. The recognition of revenue is based on the underlying terms of the transaction. | ||||||||||||||||
Materials - Revenues from material sales, which include basalt aggregate, liquid asphalt and hot mix asphalt, 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. Unit price contracts, which comprise a significant portion of Grace's paving contracts, require Grace to provide line-item deliverables at fixed unit prices based on approved quantities irrespective of Grace’s actual per unit costs. Earnings on unit price contracts are recognized as quantities are delivered and accepted by the customer. Lump sum contracts require that the total amount of work be performed for a single price irrespective of actual quantities or Grace’s actual costs. Earnings on fixed-price 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, square feet or other units of measure) 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 site 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. 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: In 2014, the Company early adopted the provisions of 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”), which changes the requirements for reporting discontinued operations under Subtopic 205-20. For periods prior to the adoption of ASU 2014-08, the sales of certain income-producing assets were classified as discontinued operations if the operations and cash flows of the assets clearly could be distinguished from the remaining assets of the Company, if cash flows for the assets had been, or would have been, eliminated from the ongoing operations of the Company, if the Company would not have had a significant continuing involvement in the operations of the assets sold, and if the amount was considered material. Certain assets that are “held-for-sale,” based on the likelihood and intention of selling the property within 12 months, were also treated as discontinued operations. Sales of land not under lease and residential houses and lots were generally considered inventory and were 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): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 30.2 | $ | 12.5 | $ | 6 | ||||||||||
Non-controlling interest | (3.1 | ) | (0.5 | ) | — | |||||||||||
Income from continuing operations attributable to A&B | $ | 27.1 | $ | 12 | $ | 6 | ||||||||||
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): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | 48.7 | 44.4 | 42.6 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding stock options and restricted stock units | 0.6 | 0.7 | 0.3 | |||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | 49.3 | 45.1 | 42.9 | |||||||||||||
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, 2014, 2013 and 2012, there were no anti-dilutive securities outstanding. | ||||||||||||||||
On January 26, 2015, the Company granted to employees, 67,087 shares of time-based restricted stock units, and 42,459 shares of performance share units. The time-based restricted stock units vest ratably over three years and 50 percent of the performance share units cliff vest over 2 years and 50 percent cliff vest over 3 years, provided that the minimum level of the 2-year and 3-year performance objectives, respectively, 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, 2014 and 2013. | ||||||||||||||||
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. | ||||||||||||||||
The investment return from the Company's investment in KRS II is principally composed of federal and state tax benefits, including tax credits. These tax credits are accounted for using the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. The total KRS II net tax credit benefits that the Company recognized for book purposes in 2014 was approximately $13.7 million. | ||||||||||||||||
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): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Unrealized components of benefit plans: | ||||||||||||||||
Pension plans | $ | (43.9 | ) | $ | (29.3 | ) | $ | (48.6 | ) | |||||||
Post-retirement plans | (0.5 | ) | (1.1 | ) | 1.4 | |||||||||||
Non-qualified benefit plans | — | 0.3 | — | |||||||||||||
Accumulated other comprehensive loss | $ | (44.4 | ) | $ | (30.1 | ) | $ | (47.2 | ) | |||||||
Accumulated Other Comprehensive Income: The changes in accumulated other comprehensive income for pension and postretirement plans for the year ended December 31, 2014 were as follows (in millions, net of tax): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | (30.1 | ) | $ | (47.2 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (14.3 | ) | 17.1 | |||||||||||||
Ending balance | $ | (44.4 | ) | $ | (30.1 | ) | ||||||||||
The reclassifications of other comprehensive income components out of accumulated other comprehensive income for 2014 and were as follows (in millions): | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2012 | |||||||||||||
Actuarial gain (loss)* | $ | (26.7 | ) | $ | 22.4 | $ | (6.0 | ) | ||||||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||||||||||||
Net loss* | 4.5 | 7.7 | 8 | |||||||||||||
Prior service credit* | (1.3 | ) | (1.3 | ) | (1.3 | ) | ||||||||||
Total before income tax | (23.5 | ) | 28.8 | 0.7 | ||||||||||||
Income taxes | 9.2 | (11.7 | ) | (0.3 | ) | |||||||||||
Other comprehensive income (loss) net of tax | $ | (14.3 | ) | $ | 17.1 | $ | 0.4 | |||||||||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). | |||||||||||||||
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, 2014 or 2013. | ||||||||||||||||
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 April 2014, the 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. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Combinations [Abstract] | ||||||||||
Acquisitions | ACQUISITIONS | |||||||||
The Company applies the provisions of the Financial Accounting Standards Board's Accounting Standards Codification Topic 805, Business Combinations (ASC 805) to acquisitions. Under ASC 805, assets acquired and liabilities assumed are recorded at fair value. The excess of the purchase price over the net fair value of assets acquired and liabilities assumed is recorded as goodwill. The fair values of assets acquired and liabilities assumed are determined through the market, income or cost approaches, and the valuation approach is generally based on the specific characteristics of the asset or liability. Under the market approach, value is estimated using information from transactions in which other participants in the market have paid for reasonably similar assets that have been sold within a reasonable period from the valuation date. Adjustments are made to compensate for differences between reasonably similar assets and the item being valued. Under the income approach, the future cash flows expected to be received over the life of the asset, taking into account a variety of factors, such as long-term growth rates and the amount and timing of cash flows, are discounted to present value using a rate of return that accounts for the time value of money and investment risk factors. Under the cost approach, the Company estimates the cost to replace the asset with a new asset taking into consideration a variety of factors such as age, physical condition, functional obsolescence and economic obsolescence. The fair value of liabilities assumed is calculated as the net present value of estimated payments using prevailing market interest rates for liabilities with similar credit risk and terms. | ||||||||||
Grace Acquisition | ||||||||||
On October 1, 2013, the Company consummated its acquisition of 100 percent of the shares of Grace, a Hawaii-based materials and infrastructure construction company. Pursuant to an Agreement and Plan of Merger (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 (Merger). 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 $35.3 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 percent 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 $35.3 million cash portion of the acquisition price, as of December 31, 2014, approximately $9.3 million (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 allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | ||||||||||
Preliminary Valuation October 1, 2013 | Modifications | Final Valuation | ||||||||
Cash consideration | $ | 35.3 | $ | — | $ | 35.3 | ||||
Common stock issued as consideration | 196.3 | — | 196.3 | |||||||
Fair value of consideration transferred | 231.6 | — | 231.6 | |||||||
Fair value of assets acquired and liabilities assumed | ||||||||||
Assets acquired: | ||||||||||
Cash and cash equivalents | 5.7 | — | 5.7 | |||||||
Accounts receivable | 37.1 | — | 37.1 | |||||||
Contracts retention | 9.6 | — | 9.6 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 11.7 | — | 11.7 | |||||||
Inventories | 42 | — | 42 | |||||||
Property, plant and equipment | 148.6 | — | 148.6 | |||||||
Mineral rights | 18 | — | 18 | |||||||
Intangible assets | 5.8 | (1.0 | ) | 4.8 | ||||||
All other, net | 10.4 | 0.9 | 11.3 | |||||||
Total assets acquired | 288.9 | (0.1 | ) | 288.8 | ||||||
Liabilities assumed: | ||||||||||
Accounts payable and accrued liabilities | 26.3 | — | 26.3 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 7.5 | 0.6 | 8.1 | |||||||
Deferred tax liability, long-term | 27.1 | (0.6 | ) | 26.5 | ||||||
Long-term debt, including current portion | 72.7 | (0.2 | ) | 72.5 | ||||||
All other, net | 4.9 | 3.4 | 8.3 | |||||||
Total liabilities assumed | 138.5 | 3.2 | 141.7 | |||||||
Non-controlling interest | 9.1 | — | 9.1 | |||||||
Excess of purchase price over net assets acquired | $ | 90.3 | $ | 3.3 | $ | 93.6 | ||||
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. During 2014, based on new information, the Company recorded an adjustment to the preliminary valuation, resulting in a net increase to goodwill of $3.3 million. The adjustment did not have a significant impact on the Company's consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, was not retrospectively adjusted in the financial statements. The adjustment to goodwill was primarily due to adjustments to the fair value of liabilities related to the maintenance and management of former quarry sites. | ||||||||||
The Company incurred $4.6 million of acquisition costs and other related fees (all of which were incurred in 2013), which were recorded in selling, general and administrative costs. | ||||||||||
From October 1, 2013 through December 31, 2013, Grace contributed operating revenues of $54.9 million and net earnings of $1.7 million (including earnings attributed to non-controlling 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 and 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 the 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 was ultimately funded with tax-deferred proceeds from the sale of Maui Mall in January 2014. The acquisition of the portfolio is expected to improve the long-term growth prospects of the Company’s commercial portfolio. | ||||||||||
The 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 | ||||||||
The Company incurred $1.1 million of acquisition costs and other related fees in 2013, which were recorded in selling, general and administrative costs. | ||||||||||
From the date of acquisition on December 20, 2013 through December 31, 2013, the portfolio 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 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 Company incurred $2.1 million of acquisition costs and other related fees, which were recorded in selling, general and administrative costs in 2013. | ||||||||||
From the acquisition dates through December 31, 2013, the acquired assets 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
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vessel management services expenses | $ | — | $ | — | $ | (2.0 | ) | ||||||
Lease income from affiliate | — | — | 2.1 | ||||||||||
Equipment and repair services income and other | — | — | 1.4 | ||||||||||
Related party revenue, net | $ | — | $ | — | $ | 1.5 | |||||||
Contributions. Holdings, a prior affiliate, made contributions to the Company, net of distributions from the Company, totaling $154.5 million for the year ended December 31, 2012. 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. The Company entered into contracts in the ordinary course of business, as a supplier, with affiliates that are also members in entities in which the Company is also a member. Revenues earned from transactions with affiliates totaled approximately $23.9 million and $7.9 million for the year ended December 31, 2014 and the period from October 1, 2013 to December 31, 2013, respectively. Receivables from these affiliates were $3.0 million and $3.3 million at December 31, 2014 and 2013, respectively. Amounts due to these affiliates were not material at December 31, 2014 and 2013. Grace also enters into contracts in the ordinary course of business, as a subcontractor, supplier, and customer with various entities owned by a management employee who is also a stockholder and director. Revenues earned by the Company, receivables and purchases from the related entity for 2014 and 2013 were not material. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 2014, the sale of Maui Mall, a retail property in Hawaii, was classified as discontinued operations. | ||||||||||||
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. | ||||||||||||
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 2014, 2013 and 2012 were as follows (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Proceeds from the sale of income-producing properties | $ | 70.1 | $ | 337.6 | $ | 8.9 | ||||||
Real Estate Leasing revenue | $ | 0.3 | $ | 31.6 | $ | 36.4 | ||||||
Gain on sale of income-producing properties, net | $ | 55.9 | $ | 22.1 | $ | 4 | ||||||
Real Estate Leasing operating profit | 0.3 | 14.6 | 17.1 | |||||||||
Total operating profit before taxes | 56.2 | 36.7 | 21.1 | |||||||||
Income tax expense | 21.9 | 14.4 | 8.3 | |||||||||
Income from discontinued operations | $ | 34.3 | $ | 22.3 | $ | 12.8 | ||||||
Basic Earnings Per Share | $ | 0.7 | $ | 0.5 | $ | 0.3 | ||||||
Diluted Earnings Per Share | $ | 0.7 | $ | 0.5 | $ | 0.3 | ||||||
Investments_in_Affiliates
Investments in Affiliates | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||
Investments in Affiliates | INVESTMENTS IN AFFILIATES | |||||||||||||||||||
At December 31, 2014 and 2013, 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, 2014 that represents undistributed earnings of investments in affiliates was approximately $1.9 million. Dividends and distributions from unconsolidated affiliates totaled $17.9 million in 2014, $6.6 million in 2013 and $2.9 million for 2012. The Company’s investments in affiliates totaled $418.6 million and $341.4 million as of December 31, 2014 and 2013, 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): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Current assets | $ | 52.7 | $ | 43.5 | ||||||||||||||||
Non-current assets | 935.6 | 673.2 | ||||||||||||||||||
Total assets | $ | 988.3 | $ | 716.7 | ||||||||||||||||
Current liabilities | $ | 53 | $ | 44.2 | ||||||||||||||||
Non-current liabilities | 245.9 | 107.9 | ||||||||||||||||||
Total liabilities | $ | 298.9 | $ | 152.1 | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Operating revenue | $ | 71 | $ | 37.8 | $ | 29.8 | ||||||||||||||
Operating costs and expenses | 65.9 | 31.1 | 32.5 | |||||||||||||||||
Operating (loss) income | $ | 5.1 | $ | 6.7 | $ | (2.7 | ) | |||||||||||||
Income (loss) from continuing operations* | $ | 5 | $ | 6.8 | $ | (11.5 | ) | |||||||||||||
Net income (loss) | $ | 5 | $ | 6.8 | $ | (11.5 | ) | |||||||||||||
* Includes earnings from equity method investments held by the investee. | ||||||||||||||||||||
Significant joint ventures at December 31, 2014, included the following: | ||||||||||||||||||||
In 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 up to 1,500 high-end residential units. The carrying value of the Company's investment in Kukui'ula, which includes capital contributed by A&B to the joint venture, the value of land initially contributed, net of joint venture earnings and losses, was $267.8 million as of December 31, 2014. The total capital contributed to-date to the joint venture by the Company was approximately 59 percent as of December 31, 2014. 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. | ||||||||||||||||||||
In 2010, A&B acquired fully-entitled land near the Ala Moana Center in Honolulu for the development of Waihonua, a 340-saleable unit residential high-rise condominium. In 2012, the Company formed a joint venture and contributed the land, pre-development assets and cash. The Company also secured capital partners that provided the remainder of the $65.0 million in total equity required for the project and the joint venture secured construction financing. In connection with the project, the Company provided a limited guaranty to the construction lender of the lesser of $20 million or the outstanding loan balance. The Company's exposure to loss is limited to its equity investment and the outstanding balance on the loan, up to $20 million. Construction was completed in November 2014, and 12 units closed in December 2014. The remaining 328 units closed in January 2015 and the construction loan was paid off. The Company's investment at December 31, 2014 and 2013 was $35.6 million and $33.4 million, respectively. 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 under the equity method. | ||||||||||||||||||||
In July 2014, the Company invested $23.8 million in KRS II, an entity that owns and operates a 12-megawatt solar farm in Koloa, Kauai. The Company does not have a controlling financial interest in KRS II, but exercises significant influence over the operating and financial policies of the venture, and therefore, accounts for its investment under the equity method. The investment return from the Company's investment in KRS II is principally composed of federal and state tax benefits. As tax benefits are realized over the life of the investment, the Company recognizes a non-cash reduction to the carrying amount of its investment in KRS II. Due to the complex nature of cash distributions, net income of the joint venture is allocated to the Company using the 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. For the year ended December 31, 2014, the Company recorded a net, non-cash reduction of $14.7 million in Other income (expense) in the Consolidated Statements of Income. The Company's investment balance at December 31, 2014 was $8.4 million. The Company expects that future reductions to its investment in KRS II will be recognized as tax benefits are realized. In connection with the KRS II investment, the Company provided a limited indemnity to Kauai Island Utility Cooperative ("KIUC") that indemnifies KIUC for payments up to $6.0 million made by KIUC under a KIUC guaranty to the lender that provided KRS II's project financing. KIUC is an equity partner and managing member of KRS II, project sponsor and customer for the output of the KRS II facility. The fair value of the Company's indemnity was not material. | ||||||||||||||||||||
In October 2014, the Company contributed land, pre-paid development assets and cash to The Collection LLC, a joint venture formed to develop a 464-unit high-rise residential condominium project on Oahu, consisting of a 396-unit high-rise condominium tower, 14 three-bedroom townhomes, and a 54-unit mid-rise building. In addition to the Company's initial contribution, the Company also secured equity partners that will contribute an additional $16.8 million in cash. The Company's total agreed upon contribution, which includes the land and pre-paid development assets already contributed, is $50.3 million. In connection with the project, the Company provided a limited guaranty to the construction lender for the project at the lesser of $30 million or the outstanding loan balance. The Company's exposure to loss is limited to its total equity investment and the outstanding balance on the loan, up to $30 million. The fair value of the Company's guaranty was not material. The Company's investment at December 31, 2014 was $45.9 million. The Company accounts for its investment under the equity method. | ||||||||||||||||||||
The Company also has investments in various other joint ventures that operate or develop real estate and joint ventures that engage in materials and construction-related activities and renewable energy. 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 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. Under the Agreement, KDC assumed control of Village, and accordingly, consolidated Village's assets and liabilities at fair value. 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. | ||||||||||||||||||||
The fair value of the Company's investment in the The Shops at Kukui'ula joint venture was based on a third party appraisal of the value of The Shops at Kukui'ula, which utilized various techniques, including the sales comparison approach, income capitalization approach, and the cost approach. The Company’s investment in affiliates measured at fair value on a nonrecurring basis was 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 (CA) landholdings | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | 5.1 | ||||||||||
Bakersfield (CA) joint venture* | 7 | — | — | 7 | 4.7 | |||||||||||||||
Total | $ | 12.9 | $ | — | $ | — | $ | 12.9 | $ | 9.8 | ||||||||||
* 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
Uncompleted Contracts | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Contractors [Abstract] | |||||||
Uncompleted Contracts | UNCOMPLETED CONTRACTS | ||||||
Information related to uncompleted contracts as of December 31, 2014 and 2013 is as follows: | |||||||
2014 | 2013 | ||||||
Costs incurred on uncompleted contracts | $ | 126.7 | $ | 135.8 | |||
Estimated earnings | 32.8 | 26.6 | |||||
Subtotal | 159.5 | 162.4 | |||||
Less: billings to date | 147.2 | 156.3 | |||||
Total | $ | 12.3 | $ | 6.1 | |||
Included in accompanying consolidated balance sheets under the following captions: | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 15.9 | $ | 10.5 | |||
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (3.6 | ) | (4.4 | ) | |||
Total | $ | 12.3 | $ | 6.1 | |||
Property
Property | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property | PROPERTY | |||||||
Property on the consolidated balance sheets includes the following (in millions): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Buildings | $ | 586.7 | $ | 560 | ||||
Land | 588.5 | 572.7 | ||||||
Machinery and equipment | 236.1 | 230.9 | ||||||
Asphalt plants | 65.5 | 48 | ||||||
Water, power and sewer systems | 142.6 | 138.8 | ||||||
Other property improvements | 90.7 | 90.2 | ||||||
Vessel | 7.2 | 7.2 | ||||||
Subtotal | 1,717.30 | 1,647.80 | ||||||
Accumulated depreciation | (415.6 | ) | (374.1 | ) | ||||
Property - net | $ | 1,301.70 | $ | 1,273.70 | ||||
Depreciation expense for the years ended December 31, 2014 and 2013 was $43.9 million and $34.8 million, respectively. |
Notes_Payable_and_LongTerm_Deb
Notes Payable and Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Notes Payable and Long-Term Debt | NOTES PAYABLE AND LONG-TERM DEBT | |||||||
At December 31, 2014 and 2013, notes payable and long-term debt consisted of the following (in millions): | ||||||||
2014 | 2013 | |||||||
Revolving Credit loans, (2.37% for 2014 and 2.53% for 2013) | $ | 169.8 | $ | 112.1 | ||||
Term Loans: | ||||||||
6.90%, payable through 2020 | 80 | 85 | ||||||
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 | 75 | ||||||
4.35%, payable through 2026 | 25 | 25 | ||||||
4.15%, payable through 2024, secured by Pearl Highlands Center (a) | 93.6 | 61.8 | ||||||
2.08%, payable through 2021, secured by Kailua Town Center III (b) | 11.2 | 11.3 | ||||||
2.82%, payable through 2016, secured by The Shops at Kukui'ula (c) | 40.5 | 44 | ||||||
2.78%, payable through 2016, secured by Kahala Estate Properties (d) | 35.2 | 42 | ||||||
5.39%, payable through 2015, secured by Waianae Mall | 19.1 | 19.9 | ||||||
5.19%, payable through 2019 | 10.2 | 11.9 | ||||||
6.38%, payable through 2017, secured by Midstate Hayes | 8.3 | 8.3 | ||||||
1.17%, payable through 2021, secured by asphalt terminal (e) | 8 | 8.9 | ||||||
1.85%, payable through 2017 | 7.9 | 10.7 | ||||||
3.31%, payable through 2018 | 6.3 | 8 | ||||||
2.00%, payable through 2018 | 2.2 | 2.9 | ||||||
2.65%, payable through 2016 | 1.2 | 1.8 | ||||||
5.50%, payable through 2014, secured by Little Cottonwood Center | — | 6.1 | ||||||
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | — | 3.2 | ||||||
3.05%, payable through 2014, secured by Maui Mall (f) | — | 60 | ||||||
5.00%, payable through 2014 | — | 0.3 | ||||||
Total debt | 706 | 710.7 | ||||||
Less debt (premium) discount | (0.4 | ) | (1.8 | ) | ||||
Total debt (contractual) | 705.6 | 708.9 | ||||||
Less current portion | (74.5 | ) | (105.2 | ) | ||||
Add debt premium (discount) | 0.4 | 1.8 | ||||||
Long-term debt | $ | 631.5 | $ | 605.5 | ||||
(a) | On December 1, 2014, the Company refinanced and increased the amount of the loan secured by Pearl Highlands Center. | |||||||
(b) | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate. | |||||||
(c) | Loan has a stated interest rate of LIBOR plus 2.66%. | |||||||
(d) | Loan has a stated interest rate of LIBOR plus 2.63%. | |||||||
(e) | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate. | |||||||
(f) | 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. | |||||||
Long-term Debt Maturities: At December 31, 2014, debt maturities during the next five years and thereafter, excluding amortization of debt discount or premium, are $74.5 million in 2015, $94.4 million in 2016 (which includes $61.0 million in balloon payments on secured mortgage debt), $195.6 million in 2017 (which includes $155.0 million of revolving credit loans that mature in 2017), $33.7 million for 2018, $33.0 million in 2019, and $274.4 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, 2014, $156.1 million was outstanding, $12.2 million in letters of credit had been issued against the facilities, and $181.7 million was undrawn. | ||||||||
The Company has a replenishing 3-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, 2014, approximately $7.5 million was available under the facility. | ||||||||
At December 31, 2014, the Company had, at one of its subsidiaries, a $30.0 million line of credit that matures in February 2015. The line was extended and reduced from $40 million in August 2014. Approximately $13.7 million was outstanding on the $30.0 million line of credit. The credit line is collateralized by the subsidiary's accounts receivable, inventory and equipment. The Company and the non-controlling interest holders are guarantors, on a several basis, for their pro rata shares (based on membership interests) of borrowings under the line of credit. | ||||||||
The undrawn amount under all revolving credit and term facilities as of December 31, 2014 totaled $205.5 million, and includes $16.3 million of capacity that may only be used for asphalt purchases. | ||||||||
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 $60.0 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. 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 ("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 $18.0 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 $24.0 million. The loan bears interest at LIBOR plus 2.625 percent, matures on December 16, 2016, is prepayable without penalty, and provides for a 1-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. At December 31, 2014, the balance of the loan was $35.2 million. | ||||||||
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 included secured loans totaling approximately $51.2 million. The first loan, totaling $41.8 million ("Real Estate Loan"), was 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, ("Term Loan") was 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 3-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 substantially mirror the covenants in A&B's $350 million revolving credit agreement. At December 31, 2014, the balances of the Real Estate Loan and Term Loan were $31.1 million and $9.4 million, respectively. | ||||||||
