Alexander & Baldwin (ALEX) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document and Entity Information [Abstract]
Entity Registrant Name	Alexander & Baldwin, Inc.
Entity Central Index Key	1,545,654
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	48,871,931
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Revenue:
Real estate leasing	$ 34.8	$ 31	$ 67.5	$ 61.9
Real estate development and sales	35.7	21.4	67.9	22.3
Materials and construction	57.4	64.5	114.3	114.7
Agribusiness	25.8	29.8	54.7	42.7
Total operating revenue	153.7	146.7	304.4	241.6
Operating Costs and Expenses:
Cost of real estate leasing	20.9	19.4	40.5	39
Cost of real estate development and sales	19.3	11.2	40.7	11.1
Cost of construction contracts and materials	47.6	51.8	93.4	93.9
Costs of agribusiness revenue	30.5	29.2	57.3	39
Selling, general and administrative	14.1	12.3	28.7	25.7
Gain on the sale of improved property	0	0	(1.9)	0
Total operating costs and expenses	132.4	123.9	258.7	208.7
Operating Income	21.3	22.8	45.7	32.9
Other Income and (Expense):
Income (loss) related to joint ventures	3.8	0.4	27.8	(1.2)
Reduction in KRS II carrying value	(1.5)	0	(1.6)	0
Interest income and other	0.1	0.7	0.4	1.4
Interest expense	(6.6)	(7.2)	(13.7)	(14.5)
Income From Continuing Operations Before Income Taxes	17.1	16.7	58.6	18.6
Income tax expense	7	6.5	22.6	7.3
Income From Continuing Operations	10.1	10.2	36	11.3
Income From Discontinued Operations (net of income taxes)	0	0	0	34.3
Net Income	10.1	10.2	36	45.6
Income attributable to noncontrolling interest	(0.3)	(1)	(0.9)	(1.4)
Net Income Attributable to A&B Shareholders	$ 9.8	$ 9.2	$ 35.1	$ 44.2
Basic Earnings Per Share:
Continuing operations attributable to A&B shareholders (in dollars per share)	$ 0.20	$ 0.19	$ 0.72	$ 0.20
Discontinued operations attributable to A&B shareholders (in dollars per share)	0	0	0	0.71
Basic - Net income attributable to A&B shareholders (dollars per share)	0.20	0.19	0.72	0.91
Diluted Earnings Per Share:
Continuing operations attributable to A&B shareholders (in dollars per share)	0.20	0.19	0.71	0.20
Discontinued operations attributable to A&B shareholders (in dollars per share)	0	0	0	0.70
Diluted - Net income attributable to A&B shareholders (dollars per share)	$ 0.20	$ 0.19	$ 0.71	$ 0.90
Weighted Average Number of Shares Outstanding:
Basic (in shares)	48.9	48.7	48.8	48.7
Diluted (in shares)	49.4	49.3	49.3	49.2
Amounts Attributable to A&B Shareholders:
Income from continuing operations, net of tax	$ 9.8	$ 9.2	$ 35.1	$ 9.9
Discontinued operations, net of tax	0	0	0	34.3
Net Income Attributable to A&B	$ 9.8	$ 9.2	$ 35.1	$ 44.2
Cash dividends declared per share (dollars per share)	$ 0.05	$ 0.04	$ 0.10	$ 0.08

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net Income		$ 10.1	$ 10.2	$ 36	$ 45.6
Defined benefit pension plans:
Net gain (loss) and prior service cost		(0.8)	1.2	(0.8)	1.2
Amortization of prior service credit included in net periodic pension cost	[1]	(0.3)	(0.3)	(0.6)	(0.6)
Amortization of net loss included in