On September 17, 2013, 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. On December 1, 2014, the Company refinanced and increased the amount of the loan secured by the Property. The new loan ("Refinanced Loan") was increased to $92.0 million and bears interest at 4.15 percent. The Refinanced Loan matures in December 2024, and requires monthly principal and interest payments of approximately $0.4 million. A final principal payment of approximately $73.0 million is due on December 8, 2024. The Refinanced Loan is secured by the Property under a Mortgage and Security Agreement between the Company and The Northwestern Mutual Life Insurance Company. | ||||||||
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, 2014 was $295.2 million. The approximate book values of assets used in the Materials and Construction segment pledged as collateral under the foregoing credit agreements at December 31, 2014 was $40.2 million. There were no assets used in the Agribusiness segment that were pledged as collateral. |
LeasesThe_Company_as_Lessee
Leases-The Company as Lessee | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases - The 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 $6.7 million, $4.5 million and $3.5 million for 2014, 2013 and 2012, 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 were as follows (in millions): | |||||
Years Ending December 31, | Minimum Lease Payments | ||||
2015 | $ | 5.6 | |||
2016 | 5.4 | ||||
2017 | 5.4 | ||||
2018 | 4.7 | ||||
2019 | 3.9 | ||||
Thereafter | 20.1 | ||||
Total | $ | 45.1 | |||
LeasesThe_Company_as_Lessor
Leases-The Company as Lessor | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Leases - The Company as Lessor | LEASES—THE COMPANY AS LESSOR | |||||||||||
The Company leases to third-parties land and buildings under operating leases. The historical cost of, and accumulated depreciation on, leased property at December 31, 2014 and 2013 were as follows (in millions): | ||||||||||||
2014 | 2013 | |||||||||||
Leased property - real estate | $ | 1,149.90 | $ | 1,100.00 | ||||||||
Less accumulated depreciation | (118.5 | ) | (99.5 | ) | ||||||||
Property under operating leases - net | $ | 1,031.40 | $ | 1,000.50 | ||||||||
Total rental income, excluding tenant reimbursements (which totaled $28.8 million, $24.1 million and $21.5 million for the years ended December 31, 2014, 2013 and 2012, respectively), under these operating leases was as follows (in millions): | ||||||||||||
Years Ending December 31, | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 89.8 | $ | 80.5 | $ | 74.3 | ||||||
Contingent rentals (based on sales volume) | 4.7 | 3 | 2.8 | |||||||||
Total | $ | 94.5 | $ | 83.5 | $ | 77.1 | ||||||
Future minimum rentals on non-cancelable leases at December 31, 2014 were as follows (in millions): | ||||||||||||
Operating Leases | ||||||||||||
2015 | $ | 85.9 | ||||||||||
2016 | 76.1 | |||||||||||
2017 | 64.2 | |||||||||||
2018 | 52.5 | |||||||||||
2019 | 44.9 | |||||||||||
Thereafter | 307.9 | |||||||||||
Total | $ | 631.5 | ||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 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, 2014 and 2013, and 2014 year-end target allocation, by asset category, were as follows: | ||||||||||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||||||||||
Domestic equity securities | 28 | % | 32 | % | 29 | % | ||||||||||||||||||
International equity securities | 15 | % | 15 | % | 16 | % | ||||||||||||||||||
Debt securities | 46 | % | 44 | % | 44 | % | ||||||||||||||||||
Alternatives and other | 11 | % | 6 | % | 8 | % | ||||||||||||||||||
Cash | — | % | 3 | % | 3 | % | ||||||||||||||||||
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 assumption (7.10 percent for 2014) is principally based on the long-term outlook for various asset class returns, asset mix, the historical performance of the plan assets under the liability driven investment strategy, and a comparison of the estimated long-term return calculated to the distribution of assumptions adopted by other plans with similar asset mixes. For the year ended December 31, 2014, the return on plan assets was 8.12 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, 2014 and 2013, by asset category, are as follows (in millions): | ||||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 3.5 | $ | 3.5 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Domestic | 18.2 | 18.2 | — | — | ||||||||||||||||||||
Domestic exchange-traded funds | 33 | 33 | — | — | ||||||||||||||||||||
International | 9.8 | 9.7 | 0.1 | — | ||||||||||||||||||||
International and emerging markets exchange-traded funds | 14.9 | 14.9 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury obligations | 24.7 | 24.7 | — | — | ||||||||||||||||||||
Domestic corporate bonds and notes | 40.9 | — | 40.9 | — | ||||||||||||||||||||
Foreign corporate bonds | 5.4 | — | 5.4 | — | ||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Limited partnership interest in private equity fund | 0.3 | — | — | 0.3 | ||||||||||||||||||||
Exchange-traded global real estate fund | 5.1 | 5.1 | — | — | ||||||||||||||||||||
Insurance contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
Exchange-traded commodity fund | 2.8 | 2.8 | — | — | ||||||||||||||||||||
Other receivables | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Total | $ | 160.8 | $ | 112.7 | $ | 46.4 | $ | 1.7 | ||||||||||||||||
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: | ||||||||||||||||||||||||
Domestic | 44.8 | 44.8 | — | — | ||||||||||||||||||||
International | 24.4 | 24.4 | — | — | ||||||||||||||||||||
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 | ||||||||||||||||||||
Limited partnership interest in private equity fund | 0.3 | — | — | 0.3 | ||||||||||||||||||||
Exchange-traded commodity fund | 2.5 | 2.5 | — | — | ||||||||||||||||||||
Insurance contracts | 1 | — | — | 1 | ||||||||||||||||||||
Total | $ | 153.4 | $ | 138.2 | $ | — | $ | 15.2 | ||||||||||||||||
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, 2014 and 2013 (in millions): | ||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Real Estate | Private Equity | Insurance | Limited Partnership | Total | ||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 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 | |||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Assets sold during the period | — | — | — | — | — | |||||||||||||||||||
Purchases, sales and settlements | (7.5 | ) | — | — | (6.4 | ) | (13.9 | ) | ||||||||||||||||
Ending balance, December 31, 2014 | $ | — | $ | 0.3 | $ | 1.4 | $ | — | $ | 1.7 | ||||||||||||||
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 2014, 2013 and 2012, the Company contributed approximately $5.7 million, $0.1 million, and $2.6 million, respectively, to its defined benefit pension plans. 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 10-year U.S. Treasury rate. | ||||||||||||||||||||||||
Benefit Plan Assets and Obligations: The measurement date for the Company’s benefit plan disclosures is December 31 of each year. The status of the funded defined benefit pension plan and the unfunded accumulated post-retirement benefit plans at December 31, 2014 and 2013 are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 175.4 | $ | 189.7 | $ | 12.9 | $ | 10.9 | ||||||||||||||||
Service cost | 2.6 | 2.6 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 8.3 | 7.6 | 0.6 | 0.4 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 0.8 | 0.9 | ||||||||||||||||||||
Actuarial (gain) loss | 29.7 | (13.2 | ) | (0.7 | ) | 3 | ||||||||||||||||||
Benefits paid | (11.6 | ) | (11.1 | ) | (1.7 | ) | (1.8 | ) | ||||||||||||||||
Special or contractual termination benefits | — | — | — | — | ||||||||||||||||||||
Curtailment | — | (0.2 | ) | — | (0.6 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 204.4 | $ | 175.4 | $ | 12 | $ | 12.9 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 153.4 | 142.3 | — | — | ||||||||||||||||||||
Actual return on plan assets | 13.3 | 22.1 | — | — | ||||||||||||||||||||
Employer contributions | 5.7 | 0.1 | — | — | ||||||||||||||||||||
Benefits paid | (11.6 | ) | (11.1 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 160.8 | $ | 153.4 | $ | — | $ | — | ||||||||||||||||
Funded Status and Recognized Liability | $ | (43.6 | ) | $ | (22.0 | ) | $ | (12.0 | ) | $ | (12.9 | ) | ||||||||||||
The accumulated benefit obligation for the Company’s qualified pension plans was $203.2 million and $173.6 million as of December 31, 2014 and 2013, respectively. Amounts recognized on the consolidated balance sheets and in accumulated other comprehensive loss at December 31, 2014 and 2013 were as follows (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Non-current assets | $ | — | $ | 3.3 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (0.8 | ) | (0.9 | ) | ||||||||||||||||||
Non-current liabilities | (43.6 | ) | (25.3 | ) | (11.2 | ) | (12.0 | ) | ||||||||||||||||
Total | $ | (43.6 | ) | $ | (22.0 | ) | $ | (12.0 | ) | $ | (12.9 | ) | ||||||||||||
Net loss (net of taxes) | $ | 47.3 | $ | 33.2 | $ | 0.5 | $ | 1.1 | ||||||||||||||||
Unrecognized prior service credit (net of taxes) | (3.4 | ) | (3.9 | ) | — | — | ||||||||||||||||||
Total | $ | 43.9 | $ | 29.3 | $ | 0.5 | $ | 1.1 | ||||||||||||||||
The accumulated and projected benefit obligations increased from 2013 primarily due to a 90-basis-point decrease in the discount rate and the adoption of a change in mortality assumptions that generally reflects increased longevity for plan participants. The information for qualified pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2014 and 2013 is shown below (in millions): | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 204.4 | $ | 167.7 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 203.2 | $ | 166 | ||||||||||||||||||||
Fair value of plan assets | $ | 160.8 | $ | 142.4 | ||||||||||||||||||||
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 2015 is $0.8 million. The estimated net loss that will be recognized in net periodic pension cost for the defined benefit pension plans in 2015 is $6.7 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 2015 is $0.2 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 2015 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 2014, 2013, and 2012, are shown below (in millions): | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 2.6 | $ | 2.6 | $ | 2.4 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 8.3 | 7.6 | 8.2 | 0.6 | 0.4 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (10.7 | ) | (10.9 | ) | (10.5 | ) | — | — | — | |||||||||||||||
Amortization of net loss | 4 | 7.7 | 7.9 | 0.3 | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of prior service cost | (0.8 | ) | (0.8 | ) | (0.8 | ) | — | — | — | |||||||||||||||
Curtailment gain | — | — | — | — | (0.5 | ) | — | |||||||||||||||||
Recognition of loss on special termination benefit | — | — | 0.1 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | 3.4 | 6.2 | 7.3 | 1 | (0.2 | ) | 0.4 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||
Net loss (gain) | $ | 27.1 | $ | (24.7 | ) | $ | 7 | $ | (0.6 | ) | $ | 3 | $ | (0.4 | ) | |||||||||
Amortization of unrecognized gain (loss) | (4.0 | ) | (7.7 | ) | (7.9 | ) | (0.3 | ) | 0.2 | 0.3 | ||||||||||||||
Amortization of prior service cost | 0.8 | 0.8 | 0.8 | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income | 23.9 | (31.6 | ) | (0.1 | ) | (0.9 | ) | 3.2 | (0.1 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 27.3 | $ | (25.4 | ) | $ | 7.2 | $ | 0.1 | $ | 3 | $ | 0.3 | |||||||||||
The weighted average assumptions used to determine benefit information during 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Weighted Average Assumptions: | ||||||||||||||||||||||||
Discount rate | 4 | % | 4.9 | % | 4.1 | % | 4.1 | % | 4.9 | % | 4.1 | % | ||||||||||||
Expected return on plan assets | 7.1 | % | 8 | % | 8.25 | % | — | % | — | % | — | % | ||||||||||||
Rate of compensation increase | 0.5%-3% | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||||||
Initial health care cost trend rate | 7.3 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||
Year ultimate rate is reached | 2028 | 2028 | 2020 | |||||||||||||||||||||
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, 2014, 2013 and 2012 and the net periodic post-retirement benefit cost for 2014, 2013 and 2012, would have increased or decreased as follows (in millions): | ||||||||||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||
Effect on post-retirement benefit obligation | $ | 1.1 | $ | 1.2 | $ | 0.6 | $ | (0.9 | ) | $ | (1.0 | ) | $ | (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 $7.1 million at December 31, 2014. A 3.1 percent discount rate was used to determine the 2014 obligation. The expense associated with the non-qualified plans was $0.1 million in 2014, $0.1 million in 2013, and $0.9 million in 2012. As of December 31, 2014, 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 ($1.8) million. The estimated net loss and prior service (credit), net of tax, that will be recognized in net periodic pension cost in 2014 is ($0.2) 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 | |||||||||||||||||||||
2015 | $ | 10.9 | $ | 0.7 | $ | 0.9 | ||||||||||||||||||
2016 | $ | 11.2 | $ | 3.6 | $ | 0.9 | ||||||||||||||||||
2017 | $ | 11.4 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2018 | $ | 11.6 | $ | 1 | $ | 0.8 | ||||||||||||||||||
2019 | $ | 11.8 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2020-2024 | $ | 62.5 | $ | 0.7 | $ | 3.4 | ||||||||||||||||||
Current liabilities of approximately $1.6 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, 2014. | ||||||||||||||||||||||||
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 year ended December 31, 2014, is outlined in the table below. The "EIN Pension Plan Number" column provides the Employee Identification Number (EIN) and the 3-digit plan number, if applicable. The most recent Pension Protection Act (PPA) zone status available in 2014 is for the plan's year-end as of December 31, 2013, for the Pension Trust Fund for Operating Engineers Pension Plan and Laborer's National (Industrial) Pension Fund. The zone status available for 2014 for the Hawaii Laborers Trust Funds is for the plan year-end as of February 28, 2014. 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 | Contribution by Entity | Surcharge Imposed | Expiration Date | Current Plan Year End | ||||||||||||||||||
EIN Plan No. | 2014 and 2013 | Pending/Implemented | Jan. 1 - Dec. 31, 2014 | Oct. 1 - Dec. 31, 2013 | ||||||||||||||||||||
Fund | ||||||||||||||||||||||||
Operating Engineers | 94-6090764; 001 | Red | Yes | $ | 4.3 | $ | 1 | No | 9/2/19* | 12/31/14 | ||||||||||||||
Laborers National | 52-6074345; 001 | Red | Yes | 0.1 | — | No | 8/31/15 | 12/31/14 | ||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.5 | 0.1 | No | 8/31/15 | 2/28/14 | ||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.1 | — | No | 9/30/19 | 2/28/14 | ||||||||||||||||
$ | 5 | $ | 1.1 | |||||||||||||||||||||
* The Company has reached an agreement in principle with the IUOE, which contemplates a contractual expiration date on September 2, 2019. | ||||||||||||||||||||||||
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. The Company’s matching contributions expensed under these plans totaled $0.7 million in each of the years ended December 31, 2014 and 2013. 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 2014 and 2013, the profit sharing contribution expense was $0.6 million and $0.9 million, respectively. There was no profit sharing contribution expense recorded in 2012 for these plans. | ||||||||||||||||||||||||
Grace 401(k) Plans: The Company allows 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, subject to certain limitations. 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 year ended December 31, 2014, Grace recognized discretionary employer contributions and profit sharing expense of approximately $1.8 million. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2014 consisted of the following (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 11.2 | $ | 17.1 | $ | 4.3 | ||||||
State | 2.8 | 2.1 | 0.8 | |||||||||
Current | 14 | 19.2 | 5.1 | |||||||||
Deferred: | ||||||||||||
Federal | (7.8 | ) | (5.7 | ) | (9.0 | ) | ||||||
State | (7.6 | ) | (2.4 | ) | (2.0 | ) | ||||||
Deferred | (15.4 | ) | (8.1 | ) | (11.0 | ) | ||||||
Total continuing operations tax expense (benefit) | $ | (1.4 | ) | $ | 11.1 | $ | (5.9 | ) | ||||
Income tax expense for 2014, 2013 and 2012 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Computed federal income tax expense | $ | 10.1 | $ | 8.3 | $ | — | ||||||
State income taxes | (4.1 | ) | 1 | (0.3 | ) | |||||||
Non-deductible transaction costs | — | 1.6 | 1.7 | |||||||||
Charitable contribution | — | (0.2 | ) | (3.5 | ) | |||||||
Federal solar tax credits | (11.3 | ) | — | (2.9 | ) | |||||||
Other—net | 3.9 | 0.4 | (0.9 | ) | ||||||||
Income tax expense (benefit) | $ | (1.4 | ) | $ | 11.1 | $ | (5.9 | ) | ||||
The effective income tax rate for the year ended December 31, 2014 was lower than the statutory rate due primarily to federal and state tax credits related to the Company's investment in KRS II. | ||||||||||||
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): | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Benefit plans | $ | 30.7 | $ | 21.1 | ||||||||
Capitalized costs | 21.9 | 24.1 | ||||||||||
Charitable contribution | — | 1.5 | ||||||||||
Joint ventures and other investments | 19 | 13 | ||||||||||
Impairment and amortization | 6.7 | 0.5 | ||||||||||
Insurance and other reserves | 4.2 | 6.7 | ||||||||||
Solar credit* | 4.9 | 3.5 | ||||||||||
Other | 9.8 | 5.4 | ||||||||||
Total deferred tax assets | 97.2 | 75.8 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Tax-deferred gains on real estate transactions | 252.5 | 225.4 | ||||||||||
Basis differences for property and equipment | 19.3 | 23.4 | ||||||||||
Straight-line rental income and advanced rent | 8.4 | 7.2 | ||||||||||
Other | 2.7 | 5.2 | ||||||||||
Total deferred tax liabilities | 282.9 | 261.2 | ||||||||||
Net deferred tax liability | $ | 185.7 | $ | 185.4 | ||||||||
* The Company's recent solar investment made in 2014 resulted in approximately $3.7 million of state solar tax credit carryforwards as of December 31, 2014, which is included above, and under state law do not expire and may be carried forward indefinitely. | ||||||||||||
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 $1.3 million and $1.6 million for 2014 and 2013, 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, 2012 | $ | 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 | — | |||||||||||
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, 2014 | $ | — | ||||||||||
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 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, 2014, there were no amounts recognized 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, 2014, 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. Application of these provisions will require the Company to file a tax accounting method change with the IRS and record a cumulative adjustment. | ||||||||||||
In July 2014, the Company invested $23.8 million in KRS II, an entity that owns and operates a 12-megawatt solar farm in Koloa, Kauai. The Company accounts for its investment in KRS II under the equity method. The investment return from the Company's investment in KRS II is principally composed of federal and state tax benefits, including tax credits. These tax credits are accounted for using the flow-through method, which reduces the provision for income taxes in the year the tax credits first become available. The total KRS II net tax benefits that the Company recognized for book purposes in 2014 was approximately $13.7 million. As tax benefits are realized over the life of the investment, the Company recognizes a non-cash reduction to the carrying amount of its investment in KRS II. For the year ended December 31, 2014, the Company recorded a net, non-cash reduction of $14.7 million (net of earnings from the investment) in Other income (expense) in the Consolidated Statements of Income. The Company expects that future reductions to its investment in KRS II will be recognized as tax benefits are realized. | ||||||||||||
The company is subject to taxation by the United States and various state and local jurisdictions. As of December 31, 2014, the Company’s tax years 2012 and 2013 are open to examination by the tax authorities. In addition, tax years 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 2010 tax year is also open to examination by California. The Company is not currently under examination by any tax authorities. |
ShareBased_Awards
Share-Based Awards | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 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, 2014, 1.4 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 when the Company separated from Matson. 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 2014 and 2013, and the Company currently does not expect to issue options in the future. 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 | (212.7 | ) | $21.13 | |||||||||
Forfeited and expired | — | $— | ||||||||||
Outstanding, December 31, 2014 | 1,124.60 | $18.84 | 4.5 | $23,478 | ||||||||
Vested or expected to vest | 1,113.40 | $18.84 | 4.5 | $23,243 | ||||||||
Exercisable, December 31, 2014 | 1,075.00 | $18.67 | 4.4 | $22,627 | ||||||||
The following table summarizes 2014 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, 2014 | 242.3 | $27.92 | ||||||||||
Granted | 123 | $39.38 | ||||||||||
Vested | (86.3 | ) | $25.37 | |||||||||
Canceled | — | $— | ||||||||||
Outstanding, December 31, 2014 | 279 | $33.76 | ||||||||||
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 performance-based awards that cliff vest after two years, provided that the total shareholder return of the Company’s common stock over the 2-year measurement period meets or exceeds pre-defined levels of relative total shareholder returns of the Standard & Poor’s MidCap 400 Index. The fair value of the Company’s time-based awards is determined using the Company’s stock price on the date of grant. The fair value of the Company’s performance-based awards that are contingent upon meeting a market condition is estimated using the Company’s stock price on the date of grant and the probability of vesting using a Monte Carlo simulation with the following assumptions: | ||||||||||||
2014 | 2013 | |||||||||||
Volatility of A&B common stock | 25.4 | % | 31.8 | % | ||||||||
Average volatility of peer companies | 27.3 | % | 35.7 | % | ||||||||
Risk-free interest rate | 0.37 | % | 0.29 | % | ||||||||
The weighted average fair value of the time-based restricted stock units and performance share units was $39.38 in 2014 and $34.12 in 2013. No compensation cost is recognized for estimated or actual forfeitures of time-based or performance-based awards if an employee is terminated prior to rendering the requisite service period. | ||||||||||||
A summary of compensation cost related to share-based payments is as follows (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||
Stock options | $ | 0.3 | $ | 0.7 | $ | 1.1 | ||||||
Incremental share-based compensation cost related to separation | 0.2 | 0.5 | 1.2 | |||||||||
Non-vested stock & restricted stock units | 4.4 | 3 | 3.1 | |||||||||
Total share-based expense | 4.9 | 4.2 | 5.4 | |||||||||
Total recognized tax benefit | (1.5 | ) | (1.3 | ) | (1.8 | ) | ||||||
Share-based expense (net of tax) | $ | 3.4 | $ | 2.9 | $ | 3.6 | ||||||
Cash received upon option exercise | $ | 4.5 | $ | 7.6 | $ | 20.9 | ||||||
Intrinsic value of options exercised | $ | 5.4 | $ | 6.7 | $ | 13.4 | ||||||
Tax benefit realized upon option exercise | $ | 2 | $ | 2.5 | $ | 2.3 | ||||||
Fair value of stock vested | $ | 2.6 | $ | 5.2 | $ | 4.2 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 (in millions): | |||||
Standby letters of credit | (a) | $ | 12.2 | ||
Bonds | (b) | $ | 329.1 | ||
(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 $305.4 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 had a $10 million loan scheduled to mature 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 specified 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 were below pre-determined thresholds. On September 26, 2014, the joint venture sold the commercial property and paid off the remaining balance on the loan, which terminated the Company's guaranty. The Company's share of the gain on the sale of the commercial property was not material. | |||||
In July 2014, the Company invested $23.8 million in a tax equity investment related to the construction and operation of a 12-megawatt solar farm on Kauai. The Company recovers its investment primarily through tax credits and tax benefits. In connection with this investment, the Company provided a contingent $6 million guaranty of KRS II project debt. The other equity partner and managing member of KRS II, project sponsor and customer for the output of the facility, Kauai Island Utility Cooperative, is the primary guarantor of the project debt. | |||||
Other than obligations described above and those described in Note 6, 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 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. On July 17, 2013, the Commission authorized the appointment of a hearings officer for the contested case hearing. On August 20, 2014, the Commission expanded the scope of the contested case hearing to encompass all 27 petitions for amendment of the IIFS for East Maui streams, including the eight petitions that the Commission previously acted upon in 2008. Hearings before a Commission-appointed hearings officer are scheduled to commence in March 2015, and no decision is expected until late 2015. | |||||
Water loss that may result from the Water Commission’s future decisions could impose challenges to the Company’s sugar growing operations. Water loss would 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 an out-of-court 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 HC&S’s three boilers at the Puunene Sugar Mill. Compliance with the Boiler MACT rule is required by January 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 $2.0 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 HC&S alleging various violations relating to the operation of HC&S’s three boilers at its sugar mill. The DOH reviewed a 5-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, cash flows or results of operations. | |||||
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 be expected to have a material effect on A&B’s financial position, cash flows or results of operations. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||
Dec. 31, 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. | ||||||||
As of December 31, 2014, the Company had a gross notional amount of $20.2 million related to interest rate swaps that were assumed in connection with prior 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, | ||||||||
Classified in Other non-current liabilities | 2014 | 2013 | ||||||
Interest rate swap liability - floating to fixed rate | $ | 2.9 | $ | 2.8 | ||||
The Company recorded in Interest income and other in the Consolidated Statements of Income, $0.1 million of expense in 2014 related to the change in fair value of the interest rate swaps. The Company recorded $0.2 million of income in 2013 related to the change in fair value of the interest rate swaps. |
Segment_Results
Segment Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Results | 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. The Chief Executive Officer regularly reviews the results of four segments: Real Estate Development and Sales, Real Estate Leasing, Materials and Construction, and Agribusiness. | |||||||||||||||||
The Real Estate Development and Sales segment generates its revenues and creates value through an active and comprehensive program of land stewardship, planning, entitlement, development, real estate investment and sale of land and commercial and residential properties, principally in Hawaii. | |||||||||||||||||
The Real Estate Leasing segment owns, operates, and manages a portfolio of 60 retail, office and industrial properties in Hawaii and on the Mainland totaling 5.1 million square feet of GLA. The Company also leases urban land in Hawaii to third-party lessees, including 51 acres on Oahu (improved with 760,000 square feet of commercial space owned by the lessees) and 64 acres on the neighbor islands. When property that was previously leased is sold, the sales revenue and operating profit are included with the Real Estate Development and Sales segment. | |||||||||||||||||
The Materials and Construction segment performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate; produces and sells asphaltic concrete; provides and sells various construction- and traffic-control-related products and manufactures and sells precast concrete products. | |||||||||||||||||
The Agribusiness segment produces bulk raw sugar, specialty food grade sugars, and molasses; produces and sells specialty food-grade sugars; provides general trucking services, mobile equipment maintenance and repair services; leases agricultural land to third parties; and generates and sells electricity to the extent not used in segment operations. | |||||||||||||||||
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. Revenues related to transactions between reportable segments have been eliminated. 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 $65.5 million, $87.6 million, and $117.5 million in 2014, 2013, and 2012, respectively. | |||||||||||||||||
Operating segment information for 2014, 2013 and 2012 is summarized as below (in millions): | |||||||||||||||||
For the Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 125.6 | $ | 110.4 | $ | 100.6 | |||||||||||
Development and Sales | 150 | 423 | 32.2 | ||||||||||||||
Less amounts reported in discontinued operations1 | (70.4 | ) | (369.2 | ) | (45.3 | ) | |||||||||||
Materials and Construction2 | 234.3 | 54.9 | — | ||||||||||||||
Agribusiness | 120.5 | 146.1 | 182.3 | ||||||||||||||
Reconciling items3 | — | — | (8.3 | ) | |||||||||||||
Total revenue | $ | 560 | $ | 365.2 | $ | 261.5 | |||||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 47.5 | $ | 43.4 | $ | 41.6 | |||||||||||
Development and Sales4 | 85.7 | 44.4 | (4.4 | ) | |||||||||||||
Less amounts reported in discontinued operations1 | (56.2 | ) | (36.7 | ) | (21.1 | ) | |||||||||||
Materials and Construction2 | 25.9 | 2.9 | — | ||||||||||||||
Agribusiness | (11.8 | ) | 10.7 | 20.8 | |||||||||||||
Total operating profit | 91.1 | 64.7 | 36.9 | ||||||||||||||
Interest expense | (29.0 | ) | (19.1 | ) | (14.9 | ) | |||||||||||
General corporate expenses | (18.6 | ) | (17.4 | ) | (15.1 | ) | |||||||||||
Reduction in KRS II carrying value, net (Note 6, 13) | (14.7 | ) | — | — | |||||||||||||
Separation/Acquisition Costs | — | (4.6 | ) | (6.8 | ) | ||||||||||||
Income from continuing operations before income taxes | 28.8 | 23.6 | 0.1 | ||||||||||||||
Income tax expense (benefit) | (1.4 | ) | 11.1 | (5.9 | ) | ||||||||||||
Income from continuing operations | 30.2 | 12.5 | 6 | ||||||||||||||
Income from discontinued operations (net of income taxes) | 34.3 | 22.3 | 12.8 | ||||||||||||||
Net income | 64.5 | 34.8 | 18.8 | ||||||||||||||
Income attributable to non-controlling interest | (3.1 | ) | (0.5 | ) | — | ||||||||||||
Net income attributable to A&B | $ | 61.4 | $ | 34.3 | $ | 18.8 | |||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | 2013 includes the results, capital expenditures, and depreciation and amortization of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | ||||||||||||||||
3 | Represents the sale of a 286-acre agricultural 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. | ||||||||||||||||
4 | The Real Estate Development and Sales segment includes approximately $2.0 million, $4.2 million, and ($8.3) million in equity in earnings (losses) from its various real estate joint ventures for 2014, 2013, and 2012, respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014, $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, and $9.8 million related to the Bakersfield joint venture and Santa Barbara real estate project in 2012. | ||||||||||||||||
As of December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Identifiable Assets: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 1,121.60 | $ | 1,113.40 | $ | 771.3 | |||||||||||
Development and Sales5 | 634.3 | 640.9 | 504.8 | ||||||||||||||
Agribusiness | 162.8 | 160 | 149.9 | ||||||||||||||
Materials and Construction | 385.9 | 358.7 | — | ||||||||||||||
Other | 25.3 | 10.6 | 11.3 | ||||||||||||||
Total assets | $ | 2,329.90 | $ | 2,283.60 | $ | 1,437.30 | |||||||||||
Capital Expenditures: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing6 | $ | 51.8 | $ | 488.5 | $ | 23.1 | |||||||||||
Development and Sales7 | — | 0.1 | — | ||||||||||||||
Agribusiness8 | 10.8 | 11.8 | 31.7 | ||||||||||||||
Materials and Construction2 | 10.7 | 4.8 | — | ||||||||||||||
Other | 1.8 | 0.1 | — | ||||||||||||||
Total capital expenditures | $ | 75.1 | $ | 505.3 | $ | 54.8 | |||||||||||
Depreciation and Amortization: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing1 | $ | 26.9 | $ | 24.3 | $ | 22 | |||||||||||
Development and Sales | 0.2 | 0.2 | 0.2 | ||||||||||||||
Agribusiness | 11.5 | 11.7 | 11.6 | ||||||||||||||
Materials and Construction2 | 15.2 | 4.4 | — | ||||||||||||||
Other | 1.2 | 1.1 | 1.3 | ||||||||||||||
Total depreciation and amortization | $ | 55 | $ | 41.7 | $ | 35.1 | |||||||||||
5 | The Real Estate Development and Sales segment includes approximately $383.8 million, $335.0 million, and $319.7 million related to its investment in various real estate joint ventures as of December 31, 2014, 2013, and 2012, 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 $41.7 million, $150.6 million, and $37.2 million for 2014, 2013, and 2012, respectively. Investments in real estate joint ventures were $28.7 million, $22.2 million, and $17.4 million in 2014, 2013, and 2012, 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, 2014 and 2013 were as follows (in millions): | |||||||||||||||||
2014 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 31.2 | $ | 31 | $ | 31.3 | $ | 32.1 | |||||||||
Development and Sales | 71 | 21.4 | 18.2 | 39.4 | |||||||||||||
Less amounts reported in discontinued operations1 | (70.4 | ) | — | — | — | ||||||||||||
Materials and Construction | 50.1 | 64.5 | 58.4 | 61.3 | |||||||||||||
Agribusiness | 12.9 | 29.8 | 45.5 | 32.3 | |||||||||||||
Total revenue | $ | 94.8 | $ | 146.7 | $ | 153.4 | $ | 165.1 | |||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 11.8 | $ | 12 | $ | 12.1 | $ | 11.6 | |||||||||
Development and Sales2 | 52.3 | 7.8 | 11.4 | 14.2 | |||||||||||||
Less amounts reported in discontinued operations1 | (56.2 | ) | — | — | — | ||||||||||||
Materials and Construction | 3.4 | 8 | 5.9 | 8.6 | |||||||||||||
Agribusiness | 3 | 0.4 | (7.3 | ) | (7.9 | ) | |||||||||||
Total operating profit | 14.3 | 28.2 | 22.1 | 26.5 | |||||||||||||
Interest expense | (7.2 | ) | (7.2 | ) | (7.2 | ) | (7.4 | ) | |||||||||
General corporate expenses | (5.2 | ) | (4.3 | ) | (3.9 | ) | (5.2 | ) | |||||||||
Reduction in KRS II carrying value (Note 6, 13) | — | — | (15.1 | ) | 0.4 | ||||||||||||
Income (loss) from continuing operations before income taxes | 1.9 | 16.7 | (4.1 | ) | 14.3 | ||||||||||||
Income tax expense (benefit)3 | 0.8 | 6.5 | (14.9 | ) | 6.2 | ||||||||||||
Income (loss) from continuing operations | 1.1 | 10.2 | 10.8 | 8.1 | |||||||||||||
Income from discontinued operations (net of income taxes) | 34.3 | — | — | — | |||||||||||||
Net income | 35.4 | 10.2 | 10.8 | 8.1 | |||||||||||||
Income attributable to non-controlling interest | (0.4 | ) | (1.0 | ) | (0.6 | ) | (1.1 | ) | |||||||||
Net income attributable to A&B | $ | 35 | $ | 9.2 | $ | 10.2 | $ | 7 | |||||||||
Earnings per share attributable to A&B: | |||||||||||||||||
Basic | $ | 0.72 | $ | 0.19 | $ | 0.21 | $ | 0.14 | |||||||||
Diluted | $ | 0.71 | $ | 0.19 | $ | 0.21 | $ | 0.14 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 48.7 | 48.7 | 48.8 | 48.8 | |||||||||||||
Diluted | 49.2 | 49.3 | 49.3 | 49.3 | |||||||||||||
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 | ) | |||||||||
Materials and Construction4 | — | — | — | 54.9 | |||||||||||||
Agribusiness | 14.7 | 43.5 | 35.9 | 52 | |||||||||||||
Total revenue | $ | 32.8 | $ | 62.7 | $ | 64.9 | $ | 204.8 | |||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 10.9 | $ | 10.6 | $ | 11.2 | $ | 10.7 | |||||||||
Development and Sales2 | 2.4 | (0.7 | ) | 4.6 | 38.1 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.2 | ) | (3.8 | ) | (11.8 | ) | (12.9 | ) | |||||||||
Materials and Construction4 | — | — | — | 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)3 | 0.1 | 2.8 | (0.3 | ) | 8.5 | ||||||||||||
Income (loss) from continuing operations3 | (0.2 | ) | 2.5 | (3.1 | ) | 13.3 | |||||||||||
Income from discontinued operations (net of income taxes) | 5 | 2.3 | 7.2 | 7.8 | |||||||||||||
Net income (loss)3 | 4.8 | 4.8 | 4.1 | 21.1 | |||||||||||||
Income attributable to non-controlling interest | — | — | — | (0.5 | ) | ||||||||||||
Net income (loss) attributable to A&B3 | $ | 4.8 | $ | 4.8 | $ | 4.1 | $ | 20.6 | |||||||||
Earnings per share attributable to A&B:3 | |||||||||||||||||
Basic | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.42 | |||||||||
Diluted | $ | 0.11 | $ | 0.11 | $ | 0.09 | $ | 0.42 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 43 | 43.1 | 43.1 | 48.6 | |||||||||||||
Diluted | 43.6 | 43.7 | 43.8 | 49.2 | |||||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | The Real Estate Development and Sales segment operating profit includes a non-cash impairment loss of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula. | ||||||||||||||||
3 | Income tax expense (benefit) for the first quarter of 2014 was revised to remove an out-of-period tax adjustment of $1.6 million related to 2013. Income tax expense (benefit) for the quarterly periods in 2013 were increased by $0.2 million, $0.2 million, $0.3 million, and $1.9 million related to the immaterial revisions (see Note 1). | ||||||||||||||||
4 | Grace results are included from its acquisition date, October 1, 2013. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
SEC Schedule III, 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, 2014 | ||||||||||||||||||||||||||||||
(in millions) | Initial Cost | Costs Capitalized Subsequent to Acquisition | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||
Description | Encum- | Land | Buildings | Improvements | Carrying Costs | Land | Buildings | Total (2) | Accumulated | Date of | Date | |||||||||||||||||||
brances (1) | and | and | Depreciation (3) | Construction | Acquired/ | |||||||||||||||||||||||||
Improvements | Improvements | Completed | ||||||||||||||||||||||||||||
Real Estate Leasing Segment | ||||||||||||||||||||||||||||||
Industrial: | ||||||||||||||||||||||||||||||
Kailua Industrial/Other (HI) | $ | — | $ | 10.5 | $ | 2 | $ | — | $ | — | $ | 10.5 | $ | 2 | $ | 12.5 | $ | (0.1 | ) | Various | 2013 | |||||||||
Kaka'ako Commerce Center (HI) | — | 16.9 | 20.6 | — | — | 16.9 | 20.6 | 37.5 | — | 1969 | 2014 | |||||||||||||||||||
Komohana Industrial Park (HI) | — | 25.2 | 10.8 | 0.4 | — | 25.2 | 11.2 | 36.4 | (1.4 | ) | 1990 | 2010 | ||||||||||||||||||
P&L Warehouse (HI) | — | — | — | 1.1 | — | — | 1.1 | 1.1 | (0.6 | ) | 1970 | 1970 | ||||||||||||||||||
Port Allen (HI) | — | — | 0.7 | 1.9 | — | — | 2.6 | 2.6 | (1.8 | ) | 1985, 1993 | 1983-1993 | ||||||||||||||||||
Waipio Industrial (HI) | — | 19.6 | 7.7 | 0.2 | — | 19.6 | 7.9 | 27.5 | (1.3 | ) | 1988, 1989 | 2009 | ||||||||||||||||||
Midstate Hayes (CA) | 8.3 | 2.7 | 29.6 | 1.2 | — | 2.7 | 30.8 | 33.5 | (5.2 | ) | 2002-2008 | 2008 | ||||||||||||||||||
Sparks Business Center (NV) | — | 3.2 | 17.2 | 3 | — | 3.2 | 20.2 | 23.4 | (7.3 | ) | 1996-1998 | 2002 | ||||||||||||||||||
Office: | ||||||||||||||||||||||||||||||
Judd Building (HI) | — | 1 | 2.1 | 1.1 | — | 1 | 3.2 | 4.2 | (1.3 | ) | 1898, 1979 | 2000 | ||||||||||||||||||
Kahului Office Building (HI) | — | 1 | 0.4 | 5.4 | — | 1 | 5.8 | 6.8 | (6.6 | ) | 1974 | 1989 | ||||||||||||||||||
Kahului Office Center (HI) | — | — | — | 5.6 | — | — | 5.6 | 5.6 | (3.3 | ) | 1991 | 1991 | ||||||||||||||||||
Lono Center (HI) | — | — | 1.4 | 0.9 | — | — | 2.3 | 2.3 | (1.3 | ) | 1973 | 1991 | ||||||||||||||||||
Maui Clinic Building (HI) | — | — | — | 0.5 | — | — | 0.5 | 0.5 | (0.1 | ) | 1958 | 2013 | ||||||||||||||||||
Mililani South (HI) | — | 7 | 3.5 | 0.8 | — | 7 | 4.3 | 11.3 | (0.3 | ) | 1992, 2006 | 2012 | ||||||||||||||||||
Stangenwald Building (HI) | — | 1.8 | 1 | 1.2 | — | 1.8 | 2.2 | 4 | (0.7 | ) | 1901, 1980 | 1996 | ||||||||||||||||||
1800 and 1820 Preston Park (TX) | — | 4.5 | 19.9 | 4.7 | — | 4.5 | 24.6 | 29.1 | (6.0 | ) | 1997, 1998 | 2006 | ||||||||||||||||||
2868 Prospect Park (CA) | — | 2.9 | 18.1 | 9.3 | — | 2.9 | 27.4 | 30.3 | (12.6 | ) | 1998 | 1998 | ||||||||||||||||||
2890 Gateway Oaks (CA) | — | 1.7 | 10.8 | 1.7 | — | 1.7 | 12.5 | 14.2 | (2.9 | ) | 1999 | 2006 | ||||||||||||||||||
Concorde Commerce Center (AZ) | — | 3.9 | 20.9 | 5.9 | — | 3.9 | 26.8 | 30.7 | (5.4 | ) | 1998 | 2006 | ||||||||||||||||||
Deer Valley Financial Center (AZ) | — | 3.4 | 19.2 | 2.9 | — | 3.4 | 22.1 | 25.5 | (6.2 | ) | 2001 | 2005 | ||||||||||||||||||
Ninigret Office X and XI (TX) | — | 3.1 | 17.7 | 3 | — | 3.1 | 20.7 | 23.8 | (6.1 | ) | 1999, 2002 | 2006 | ||||||||||||||||||
San Pedro Plaza (TX) | — | 4.6 | 11.9 | 8.2 | — | 4.6 | 20.1 | 24.7 | (9.8 | ) | 1985 | 1998, 2000 | ||||||||||||||||||
Union Bank (WA) | — | 3.4 | 10.5 | 0.4 | — | 3.4 | 10.9 | 14.3 | (1.2 | ) | 1993, 2008 | 2011 | ||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||
Gateway at Mililani Mauka (HI) | — | 5 | 4.7 | 7.2 | — | 5 | 11.9 | 16.9 | (0.3 | ) | 2006, 2013 | 2011 | ||||||||||||||||||
Kahului Shopping Center (HI) | — | — | — | 2.5 | — | — | 2.5 | 2.5 | (1.4 | ) | 1951 | 1951 | ||||||||||||||||||
Kailua Grocery Anchored (HI) | 11.2 | 54.4 | 49.3 | 0.4 | — | 54.4 | 49.7 | 104.1 | (1.5 | ) | Various | 2013 | ||||||||||||||||||
Kailua Retail Other (HI) | — | 29.6 | 26.7 | 0.4 | — | 29.6 | 27.1 | 56.7 | (0.9 | ) | Various | 2013 | ||||||||||||||||||
Kaneohe Bay Shopping Ctr. (HI) | — | — | 13.4 | 1.9 | — | — | 15.3 | 15.3 | (5.0 | ) | 1971 | 2001 | ||||||||||||||||||
Kunia Shopping Center (HI) | — | 2.7 | 10.6 | 1.3 | — | 2.7 | 11.9 | 14.6 | (3.4 | ) | 2004 | 2002 | ||||||||||||||||||
Lahaina Square (HI) | — | 4.6 | 3.7 | 0.3 | — | 4.6 | 4 | 8.6 | (0.5 | ) | 1973 | 2010 | ||||||||||||||||||
Lanihau Marketplace (HI) | — | 9.4 | 13.2 | 1 | — | 9.4 | 14.2 | 23.6 | (1.7 | ) | 1987 | 2010 | ||||||||||||||||||
Napili Plaza (HI) | — | 9.4 | 8 | 0.2 | — | 9.4 | 8.2 | 17.6 | (0.5 | ) | 1991 | 2003, 2013 | ||||||||||||||||||
Pearl Highlands Center (HI) | 93.6 | 43.4 | 96.2 | 0.4 | — | 43.4 | 96.6 | 140 | (3.8 | ) | 1993 | 2013 | ||||||||||||||||||
Port Allen Marina Ctr. (HI) | — | — | 3.4 | 1.1 | — | — | 4.5 | 4.5 | (1.8 | ) | 2002 | 1971 | ||||||||||||||||||
The Shops at Kukui'ula (HI) | 40.5 | 8.9 | 30.1 | 0.3 | — | 8.9 | 30.4 | 39.3 | (1.1 | ) | 2009 | 2013 | ||||||||||||||||||
Waianae Mall (HI) | 19.1 | 17.4 | 10.1 | 4.2 | — | 17.4 | 14.3 | 31.7 | (0.7 | ) | 1975 | 2013 | ||||||||||||||||||
Waipio Shopping Center (HI) | — | 24 | 7.6 | 0.5 | — | 24 | 8.1 | 32.1 | (1.1 | ) | 1986-2004 | 2009 | ||||||||||||||||||
Little Cottonwood Center (UT) | — | 12.2 | 9.1 | 1 | — | 12.2 | 10.1 | 22.3 | (1.3 | ) | 1998-2008 | 2010 | ||||||||||||||||||
Royal MacArthur Center (TX) | — | 3.5 | 10.1 | 1.6 | — | 3.5 | 11.7 | 15.2 | (2.5 | ) | 2006 | 2007 | ||||||||||||||||||
Wilshire Shopping Center (CO) | — | 1.3 | 1.3 | 0.4 | — | 1.3 | 1.7 | 3 | (0.9 | ) | 1970 | 1997 | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||
Oahu Ground Leases (HI) | — | 187.7 | 0.6 | — | — | 187.7 | 0.6 | 188.3 | — | 2013 | ||||||||||||||||||||
Other miscellaneous investments | — | 18.6 | 1.3 | 12.6 | — | 18.6 | 13.9 | 32.5 | (10.6 | ) | ||||||||||||||||||||
Total | $ | 172.7 | $ | 548.5 | $ | 525.4 | $ | 96.7 | $ | — | $ | 548.5 | $ | 622.1 | $ | 1,170.60 | $ | (120.5 | ) | |||||||||||
(in millions) | ||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Buildings and Improvements | Improvements | Carrying Costs | Land | Buildings and Improvements | Total | Accumulated Depreciation | |||||||||||||||||||||
Real Estate Development and Sales Segment | ||||||||||||||||||||||||||||||
Aina ‘O Kane | $ | — | $ | — | $ | — | $ | 1.2 | $ | — | $ | — | $ | 1.2 | $ | 1.2 | $ | — | ||||||||||||
Brydeswood | — | — | — | 2.5 | — | — | 2.5 | $ | 2.5 | — | ||||||||||||||||||||
Grove Ranch | — | — | — | 1.5 | — | — | 1.5 | $ | 1.5 | — | ||||||||||||||||||||
Haliimaile | — | — | — | 1 | — | — | 1 | $ | 1 | — | ||||||||||||||||||||
Kahala Portfolio | 35.2 | 77.1 | — | 1.3 | — | 77.1 | 1.3 | $ | 78.4 | — | ||||||||||||||||||||
Kahului Town Center | — | — | — | 2.3 | — | — | 2.3 | $ | 2.3 | — | ||||||||||||||||||||
Kai'Olino | — | — | — | 11.3 | — | — | 11.3 | $ | 11.3 | — | ||||||||||||||||||||
Maui Business Park II | — | — | — | 51.6 | — | — | 51.6 | $ | 51.6 | — | ||||||||||||||||||||
Santa Barbara | — | 5.9 | — | — | — | 5.9 | — | $ | 5.9 | — | ||||||||||||||||||||
Wailea B-1 | — | 4.6 | — | — | — | 4.6 | — | $ | 4.6 | — | ||||||||||||||||||||
Wailea B-II | — | 3.3 | — | — | — | 3.3 | — | $ | 3.3 | — | ||||||||||||||||||||
Wailea MF-6 | — | 5.8 | — | — | — | 5.8 | — | $ | 5.8 | — | ||||||||||||||||||||
Wailea MF-7 | — | 2.9 | — | 5.9 | — | 2.9 | 5.9 | $ | 8.8 | — | ||||||||||||||||||||
Wailea SF-8 | — | 1.3 | — | — | — | 1.3 | — | $ | 1.3 | — | ||||||||||||||||||||
Wailea MF-10 | — | 2 | — | 0.5 | — | 2 | 0.5 | $ | 2.5 | — | ||||||||||||||||||||
Wailea MF-16 | — | 2.7 | — | — | — | 2.7 | — | $ | 2.7 | — | ||||||||||||||||||||
Keola 'O Wailea (MF-11) | — | 2.7 | — | 6.3 | — | 2.7 | 6.3 | $ | 9 | — | ||||||||||||||||||||
The Ridge at Wailea (MF-19) | — | 1.7 | — | 6 | — | 1.7 | 6 | $ | 7.7 | — | ||||||||||||||||||||
Wailea, other | — | 15.3 | — | 3.1 | — | 15.3 | 3.1 | $ | 18.4 | — | ||||||||||||||||||||
Waiale Community | — | — | — | 1.5 | — | — | 1.5 | $ | 1.5 | — | ||||||||||||||||||||
Other Maui landholdings | — | — | — | 3.8 | — | — | 3.8 | $ | 3.8 | — | ||||||||||||||||||||
Other Kauai landholdings | — | — | — | 1.4 | — | — | 1.4 | $ | 1.4 | — | ||||||||||||||||||||
Total | $ | 35.2 | $ | 125.3 | $ | — | $ | 101.2 | $ | — | $ | 125.3 | $ | 101.2 | $ | 226.5 | $ | — | ||||||||||||
-1 | See Note 9 to consolidated financial statements. | |||||||||||||||||||||||||||||
-2 | The aggregate tax basis, as of December 31, 2014, for the Real Estate Leasing segment and Real Estate Development and Sales segment assets was approximately $632.3 million, including the outside tax basis of consolidated joint venture investments. | |||||||||||||||||||||||||||||
-3 | 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) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,402.10 | $ | 1,022.00 | $ | 998.5 | ||||||||||||||||||||||||
Additions and improvements | 57 | 758.5 | 63.2 | |||||||||||||||||||||||||||
Impairments | — | — | (5.1 | ) | ||||||||||||||||||||||||||
Dispositions, retirements and other adjustments | (62.0 | ) | (378.4 | ) | (34.6 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 1,397.10 | $ | 1,402.10 | $ | 1,022.00 | ||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation (in millions) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 116.9 | $ | 133.8 | $ | 115.9 | ||||||||||||||||||||||||
Depreciation expense | 19.2 | 19.5 | 18.3 | |||||||||||||||||||||||||||
Dispositions, retirements and other adjustments | (15.6 | ) | (36.4 | ) | (0.4 | ) | ||||||||||||||||||||||||
Balance at end of year | $ | 120.5 | $ | 116.9 | $ | 133.8 | ||||||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of Alexander & Baldwin, Inc. and all wholly owned and controlled subsidiaries, after elimination of significant intercompany amounts. Significant 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 percent and 70 percent, 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 non-controlling interest in the consolidated financial statements. Profits, losses and cash distributions are allocated in accordance with the respective operating agreements. | ||||||||||||
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. | |||||||||||
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, 2014 was $706.0 million and $729.6 million, respectively, and $710.7 million and $723.2 million at December 31, 2013, 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. | |||||||||||
Inventories | Inventories: Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies and 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, A&B’s financial condition or its future operating results could be materially impacted. | |||||||||||
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 believed to be 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 that may consider various factors, including sales prices, development costs, market conditions and absorption rates, 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 July 2014, the Company invested $23.8 million in KIUC Renewable Solutions Two LLC (KRS II), an entity that owns and operates a 12-megawatt solar farm in Koloa, Kauai. The investment return from the Company's investment in KRS II is principally composed of federal and state tax benefits. As tax benefits are realized over the life of the investment, the Company recognizes a non-cash reduction to the carrying amount of its investment in KRS II. For the year ended December 31, 2014, the Company recorded a net non-cash reduction of $14.7 million in Other income (expense) in the Consolidated Statements of Income. The Company expects that future reductions to its investment in KRS II will be recognized as tax benefits are realized. | ||||||||||||
In 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. | ||||||||||||
In 2012, the Company 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. 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. | |||||||||||
Goodwill | Goodwill: The Company recorded a total of $93.6 million of goodwill in connection with the acquisition of Grace, which occurred on October 1, 2013. Additionally, the Company recorded $9.3 million of goodwill 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. In 2014, the Company finalized its valuation of Grace and, as a result, recorded an additional $3.3 million of goodwill, primarily related to the fair value of liabilities associated with the maintenance and management of former quarry sites. The Company reviews goodwill for impairment at the reporting unit level annually and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. | |||||||||||
Revenue Recognition | Revenue Recognition: The Company has a wide variety of revenue sources, including real estate sales, commercial property rentals, material sales, paving construction, 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 Development and Sales revenue represents proceeds from the sale of a variety of real estate development inventory. Real estate development inventory 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 material sales and paving contracts. The recognition of revenue is based on the underlying terms of the transaction. | ||||||||||||
Materials - Revenues from material sales, which include basalt aggregate, liquid asphalt and hot mix asphalt, 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. Unit price contracts, which comprise a significant portion of Grace's paving contracts, require Grace to provide line-item deliverables at fixed unit prices based on approved quantities irrespective of Grace’s actual per unit costs. Earnings on unit price contracts are recognized as quantities are delivered and accepted by the customer. Lump sum contracts require that the total amount of work be performed for a single price irrespective of actual quantities or Grace’s actual costs. Earnings on fixed-price 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, square feet or other units of measure) 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 site 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. 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: In 2014, the Company early adopted the provisions of 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”), which changes the requirements for reporting discontinued operations under Subtopic 205-20. For periods prior to the adoption of ASU 2014-08, the sales of certain income-producing assets were classified as discontinued operations if the operations and cash flows of the assets clearly could be distinguished from the remaining assets of the Company, if cash flows for the assets had been, or would have been, eliminated from the ongoing operations of the Company, if the Company would not have had a significant continuing involvement in the operations of the assets sold, and if the amount was considered material. Certain assets that are “held-for-sale,” based on the likelihood and intention of selling the property within 12 months, were also treated as discontinued operations. Sales of land not under lease and residential houses and lots were generally considered inventory and were 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): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations | $ | 30.2 | $ | 12.5 | $ | 6 | ||||||
Non-controlling interest | (3.1 | ) | (0.5 | ) | — | |||||||
Income from continuing operations attributable to A&B | $ | 27.1 | $ | 12 | $ | 6 | ||||||
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): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Denominator for basic EPS - weighted average shares outstanding | 48.7 | 44.4 | 42.6 | |||||||||
Effect of dilutive securities: | ||||||||||||
Outstanding stock options and restricted stock units | 0.6 | 0.7 | 0.3 | |||||||||
Denominator for diluted EPS - weighted average shares outstanding | 49.3 | 45.1 | 42.9 | |||||||||
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, 2014 and 2013. | ||||||||||||
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 April 2014, the 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. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 were as follows (in millions): | |||||||||||||||
Balance at | Provision for bad debt | Write-offs | Balance at | |||||||||||||
Beginning of year | and Other | End of Year | ||||||||||||||
2014 | $1.30 | $0.80 | ($0.40) | $1.70 | ||||||||||||
2013 | $1.60 | $0.10 | ($0.40) | $1.30 | ||||||||||||
2012 | $1.70 | $0.20 | ($0.30) | $1.60 | ||||||||||||
Inventories | Inventories at December 31, 2014 and 2013 were as follows (in millions): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Sugar inventories | $ | 23.3 | $ | 16.8 | ||||||||||||
Asphalt | 21.3 | 17.9 | ||||||||||||||
Processed rock, portland cement, and sand | 15.7 | 12.9 | ||||||||||||||
Work in progress | 2.8 | 2.7 | ||||||||||||||
Retail merchandise | 1.5 | 1.8 | ||||||||||||||
Parts, materials and supplies inventories | 17.3 | 16 | ||||||||||||||
Total | $ | 81.9 | $ | 68.1 | ||||||||||||
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 | |||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets | Intangible assets acquired in 2014 and 2013 were as follows: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | Weighted Average Life (Years) | Amount | Weighted Average Life (Years) | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place/favorable leases | $ | 2.1 | 1.8 | $ | 51.3 | 7.2 | ||||||||||
Permitted quarry rights | — | — | 18 | 19 | ||||||||||||
Contract backlog | — | — | 2.6 | 2.2 | ||||||||||||
Trade name/customer relationships | — | — | 3.1 | 8 | ||||||||||||
Total | $ | 2.1 | 1.8 | $ | 75 | 9.9 | ||||||||||
Intangible Assets | Intangible assets for the years ended December 31 included the following (in millions): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | |||||||||||||
Amortized intangible assets: | ||||||||||||||||
In-place leases | $ | 61.6 | $ | (25.8 | ) | $ | 59.6 | $ | (18.6 | ) | ||||||
Favorable leases | 16.6 | (7.8 | ) | 16.6 | (6.1 | ) | ||||||||||
Permitted quarry rights | 18 | (0.7 | ) | 18 | (0.1 | ) | ||||||||||
Contract backlog | 2.6 | (2.5 | ) | 2.6 | (1.0 | ) | ||||||||||
Trade name/customer relationships | 2.2 | (0.3 | ) | 3.1 | — | |||||||||||
Total assets | $ | 101 | $ | (37.1 | ) | $ | 99.9 | $ | (25.8 | ) | ||||||
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 | ||||||||||||||||
2015 | $9.00 | |||||||||||||||
2016 | $6.70 | |||||||||||||||
2017 | $5.60 | |||||||||||||||
2018 | $4.80 | |||||||||||||||
2019 | $4.30 | |||||||||||||||
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill allocated to the Company's reportable segments for the years ended December 31, 2014 and 2013 were as follows (in millions): | |||||||||||||||
Materials & Construction | Real Estate Leasing | Total | ||||||||||||||
Balance, January 1, 2013 | $ | — | $ | — | $ | — | ||||||||||
Goodwill acquired during the year | 90.3 | 9.3 | 99.6 | |||||||||||||
Balance, December 31, 2013 | 90.3 | 9.3 | 99.6 | |||||||||||||
Goodwill increase during the year | 3.3 | — | 3.3 | |||||||||||||
Goodwill allocated to sale of Maui Mall | — | (0.6 | ) | (0.6 | ) | |||||||||||
Balance, December 31, 2014 | $ | 93.6 | $ | 8.7 | $ | 102.3 | ||||||||||
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): | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Income from continuing operations | $ | 30.2 | $ | 12.5 | $ | 6 | ||||||||||
Non-controlling interest | (3.1 | ) | (0.5 | ) | — | |||||||||||
Income from continuing operations attributable to A&B | $ | 27.1 | $ | 12 | $ | 6 | ||||||||||
The number of shares used to compute basic and diluted earnings per share is as follows (in millions): | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Denominator for basic EPS - weighted average shares outstanding | 48.7 | 44.4 | 42.6 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Outstanding stock options and restricted stock units | 0.6 | 0.7 | 0.3 | |||||||||||||
Denominator for diluted EPS - weighted average shares outstanding | 49.3 | 45.1 | 42.9 | |||||||||||||
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): | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Unrealized components of benefit plans: | ||||||||||||||||
Pension plans | $ | (43.9 | ) | $ | (29.3 | ) | $ | (48.6 | ) | |||||||
Post-retirement plans | (0.5 | ) | (1.1 | ) | 1.4 | |||||||||||
Non-qualified benefit plans | — | 0.3 | — | |||||||||||||
Accumulated other comprehensive loss | $ | (44.4 | ) | $ | (30.1 | ) | $ | (47.2 | ) | |||||||
Accumulated Other Comprehensive Income: The changes in accumulated other comprehensive income for pension and postretirement plans for the year ended December 31, 2014 were as follows (in millions, net of tax): | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance | $ | (30.1 | ) | $ | (47.2 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | (14.3 | ) | 17.1 | |||||||||||||
Ending balance | $ | (44.4 | ) | $ | (30.1 | ) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The reclassifications of other comprehensive income components out of accumulated other comprehensive income for 2014 and were as follows (in millions): | |||||||||||||||
Details about Accumulated Other Comprehensive Income Components | 2014 | 2013 | 2012 | |||||||||||||
Actuarial gain (loss)* | $ | (26.7 | ) | $ | 22.4 | $ | (6.0 | ) | ||||||||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||||||||||||
Net loss* | 4.5 | 7.7 | 8 | |||||||||||||
Prior service credit* | (1.3 | ) | (1.3 | ) | (1.3 | ) | ||||||||||
Total before income tax | (23.5 | ) | 28.8 | 0.7 | ||||||||||||
Income taxes | 9.2 | (11.7 | ) | (0.3 | ) | |||||||||||
Other comprehensive income (loss) net of tax | $ | (14.3 | ) | $ | 17.1 | $ | 0.4 | |||||||||
* | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Unaudited Pro Forma Results | 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 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 | ||||||
Grace Pacific Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions): | |||||||||
Preliminary Valuation October 1, 2013 | Modifications | Final Valuation | ||||||||
Cash consideration | $ | 35.3 | $ | — | $ | 35.3 | ||||
Common stock issued as consideration | 196.3 | — | 196.3 | |||||||
Fair value of consideration transferred | 231.6 | — | 231.6 | |||||||
Fair value of assets acquired and liabilities assumed | ||||||||||
Assets acquired: | ||||||||||
Cash and cash equivalents | 5.7 | — | 5.7 | |||||||
Accounts receivable | 37.1 | — | 37.1 | |||||||
Contracts retention | 9.6 | — | 9.6 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 11.7 | — | 11.7 | |||||||
Inventories | 42 | — | 42 | |||||||
Property, plant and equipment | 148.6 | — | 148.6 | |||||||
Mineral rights | 18 | — | 18 | |||||||
Intangible assets | 5.8 | (1.0 | ) | 4.8 | ||||||
All other, net | 10.4 | 0.9 | 11.3 | |||||||
Total assets acquired | 288.9 | (0.1 | ) | 288.8 | ||||||
Liabilities assumed: | ||||||||||
Accounts payable and accrued liabilities | 26.3 | — | 26.3 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 7.5 | 0.6 | 8.1 | |||||||
Deferred tax liability, long-term | 27.1 | (0.6 | ) | 26.5 | ||||||
Long-term debt, including current portion | 72.7 | (0.2 | ) | 72.5 | ||||||
All other, net | 4.9 | 3.4 | 8.3 | |||||||
Total liabilities assumed | 138.5 | 3.2 | 141.7 | |||||||
Non-controlling interest | 9.1 | — | 9.1 | |||||||
Excess of purchase price over net assets acquired | $ | 90.3 | $ | 3.3 | $ | 93.6 | ||||
Kailua Portfolio Acquisition | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The 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 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, 2014 | |||||||||||||
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. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vessel management services expenses | $ | — | $ | — | $ | (2.0 | ) | ||||||
Lease income from affiliate | — | — | 2.1 | ||||||||||
Equipment and repair services income and other | — | — | 1.4 | ||||||||||
Related party revenue, net | $ | — | $ | — | $ | 1.5 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 for 2014, 2013 and 2012 were as follows (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Proceeds from the sale of income-producing properties | $ | 70.1 | $ | 337.6 | $ | 8.9 | ||||||
Real Estate Leasing revenue | $ | 0.3 | $ | 31.6 | $ | 36.4 | ||||||
Gain on sale of income-producing properties, net | $ | 55.9 | $ | 22.1 | $ | 4 | ||||||
Real Estate Leasing operating profit | 0.3 | 14.6 | 17.1 | |||||||||
Total operating profit before taxes | 56.2 | 36.7 | 21.1 | |||||||||
Income tax expense | 21.9 | 14.4 | 8.3 | |||||||||
Income from discontinued operations | $ | 34.3 | $ | 22.3 | $ | 12.8 | ||||||
Basic Earnings Per Share | $ | 0.7 | $ | 0.5 | $ | 0.3 | ||||||
Diluted Earnings Per Share | $ | 0.7 | $ | 0.5 | $ | 0.3 | ||||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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): | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Current assets | $ | 52.7 | $ | 43.5 | ||||||||||||||||
Non-current assets | 935.6 | 673.2 | ||||||||||||||||||
Total assets | $ | 988.3 | $ | 716.7 | ||||||||||||||||
Current liabilities | $ | 53 | $ | 44.2 | ||||||||||||||||
Non-current liabilities | 245.9 | 107.9 | ||||||||||||||||||
Total liabilities | $ | 298.9 | $ | 152.1 | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Operating revenue | $ | 71 | $ | 37.8 | $ | 29.8 | ||||||||||||||
Operating costs and expenses | 65.9 | 31.1 | 32.5 | |||||||||||||||||
Operating (loss) income | $ | 5.1 | $ | 6.7 | $ | (2.7 | ) | |||||||||||||
Income (loss) from continuing operations* | $ | 5 | $ | 6.8 | $ | (11.5 | ) | |||||||||||||
Net income (loss) | $ | 5 | $ | 6.8 | $ | (11.5 | ) | |||||||||||||
* Includes earnings from equity method investments held by the investee. | ||||||||||||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | The Company’s investment in affiliates measured at fair value on a nonrecurring basis was 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 (CA) landholdings | $ | 5.9 | $ | — | $ | — | $ | 5.9 | $ | 5.1 | ||||||||||
Bakersfield (CA) joint venture* | 7 | — | — | 7 | 4.7 | |||||||||||||||
Total | $ | 12.9 | $ | — | $ | — | $ | 12.9 | $ | 9.8 | ||||||||||
* 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, 2014 | |||||||
Contractors [Abstract] | |||||||
Information Related to Uncompleted Contracts | Information related to uncompleted contracts as of December 31, 2014 and 2013 is as follows: | ||||||
2014 | 2013 | ||||||
Costs incurred on uncompleted contracts | $ | 126.7 | $ | 135.8 | |||
Estimated earnings | 32.8 | 26.6 | |||||
Subtotal | 159.5 | 162.4 | |||||
Less: billings to date | 147.2 | 156.3 | |||||
Total | $ | 12.3 | $ | 6.1 | |||
Included in accompanying consolidated balance sheets under the following captions: | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 15.9 | $ | 10.5 | |||
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | (3.6 | ) | (4.4 | ) | |||
Total | $ | 12.3 | $ | 6.1 | |||
Property_Tables
Property (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property | Property on the consolidated balance sheets includes the following (in millions): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Buildings | $ | 586.7 | $ | 560 | ||||
Land | 588.5 | 572.7 | ||||||
Machinery and equipment | 236.1 | 230.9 | ||||||
Asphalt plants | 65.5 | 48 | ||||||
Water, power and sewer systems | 142.6 | 138.8 | ||||||
Other property improvements | 90.7 | 90.2 | ||||||
Vessel | 7.2 | 7.2 | ||||||
Subtotal | 1,717.30 | 1,647.80 | ||||||
Accumulated depreciation | (415.6 | ) | (374.1 | ) | ||||
Property - net | $ | 1,301.70 | $ | 1,273.70 | ||||
Notes_Payable_and_LongTerm_Deb1
Notes Payable and Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Notes Payable and Long-Term Debt | At December 31, 2014 and 2013, notes payable and long-term debt consisted of the following (in millions): | |||||||
2014 | 2013 | |||||||
Revolving Credit loans, (2.37% for 2014 and 2.53% for 2013) | $ | 169.8 | $ | 112.1 | ||||
Term Loans: | ||||||||
6.90%, payable through 2020 | 80 | 85 | ||||||
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 | 75 | ||||||
4.35%, payable through 2026 | 25 | 25 | ||||||
4.15%, payable through 2024, secured by Pearl Highlands Center (a) | 93.6 | 61.8 | ||||||
2.08%, payable through 2021, secured by Kailua Town Center III (b) | 11.2 | 11.3 | ||||||
2.82%, payable through 2016, secured by The Shops at Kukui'ula (c) | 40.5 | 44 | ||||||
2.78%, payable through 2016, secured by Kahala Estate Properties (d) | 35.2 | 42 | ||||||
5.39%, payable through 2015, secured by Waianae Mall | 19.1 | 19.9 | ||||||
5.19%, payable through 2019 | 10.2 | 11.9 | ||||||
6.38%, payable through 2017, secured by Midstate Hayes | 8.3 | 8.3 | ||||||
1.17%, payable through 2021, secured by asphalt terminal (e) | 8 | 8.9 | ||||||
1.85%, payable through 2017 | 7.9 | 10.7 | ||||||
3.31%, payable through 2018 | 6.3 | 8 | ||||||
2.00%, payable through 2018 | 2.2 | 2.9 | ||||||
2.65%, payable through 2016 | 1.2 | 1.8 | ||||||
5.50%, payable through 2014, secured by Little Cottonwood Center | — | 6.1 | ||||||
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | — | 3.2 | ||||||
3.05%, payable through 2014, secured by Maui Mall (f) | — | 60 | ||||||
5.00%, payable through 2014 | — | 0.3 | ||||||
Total debt | 706 | 710.7 | ||||||
Less debt (premium) discount | (0.4 | ) | (1.8 | ) | ||||
Total debt (contractual) | 705.6 | 708.9 | ||||||
Less current portion | (74.5 | ) | (105.2 | ) | ||||
Add debt premium (discount) | 0.4 | 1.8 | ||||||
Long-term debt | $ | 631.5 | $ | 605.5 | ||||
(a) | On December 1, 2014, the Company refinanced and increased the amount of the loan secured by Pearl Highlands Center. | |||||||
(b) | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate. | |||||||
(c) | Loan has a stated interest rate of LIBOR plus 2.66%. | |||||||
(d) | Loan has a stated interest rate of LIBOR plus 2.63%. | |||||||
(e) | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate. | |||||||
(f) | 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. |
LeasesThe_Company_as_Lessee_Ta
Leases-The Company as Lessee (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments under non-cancelable operating leases were as follows (in millions): | ||||
Years Ending December 31, | Minimum Lease Payments | ||||
2015 | $ | 5.6 | |||
2016 | 5.4 | ||||
2017 | 5.4 | ||||
2018 | 4.7 | ||||
2019 | 3.9 | ||||
Thereafter | 20.1 | ||||
Total | $ | 45.1 | |||
LeasesThe_Company_as_Lessor_Ta
Leases-The Company as Lessor (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Historical Cost and Accumulated Depreciation of Leased Property | The historical cost of, and accumulated depreciation on, leased property at December 31, 2014 and 2013 were as follows (in millions): | |||||||||||
2014 | 2013 | |||||||||||
Leased property - real estate | $ | 1,149.90 | $ | 1,100.00 | ||||||||
Less accumulated depreciation | (118.5 | ) | (99.5 | ) | ||||||||
Property under operating leases - net | $ | 1,031.40 | $ | 1,000.50 | ||||||||
Total Rental Income Under Operating Leases | Total rental income, excluding tenant reimbursements (which totaled $28.8 million, $24.1 million and $21.5 million for the years ended December 31, 2014, 2013 and 2012, respectively), under these operating leases was as follows (in millions): | |||||||||||
Years Ending December 31, | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 89.8 | $ | 80.5 | $ | 74.3 | ||||||
Contingent rentals (based on sales volume) | 4.7 | 3 | 2.8 | |||||||||
Total | $ | 94.5 | $ | 83.5 | $ | 77.1 | ||||||
Future Minimum Rentals on Non Cancelable Leases | Future minimum rentals on non-cancelable leases at December 31, 2014 were as follows (in millions): | |||||||||||
Operating Leases | ||||||||||||
2015 | $ | 85.9 | ||||||||||
2016 | 76.1 | |||||||||||
2017 | 64.2 | |||||||||||
2018 | 52.5 | |||||||||||
2019 | 44.9 | |||||||||||
Thereafter | 307.9 | |||||||||||
Total | $ | 631.5 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Weighted-Average and Target Asset Allocations | The Company’s weighted-average asset allocations at December 31, 2014 and 2013, and 2014 year-end target allocation, by asset category, were as follows: | |||||||||||||||||||||||
Target | 2014 | 2013 | ||||||||||||||||||||||
Domestic equity securities | 28 | % | 32 | % | 29 | % | ||||||||||||||||||
International equity securities | 15 | % | 15 | % | 16 | % | ||||||||||||||||||
Debt securities | 46 | % | 44 | % | 44 | % | ||||||||||||||||||
Alternatives and other | 11 | % | 6 | % | 8 | % | ||||||||||||||||||
Cash | — | % | 3 | % | 3 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Fair Value of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2014 and 2013, by asset category, are as follows (in millions): | |||||||||||||||||||||||
Fair Value Measurements as of | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Asset Category | ||||||||||||||||||||||||
Cash | $ | 3.5 | $ | 3.5 | $ | — | $ | — | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||
Domestic | 18.2 | 18.2 | — | — | ||||||||||||||||||||
Domestic exchange-traded funds | 33 | 33 | — | — | ||||||||||||||||||||
International | 9.8 | 9.7 | 0.1 | — | ||||||||||||||||||||
International and emerging markets exchange-traded funds | 14.9 | 14.9 | — | — | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||
U.S. Treasury obligations | 24.7 | 24.7 | — | — | ||||||||||||||||||||
Domestic corporate bonds and notes | 40.9 | — | 40.9 | — | ||||||||||||||||||||
Foreign corporate bonds | 5.4 | — | 5.4 | — | ||||||||||||||||||||
Other types of investments: | ||||||||||||||||||||||||
Limited partnership interest in private equity fund | 0.3 | — | — | 0.3 | ||||||||||||||||||||
Exchange-traded global real estate fund | 5.1 | 5.1 | — | — | ||||||||||||||||||||
Insurance contracts | 1.4 | — | — | 1.4 | ||||||||||||||||||||
Exchange-traded commodity fund | 2.8 | 2.8 | — | — | ||||||||||||||||||||
Other receivables | 0.8 | 0.8 | — | — | ||||||||||||||||||||
Total | $ | 160.8 | $ | 112.7 | $ | 46.4 | $ | 1.7 | ||||||||||||||||
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: | ||||||||||||||||||||||||
Domestic | 44.8 | 44.8 | — | — | ||||||||||||||||||||
International | 24.4 | 24.4 | — | — | ||||||||||||||||||||
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 | ||||||||||||||||||||
Limited partnership interest in private equity fund | 0.3 | — | — | 0.3 | ||||||||||||||||||||
Exchange-traded commodity fund | 2.5 | 2.5 | — | — | ||||||||||||||||||||
Insurance contracts | 1 | — | — | 1 | ||||||||||||||||||||
Total | $ | 153.4 | $ | 138.2 | $ | — | $ | 15.2 | ||||||||||||||||
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, 2014 and 2013 (in millions): | |||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Real Estate | Private Equity | Insurance | Limited Partnership | Total | ||||||||||||||||||||
Beginning balance, January 1, 2013 | $ | 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 | |||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||
Assets held at the reporting date | — | — | 0.4 | — | 0.4 | |||||||||||||||||||
Assets sold during the period | — | — | — | — | — | |||||||||||||||||||
Purchases, sales and settlements | (7.5 | ) | — | — | (6.4 | ) | (13.9 | ) | ||||||||||||||||
Ending balance, December 31, 2014 | $ | — | $ | 0.3 | $ | 1.4 | $ | — | $ | 1.7 | ||||||||||||||
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, 2014 and 2013 are shown below (in millions): | |||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 175.4 | $ | 189.7 | $ | 12.9 | $ | 10.9 | ||||||||||||||||
Service cost | 2.6 | 2.6 | 0.1 | 0.1 | ||||||||||||||||||||
Interest cost | 8.3 | 7.6 | 0.6 | 0.4 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 0.8 | 0.9 | ||||||||||||||||||||
Actuarial (gain) loss | 29.7 | (13.2 | ) | (0.7 | ) | 3 | ||||||||||||||||||
Benefits paid | (11.6 | ) | (11.1 | ) | (1.7 | ) | (1.8 | ) | ||||||||||||||||
Special or contractual termination benefits | — | — | — | — | ||||||||||||||||||||
Curtailment | — | (0.2 | ) | — | (0.6 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 204.4 | $ | 175.4 | $ | 12 | $ | 12.9 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 153.4 | 142.3 | — | — | ||||||||||||||||||||
Actual return on plan assets | 13.3 | 22.1 | — | — | ||||||||||||||||||||
Employer contributions | 5.7 | 0.1 | — | — | ||||||||||||||||||||
Benefits paid | (11.6 | ) | (11.1 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 160.8 | $ | 153.4 | $ | — | $ | — | ||||||||||||||||
Funded Status and Recognized Liability | $ | (43.6 | ) | $ | (22.0 | ) | $ | (12.0 | ) | $ | (12.9 | ) | ||||||||||||
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, 2014 and 2013 were as follows (in millions): | |||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Non-current assets | $ | — | $ | 3.3 | $ | — | $ | — | ||||||||||||||||
Current liabilities | — | — | (0.8 | ) | (0.9 | ) | ||||||||||||||||||
Non-current liabilities | (43.6 | ) | (25.3 | ) | (11.2 | ) | (12.0 | ) | ||||||||||||||||
Total | $ | (43.6 | ) | $ | (22.0 | ) | $ | (12.0 | ) | $ | (12.9 | ) | ||||||||||||
Net loss (net of taxes) | $ | 47.3 | $ | 33.2 | $ | 0.5 | $ | 1.1 | ||||||||||||||||
Unrecognized prior service credit (net of taxes) | (3.4 | ) | (3.9 | ) | — | — | ||||||||||||||||||
Total | $ | 43.9 | $ | 29.3 | $ | 0.5 | $ | 1.1 | ||||||||||||||||
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, 2014 and 2013 is shown below (in millions): | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 204.4 | $ | 167.7 | ||||||||||||||||||||
Accumulated benefit obligation | $ | 203.2 | $ | 166 | ||||||||||||||||||||
Fair value of plan assets | $ | 160.8 | $ | 142.4 | ||||||||||||||||||||
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 2014, 2013, and 2012, are shown below (in millions): | |||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 2.6 | $ | 2.6 | $ | 2.4 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||||||
Interest cost | 8.3 | 7.6 | 8.2 | 0.6 | 0.4 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (10.7 | ) | (10.9 | ) | (10.5 | ) | — | — | — | |||||||||||||||
Amortization of net loss | 4 | 7.7 | 7.9 | 0.3 | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of prior service cost | (0.8 | ) | (0.8 | ) | (0.8 | ) | — | — | — | |||||||||||||||
Curtailment gain | — | — | — | — | (0.5 | ) | — | |||||||||||||||||
Recognition of loss on special termination benefit | — | — | 0.1 | — | — | — | ||||||||||||||||||
Net periodic benefit cost | 3.4 | 6.2 | 7.3 | 1 | (0.2 | ) | 0.4 | |||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | ||||||||||||||||||||||||
Net loss (gain) | $ | 27.1 | $ | (24.7 | ) | $ | 7 | $ | (0.6 | ) | $ | 3 | $ | (0.4 | ) | |||||||||
Amortization of unrecognized gain (loss) | (4.0 | ) | (7.7 | ) | (7.9 | ) | (0.3 | ) | 0.2 | 0.3 | ||||||||||||||
Amortization of prior service cost | 0.8 | 0.8 | 0.8 | — | — | — | ||||||||||||||||||
Total recognized in other comprehensive income | 23.9 | (31.6 | ) | (0.1 | ) | (0.9 | ) | 3.2 | (0.1 | ) | ||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 27.3 | $ | (25.4 | ) | $ | 7.2 | $ | 0.1 | $ | 3 | $ | 0.3 | |||||||||||
Weighted Average Assumptions Used to Determine Benefit Information | The weighted average assumptions used to determine benefit information during 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||
Pension Benefits | Other Post-retirement Benefits | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Weighted Average Assumptions: | ||||||||||||||||||||||||
Discount rate | 4 | % | 4.9 | % | 4.1 | % | 4.1 | % | 4.9 | % | 4.1 | % | ||||||||||||
Expected return on plan assets | 7.1 | % | 8 | % | 8.25 | % | — | % | — | % | — | % | ||||||||||||
Rate of compensation increase | 0.5%-3% | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||||||
Initial health care cost trend rate | 7.3 | % | 7.5 | % | 8 | % | ||||||||||||||||||
Ultimate rate | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||||
Year ultimate rate is reached | 2028 | 2028 | 2020 | |||||||||||||||||||||
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, 2014, 2013 and 2012 and the net periodic post-retirement benefit cost for 2014, 2013 and 2012, would have increased or decreased as follows (in millions): | |||||||||||||||||||||||
Other Post-retirement Benefits | ||||||||||||||||||||||||
One Percentage Point | ||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||
Effect on post-retirement benefit obligation | $ | 1.1 | $ | 1.2 | $ | 0.6 | $ | (0.9 | ) | $ | (1.0 | ) | $ | (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 | |||||||||||||||||||||
2015 | $ | 10.9 | $ | 0.7 | $ | 0.9 | ||||||||||||||||||
2016 | $ | 11.2 | $ | 3.6 | $ | 0.9 | ||||||||||||||||||
2017 | $ | 11.4 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2018 | $ | 11.6 | $ | 1 | $ | 0.8 | ||||||||||||||||||
2019 | $ | 11.8 | $ | 0.1 | $ | 0.8 | ||||||||||||||||||
2020-2024 | $ | 62.5 | $ | 0.7 | $ | 3.4 | ||||||||||||||||||
Schedule of Multiemployer Plans | 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 | Contribution by Entity | Surcharge Imposed | Expiration Date | Current Plan Year End | ||||||||||||||||||
EIN Plan No. | 2014 and 2013 | Pending/Implemented | Jan. 1 - Dec. 31, 2014 | Oct. 1 - Dec. 31, 2013 | ||||||||||||||||||||
Fund | ||||||||||||||||||||||||
Operating Engineers | 94-6090764; 001 | Red | Yes | $ | 4.3 | $ | 1 | No | 9/2/19* | 12/31/14 | ||||||||||||||
Laborers National | 52-6074345; 001 | Red | Yes | 0.1 | — | No | 8/31/15 | 12/31/14 | ||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.5 | 0.1 | No | 8/31/15 | 2/28/14 | ||||||||||||||||
Hawaii Laborers | 99-6012128; 001 | Green | No | 0.1 | — | No | 9/30/19 | 2/28/14 | ||||||||||||||||
$ | 5 | $ | 1.1 | |||||||||||||||||||||
* The Company has reached an agreement in principle with the IUOE, which contemplates a contractual expiration date on September 2, 2019. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, 2014 consisted of the following (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 11.2 | $ | 17.1 | $ | 4.3 | ||||||
State | 2.8 | 2.1 | 0.8 | |||||||||
Current | 14 | 19.2 | 5.1 | |||||||||
Deferred: | ||||||||||||
Federal | (7.8 | ) | (5.7 | ) | (9.0 | ) | ||||||
State | (7.6 | ) | (2.4 | ) | (2.0 | ) | ||||||
Deferred | (15.4 | ) | (8.1 | ) | (11.0 | ) | ||||||
Total continuing operations tax expense (benefit) | $ | (1.4 | ) | $ | 11.1 | $ | (5.9 | ) | ||||
Income Tax Reconciliation | Income tax expense for 2014, 2013 and 2012 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Computed federal income tax expense | $ | 10.1 | $ | 8.3 | $ | — | ||||||
State income taxes | (4.1 | ) | 1 | (0.3 | ) | |||||||
Non-deductible transaction costs | — | 1.6 | 1.7 | |||||||||
Charitable contribution | — | (0.2 | ) | (3.5 | ) | |||||||
Federal solar tax credits | (11.3 | ) | — | (2.9 | ) | |||||||
Other—net | 3.9 | 0.4 | (0.9 | ) | ||||||||
Income tax expense (benefit) | $ | (1.4 | ) | $ | 11.1 | $ | (5.9 | ) | ||||
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): | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Benefit plans | $ | 30.7 | $ | 21.1 | ||||||||
Capitalized costs | 21.9 | 24.1 | ||||||||||
Charitable contribution | — | 1.5 | ||||||||||
Joint ventures and other investments | 19 | 13 | ||||||||||
Impairment and amortization | 6.7 | 0.5 | ||||||||||
Insurance and other reserves | 4.2 | 6.7 | ||||||||||
Solar credit* | 4.9 | 3.5 | ||||||||||
Other | 9.8 | 5.4 | ||||||||||
Total deferred tax assets | 97.2 | 75.8 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Tax-deferred gains on real estate transactions | 252.5 | 225.4 | ||||||||||
Basis differences for property and equipment | 19.3 | 23.4 | ||||||||||
Straight-line rental income and advanced rent | 8.4 | 7.2 | ||||||||||
Other | 2.7 | 5.2 | ||||||||||
Total deferred tax liabilities | 282.9 | 261.2 | ||||||||||
Net deferred tax liability | $ | 185.7 | $ | 185.4 | ||||||||
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, 2012 | $ | 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 | — | |||||||||||
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, 2014 | $ | — | ||||||||||
ShareBased_Awards_Tables
Share-Based Awards (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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 | (212.7 | ) | $21.13 | |||||||||
Forfeited and expired | — | $— | ||||||||||
Outstanding, December 31, 2014 | 1,124.60 | $18.84 | 4.5 | $23,478 | ||||||||
Vested or expected to vest | 1,113.40 | $18.84 | 4.5 | $23,243 | ||||||||
Exercisable, December 31, 2014 | 1,075.00 | $18.67 | 4.4 | $22,627 | ||||||||
Summarizes non-vested restricted stock unit activity | The following table summarizes 2014 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, 2014 | 242.3 | $27.92 | ||||||||||
Granted | 123 | $39.38 | ||||||||||
Vested | (86.3 | ) | $25.37 | |||||||||
Canceled | — | $— | ||||||||||
Outstanding, December 31, 2014 | 279 | $33.76 | ||||||||||
Schedule of fair value assumptions | The fair value of the Company’s performance-based awards that are contingent upon meeting a market condition is estimated using the Company’s stock price on the date of grant and the probability of vesting using a Monte Carlo simulation with the following assumptions: | |||||||||||
2014 | 2013 | |||||||||||
Volatility of A&B common stock | 25.4 | % | 31.8 | % | ||||||||
Average volatility of peer companies | 27.3 | % | 35.7 | % | ||||||||
Risk-free interest rate | 0.37 | % | 0.29 | % | ||||||||
Summary of compensation cost related to share-based payments | A summary of compensation cost related to share-based payments is as follows (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Share-based expense (net of estimated forfeitures): | ||||||||||||
Stock options | $ | 0.3 | $ | 0.7 | $ | 1.1 | ||||||
Incremental share-based compensation cost related to separation | 0.2 | 0.5 | 1.2 | |||||||||
Non-vested stock & restricted stock units | 4.4 | 3 | 3.1 | |||||||||
Total share-based expense | 4.9 | 4.2 | 5.4 | |||||||||
Total recognized tax benefit | (1.5 | ) | (1.3 | ) | (1.8 | ) | ||||||
Share-based expense (net of tax) | $ | 3.4 | $ | 2.9 | $ | 3.6 | ||||||
Cash received upon option exercise | $ | 4.5 | $ | 7.6 | $ | 20.9 | ||||||
Intrinsic value of options exercised | $ | 5.4 | $ | 6.7 | $ | 13.4 | ||||||
Tax benefit realized upon option exercise | $ | 2 | $ | 2.5 | $ | 2.3 | ||||||
Fair value of stock vested | $ | 2.6 | $ | 5.2 | $ | 4.2 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 (in millions): | ||||
Standby letters of credit | (a) | $ | 12.2 | ||
Bonds | (b) | $ | 329.1 | ||
(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 $305.4 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, 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 consolidated balance sheets (in millions): | |||||||
As of December 31, | ||||||||
Classified in Other non-current liabilities | 2014 | 2013 | ||||||
Interest rate swap liability - floating to fixed rate | $ | 2.9 | $ | 2.8 | ||||
Segment_Results_Tables
Segment Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Results | Operating segment information for 2014, 2013 and 2012 is summarized as below (in millions): | ||||||||||||||||
For the Year Ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 125.6 | $ | 110.4 | $ | 100.6 | |||||||||||
Development and Sales | 150 | 423 | 32.2 | ||||||||||||||
Less amounts reported in discontinued operations1 | (70.4 | ) | (369.2 | ) | (45.3 | ) | |||||||||||
Materials and Construction2 | 234.3 | 54.9 | — | ||||||||||||||
Agribusiness | 120.5 | 146.1 | 182.3 | ||||||||||||||
Reconciling items3 | — | — | (8.3 | ) | |||||||||||||
Total revenue | $ | 560 | $ | 365.2 | $ | 261.5 | |||||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 47.5 | $ | 43.4 | $ | 41.6 | |||||||||||
Development and Sales4 | 85.7 | 44.4 | (4.4 | ) | |||||||||||||
Less amounts reported in discontinued operations1 | (56.2 | ) | (36.7 | ) | (21.1 | ) | |||||||||||
Materials and Construction2 | 25.9 | 2.9 | — | ||||||||||||||
Agribusiness | (11.8 | ) | 10.7 | 20.8 | |||||||||||||
Total operating profit | 91.1 | 64.7 | 36.9 | ||||||||||||||
Interest expense | (29.0 | ) | (19.1 | ) | (14.9 | ) | |||||||||||
General corporate expenses | (18.6 | ) | (17.4 | ) | (15.1 | ) | |||||||||||
Reduction in KRS II carrying value, net (Note 6, 13) | (14.7 | ) | — | — | |||||||||||||
Separation/Acquisition Costs | — | (4.6 | ) | (6.8 | ) | ||||||||||||
Income from continuing operations before income taxes | 28.8 | 23.6 | 0.1 | ||||||||||||||
Income tax expense (benefit) | (1.4 | ) | 11.1 | (5.9 | ) | ||||||||||||
Income from continuing operations | 30.2 | 12.5 | 6 | ||||||||||||||
Income from discontinued operations (net of income taxes) | 34.3 | 22.3 | 12.8 | ||||||||||||||
Net income | 64.5 | 34.8 | 18.8 | ||||||||||||||
Income attributable to non-controlling interest | (3.1 | ) | (0.5 | ) | — | ||||||||||||
Net income attributable to A&B | $ | 61.4 | $ | 34.3 | $ | 18.8 | |||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | 2013 includes the results, capital expenditures, and depreciation and amortization of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | ||||||||||||||||
3 | Represents the sale of a 286-acre agricultural 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. | ||||||||||||||||
4 | The Real Estate Development and Sales segment includes approximately $2.0 million, $4.2 million, and ($8.3) million in equity in earnings (losses) from its various real estate joint ventures for 2014, 2013, and 2012, respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014, $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, and $9.8 million related to the Bakersfield joint venture and Santa Barbara real estate project in 2012. | ||||||||||||||||
As of December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Identifiable Assets: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 1,121.60 | $ | 1,113.40 | $ | 771.3 | |||||||||||
Development and Sales5 | 634.3 | 640.9 | 504.8 | ||||||||||||||
Agribusiness | 162.8 | 160 | 149.9 | ||||||||||||||
Materials and Construction | 385.9 | 358.7 | — | ||||||||||||||
Other | 25.3 | 10.6 | 11.3 | ||||||||||||||
Total assets | $ | 2,329.90 | $ | 2,283.60 | $ | 1,437.30 | |||||||||||
Capital Expenditures: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing6 | $ | 51.8 | $ | 488.5 | $ | 23.1 | |||||||||||
Development and Sales7 | — | 0.1 | — | ||||||||||||||
Agribusiness8 | 10.8 | 11.8 | 31.7 | ||||||||||||||
Materials and Construction2 | 10.7 | 4.8 | — | ||||||||||||||
Other | 1.8 | 0.1 | — | ||||||||||||||
Total capital expenditures | $ | 75.1 | $ | 505.3 | $ | 54.8 | |||||||||||
Depreciation and Amortization: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing1 | $ | 26.9 | $ | 24.3 | $ | 22 | |||||||||||
Development and Sales | 0.2 | 0.2 | 0.2 | ||||||||||||||
Agribusiness | 11.5 | 11.7 | 11.6 | ||||||||||||||
Materials and Construction2 | 15.2 | 4.4 | — | ||||||||||||||
Other | 1.2 | 1.1 | 1.3 | ||||||||||||||
Total depreciation and amortization | $ | 55 | $ | 41.7 | $ | 35.1 | |||||||||||
5 | The Real Estate Development and Sales segment includes approximately $383.8 million, $335.0 million, and $319.7 million related to its investment in various real estate joint ventures as of December 31, 2014, 2013, and 2012, 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 $41.7 million, $150.6 million, and $37.2 million for 2014, 2013, and 2012, respectively. Investments in real estate joint ventures were $28.7 million, $22.2 million, and $17.4 million in 2014, 2013, and 2012, 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, 2014 and 2013 were as follows (in millions): | |||||||||||||||||
2014 | |||||||||||||||||
(Unaudited) | Q1 | Q2 | Q3 | Q4 | |||||||||||||
Revenue: | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 31.2 | $ | 31 | $ | 31.3 | $ | 32.1 | |||||||||
Development and Sales | 71 | 21.4 | 18.2 | 39.4 | |||||||||||||
Less amounts reported in discontinued operations1 | (70.4 | ) | — | — | — | ||||||||||||
Materials and Construction | 50.1 | 64.5 | 58.4 | 61.3 | |||||||||||||
Agribusiness | 12.9 | 29.8 | 45.5 | 32.3 | |||||||||||||
Total revenue | $ | 94.8 | $ | 146.7 | $ | 153.4 | $ | 165.1 | |||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 11.8 | $ | 12 | $ | 12.1 | $ | 11.6 | |||||||||
Development and Sales2 | 52.3 | 7.8 | 11.4 | 14.2 | |||||||||||||
Less amounts reported in discontinued operations1 | (56.2 | ) | — | — | — | ||||||||||||
Materials and Construction | 3.4 | 8 | 5.9 | 8.6 | |||||||||||||
Agribusiness | 3 | 0.4 | (7.3 | ) | (7.9 | ) | |||||||||||
Total operating profit | 14.3 | 28.2 | 22.1 | 26.5 | |||||||||||||
Interest expense | (7.2 | ) | (7.2 | ) | (7.2 | ) | (7.4 | ) | |||||||||
General corporate expenses | (5.2 | ) | (4.3 | ) | (3.9 | ) | (5.2 | ) | |||||||||
Reduction in KRS II carrying value (Note 6, 13) | — | — | (15.1 | ) | 0.4 | ||||||||||||
Income (loss) from continuing operations before income taxes | 1.9 | 16.7 | (4.1 | ) | 14.3 | ||||||||||||
Income tax expense (benefit)3 | 0.8 | 6.5 | (14.9 | ) | 6.2 | ||||||||||||
Income (loss) from continuing operations | 1.1 | 10.2 | 10.8 | 8.1 | |||||||||||||
Income from discontinued operations (net of income taxes) | 34.3 | — | — | — | |||||||||||||
Net income | 35.4 | 10.2 | 10.8 | 8.1 | |||||||||||||
Income attributable to non-controlling interest | (0.4 | ) | (1.0 | ) | (0.6 | ) | (1.1 | ) | |||||||||
Net income attributable to A&B | $ | 35 | $ | 9.2 | $ | 10.2 | $ | 7 | |||||||||
Earnings per share attributable to A&B: | |||||||||||||||||
Basic | $ | 0.72 | $ | 0.19 | $ | 0.21 | $ | 0.14 | |||||||||
Diluted | $ | 0.71 | $ | 0.19 | $ | 0.21 | $ | 0.14 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 48.7 | 48.7 | 48.8 | 48.8 | |||||||||||||
Diluted | 49.2 | 49.3 | 49.3 | 49.3 | |||||||||||||
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 | ) | |||||||||
Materials and Construction4 | — | — | — | 54.9 | |||||||||||||
Agribusiness | 14.7 | 43.5 | 35.9 | 52 | |||||||||||||
Total revenue | $ | 32.8 | $ | 62.7 | $ | 64.9 | $ | 204.8 | |||||||||
Operating profit (loss) | |||||||||||||||||
Real Estate: | |||||||||||||||||
Leasing | $ | 10.9 | $ | 10.6 | $ | 11.2 | $ | 10.7 | |||||||||
Development and Sales2 | 2.4 | (0.7 | ) | 4.6 | 38.1 | ||||||||||||
Less amounts reported in discontinued operations1 | (8.2 | ) | (3.8 | ) | (11.8 | ) | (12.9 | ) | |||||||||
Materials and Construction4 | — | — | — | 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)3 | 0.1 | 2.8 | (0.3 | ) | 8.5 | ||||||||||||
Income (loss) from continuing operations3 | (0.2 | ) | 2.5 | (3.1 | ) | 13.3 | |||||||||||
Income from discontinued operations (net of income taxes) | 5 | 2.3 | 7.2 | 7.8 | |||||||||||||
Net income (loss)3 | 4.8 | 4.8 | 4.1 | 21.1 | |||||||||||||
Income attributable to non-controlling interest | — | — | — | (0.5 | ) | ||||||||||||
Net income (loss) attributable to A&B3 | $ | 4.8 | $ | 4.8 | $ | 4.1 | $ | 20.6 | |||||||||
Earnings per share attributable to A&B:3 | |||||||||||||||||
Basic | $ | 0.11 | $ | 0.11 | $ | 0.1 | $ | 0.42 | |||||||||
Diluted | $ | 0.11 | $ | 0.11 | $ | 0.09 | $ | 0.42 | |||||||||
Weighted average shares: | |||||||||||||||||
Basic | 43 | 43.1 | 43.1 | 48.6 | |||||||||||||
Diluted | 43.6 | 43.7 | 43.8 | 49.2 | |||||||||||||
1 | Amounts recast to reflect discontinued operations. | ||||||||||||||||
2 | The Real Estate Development and Sales segment operating profit includes a non-cash impairment loss of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula. | ||||||||||||||||
3 | Income tax expense (benefit) for the first quarter of 2014 was revised to remove an out-of-period tax adjustment of $1.6 million related to 2013. Income tax expense (benefit) for the quarterly periods in 2013 were increased by $0.2 million, $0.2 million, $0.3 million, and $1.9 million related to the immaterial revisions (see Note 1). | ||||||||||||||||
4 | Grace results are included from its acquisition date, October 1, 2013. |
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Jun. 18, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of shares of AB common stock received | 1 | |||||||||||
Number of operating segments | 4 | |||||||||||
Other noncurrent assets | $43.50 | $75.90 | $43.50 | $75.90 | ||||||||
Adjustment of an understatement of net income taxes | 6.2 | -14.9 | 6.5 | 0.8 | 8.5 | -0.3 | 2.8 | 0.1 | -1.4 | 11.1 | -5.9 | |
Adjustment to overstated comprehensive income attributable to A&B | 47.1 | 51.4 | 19.2 | |||||||||
The effect to current period income tax expense and net income due to out of period adjustment | 1.6 | |||||||||||
Adjustment to overstated non-current deferred tax liability | 194 | 193.2 | 194 | 193.2 | ||||||||
Adjustment to overstated income tax receivable | 6.7 | 1.4 | 6.7 | 1.4 | ||||||||
Adjustment to overstated net investments | 418.6 | 341.4 | 418.6 | 341.4 | ||||||||
Real Estate Leasing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of operating segments | 1 | |||||||||||
Materials & Construction | ||||||||||||
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 | |||||||||||
Agribusiness | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of operating segments | 1 | |||||||||||
Out of Period Tax Adjustments | Restatement Adjustment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Adjustment to overstated net income attributable to A&B | -2.6 | -1.7 | ||||||||||
Adjustment of an understatement of net income taxes | 1.9 | 0.3 | 0.2 | 0.2 | 2.6 | 1.7 | ||||||
Adjustment to overstated comprehensive income attributable to A&B | -2.6 | -1.7 | ||||||||||
Adjustment to overstated non-current deferred tax liability | -0.6 | -0.6 | -1.5 | |||||||||
Adjustment to overstated current deferred tax liability | -0.2 | |||||||||||
Adjustment to overstated income tax receivable | -2 | -2 | ||||||||||
Adjustment to overstated net investments | ($1.80) |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 26, 2015 | Oct. 01, 2013 | Jul. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Bank overdrafts | $3,000,000 | $0 | $3,000,000 | $0 | |||||||||||
Total interest cost incurred | 31,000,000 | 20,800,000 | 16,800,000 | ||||||||||||
Capitalized interest | 1,900,000 | 1,800,000 | 2,000,000 | ||||||||||||
Impairment of real estate assets | 5,100,000 | 0 | 0 | 5,100,000 | |||||||||||
Non-cash reduction in equity method investments | -400,000 | 15,100,000 | 0 | 0 | 14,700,000 | 0 | 0 | ||||||||
Impairment and equity losses | 300,000 | 6,600,000 | 4,700,000 | ||||||||||||
Aggregate intangible asset amortization | 11,200,000 | 9,300,000 | 3,300,000 | ||||||||||||
Goodwill | 102,300,000 | 99,600,000 | 102,300,000 | 99,600,000 | 0 | ||||||||||
Dilutive shares effect of share-based compensation | 600,000 | 700,000 | 300,000 | ||||||||||||
Securities excluded from the computation of weighted average dilutive shares outstanding | 0 | 0 | 0 | ||||||||||||
Tax benefit related to equity method investments recognized | -6,200,000 | 14,900,000 | -6,500,000 | -800,000 | -8,500,000 | 300,000 | -2,800,000 | -100,000 | 1,400,000 | -11,100,000 | 5,900,000 | ||||
Carrying Amount | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Fair value of recorded loan | 706,000,000 | 710,700,000 | 706,000,000 | 710,700,000 | |||||||||||
Fair Value | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Fair value of recorded loan | 729,600,000 | 723,200,000 | 729,600,000 | 723,200,000 | |||||||||||
Minimum | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Terms of construction contracts | 1 year | ||||||||||||||
Maximum | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Terms of construction contracts | 3 years | ||||||||||||||
Materials & Construction | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Accounts receivable and contracts retention | 6,000,000 | 5,700,000 | 6,000,000 | 5,700,000 | |||||||||||
Accounts and contracts payable | 600,000 | 600,000 | 600,000 | 600,000 | |||||||||||
Goodwill | 93,600,000 | 90,300,000 | 93,600,000 | 90,300,000 | 0 | ||||||||||
Real Estate Leasing | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Goodwill | 8,700,000 | 9,300,000 | 8,700,000 | 9,300,000 | 0 | ||||||||||
Grace Pacific Corporation and Shops at Kukui'ula | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Purchase accounting adjustments to goodwill | 3,300,000 | ||||||||||||||
Grace Pacific Corporation | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Goodwill | 93,600,000 | 93,600,000 | 93,600,000 | ||||||||||||
Kukui'ula Village LLC | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Goodwill | 9,300,000 | 9,300,000 | |||||||||||||
KRS II | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Investment in various real estate joint ventures | 8,400,000 | 8,400,000 | 23,800,000 | ||||||||||||
Non-cash reduction in equity method investments | 14,700,000 | ||||||||||||||
Tax benefit related to equity method investments recognized | 13,700,000 | ||||||||||||||
Bakersfield (CA) joint venture | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Impairment and equity losses | 4,700,000 | 4,700,000 | |||||||||||||
Kukui'ula Village LLC | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Impairment and equity losses | 6,300,000 | ||||||||||||||
Subsequent Event | Performance Shares | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Restricted Stock Units granted (in shares) | 42,459 | ||||||||||||||
Subsequent Event | Time Based Restricted Stock Units | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Restricted Stock Units granted (in shares) | 67,087 | ||||||||||||||
Vesting period | 3 years | ||||||||||||||
City and County of Honolulu | Customer Concentration Risk | Materials & Construction | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Revenues | 14,300,000 | 37,500,000 | |||||||||||||
State of Hawaii | Customer Concentration Risk | Materials & Construction | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Revenues | 8,900,000 | 79,600,000 | |||||||||||||
C&H Sugar Company, Inc | Customer Concentration Risk | Materials & Construction | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Revenues | $65,500,000 | $87,600,000 | $117,500,000 | ||||||||||||
50% cliff vests over 2 years | Subsequent Event | Performance Shares | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Vesting period | 2 years | ||||||||||||||
Award vesting rights (in percent) | 50.00% | ||||||||||||||
Performance period | 2 years | ||||||||||||||
50% cliff vests over 3 years | Subsequent Event | Performance Shares | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Vesting period | 3 years | ||||||||||||||
Award vesting rights (in percent) | 50.00% | ||||||||||||||
Performance period | 3 years | ||||||||||||||
Investments in Majority-owned Subsidiaries | GPRM Prestress, LLC | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Ownership interest percentage in subsidiaries | 51.00% | 51.00% | |||||||||||||
Investments in Majority-owned Subsidiaries | GLP Alphalt, LLC | |||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||
Ownership interest percentage in subsidiaries | 70.00% | 70.00% |
Significant_Accounting_Policie4
Significant Accounting Policies - Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at Beginning of year | $1.30 | $1.60 | $1.70 |
Provision for bad debt | 0.8 | 0.1 | 0.2 |
Write-offs and Other | -0.4 | -0.4 | -0.3 |
Balance at End of Year | $1.70 | $1.30 | $1.60 |
Significant_Accounting_Policie5
Significant Accounting Policies - Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ||
Inventories | $81.90 | $68.10 |
Sugar inventories | ||
Inventory [Line Items] | ||
Inventories | 23.3 | 16.8 |
Asphalt | ||
Inventory [Line Items] | ||
Inventories | 21.3 | 17.9 |
Processed rock, portland cement, and sand | ||
Inventory [Line Items] | ||
Inventories | 15.7 | 12.9 |
Work in progress | ||
Inventory [Line Items] | ||
Inventories | 2.8 | 2.7 |
Retail merchandise | ||
Inventory [Line Items] | ||
Inventories | 1.5 | 1.8 |
Parts, materials and supplies inventories | ||
Inventory [Line Items] | ||
Inventories | $17.30 | $16 |
Significant_Accounting_Policie6
Significant Accounting Policies - Estimated Useful Lives of Property (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 10 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 40 years |
Water, power and sewer systems | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 5 years |
Water, power and sewer systems | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 50 years |
Rock crushing and asphalt plants | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 25 years |
Rock crushing and asphalt plants | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 35 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 2 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 35 years |
Other property improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 3 years |
Other property improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property | 35 years |
Significant_Accounting_Policie7
Significant Accounting Policies - Intangible Assets Acquired (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $2.10 | $75 |
Weighted average useful life of finite-lived intangible assets acquired | 1 year 9 months 18 days | 9 years 10 months 24 days |
In-place leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | 2.1 | 51.3 |
Weighted average useful life of finite-lived intangible assets acquired | 1 year 9 months 18 days | 7 years 2 months 12 days |
Permitted quarry rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | 0 | 18 |
Weighted average useful life of finite-lived intangible assets acquired | 19 years 0 months 0 days | |
Contract backlog | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | 0 | 2.6 |
Weighted average useful life of finite-lived intangible assets acquired | 2 years 2 months 12 days | |
Trade name/customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $0 | $3.10 |
Weighted average useful life of finite-lived intangible assets acquired | 8 years 0 months 0 days |
Significant_Accounting_Policie8
Significant Accounting Policies - Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $101 | $99.90 |
Accumulated Amortization | -37.1 | -25.8 |
In-place leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 61.6 | 59.6 |
Accumulated Amortization | -25.8 | -18.6 |
Favorable leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 16.6 | 16.6 |
Accumulated Amortization | -7.8 | -6.1 |
Permitted quarry rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18 | 18 |
Accumulated Amortization | -0.7 | -0.1 |
Contract backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2.6 | 2.6 |
Accumulated Amortization | -2.5 | -1 |
Trade name/customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2.2 | 3.1 |
Accumulated Amortization | ($0.30) | $0 |
Significant_Accounting_Policie9
Significant Accounting Policies - Estimated Future Amortization Expenses (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | |
2015 | $9 |
2016 | 6.7 |
2017 | 5.6 |
2018 | 4.8 |
2019 | $4.30 |
Recovered_Sheet1
Significant Accounting Policies - Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $99.60 | $0 |
Goodwill acquired during the year | 3.3 | 99.6 |
Goodwill allocated to sale of Maui Mall | -0.6 | |
Goodwill, ending balance | 102.3 | 99.6 |
Materials & Construction | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 90.3 | 0 |
Goodwill acquired during the year | 3.3 | 90.3 |
Goodwill allocated to sale of Maui Mall | 0 | |
Goodwill, ending balance | 93.6 | 90.3 |
Real Estate Leasing | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 9.3 | 0 |
Goodwill acquired during the year | 0 | 9.3 |
Goodwill allocated to sale of Maui Mall | -0.6 | |
Goodwill, ending balance | $8.70 | $9.30 |
Recovered_Sheet2
Significant Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Income from continuing operations | $8.10 | $10.80 | $10.20 | $1.10 | $13.30 | ($3.10) | $2.50 | ($0.20) | $30.20 | $12.50 | $6 |
Income attributable to non-controlling interest | -3.1 | -0.5 | 0 | ||||||||
Income from continuing operations attributable to A&B | $27.10 | $12 | $6 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment [Abstract] | |||||||||||
Denominator for basic EPS - weighted average shares outstanding | 48.8 | 48.8 | 48.7 | 48.7 | 48.6 | 43.1 | 43.1 | 43 | 48.7 | 44.4 | 42.6 |
Employee/director stock options and restricted stock units (in shares) | 0.6 | 0.7 | 0.3 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 49.3 | 49.3 | 49.3 | 49.2 | 49.2 | 43.8 | 43.7 | 43.6 | 49.3 | 45.1 | 42.9 |
Recovered_Sheet3
Significant Accounting Policies - Components of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Unrealized components of benefit plans: | |||
Pension plans | ($43.90) | ($29.30) | ($48.60) |
Post-retirement plans | -0.5 | -1.1 | 1.4 |
Non-qualified benefit plans | 0 | 0.3 | 0 |
Accumulated other comprehensive loss | ($44.40) | ($30.10) | ($47.20) |
Recovered_Sheet4
Significant Accounting Policies - Accumulated Other Comprehensive Income Rollforward (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | ($30.10) | ($47.20) |
Amounts reclassified from accumulated other comprehensive income, net of tax | -14.3 | 17.1 |
Ending balance | ($44.40) | ($30.10) |
Recovered_Sheet5
Significant Accounting Policies - Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accounting Policies [Abstract] | ||||||
Actuarial gain (loss) | ($26.70) | $22.40 | ($6) | |||
Amortization of defined benefit pension items reclassified to net periodic pension cost: | ||||||
Net loss | 4.5 | [1] | 7.7 | [1] | 8 | [1] |
Prior service credit | -1.3 | [1] | -1.3 | [1] | -1.3 | [1] |
Total before income taxes | -23.5 | 28.8 | 0.7 | |||
Income taxes | 9.2 | -11.7 | -0.3 | |||
Other Comprehensive Income (Loss) | ($14.30) | $17.10 | $0.40 | |||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details). |
Acquisitions_Grace_Acquisition
Acquisitions - Grace Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2013 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Excess of purchase price over net assets acquired | $99.60 | $102.30 | $99.60 | $0 | ||||
Acquisition related costs | 0.1 | 2 | 1.5 | 1 | 0 | 4.6 | 6.8 | |
Grace Pacific Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of voting interest acquired | 100.00% | |||||||
Fair value of consideration transferred | 231.6 | |||||||
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 | 9.3 | |||||||
Cash payment to shareholders' representative to cover for transaction costs | 1 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Cash consideration | 35.3 | |||||||
Common stock issued as consideration | 196.3 | |||||||
Fair value of consideration transferred | 231.6 | |||||||
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 | 4.8 | |||||||
All other, net | 11.3 | |||||||
Total assets acquired | 288.8 | |||||||
Accounts payable and accrued liabilities | 26.3 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 8.1 | |||||||
Deferred tax liability, long-term | 26.5 | |||||||
Long-term debt, including current portion | 72.5 | |||||||
All other, net | 8.3 | |||||||
Total liabilities assumed | 141.7 | |||||||
Non-controlling interest | 9.1 | |||||||
Excess of purchase price over net assets acquired | 93.6 | 93.6 | ||||||
Acquisition related costs | 4.6 | |||||||
Construction and natural materials revenue since acquisition | 54.9 | |||||||
Net earnings (loss) since acquisition | 1.7 | |||||||
Earnings (loss) attributed to noncontrolling interest since acquisition | 0.5 | |||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||
Operating revenue | 539.1 | 454.1 | ||||||
Income from continuing operations, after tax | 31.7 | 14.8 | ||||||
Adjustments excluded from pro forma results | 6.9 | |||||||
Fair Value Adjustment to Purchase Price | Grace Pacific Corporation | ||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||
Operating revenue | -0.1 | |||||||
Income from continuing operations, after tax | -1.7 | |||||||
Scenario, Previously Reported | Grace Pacific Corporation | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Cash consideration | 35.3 | |||||||
Common stock issued as consideration | 196.3 | |||||||
Fair value of consideration transferred | 231.6 | |||||||
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 | |||||||
Non-controlling interest | 9.1 | |||||||
Excess of purchase price over net assets acquired | 90.3 | |||||||
Scenario, Adjustment | Grace Pacific Corporation | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Cash consideration | 0 | |||||||
Common stock issued as consideration | 0 | |||||||
Fair value of consideration transferred | 0 | |||||||
Cash and cash equivalents | 0 | |||||||
Accounts receivable | 0 | |||||||
Contracts retention | 0 | |||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 0 | |||||||
Inventories | 0 | |||||||
Property, plant and equipment | 0 | |||||||
Mineral rights | 0 | |||||||
Intangible assets | -1 | |||||||
All other, net | 0.9 | |||||||
Total assets acquired | -0.1 | |||||||
Billings in excess of cost and estimated earnings on uncompleted contracts | 0.6 | |||||||
Deferred tax liability, long-term | -0.6 | |||||||
Long-term debt, including current portion | -0.2 | |||||||
All other, net | 3.4 | |||||||
Total liabilities assumed | 3.2 | |||||||
Non-controlling interest | 0 | |||||||
Excess of purchase price over net assets acquired | $3.30 |
Acquisitions_Kailua_Portfolio_
Acquisitions - Kailua Portfolio Acquisition(Details) (USD $) | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Dec. 31, 2013 |
Property | |||||||||
acre | |||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||
Acquisition related costs | $0.10 | $2 | $1.50 | $1 | $0 | $4.60 | $6.80 | ||
Kailua Portfolio Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair value of consideration transferred | 360.7 | ||||||||
Number of real estate properties | 43 | ||||||||
Area of properties that are preservation-zone land | 585 | ||||||||
The purchase was funded with 1031 and 1033 proceeds | 270 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||
Property, plant and equipment | 367.7 | ||||||||
Intangible assets | 30.4 | ||||||||
Total assets acquired | 398.1 | ||||||||
Intangible liabilities | 26 | ||||||||
Liabilities assumed | 11.4 | ||||||||
Total liabilities assumed | 37.4 | ||||||||
Net assets acquired | 360.7 | ||||||||
Business Acquisition, Pro Forma Information [Abstract] | |||||||||
Operating revenue | 391 | 285.5 | |||||||
Income from continuing operations, after tax | 23.3 | 14.2 | |||||||
Acquisition related costs | 1.1 | ||||||||
Net revenues since acquisition | 0.8 | ||||||||
Net earnings (loss) since acquisition | 0.4 | ||||||||
Bridge Loan | Kailua Portfolio Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Liabilities assumed in a business combination | 60 | ||||||||
Mortgages | Kailua Portfolio Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Liabilities assumed in a business combination | $12 | ||||||||
Ground Lease | Kailua Portfolio Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Area of properties that is subject to ground leases | 51 | ||||||||
Retail | Kailua Portfolio Acquisition | |||||||||
Business Acquisition [Line Items] | |||||||||
Area of real building improvements owned by third-party | 760,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||
Goodwill | $99.60 | $102.30 | $99.60 | $0 | |||
Acquisition related costs | 0.1 | 2 | 1.5 | 1 | 0 | 4.6 | 6.8 |
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Contribution from former related party | $154.50 | ||
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Vessel management services expenses | 0 | 0 | -2 |
Lease income from affiliate | 0 | 0 | 2.1 |
Equipment and repair services income and other | 0 | 0 | 1.4 |
Related party revenue, net | 0 | 0 | 1.5 |
Materials & Construction | |||
Related Party Transaction [Line Items] | |||
Related party revenue, net | 23.9 | 7.9 | |
Receivable from affiliates | $3 | $3.30 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of industrial properties | 2 | ||
Number of leased fee properties | 2 | ||
Gain on sale of income-producing properties, net | $0 | $0 | $7.30 |
Income from discontinued operations | 34.3 | 22.3 | 12.8 |
Basic Earnings Per Share (USD per share) | $0.70 | $0.50 | $0.30 |
Diluted Earnings Per Share (USD per share) | $0.70 | $0.50 | $0.30 |
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 | 70.1 | 337.6 | 8.9 |
Real Estate Leasing revenue | 0.3 | 31.6 | 36.4 |
Gain on sale of income-producing properties, net | 55.9 | 22.1 | 4 |
Real Estate Leasing operating profit | 0.3 | 14.6 | 17.1 |
Total operating profit before taxes | 56.2 | 36.7 | 21.1 |
Income tax expense | 21.9 | 14.4 | 8.3 |
Income from discontinued operations | $34.30 | $22.30 | $12.80 |
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 | 2014 Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of real estate properties | 1 | ||
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 $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Oct. 31, 2014 | Jan. 31, 2015 | Jul. 31, 2014 | Sep. 24, 2013 | Dec. 31, 2010 | ||
Unit | Unit | Unit | Unit | ||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Undistributed earnings of investments in affiliates | $1,900,000 | $1,900,000 | 1,900,000 | ||||||||||||
Dividends and distributions from unconsolidated affiliates | 17,900,000 | 6,600,000 | 2,900,000 | ||||||||||||
Investments in Affiliates | 418,600,000 | 418,600,000 | 341,400,000 | 418,600,000 | |||||||||||
Proceeds from sale of real estates | 53,600,000 | 81,700,000 | 8,400,000 | ||||||||||||
Non-cash reduction in equity method investments | -400,000 | 15,100,000 | 0 | 0 | 14,700,000 | 0 | 0 | ||||||||
Impairment and equity losses | 300,000 | 6,600,000 | 4,700,000 | ||||||||||||
Joint Venture with DMB Communities II | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of high-end residential units | 1,500 | 1,500 | 1,500 | ||||||||||||
Capital and value of land contributed, net of joint venture earnings and losses | 267,800,000 | 267,800,000 | 267,800,000 | ||||||||||||
Equity method ownership percentage (in percent) | 59.00% | 59.00% | 59.00% | ||||||||||||
Kukui'ula Village LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Impairment and equity losses | 6,300,000 | ||||||||||||||
Santa Barbara (CA) landholdings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Impairment and equity losses | 5,100,000 | ||||||||||||||
Bakersfield (CA) joint venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Impairment and equity losses | 4,700,000 | 4,700,000 | |||||||||||||
KRS II | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in various real estate joint ventures | 8,400,000 | 8,400,000 | 8,400,000 | 23,800,000 | |||||||||||
Non-cash reduction in equity method investments | 14,700,000 | ||||||||||||||
Fair Value, Measurements, Nonrecurring | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Total fair value measurement as of year end | 12,900,000 | ||||||||||||||
Impairment and equity losses | 9,800,000 | 9,800,000 | |||||||||||||
Fair Value, Measurements, Nonrecurring | Santa Barbara (CA) landholdings | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Total fair value measurement as of year end | 5,900,000 | ||||||||||||||
Impairment and equity losses | 5,100,000 | ||||||||||||||
Fair Value, Measurements, Nonrecurring | Bakersfield (CA) joint venture | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Total fair value measurement as of year end | 7,000,000 | [1] | |||||||||||||
Impairment and equity losses | 4,700,000 | [1] | |||||||||||||
KDC LLC | Kukui'ula Village LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Investment in various real estate joint ventures | 6,300,000 | ||||||||||||||
Payment Guarantee | KRS II | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||
Condominium | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property sold | 12 | ||||||||||||||
Condominium | Waihona High-Rise Condominium | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property expected for development | 340 | ||||||||||||||
Investment in various real estate joint ventures | 35,600,000 | 35,600,000 | 33,400,000 | 35,600,000 | |||||||||||
Condominium | Partners in Joint Venture | Waihona High-Rise Condominium | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Total equity required for projects | 65,000,000 | ||||||||||||||
Condominium | Financial Guarantee | Waihona High-Rise Condominium | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | 20,000,000 | ||||||||||||||
High-rise Condominium Tower | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property expected for development | 396 | ||||||||||||||
Townhomes | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property expected for development | 14 | ||||||||||||||
Mid-rise Building | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property expected for development | 54 | ||||||||||||||
Multifamily | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property expected for development | 464 | ||||||||||||||
Investment in various real estate joint ventures | 45,900,000 | 45,900,000 | 45,900,000 | ||||||||||||
Payments for Advance to Affiliate | 50,300,000 | ||||||||||||||
Multifamily | Partners in Joint Venture | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Proceeds from investments in affiliates | 16,800,000 | ||||||||||||||
Multifamily | Financial Guarantee | The Collection LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Guarantor obligations, maximum exposure | $30,000,000 | ||||||||||||||
Subsequent Event | Condominium | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of units in real estate property sold | 328 | ||||||||||||||
[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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
ASSETS | ||||||
Current assets | $52.70 | $43.50 | ||||
Non-current assets | 935.6 | 673.2 | ||||
Total assets | 988.3 | 716.7 | ||||
Liabilities [Abstract] | ||||||
Current liabilities | 53 | 44.2 | ||||
Non-current liabilities | 245.9 | 107.9 | ||||
Total liabilities | 298.9 | 152.1 | ||||
Income Statement [Abstract] | ||||||
Operating revenue | 71 | 37.8 | 29.8 | |||
Operating costs and expenses | 65.9 | 31.1 | 32.5 | |||
Operating (loss) income | 5.1 | 6.7 | -2.7 | |||
Income (loss) from continuing operations | 5 | [1] | 6.8 | [1] | -11.5 | [1] |
Net income (loss) | $5 | $6.80 | ($11.50) | |||
[1] | Includes earnings from equity method investments held by the investee. |
Investments_in_Affiliates_Asse
Investments in Affiliates - Assets Measured at Fair Value on Nonrecurring Basis (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total loss for the year | $0.30 | $6.60 | $4.70 | ||
Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 12.9 | ||||
Total loss for the year | 9.8 | 9.8 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
Significant Un-observable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 12.9 | ||||
The Shops at Kukui'ula Investment | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
Total loss for the year | 6.3 | ||||
The Shops at Kukui'ula Investment | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
The Shops at Kukui'ula Investment | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
The Shops at Kukui'ula Investment | Significant Un-observable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 6.3 | ||||
Santa Barbara (CA) landholdings | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total loss for the year | 5.1 | ||||
Santa Barbara (CA) landholdings | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 5.9 | ||||
Total loss for the year | 5.1 | ||||
Santa Barbara (CA) landholdings | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
Santa Barbara (CA) landholdings | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | ||||
Santa Barbara (CA) landholdings | Significant Un-observable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 5.9 | ||||
Bakersfield (CA) joint venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total loss for the year | 4.7 | 4.7 | |||
Bakersfield (CA) joint venture | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 7 | [1] | |||
Total loss for the year | 4.7 | [1] | |||
Impairment losses related to the write down of landholdings owned by the joint venture | 3.9 | ||||
Bakersfield (CA) joint venture | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | [1] | |||
Bakersfield (CA) joint venture | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | 0 | [1] | |||
Bakersfield (CA) joint venture | Significant Un-observable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total fair value measurement as of year end | $7 | [1] | |||
[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, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $126.70 | $135.80 |
Estimated earnings | 32.8 | 26.6 |
Subtotal | 159.5 | 162.4 |
Less: billings to date | 147.2 | 156.3 |
Total | 12.3 | 6.1 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 15.9 | 10.5 |
Estimated billings in excess of costs and estimated earnings on uncompleted contracts | ($3.60) | ($4.40) |
Property_Details
Property (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property - gross | $1,717.30 | $1,647.80 |
Accumulated depreciation | -415.6 | -374.1 |
Property - net | 1,301.70 | 1,273.70 |
Depreciation | 43.9 | 34.8 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 586.7 | 560 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 588.5 | 572.7 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 236.1 | 230.9 |
Asphalt plants | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 65.5 | 48 |
Water, power and sewer systems | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 142.6 | 138.8 |
Other property improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | 90.7 | 90.2 |
Vessel | ||
Property, Plant and Equipment [Line Items] | ||
Property - gross | $7.20 | $7.20 |
Notes_Payable_and_LongTerm_Deb2
Notes Payable and Long-Term Debt (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Notes payable and long-term debt | ||||
Total debt | 706 | $710.70 | ||
Less debt (premium) discount | -0.4 | -1.8 | ||
Total debt (contractual) | 705.6 | 708.9 | ||
Less current portion | -74.5 | -105.2 | ||
Add debt premium (discount) | 0.4 | 1.8 | ||
Long-term debt | 631.5 | 605.5 | ||
Revolving Credit loans, (2.37% for 2014 and 2.53% for 2013) | ||||
Notes payable and long-term debt | ||||
Total debt | 169.8 | 112.1 | ||
Loan interest rate (in percent) | 2.37% | 2.53% | ||
6.90%, payable through 2020 | ||||
Notes payable and long-term debt | ||||
Total debt | 80 | 85 | ||
Loan interest rate (in percent) | 6.90% | 6.90% | ||
5.55%, payable through 2026 | ||||
Notes payable and long-term debt | ||||
Total debt | 50 | 50 | ||
Loan interest rate (in percent) | 5.55% | 5.55% | ||
5.53%, payable through 2024 | ||||
Notes payable and long-term debt | ||||
Total debt | 37.5 | 37.5 | ||
Loan interest rate (in percent) | 5.53% | 5.53% | ||
5.56%, payable through 2026 | ||||
Notes payable and long-term debt | ||||
Total debt | 25 | 25 | ||
Loan interest rate (in percent) | 5.56% | 5.56% | ||
3.90%, payable through 2024 | ||||
Notes payable and long-term debt | ||||
Total debt | 75 | 75 | ||
Loan interest rate (in percent) | 3.90% | 3.90% | ||
4.35%, payable through 2026 | ||||
Notes payable and long-term debt | ||||
Total debt | 25 | 25 | ||
Loan interest rate (in percent) | 4.35% | 4.35% | ||
4.15%, payable through 2024, secured by Pearl Highlands Center | ||||
Notes payable and long-term debt | ||||
Total debt | 93.6 | [1] | 61.8 | [1] |
Loan interest rate (in percent) | 4.15% | 4.15% | ||
2.08%, payable through 2021, secured by Kailua Town Center III | ||||
Notes payable and long-term debt | ||||
Total debt | 11.2 | [2] | 11.3 | [2] |
Fixed rate on derivative (in percent) | 5.95% | |||
Loan interest rate (in percent) | 2.08% | 2.08% | ||
2.82%, payable through 2016, secured by The Shops at Kukui'ula | ||||
Notes payable and long-term debt | ||||
Total debt | 40.5 | [3] | 44 | [3] |
Loan interest rate (in percent) | 2.82% | 2.82% | ||
2.78%, payable through 2016, secured by Kahala Estate Properties | ||||
Notes payable and long-term debt | ||||
Total debt | 35.2 | [4] | 42 | [4] |
Loan interest rate (in percent) | 2.78% | 2.78% | ||
5.39%, payable through 2015, secured by Waianae Mall | ||||
Notes payable and long-term debt | ||||
Total debt | 19.1 | 19.9 | ||
Loan interest rate (in percent) | 5.39% | 5.39% | ||
5.19%, payable through 2019 | ||||
Notes payable and long-term debt | ||||
Total debt | 10.2 | 11.9 | ||
Loan interest rate (in percent) | 5.19% | 5.19% | ||
6.38%, payable through 2017, secured by Midstate Hayes | ||||
Notes payable and long-term debt | ||||
Total debt | 8.3 | 8.3 | ||
Loan interest rate (in percent) | 6.38% | 6.38% | ||
1.17%, payable through 2021, secured by asphalt plant | ||||
Notes payable and long-term debt | ||||
Total debt | 8 | [5] | 8.9 | [5] |
Fixed rate on derivative (in percent) | 5.98% | |||
Loan interest rate (in percent) | 1.17% | 1.17% | ||
1.85%, payable through 2017 | ||||
Notes payable and long-term debt | ||||
Total debt | 7.9 | 10.7 | ||
Loan interest rate (in percent) | 1.85% | 1.85% | ||
3.31%, payable through 2018 | ||||
Notes payable and long-term debt | ||||
Total debt | 6.3 | 8 | ||
Loan interest rate (in percent) | 3.31% | 3.31% | ||
2.00%, payable through 2018 | ||||
Notes payable and long-term debt | ||||
Total debt | 2.2 | 2.9 | ||
Loan interest rate (in percent) | 2.00% | 2.00% | ||
2.65%, payable through 2016 | ||||
Notes payable and long-term debt | ||||
Total debt | 1.2 | 1.8 | ||
Loan interest rate (in percent) | 2.65% | 2.65% | ||
5.50%, payable through 2014, secured by Little Cottonwood Center | ||||
Notes payable and long-term debt | ||||
Total debt | 0 | 6.1 | ||
Loan interest rate (in percent) | 5.50% | 5.50% | ||
5.88%, payable through 2014, secured by Midstate 99 Distribution Ctr. | ||||
Notes payable and long-term debt | ||||
Total debt | 0 | 3.2 | ||
Loan interest rate (in percent) | 5.88% | 5.88% | ||
3.05%, payable through 2014, secured by Maui Mall | ||||
Notes payable and long-term debt | ||||
Total debt | 0 | [6] | 60 | [6] |
Loan interest rate (in percent) | 3.05% | 3.05% | ||
5.00%, payable through 2014 | ||||
Notes payable and long-term debt | ||||
Total debt | 0 | $0.30 | ||
Loan interest rate (in percent) | 5.00% | 5.00% | ||
LIBOR | 2.08%, payable through 2021, secured by Kailua Town Center III | ||||
Notes payable and long-term debt | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate | 1.50% | |||
LIBOR | 2.82%, payable through 2016, secured by The Shops at Kukui'ula | ||||
Notes payable and long-term debt | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate | 2.66% | |||
LIBOR | 2.78%, payable through 2016, secured by Kahala Estate Properties | ||||
Notes payable and long-term debt | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate | 2.63% | |||
LIBOR | 1.17%, payable through 2021, secured by asphalt plant | ||||
Notes payable and long-term debt | ||||
LIBOR | LIBOR | |||
Basis spread on variable rate | 1.00% | |||
LIBOR | 3.05%, payable through 2014, secured by Maui Mall | ||||
Notes payable and long-term debt | ||||
Basis spread on variable rate | 3.00% | |||
[1] | On December 1, 2014, the Company refinanced and increased the amount of the loan secured by Pearl Highlands Center. | |||
[2] | Loan has a stated interest rate of LIBOR plus 1.5%, but is swapped through maturity to a 5.95% fixed rate. | |||
[3] | Loan has a stated interest rate of LIBOR plus 2.66%. | |||
[4] | Loan has a stated interest rate of LIBOR plus 2.63%. | |||
[5] | Loan has a stated interest rate of LIBOR plus 1.0%, but is swapped through maturity to a 5.98% fixed rate | |||
[6] | 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. |
Notes_Payable_and_LongTerm_Deb3
Notes Payable and Long-Term Debt - Long-term Debt Maturities (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Debt Instrument [Line Items] | |
Maturity terms for long-term debts | 5 years |
Debts mature in 2015 | $74.50 |
Debts mature in 2016 | 94.4 |
Debts mature in 2017 | 195.6 |
Debts mature in 2018 | 33.7 |
Debts mature in 2019 | 33 |
Debts mature after 2019 | 274.4 |
Mortgages | |
Debt Instrument [Line Items] | |
Balloon payment to be paid | 61 |
Revolving Credit Facility | Line of Credit | |
Debt Instrument [Line Items] | |
Balloon payment to be paid | $155 |
Notes_Payable_and_LongTerm_Deb4
Notes Payable and Long-Term Debt - Revolving Credit Facilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Aug. 31, 2014 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total remaining capacity available for borrowing | $205,500,000 | |
Unused borrowing capacity for asphalt purchases only | 16,300,000 | |
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 | 7,500,000 | |
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 | 12,200,000 | |
Total remaining capacity available for borrowing | 181,700,000 | |
Line of credit facility outstanding amount | 156,100,000 | |
Subsidiary, One | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility outstanding amount | 13,700,000 | |
Subsidiary, One | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Face amount of debt | $30,000,000 | $40,000,000 |
Notes_Payable_and_LongTerm_Deb5
Notes Payable and Long-Term Debt - Real Estate Secured Term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Sep. 17, 2013 | Jan. 22, 2013 | Nov. 05, 2013 | Dec. 16, 2013 | Dec. 01, 2014 | Sep. 24, 2013 | |
sqft | sqft | Parcel | ||||||||
Building | Residential_Lot | |||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity terms for long-term debts | 5 years | |||||||||
Repayment of term loan | $224,200,000 | $380,300,000 | $257,200,000 | |||||||
Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Balloon payment to be paid | 61,000,000 | |||||||||
Kaneohe Ranch Portfolio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of consideration transferred | 372,700,000 | |||||||||
Kaneohe Ranch Portfolio | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net of debt assumed in business combination | 12,000,000 | |||||||||
Fixed rate on derivative (in percent) | 5.95% | |||||||||
Pearl City | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net of debt assumed in business combination | 59,300,000 | |||||||||
Area of real estate property | 415,400 | |||||||||
Cash consideration | 82,200,000 | |||||||||
Bridge Loan | Kaneohe Ranch Portfolio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | 60,000,000 | |||||||||
LIBOR | Bridge Loan | Kaneohe Ranch Portfolio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR | LIBOR | |||||||||
Basis spread on variable rate | 3.00% | |||||||||
KDC LLC | Kukui'ula Village LLC | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage ownership member in property | 50.00% | |||||||||
Area of real estate property | 45 | |||||||||
KDC LLC | Kukui'ula Village LLC | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured debt amount | 44,000,000 | 51,200,000 | ||||||||
Parent Company | Waianae Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net of debt assumed in business combination | 19,700,000 | |||||||||
Number of real estate properties | 10 | |||||||||
Area of real estate property | 170,300 | |||||||||
Cash consideration | 10,100,000 | |||||||||
Loan interest rate (in percent) | 5.39% | |||||||||
Monthly payment of principal and interest | 100,000 | |||||||||
Balloon payment to be paid | 18,500,000 | |||||||||
Percentage of outstanding principal balance Guarantor is reliable for upon default (in percent) | 10.00% | |||||||||
First Mortgage | KDC LLC | Kukui'ula Village LLC | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR | LIBOR | |||||||||
Maturity terms for long-term debts | 3 years | |||||||||
Secured debt amount | 31,100,000 | 34,600,000 | 41,800,000 | |||||||
Area of real estate property | 45 | |||||||||
Repayment of term loan | 5,000,000 | |||||||||
First Mortgage | KDC LLC | LIBOR | Kukui'ula Village LLC | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 2.85% | |||||||||
Secured debt amount | 9,400,000 | |||||||||
Second Mortgage | KDC LLC | Kukui'ula Village LLC | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured debt amount | 9,400,000 | 9,400,000 | ||||||||
Second Mortgage | KDC LLC | LIBOR | Kukui'ula Village LLC | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR | LIBOR | |||||||||
Basis spread on variable rate | 2.00% | |||||||||
Required periodic payment of principal | 900,000 | |||||||||
Debt periodic principal payment frequency | quarter | |||||||||
First Hawaiian Bank | Estates of Kahala, LLC | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Non-recourse secured debt | 35,200,000 | 42,000,000 | ||||||||
Number of real estate properties | 15 | |||||||||
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 | 18 months | |||||||||
Maximum cumulative principal payments after 18 months | 24,000,000 | |||||||||
First Hawaiian Bank | Estates of Kahala, LLC | LIBOR | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
LIBOR | LIBOR | |||||||||
Basis spread on variable rate | 2.63% | |||||||||
One-year extension option on debt | 1 year | |||||||||
Maximum | First Hawaiian Bank | Estates of Kahala, LLC | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum percentage of loan to value ratio required to be maintained (in percent) | 65.00% | |||||||||
Real estate partnership interests | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Book values of assets being pledged as collateral | 295,200,000 | |||||||||
Materials & Construction | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Book values of assets being pledged as collateral | 40,200,000 | |||||||||
Agribusiness | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Book values of assets being pledged as collateral | 0 | |||||||||
Revolving Credit Facility | A and B Senior Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit maximum borrowing capacity | 350,000,000 | |||||||||
Refinanced Loan, Maturity 2024 | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount of debt | 92,000,000 | |||||||||
Debt periodic principal payment frequency | monthly | |||||||||
Loan interest rate (in percent) | 4.15% | |||||||||
Monthly payment of principal and interest | 400,000 | |||||||||
Balloon payment to be paid | $73,000,000 |
LeasesThe_Company_as_Lessee_De
Leases-The Company as Lessee (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Expiration date of existing leasing arrangements | 31-Dec-43 | ||
Rental expense under operating leases | $6.70 | $4.50 | $3.50 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2015 | 5.6 | ||
2016 | 5.4 | ||
2017 | 5.4 | ||
2018 | 4.7 | ||
2019 | 3.9 | ||
Thereafter | 20.1 | ||
Total | $45.10 |
LeasesThe_Company_as_Lessor_Hi
Leases-The Company as Lessor - Historical Cost and Accumulated Depreciation of Leases Property (Details) (Land and Building, Property Subject to Operating Lease, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $1,149.90 | $1,100 |
Less accumulated depreciation | -118.5 | -99.5 |
Property under operating leases - net | $1,031.40 | $1,000.50 |
LeasesThe_Company_as_Lessor_Sc
Leases-The Company as Lessor - Schedule of Rental Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Tenant reimbursements | $28.80 | $24.10 | $21.50 |
Minimum rentals | 89.8 | 80.5 | 74.3 |
Contingent rentals (based on sales volume) | 4.7 | 3 | 2.8 |
Total | $94.50 | $83.50 | $77.10 |
LeasesThe_Company_as_Lessor_Fu
Leases-The Company as Lessor - Future Minimum Payments Receivable (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $85.90 |
2016 | 76.1 |
2017 | 64.2 |
2018 | 52.5 |
2019 | 44.9 |
Thereafter | 307.9 |
Total | $631.50 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 02, 2013 |
Non-qualified Plan Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | $0.20 | ||||
Plans obligations | 7.1 | 7.1 | |||
Discount rate | 3.10% | ||||
Net periodic benefit cost | 0.1 | 0.1 | 0.9 | ||
Net loss (net of taxes) | 1.8 | 1.8 | |||
Unrecognized prior service credit (net of taxes) | -1.8 | -1.8 | |||
Other Post-retirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected return on plan assets (percent) | 0.00% | 0.00% | 0.00% | ||
Estimated net prior service credit, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 0.2 | ||||
Amortization period of unrecognized gains and losses | 5 years | ||||
Plans obligations | -12 | -12.9 | -12 | ||
Discount rate | 4.10% | 4.90% | 4.10% | ||
Net periodic benefit cost | 1 | -0.2 | 0.4 | ||
Net loss (net of taxes) | 0.5 | 1.1 | 0.5 | ||
Unrecognized prior service credit (net of taxes) | 0 | 0 | 0 | ||
Current liabilities related to non-qualified plan and post-retirement benefits | 0.8 | 0.9 | 0.8 | ||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected return on plan assets (percent) | 7.10% | 8.00% | 8.25% | ||
Actual return on plan assets (percent) | 8.12% | ||||
Pension contributions | 5.7 | 0.1 | 2.6 | ||
Accumulated benefit obligation | 203.2 | 173.6 | 203.2 | ||
Estimated net prior service credit, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 0.8 | ||||
Estimated net loss, net of tax, that will be recognized in net periodic pension cost in next fiscal year | 6.7 | ||||
Plans obligations | -43.6 | -22 | -43.6 | ||
Discount rate | 4.00% | 4.90% | 4.10% | ||
Net periodic benefit cost | 3.4 | 6.2 | 7.3 | ||
Net loss (net of taxes) | 47.3 | 33.2 | 47.3 | ||
Unrecognized prior service credit (net of taxes) | -3.4 | -3.9 | -3.4 | ||
Current liabilities related to non-qualified plan and post-retirement benefits | 0 | 0 | 0 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | -0.90% | -0.90% | |||
Cash Balance Defined Benefit Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Description of interest credit rate basis | 10-year U.S. Treasury rate | ||||
Non qualified and Post retirement Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Current liabilities related to non-qualified plan and post-retirement benefits | 1.6 | 1.6 | |||
Defined Contribution 401k Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percentage | 3.00% | ||||
Company's matching contribution expense | 0.7 | 0.7 | |||
Deferred Profit Sharing | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Company's matching contribution expense | 0.6 | 0.9 | |||
Minimum | Deferred Profit Sharing | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percentage | 1.00% | ||||
Maximum | Deferred Profit Sharing | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer matching contribution, percentage | 5.00% | ||||
Materials & Construction | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Company's matching contribution expense | $1.80 | ||||
Materials & Construction | Defined Contribution 401k Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum annual contribution per employee (in percent) | 10.00% |
Employee_Benefit_Plans_Plan_As
Employee Benefit Plans - Plan Asset Allocations (Details) (Pension Benefits) | 12 Months Ended | |
Dec. 31, 2014 | 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) | 32.00% | 29.00% |
International equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations (in percent) | 15.00% | |
Weighted-average asset allocations (in percent) | 15.00% | 16.00% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations (in percent) | 46.00% | |
Weighted-average asset allocations (in percent) | 44.00% | 44.00% |
Alternatives and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations (in percent) | 11.00% | |
Weighted-average asset allocations (in percent) | 6.00% | 8.00% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations (in percent) | 0.00% | |
Weighted-average asset allocations (in percent) | 3.00% | 3.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Pension Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $160.80 | $153.40 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 3.5 | 5.2 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 18.2 | 44.8 |
Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 33 | |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.8 | 24.4 |
International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 14.9 | |
Exchange traded funds - U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 24.7 | 16.3 |
Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 40.9 | 45 |
Limited partnership investment in high-yield U.S. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 6.4 | |
Real estate partnership interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 7.5 | |
Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 5.4 | |
Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.3 | 0.3 |
Exchange-traded global real estate fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 5.1 | |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 1.4 | 1 |
Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 2.8 | 2.5 |
Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.8 | |
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 | 112.7 | 138.2 |
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 | 3.5 | 5.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 18.2 | 44.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 33 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 9.7 | 24.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | International and emerging markets exchange-traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 14.9 | |
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 | 24.7 | 16.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Domestic corporate bonds and notes | ||
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 global real estate fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 5.1 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Exchange-traded commodity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 2.8 | 2.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other receivables | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.8 | |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 46.4 | 0 |
Significant Other Observable Inputs (Level 2) | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.1 | |
Significant Other Observable Inputs (Level 2) | Domestic corporate bonds and notes | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 40.9 | |
Significant Other Observable Inputs (Level 2) | Foreign corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 5.4 | |
Significant Un-observable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 1.7 | 15.2 |
Significant Un-observable Inputs (Level 3) | Limited partnership investment in 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 | |
Significant Un-observable Inputs (Level 3) | Limited partnership interest in private equity fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | 0.3 | 0.3 |
Significant Un-observable Inputs (Level 3) | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $1.40 | $1 |
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | $160.80 | $153.40 | |
Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 142.3 | ||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 160.8 | 153.4 | 142.3 |
Real estate partnership interests | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 7.5 | ||
Private Equity | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 0.3 | 0.3 | |
Insurance | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 1.4 | 1 | |
Significant Un-observable Inputs (Level 3) | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 1.7 | 15.2 | |
Significant Un-observable Inputs (Level 3) | Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 15.2 | 9.4 | |
Actual return on plan assets [Abstract] | |||
Assets held at the reporting date | 0.4 | 1.3 | |
Assets sold during the period | 0 | 0.4 | |
Purchases, sales and settlements | -13.9 | 4.1 | |
Fair value of plan assets at end of year | 1.7 | 15.2 | |
Significant Un-observable Inputs (Level 3) | Real estate partnership interests | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 7.5 | ||
Significant Un-observable Inputs (Level 3) | Real estate partnership interests | Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 7.5 | 7.8 | |
Actual return on plan assets [Abstract] | |||
Assets held at the reporting date | 0 | 1.1 | |
Assets sold during the period | 0 | 0.3 | |
Purchases, sales and settlements | -7.5 | -1.7 | |
Fair value of plan assets at end of year | 0 | 7.5 | |
Significant Un-observable Inputs (Level 3) | Private Equity | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 0.3 | 0.3 | |
Significant Un-observable Inputs (Level 3) | Private Equity | Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0.3 | 0.7 | |
Actual return on plan assets [Abstract] | |||
Assets held at the reporting date | 0 | -0.2 | |
Assets sold during the period | 0 | 0.1 | |
Purchases, sales and settlements | 0 | -0.3 | |
Fair value of plan assets at end of year | 0.3 | 0.3 | |
Significant Un-observable Inputs (Level 3) | Insurance | |||
Actual return on plan assets [Abstract] | |||
Fair value of plan assets at end of year | 1.4 | 1 | |
Significant Un-observable Inputs (Level 3) | Insurance | Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1 | 0.9 | |
Actual return on plan assets [Abstract] | |||
Assets held at the reporting date | 0.4 | 0.1 | |
Assets sold during the period | 0 | 0 | |
Purchases, sales and settlements | 0 | 0 | |
Fair value of plan assets at end of year | 1.4 | 1 | |
Significant Un-observable Inputs (Level 3) | Limited Partnership | Pension Benefits | |||
Change in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 6.4 | 0 | |
Actual return on plan assets [Abstract] | |||
Assets held at the reporting date | 0 | 0.3 | |
Assets sold during the period | 0 | 0 | |
Purchases, sales and settlements | -6.4 | 6.1 | |
Fair value of plan assets at end of year | $0 | $6.40 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at end of year | $175.40 | ||
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at end of year | 160.8 | 153.4 | |
Pension Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 175.4 | 189.7 | |
Service cost | 2.6 | 2.6 | 2.4 |
Interest cost | 8.3 | 7.6 | 8.2 |
Plan participants' contributions | 0 | 0 | |
Actuarial (gain) loss | 29.7 | -13.2 | |
Benefits paid | -11.6 | -11.1 | |
Special or contractual termination benefits | 0 | 0 | |
Curtailment | 0 | -0.2 | |
Benefit obligation at end of year | 204.4 | 175.4 | 189.7 |
Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 153.4 | 142.3 | |
Actual return on plan assets | 13.3 | 22.1 | |
Employer contributions | 5.7 | 0.1 | |
Benefits paid | -11.6 | -11.1 | |
Fair value of plan assets at end of year | 160.8 | 153.4 | 142.3 |
Funded Status and Recognized Liability | -43.6 | -22 | |
Accumulated benefit obligation [Abstract] | |||
Accumulated benefit obligation | 203.2 | 173.6 | |
Other Post-retirement Benefits | |||
Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 12.9 | 10.9 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.6 | 0.4 | 0.5 |
Plan participants' contributions | 0.8 | 0.9 | |
Actuarial (gain) loss | -0.7 | 3 | |
Benefits paid | -1.7 | -1.8 | |
Special or contractual termination benefits | 0 | 0 | |
Curtailment | 0 | -0.6 | |
Benefit obligation at end of year | 12 | 12.9 | 10.9 |
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) | ($12.90) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets and Accumulated Other Comprehensive Loss (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Non-current liabilities | ($54.80) | ($37.30) | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Total | -44.4 | -30.1 | -47.2 |
Pension Benefits | |||
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Non-current assets | 0 | 3.3 | |
Current liabilities | 0 | 0 | |
Non-current liabilities | -43.6 | -25.3 | |
Total | -43.6 | -22 | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Net loss (net of taxes) | 47.3 | 33.2 | |
Unrecognized prior service credit (net of taxes) | -3.4 | -3.9 | |
Total | 43.9 | 29.3 | |
Other Post-retirement Benefits | |||
Amounts recognized on the consolidated balance sheets [Abstract] | |||
Non-current assets | 0 | 0 | |
Current liabilities | -0.8 | -0.9 | |
Non-current liabilities | -11.2 | -12 | |
Total | -12 | -12.9 | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | |||
Net loss (net of taxes) | 0.5 | 1.1 | |
Unrecognized prior service credit (net of taxes) | 0 | 0 | |
Total | $0.50 | $1.10 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) (Pension Benefits, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $204.40 | $167.70 |
Accumulated benefit obligation | 203.2 | 166 |
Fair value of plan assets | $160.80 | $142.40 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Amortization of unrecognized gain (loss) | ($14.30) | $17.10 | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 2.6 | 2.6 | 2.4 |
Interest cost | 8.3 | 7.6 | 8.2 |
Expected return on plan assets | -10.7 | -10.9 | -10.5 |
Amortization of net loss | 4 | 7.7 | 7.9 |
Amortization of prior service cost | -0.8 | -0.8 | -0.8 |
Curtailment gain | 0 | 0 | 0 |
Recognition of loss on special termination benefit | 0 | 0 | 0.1 |
Net periodic benefit cost | 3.4 | 6.2 | 7.3 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Net loss (gain) | 27.1 | -24.7 | 7 |
Amortization of unrecognized gain (loss) | -4 | -7.7 | -7.9 |
Amortization of prior service cost | 0.8 | 0.8 | 0.8 |
Total recognized in other comprehensive income | 23.9 | -31.6 | -0.1 |
Total recognized in net periodic benefit cost and other comprehensive income | 27.3 | -25.4 | 7.2 |
Other Post-retirement Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.6 | 0.4 | 0.5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net loss | 0.3 | -0.2 | -0.2 |
Amortization of prior service cost | 0 | 0 | 0 |
Curtailment gain | 0 | -0.5 | 0 |
Recognition of loss on special termination benefit | 0 | 0 | 0 |
Net periodic benefit cost | 1 | -0.2 | 0.4 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (net of tax) [Abstract] | |||
Net loss (gain) | -0.6 | 3 | -0.4 |
Amortization of unrecognized gain (loss) | -0.3 | 0.2 | 0.3 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive income | -0.9 | 3.2 | -0.1 |
Total recognized in net periodic benefit cost and other comprehensive income | $0.10 | $3 | $0.30 |
Employee_Benefit_Plans_Weighte
Employee Benefit Plans - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 4.00% | 4.90% | 4.10% |
Expected return on plan assets | 7.10% | 8.00% | 8.25% |
Rate of compensation increase | 3.00% | 3.00% | |
Other Post-retirement Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 4.10% | 4.90% | 4.10% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Assumed health care cost trend rates [Abstract] | |||
Initial health care cost trend rate | 7.30% | 7.50% | 8.00% |
Ultimate rate | 4.50% | 4.50% | 4.50% |
Year ultimate rate is reached | 2028 | 2028 | 2020 |
Minimum | Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 0.50% | ||
Maximum | Pension Benefits | |||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Rate of compensation increase | 3.00% |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $0.10 | $0 | $0 |
Effect of one percentage point increase on post-retirement benefit obligation | 1.1 | 1.2 | 0.6 |
Effect of one percentage point decrease on total of service and interest cost components | -0.1 | 0 | 0 |
Effect of one percentage point decrease on post-retirement benefit obligation | ($0.90) | ($1) | ($0.50) |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $10.90 |
2016 | 11.2 |
2017 | 11.4 |
2018 | 11.6 |
2019 | 11.8 |
2020-2024 | 62.5 |
Non-qualified Plan Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 0.7 |
2016 | 3.6 |
2017 | 0.1 |
2018 | 1 |
2019 | 0.1 |
2020-2024 | 0.7 |
Other Post-retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 0.9 |
2016 | 0.9 |
2017 | 0.8 |
2018 | 0.8 |
2019 | 0.8 |
2020-2024 | $3.40 |
Employee_Benefit_Plans_Multiem
Employee Benefit Plans - Multiemployer Plan (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Multiemployer Plans [Line Items] | ||
Contribution by Entity | $5 | $1.10 |
Operating Engineers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Red | |
Contribution by Entity | 4.3 | 1 |
Surcharge Imposed | No | |
Laborers National | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Red | |
Contribution by Entity | 0.1 | 0 |
Surcharge Imposed | No | |
Hawaii Laborers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Green | |
Contribution by Entity | 0.5 | 0.1 |
Surcharge Imposed | No | |
Hawaii Laborers | ||
Multiemployer Plans [Line Items] | ||
Pension Protection Act Zone Status | Green | |
Contribution by Entity | $0.10 | $0 |
Surcharge Imposed | No |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2014 |
Net tax benefit from share-based transactions | $1.30 | $1.60 | |||||||||||
Unrecognized tax benefit, liability due to tax sharing agreement | 0 | 0 | 0 | 0 | 0 | 2.5 | |||||||
Adjustment to overstated non-current deferred tax liability | 194 | 193.2 | 194 | 193.2 | |||||||||
Reclassification from deferred income taxes, noncurrent | 51.8 | 60.7 | 51.8 | 60.7 | |||||||||
Non-cash reduction in equity method investments | -0.4 | 15.1 | 0 | 0 | 14.7 | 0 | 0 | ||||||
The effect to current period income tax expense and net income due to out of period adjustment | 1.6 | ||||||||||||
Income tax expense (benefit) | 6.2 | -14.9 | 6.5 | 0.8 | 8.5 | -0.3 | 2.8 | 0.1 | -1.4 | 11.1 | -5.9 | ||
Correction of an overstatement of net income from continuing operation | 8.1 | 10.8 | 10.2 | 1.1 | 13.3 | -3.1 | 2.5 | -0.2 | 30.2 | 12.5 | 6 | ||
KRS II | |||||||||||||
Investment in various real estate joint ventures | 8.4 | 8.4 | 23.8 | ||||||||||
Non-cash reduction in equity method investments | 14.7 | ||||||||||||
Income tax expense (benefit) | ($13.70) |
Income_Taxes_Income_Tax_from_C
Income Taxes - Income Tax from Continuing Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $11.20 | $17.10 | $4.30 | ||||||||
State | 2.8 | 2.1 | 0.8 | ||||||||
Current | 14 | 19.2 | 5.1 | ||||||||
Deferred: | |||||||||||
Federal | -7.8 | -5.7 | -9 | ||||||||
State | -7.6 | -2.4 | -2 | ||||||||
Deferred | -15.4 | -8.1 | -11 | ||||||||
Total continuing operations tax expense (benefit) | $6.20 | ($14.90) | $6.50 | $0.80 | $8.50 | ($0.30) | $2.80 | $0.10 | ($1.40) | $11.10 | ($5.90) |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Computed federal income tax expense | $10.10 | $8.30 | $0 | ||||||||
State income taxes | -4.1 | 1 | -0.3 | ||||||||
Non-deductible transaction costs | 0 | 1.6 | 1.7 | ||||||||
Charitable contribution | 0 | -0.2 | -3.5 | ||||||||
Federal solar tax credits | -11.3 | 0 | -2.9 | ||||||||
Other—net | 3.9 | 0.4 | -0.9 | ||||||||
Total continuing operations tax expense (benefit) | $6.20 | ($14.90) | $6.50 | $0.80 | $8.50 | ($0.30) | $2.80 | $0.10 | ($1.40) | $11.10 | ($5.90) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ||
Benefit plans | $30.70 | $21.10 |
Capitalized costs | 21.9 | 24.1 |
Charitable contribution | 0 | 1.5 |
Joint ventures and other investments | 19 | 13 |
Impairment and amortization | 6.7 | 0.5 |
Insurance and other reserves | 4.2 | 6.7 |
Solar credit | 4.9 | 3.5 |
Other | 9.8 | 5.4 |
Total deferred tax assets | 97.2 | 75.8 |
Deferred tax liabilities: | ||
Tax-deferred gains on real estate transactions | 252.5 | 225.4 |
Basis differences for property and equipment | 19.3 | 23.4 |
Straight-line rental income and advanced rent | 8.4 | 7.2 |
Other | 2.7 | 5.2 |
Total deferred tax liabilities | 282.9 | 261.2 |
Net deferred tax liability | 185.7 | 185.4 |
Investment Tax Credit Carryforward | Tax Year 2014 | ||
Deferred tax assets: | ||
Solar credit | $3.70 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance, beginning period | $0 | $0 | $2.50 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Additions for tax positions of current year | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | -2.5 |
Reductions for lapse of statute of limitations | 0 | 0 | 0 |
Balance, ending period | $0 | $0 | $0 |
ShareBased_Awards_Details
Share-Based Awards (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | 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) | 1.4 | |||
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 | |||
2012 Plan, Discretionary Grant Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 | |||
2012 Plan, Automatic Grant Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 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] | ||||
Weighted average fair value (in dollars per share) | 39.38 | |||
Restricted Stock Units and Performance Shares Units | 2012 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value (in dollars per share) | 39.38 | $34.12 | ||
Time-Based Vesting | Restricted Stock Units (RSUs) | 2012 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
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, 2014 |
2012 Plan | |
2012 Incentive Compensation Plan [Roll Forward] | |
Outstanding, January 1, 2014 (in shares) | 1,337,300 |
Exercised (in shares) | -212,700 |
Forfeitures and expired (in shares) | 0 |
Outstanding, December 31, 2014 (in shares) | 1,124,600 |
Vested or expected to vest (in shares) | 1,113,400 |
Exercisable (in shares) | 1,075,000 |
Weighted Average Exercise Price [Roll Forward] | |
Outstanding, January 1, 2014 (in dollars per share) | $19.21 |
Exercised (in dollars per share) | $21.13 |
Forfeited and expired (in dollars per share) | $0 |
Outstanding, December 31, 2014 (in dollars per share) | $18.84 |
Vested or expected to vest (in dollars per share) | $18.84 |
Exercisable (in dollars per share) | $18.67 |
Weighted Average Contractual Life [Abstract] | |
Weighted average contractual life, December 31, 2014 | 4 years 6 months 12 days |
Vested or expected to vest weighted average contractual life (in years) | 4 years 6 months 12 days |
Weighted average contractual life, exercisable (in years) | 4 years 5 months 12 days |
Aggregate Intrinsic Value [Abstract] | |
Aggregate intrinsic value, December 31, 2014 | $23,478 |
Vested and expected to vest aggregate intrinsic value | 23,243 |
Aggregate intrinsic value, exercisable | $22,627 |
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, 2014 | |
2012 Plan | Restricted Stock Units (RSUs) | |
2012 Plan Restricted Stock Units [Roll Forward] | |
Outstanding, January 1, 2014 (in shares) | 242,300 |
Granted (in shares) | 123,000 |
Vested (in shares) | -86,300 |
Canceled (in shares) | 0 |
Outstanding, December 31, 2014 (in shares) | 279,000 |
Weighted Average Grant Date Fair Value [Roll Forward] | |
Outstanding, January 1, 2014 (in dollars per share) | $27.92 |
Granted (in dollars per share) | $39.38 |
Vested (in dollars per share) | $25.37 |
Canceled (in dollars per share) | $0 |
Outstanding, December 31, 2014 (in dollars per share) | $33.76 |
ShareBased_Awards_Fair_Value_M
Share-Based Awards - Fair Value Measurement Assumptions (Details) (2012 Plan, Restricted Stock Units (RSUs), Time-Based Vesting) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
2012 Plan | Restricted Stock Units (RSUs) | Time-Based Vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility of A&B common stock | 25.40% | 31.80% |
Average volatility of peer companies | 27.30% | 35.70% |
Risk-free interest rate | 0.37% | 0.29% |
ShareBased_Awards_Summary_of_C
Share-Based Awards - Summary of Compensation Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $4.90 | $4.20 | $5.40 |
Total recognized tax benefit | -1.5 | -1.3 | -1.8 |
Share-based expense (net of tax) | 3.4 | 2.9 | 3.6 |
Cash received upon option exercise | 4.5 | 7.6 | 20.9 |
Intrinsic value of options exercised | 5.4 | 6.7 | 13.4 |
Tax benefit realized upon option exercise | 2 | 2.5 | 2.3 |
Fair value of stock vested | 2.6 | 5.2 | 4.2 |
Stock Options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | 0.3 | 0.7 | 1.1 |
Incremental non cash share based compensation expense | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | 0.2 | 0.5 | 1.2 |
Restricted Stock Units (RSUs) | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total share-based expense | $4.40 | $3 | $3.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Jun. 24, 2014 | Jul. 31, 2010 | Jun. 30, 2010 | Jun. 25, 2004 | Aug. 20, 2014 | 31-May-10 | Sep. 25, 2008 | 24-May-01 | Jul. 31, 2014 | ||
Boiler | Organization | Petition | Organization | Petition | Petition | Petition | Stream | ||||
Stream | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimated compliance costs for assessing carbon monoxide emissions | $2,000,000 | ||||||||||
Standby letters of credit | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Commitments and financial arrangements | 12,200,000 | [1] | |||||||||
Performance and customs bonds | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Commitments and financial arrangements | 329,100,000 | [2] | |||||||||
Performance Bond | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Commitments and financial arrangements | 305,400,000 | ||||||||||
Long Term Water Lease Request | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
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% | ||||||||||
Petitions Filed Requesting IIFS In West Maui Streams | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Period provided by irrigation system | 10 years | ||||||||||
Number of streams for which IIFS was requested | 4 | ||||||||||
Number of petitions on which the Water Commission took action | 2 | ||||||||||
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% | ||||||||||
Petitions Filed Requesting IIFS In East Maui Streams | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of streams for which IIFS was requested | 27 | ||||||||||
Number of petitions on which the Water Commission took action | 27 | 19 | 8 | ||||||||
Hawaii State Department of Health | Unfavorable Regulatory Action | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of non-compliant boilers | 3 | ||||||||||
Loss contingency non-compliant period | 5 years | ||||||||||
Estimate of possible loss | 1,300,000 | ||||||||||
KRS II | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Investment in various real estate joint ventures | 8,400,000 | 23,800,000 | |||||||||
Indemnification Agreement | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | 10,000,000 | ||||||||||
Maturity date | 31-Aug-15 | ||||||||||
Payment Guarantee | KRS II | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Guarantor obligations, maximum exposure | $6,000,000 | $6,000,000 | |||||||||
[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 $305.4 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, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||
Notional amount of interest rate swaps | $20,200,000 | |
Other Liabilities | ||
Derivative [Line Items] | ||
Fair value of interest rate derivative | 2,900,000 | 2,800,000 |
Other Interest Income | ||
Derivative [Line Items] | ||
Change in fair value of interest swaps recognized in earnings | $100,000 | $200,000 |
Segment_Results_Details
Segment Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of operating segments | 4 | ||||||||||
Revenue | $165.10 | $153.40 | $146.70 | $94.80 | $204.80 | $64.90 | $62.70 | $32.80 | $560 | $365.20 | $261.50 |
Customer Concentration Risk | C&H Sugar Company, Inc | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenue | $65.50 | $87.60 | $117.50 | ||||||||
Buildings | Real Estate Segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | 60 | 60 | |||||||||
Net rentable area | 5,100,000 | 5,100,000 | |||||||||
Oahu | Land | Real Estate Segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | 51 | 51 | |||||||||
Oahu | Commercial Real Estate | Real Estate Segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | 760,000 | 760,000 | |||||||||
Neighbor Islands | Land | Real Estate Segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Area of real estate property | 64 | 64 |
Segment_Results_Operating_Segm
Segment Results - Operating Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
acre | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | $165.10 | $153.40 | $146.70 | $94.80 | $204.80 | $64.90 | $62.70 | $32.80 | $560 | $365.20 | $261.50 | |||||||||||||
Operating profit (loss) | 26.5 | 22.1 | 28.2 | 14.3 | 35.2 | 6.2 | 14.4 | 8.9 | 91.1 | 64.7 | 36.9 | |||||||||||||
Interest expense | -7.4 | -7.2 | -7.2 | -7.2 | -7.4 | -4.2 | -3.9 | -3.6 | -29 | -19.1 | -14.9 | |||||||||||||
General corporate expenses | -5.2 | -3.9 | -4.3 | -5.2 | -5.9 | -3.4 | -3.7 | -4.4 | -18.6 | -17.4 | -15.1 | |||||||||||||
Reduction in KRS II carrying value, net (Note 6, 13) | 0.4 | -15.1 | 0 | 0 | -14.7 | 0 | 0 | |||||||||||||||||
Separation/Acquisition Costs | -0.1 | -2 | -1.5 | -1 | 0 | -4.6 | -6.8 | |||||||||||||||||
Income From Continuing Operations Before Income Taxes | 14.3 | -4.1 | 16.7 | 1.9 | 21.8 | -3.4 | 5.3 | -0.1 | 28.8 | 23.6 | 0.1 | |||||||||||||
Income tax expense (benefit) | 6.2 | -14.9 | 6.5 | 0.8 | 8.5 | -0.3 | 2.8 | 0.1 | -1.4 | 11.1 | -5.9 | |||||||||||||
Income From Continuing Operations | 8.1 | 10.8 | 10.2 | 1.1 | 13.3 | -3.1 | 2.5 | -0.2 | 30.2 | 12.5 | 6 | |||||||||||||
Income from discontinued operations (net of income taxes) | 0 | 0 | 0 | 34.3 | 7.8 | 7.2 | 2.3 | 5 | 34.3 | 22.3 | 12.8 | |||||||||||||
Net Income | 8.1 | 10.8 | 10.2 | 35.4 | 21.1 | 4.1 | 4.8 | 4.8 | 64.5 | 34.8 | 18.8 | |||||||||||||
Income attributable to non-controlling interest | -1.1 | -0.6 | -1 | -0.4 | -0.5 | 0 | 0 | 0 | -3.1 | -0.5 | 0 | |||||||||||||
Net Income Attributable to A&B | 7 | 10.2 | 9.2 | 35 | 20.6 | 4.1 | 4.8 | 4.8 | 61.4 | 34.3 | 18.8 | |||||||||||||
Area of agricultural parcel sold | 286 | |||||||||||||||||||||||
Income (loss) related to joint ventures | 2.1 | 4.3 | -4.4 | |||||||||||||||||||||
Impairment of real estate assets | 5.1 | 0 | 0 | 5.1 | ||||||||||||||||||||
Earnings Per Share, Basic (USD per share) | $0.14 | $0.21 | $0.19 | $0.72 | $0.42 | $0.10 | $0.11 | $0.11 | $1.26 | $0.77 | $0.44 | |||||||||||||
Earnings Per Share, Diluted (USD per share) | $0.14 | $0.21 | $0.19 | $0.71 | $0.42 | $0.09 | $0.11 | $0.11 | $1.25 | $0.76 | $0.44 | |||||||||||||
Basic (in shares) | 48.8 | 48.8 | 48.7 | 48.7 | 48.6 | 43.1 | 43.1 | 43 | 48.7 | 44.4 | 42.6 | |||||||||||||
Diluted (in shares) | 49.3 | 49.3 | 49.3 | 49.2 | 49.2 | 43.8 | 43.7 | 43.6 | 49.3 | 45.1 | 42.9 | |||||||||||||
The effect to current period income tax expense and net income due to out of period adjustment | 1.6 | |||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 2,329.90 | 2,283.60 | 2,329.90 | 2,283.60 | 1,437.30 | |||||||||||||||||||
Total capital expenditures | 75.1 | 505.3 | 54.8 | |||||||||||||||||||||
Depreciation and amortization | 55 | 41.7 | 35.1 | |||||||||||||||||||||
Capital before tax credits related to Port Allen solar project | 21.8 | |||||||||||||||||||||||
Real Estate Leasing | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 32.1 | 31.3 | 31 | 31.2 | 30.4 | 27.5 | 26.2 | 26.3 | 125.6 | 110.4 | 100.6 | |||||||||||||
Operating profit (loss) | 11.6 | 12.1 | 12 | 11.8 | 10.7 | 11.2 | 10.6 | 10.9 | 47.5 | 43.4 | 41.6 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 1,121.60 | 1,113.40 | 1,121.60 | 1,113.40 | 771.3 | |||||||||||||||||||
Total capital expenditures | 51.8 | [1] | 488.5 | [1] | 23.1 | [1] | ||||||||||||||||||
Depreciation and amortization | 26.9 | [2] | 24.3 | [2] | 22 | [2] | ||||||||||||||||||
Real Estate Development and Sales | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 39.4 | 18.2 | 21.4 | 71 | 358.8 | 47.4 | 1.4 | 15.4 | 150 | 423 | 32.2 | |||||||||||||
Operating profit (loss) | 14.2 | [3] | 11.4 | [3] | 7.8 | [3] | 52.3 | [3] | 38.1 | [3] | 4.6 | [3] | -0.7 | [3] | 2.4 | [3] | 85.7 | [4] | 44.4 | [4] | -4.4 | [4] | ||
Income (loss) related to joint ventures | 2 | 4.2 | -8.3 | |||||||||||||||||||||
Impairment of real estate assets | 6.3 | |||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 634.3 | [5] | 640.9 | [5] | 634.3 | [5] | 640.9 | [5] | 504.8 | [5] | ||||||||||||||
Total capital expenditures | 0 | [6] | 0.1 | [6] | 0 | [6] | ||||||||||||||||||
Depreciation and amortization | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||
Investment in various real estate joint ventures | 383.8 | 335 | 383.8 | 335 | 319.7 | |||||||||||||||||||
Expenditures for real estate inventory | 41.7 | 150.6 | 37.2 | |||||||||||||||||||||
Investment in joint ventures | 28.7 | 22.2 | 17.4 | |||||||||||||||||||||
Less amounts reported in discontinued operations | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 0 | [2] | 0 | [2] | 0 | [2] | 70.4 | [2] | 291.3 | [2] | 45.9 | [2] | 8.4 | [2] | 23.6 | [2] | 70.4 | [2] | 369.2 | [2] | 45.3 | [2] | ||
Operating profit (loss) | 0 | [2] | 0 | [2] | 0 | [2] | 56.2 | [2] | 12.9 | [2] | 11.8 | [2] | 3.8 | [2] | 8.2 | [2] | 56.2 | [2] | 36.7 | [2] | 21.1 | [2] | ||
Materials & Construction | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 61.3 | 58.4 | 64.5 | 50.1 | 54.9 | [7] | 0 | [7] | 0 | [7] | 0 | [7] | 234.3 | [8] | 54.9 | [8] | 0 | [8] | ||||||
Operating profit (loss) | 8.6 | 5.9 | 8 | 3.4 | 2.9 | 0 | 0 | 0 | 25.9 | [8] | 2.9 | [8] | 0 | [8] | ||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 385.9 | 358.7 | 385.9 | 358.7 | 0 | |||||||||||||||||||
Total capital expenditures | 10.7 | [8] | 4.8 | [8] | 0 | [8] | ||||||||||||||||||
Depreciation and amortization | 15.2 | [8] | 4.4 | [8] | 0 | [8] | ||||||||||||||||||
Agribusiness | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 32.3 | 45.5 | 29.8 | 12.9 | 52 | 35.9 | 43.5 | 14.7 | 120.5 | 146.1 | 182.3 | |||||||||||||
Operating profit (loss) | -7.9 | -7.3 | 0.4 | 3 | -3.6 | 2.2 | 8.3 | 3.8 | -11.8 | 10.7 | 20.8 | |||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 162.8 | 160 | 162.8 | 160 | 149.9 | |||||||||||||||||||
Total capital expenditures | 10.8 | [9] | 11.8 | [9] | 31.7 | [9] | ||||||||||||||||||
Depreciation and amortization | 11.5 | 11.7 | 11.6 | |||||||||||||||||||||
Significant Reconciling Items | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Revenue | 0 | [10] | 0 | [10] | -8.3 | [10] | ||||||||||||||||||
Other | ||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||||||||||||||
Assets | 25.3 | 10.6 | 25.3 | 10.6 | 11.3 | |||||||||||||||||||
Total capital expenditures | 1.8 | 0.1 | 0 | |||||||||||||||||||||
Depreciation and amortization | 1.2 | 1.1 | 1.3 | |||||||||||||||||||||
Crossroads | Real Estate Development and Sales | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Impairment of real estate assets | 0.3 | |||||||||||||||||||||||
Kukui'ula Village LLC | Real Estate Development and Sales | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Impairment of real estate assets | 6.3 | |||||||||||||||||||||||
Bakersfield and Santa Barbara Real Estate Projects | Real Estate Development and Sales | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Impairment of real estate assets | 9.8 | |||||||||||||||||||||||
Restatement Adjustment | Out of Period Tax Adjustments | ||||||||||||||||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||||||||||||||||||||
Income tax expense (benefit) | $1.90 | $0.30 | $0.20 | $0.20 | $2.60 | $1.70 | ||||||||||||||||||
[1] | 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. | |||||||||||||||||||||||
[2] | Amounts recast to reflect discontinued operations | |||||||||||||||||||||||
[3] | The Real Estate Development and Sales segment operating profit includes a non-cash impairment loss of $6.3 million in the third quarter of 2013 related to the consolidation of The Shops at Kukui'ula. | |||||||||||||||||||||||
[4] | The Real Estate Development and Sales segment includes approximately $2.0 million, $4.2 million, and ($8.3) million in equity in earnings (losses) from its various real estate joint ventures for 2014, 2013, and 2012, respectively. Included in operating profit are non-cash impairment and equity losses of $0.3 million related to the sale of Crossroads in 2014, $6.3 million related to the consolidation of The Shops at Kukui'ula in 2013, and $9.8 million related to the Bakersfield joint venture and Santa Barbara real estate project in 2012. | |||||||||||||||||||||||
[5] | The Real Estate Development and Sales segment includes approximately $383.8 million, $335.0 million, and $319.7 million related to its investment in various real estate joint ventures as of December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||
[6] | 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 $41.7 million, $150.6 million, and $37.2 million for 2014, 2013, and 2012, respectively. Investments in real estate joint ventures were $28.7 million, $22.2 million, and $17.4 million in 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||
[7] | Income tax expense (benefit) for the first quarter of 2014 was revised to remove an out-of-period tax adjustment of $1.6 million related to 2013. Income tax expense (benefit) for the quarterly periods in 2013 were increased by $0.2 million, $0.2 million, $0.3 million, and $1.9 million related to the immaterial revisions (see Note 1). | |||||||||||||||||||||||
[8] | 2013 includes the results, capital expenditures, and depreciation and amortization of Grace from the acquisition date of October 1, 2013 through December 31, 2013. | |||||||||||||||||||||||
[9] | Includes $21.8 million of capital in 2012 related to the Company’s Port Allen solar project before tax credits. | |||||||||||||||||||||||
[10] | Represents the sale of a 286-acre agricultural 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. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gross Amounts at which carried at close of period | ||||
Total | $1,397.10 | $1,402.10 | $1,022 | |
Accumulated depreciation | -120.5 | -116.9 | -133.8 | |
Aggregate tax basis of assets | 632.3 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of year | 1,402.10 | 1,022 | 998.5 | |
Additions and improvements | 57 | 758.5 | 63.2 | |
Impairments | 0 | 0 | -5.1 | |
Dispositions, retirements and other adjustments | -62 | -378.4 | -34.6 | |
Balance at end of year | 1,397.10 | 1,402.10 | 1,022 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of year | 116.9 | 133.8 | 115.9 | |
Depreciation expense | 19.2 | 19.5 | 18.3 | |
Disposition, retirements and other adjustments | -15.6 | -36.4 | -0.4 | |
Balance at end of year | 120.5 | 116.9 | 133.8 | |
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 | |||
Leasing Segment | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 172.7 | [1] | ||
Initial Cost | ||||
Land | 548.5 | |||
Buildings and Improvements | 525.4 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 96.7 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 548.5 | |||
Buildings and improvements | 622.1 | |||
Total | 1,170.60 | |||
Accumulated depreciation | -120.5 | [2] | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1,170.60 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 120.5 | [2] | ||
Leasing Segment | Kailua Industrial/Other (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -0.1 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 12.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.1 | |||
Leasing Segment | Kaka'ako Commerce Center (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 16.9 | |||
Buildings and Improvements | 20.6 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 16.9 | |||
Buildings and improvements | 20.6 | |||
Total | 37.5 | |||
Accumulated depreciation | 0 | |||
First year of construction | 1969 | |||
Year Acquired/Completed, First Date | 2014 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 37.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Leasing Segment | Komohana Industrial Park (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -1.4 | |||
First year of construction | 1990 | |||
Year Acquired/Completed, First Date | 2010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 36.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.4 | |||
Leasing Segment | P&L Warehouse (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 1.1 | |||
Total | 1.1 | |||
Accumulated depreciation | -0.6 | |||
First year of construction | 1970 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.6 | |||
Leasing Segment | Port Allen (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -1.8 | |||
First year of construction | 1985 | |||
Second year of construction | 1993 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.8 | |||
Leasing Segment | Waipio Industrial (HI) | Industrial | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -1.3 | |||
First year of construction | 1988 | |||
Second year of construction | 1989 | |||
Year Acquired/Completed, First Date | 2009 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 27.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.3 | |||
Leasing Segment | Midstate Hayes (CA) | Industrial | CALIFORNIA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8.3 | |||
Initial Cost | ||||
Land | 2.7 | |||
Buildings and Improvements | 29.6 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 2.7 | |||
Buildings and improvements | 30.8 | |||
Total | 33.5 | |||
Accumulated depreciation | -5.2 | |||
First year of construction | 2002 | |||
Second year of construction | 2008 | |||
Year Acquired/Completed, First Date | 2008 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 33.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 5.2 | |||
Leasing Segment | Sparks Business Center (NV) | Industrial | NEVADA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -7.3 | |||
First year of construction | 1996 | |||
Second year of construction | 1998 | |||
Year Acquired/Completed, First Date | 2002 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 23.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 7.3 | |||
Leasing Segment | Judd Building (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1 | |||
Buildings and Improvements | 2.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1 | |||
Buildings and improvements | 3.2 | |||
Total | 4.2 | |||
Accumulated depreciation | -1.3 | |||
First year of construction | 1898 | |||
Second year of construction | 1979 | |||
Year Acquired/Completed, First Date | 2000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 4.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.3 | |||
Leasing Segment | Kahului Office Building (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1 | |||
Buildings and Improvements | 0.4 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 5.4 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1 | |||
Buildings and improvements | 5.8 | |||
Total | 6.8 | |||
Accumulated depreciation | -6.6 | |||
First year of construction | 1974 | |||
Year Acquired/Completed, First Date | 1989 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 6.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 6.6 | |||
Leasing Segment | Kahului Office Center (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 5.6 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 5.6 | |||
Total | 5.6 | |||
Accumulated depreciation | -3.3 | |||
First year of construction | 1991 | |||
Year Acquired/Completed, First Date | 1991 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 5.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 3.3 | |||
Leasing Segment | Lono Center (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 1.4 | |||
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 | 2.3 | |||
Total | 2.3 | |||
Accumulated depreciation | -1.3 | |||
First year of construction | 1973 | |||
Year Acquired/Completed, First Date | 1991 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.3 | |||
Leasing Segment | Maui Clinic Building (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.5 | |||
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 | |||
First year of construction | 1958 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 0.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.1 | |||
Leasing Segment | Mililani South (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7 | |||
Buildings and Improvements | 3.5 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.8 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 7 | |||
Buildings and improvements | 4.3 | |||
Total | 11.3 | |||
Accumulated depreciation | -0.3 | |||
First year of construction | 1992 | |||
Second year of construction | 2006 | |||
Year Acquired/Completed, First Date | 2012 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 11.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.3 | |||
Leasing Segment | Stangenwald Building (HI) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1.8 | |||
Buildings and Improvements | 1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1.8 | |||
Buildings and improvements | 2.2 | |||
Total | 4 | |||
Accumulated depreciation | -0.7 | |||
First year of construction | 1901 | |||
Second year of construction | 1980 | |||
Year Acquired/Completed, First Date | 1996 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.7 | |||
Leasing Segment | 1800/ 1820 Preston Park (TX) | Office | TEXAS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4.5 | |||
Buildings and Improvements | 19.9 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 4.7 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 4.5 | |||
Buildings and improvements | 24.6 | |||
Total | 29.1 | |||
Accumulated depreciation | -6 | |||
First year of construction | 1997 | |||
Second year of construction | 1998 | |||
Year Acquired/Completed, First Date | 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 29.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 6 | |||
Leasing Segment | 2868 Prospect Park (CA) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2.9 | |||
Buildings and Improvements | 18.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 9.3 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 2.9 | |||
Buildings and improvements | 27.4 | |||
Total | 30.3 | |||
Accumulated depreciation | -12.6 | |||
First year of construction | 1998 | |||
Year Acquired/Completed, First Date | 1998 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 30.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 12.6 | |||
Leasing Segment | 2890 Gateway Oaks (CA) | Office | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1.7 | |||
Buildings and Improvements | 10.8 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.7 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1.7 | |||
Buildings and improvements | 12.5 | |||
Total | 14.2 | |||
Accumulated depreciation | -2.9 | |||
First year of construction | 1999 | |||
Year Acquired/Completed, First Date | 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 14.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 2.9 | |||
Leasing Segment | Concorde Commerce Center (AZ) | Office | ARIZONA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3.9 | |||
Buildings and Improvements | 20.9 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 5.9 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 3.9 | |||
Buildings and improvements | 26.8 | |||
Total | 30.7 | |||
Accumulated depreciation | -5.4 | |||
First year of construction | 1998 | |||
Year Acquired/Completed, First Date | 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 30.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 5.4 | |||
Leasing Segment | Deer Valley Financial Center (AZ) | Office | ARIZONA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3.4 | |||
Buildings and Improvements | 19.2 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 2.9 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 3.4 | |||
Buildings and improvements | 22.1 | |||
Total | 25.5 | |||
Accumulated depreciation | -6.2 | |||
First year of construction | 2001 | |||
Year Acquired/Completed, First Date | 2005 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 25.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 6.2 | |||
Leasing Segment | Ninigret Office X and XI (TX) | Office | TEXAS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -6.1 | |||
First year of construction | 1999 | |||
Second year of construction | 2002 | |||
Year Acquired/Completed, First Date | 2006 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 23.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 6.1 | |||
Leasing Segment | San Pedro Plaza (TX) | Office | TEXAS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4.6 | |||
Buildings and Improvements | 11.9 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 8.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 4.6 | |||
Buildings and improvements | 20.1 | |||
Total | 24.7 | |||
Accumulated depreciation | -9.8 | |||
First year of construction | 1985 | |||
Year Acquired/Completed, First Date | 1998 | |||
Year Acquired/Completed Second Date | 2000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 24.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 9.8 | |||
Leasing Segment | Union Bank (WA) | Office | WASHINGTON | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -1.2 | |||
First year of construction | 1993 | |||
Second year of construction | 2008 | |||
Year Acquired/Completed, First Date | 2011 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 14.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.2 | |||
Leasing Segment | Gateway at Mililani Mauka (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5 | |||
Buildings and Improvements | 4.7 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 7.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 5 | |||
Buildings and improvements | 11.9 | |||
Total | 16.9 | |||
Accumulated depreciation | -0.3 | |||
First year of construction | 2006 | |||
Second year of construction | 2013 | |||
Year Acquired/Completed, First Date | 2011 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 16.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.3 | |||
Leasing Segment | Kahului Shopping Center (HI) | Retail | HAWAII | ||||
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 | -1.4 | |||
First year of construction | 1951 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.4 | |||
Leasing Segment | Kailua Grocery Anchored (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11.2 | |||
Initial Cost | ||||
Land | 54.4 | |||
Buildings and Improvements | 49.3 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.4 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 54.4 | |||
Buildings and improvements | 49.7 | |||
Total | 104.1 | |||
Accumulated depreciation | -1.5 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 104.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.5 | |||
Leasing Segment | Kailua Retail Other (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 29.6 | |||
Buildings and Improvements | 26.7 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.4 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 29.6 | |||
Buildings and improvements | 27.1 | |||
Total | 56.7 | |||
Accumulated depreciation | -0.9 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 56.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.9 | |||
Leasing Segment | Kaneohe Bay Shopping Ctr. (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 13.4 | |||
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 | 15.3 | |||
Total | 15.3 | |||
Accumulated depreciation | -5 | |||
First year of construction | 1971 | |||
Year Acquired/Completed, First Date | 2001 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 15.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 5 | |||
Leasing Segment | Kunia Shopping Center (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -3.4 | |||
First year of construction | 2004 | |||
Year Acquired/Completed, First Date | 2002 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 14.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 3.4 | |||
Leasing Segment | Lahaina Square (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | -0.5 | |||
First year of construction | 1973 | |||
Year Acquired/Completed, First Date | 2010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 8.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.5 | |||
Leasing Segment | Lanihau Marketplace (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9.4 | |||
Buildings and Improvements | 13.2 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 9.4 | |||
Buildings and improvements | 14.2 | |||
Total | 23.6 | |||
Accumulated depreciation | -1.7 | |||
First year of construction | 1987 | |||
Year Acquired/Completed, First Date | 2010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 23.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.7 | |||
Leasing Segment | Napili Plaza (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9.4 | |||
Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 9.4 | |||
Buildings and improvements | 8.2 | |||
Total | 17.6 | |||
Accumulated depreciation | -0.5 | |||
First year of construction | 1991 | |||
Year Acquired/Completed, First Date | 2003 | |||
Year Acquired/Completed Second Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 17.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.5 | |||
Leasing Segment | Pearl Highlands Center (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 93.6 | |||
Initial Cost | ||||
Land | 43.4 | |||
Buildings and Improvements | 96.2 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.4 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 43.4 | |||
Buildings and improvements | 96.6 | |||
Total | 140 | |||
Accumulated depreciation | -3.8 | |||
First year of construction | 1993 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 140 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 3.8 | |||
Leasing Segment | Port Allen Marina Ctr. (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings and Improvements | 3.4 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 4.5 | |||
Total | 4.5 | |||
Accumulated depreciation | -1.8 | |||
First year of construction | 2002 | |||
Year Acquired/Completed, First Date | 1971 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 4.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.8 | |||
Leasing Segment | The Shops at Kukui'ula (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40.5 | |||
Initial Cost | ||||
Land | 8.9 | |||
Buildings and Improvements | 30.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.3 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 8.9 | |||
Buildings and improvements | 30.4 | |||
Total | 39.3 | |||
Accumulated depreciation | -1.1 | |||
First year of construction | 2009 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 39.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.1 | |||
Leasing Segment | Waianae Mall (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19.1 | |||
Initial Cost | ||||
Land | 17.4 | |||
Buildings and Improvements | 10.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 4.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 17.4 | |||
Buildings and improvements | 14.3 | |||
Total | 31.7 | |||
Accumulated depreciation | -0.7 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 31.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.7 | |||
Leasing Segment | Waipio Shopping Center (HI) | Retail | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 24 | |||
Buildings and Improvements | 7.6 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.5 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 24 | |||
Buildings and improvements | 8.1 | |||
Total | 32.1 | |||
Accumulated depreciation | -1.1 | |||
First year of construction | 1986 | |||
Second year of construction | 2004 | |||
Year Acquired/Completed, First Date | 2009 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 32.1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.1 | |||
Leasing Segment | Little Cottonwood Center (UT) | Retail | UTAH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 12.2 | |||
Buildings and Improvements | 9.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 12.2 | |||
Buildings and improvements | 10.1 | |||
Total | 22.3 | |||
Accumulated depreciation | -1.3 | |||
First year of construction | 1998 | |||
Second year of construction | 2008 | |||
Year Acquired/Completed, First Date | 2010 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 22.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 1.3 | |||
Leasing Segment | Royal MacArthur Center (TX) | Retail | TEXAS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3.5 | |||
Buildings and Improvements | 10.1 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 1.6 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 3.5 | |||
Buildings and improvements | 11.7 | |||
Total | 15.2 | |||
Accumulated depreciation | -2.5 | |||
First year of construction | 2006 | |||
Year Acquired/Completed, First Date | 2007 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 15.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 2.5 | |||
Leasing Segment | Wilshire Shopping Center (CO) | Retail | COLORADO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1.3 | |||
Buildings and Improvements | 1.3 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0.4 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1.3 | |||
Buildings and improvements | 1.7 | |||
Total | 3 | |||
Accumulated depreciation | -0.9 | |||
Year Acquired/Completed, First Date | 1997 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0.9 | |||
Leasing Segment | Oahu Ground Leases (HI) | Other | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 187.7 | |||
Buildings and Improvements | 0.6 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 0 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 187.7 | |||
Buildings and improvements | 0.6 | |||
Total | 188.3 | |||
Accumulated depreciation | 0 | |||
Year Acquired/Completed, First Date | 2013 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 188.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Leasing Segment | Other miscellaneous investments | Other | HAWAII | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 18.6 | |||
Buildings and Improvements | 1.3 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 12.6 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 18.6 | |||
Buildings and improvements | 13.9 | |||
Total | 32.5 | |||
Accumulated depreciation | -10.6 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 32.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 10.6 | |||
Development and Sales segment | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35.2 | |||
Initial Cost | ||||
Land | 125.3 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 101.2 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 125.3 | |||
Buildings and improvements | 101.2 | |||
Total | 226.5 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 226.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.2 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 2.5 | |||
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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 1 | |||
Total | 1 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | Kahala Portfolio | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35.2 | |||
Initial Cost | ||||
Land | 77.1 | |||
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 | 77.1 | |||
Buildings and improvements | 1.3 | |||
Total | 78.4 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 78.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 2.3 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 2.3 | |||
Total | 2.3 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 11.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 51.6 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 51.6 | |||
Total | 51.6 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 51.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 5.9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 4.6 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | Wailea B-II | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3.3 | |||
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 | 3.3 | |||
Buildings and improvements | 0 | |||
Total | 3.3 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 3.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 5.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 8.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.3 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | Wailea MF-10 | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2 | |||
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 | 2 | |||
Buildings and improvements | 0.5 | |||
Total | 2.5 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 2.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 9 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | The Ridge at Wailea (MF-19) | Real Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1.7 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Improvements | 6 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 1.7 | |||
Buildings and improvements | 6 | |||
Total | 7.7 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 7.7 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 3.1 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 15.3 | |||
Buildings and improvements | 3.1 | |||
Total | 18.4 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 18.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 1.5 | |||
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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.5 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | 3.8 | |||
Carrying costs | 0 | |||
Gross Amounts at which carried at close of period | ||||
Land | 0 | |||
Buildings and improvements | 3.8 | |||
Total | 3.8 | |||
Accumulated depreciation | 0 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 3.8 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | 0 | |||
Development and Sales segment | 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 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at end of year | 1.4 | |||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of year | $0 | |||
[1] | See Note 9 to consolidated financial statements. | |||
[2] | The aggregate tax basis, as of December 31, 2014, for the Real Estate Leasing segment and Real Estate Development and Sales segment assets was approximately $632.3 million, including the outside tax basis of consolidated joint venture investments. |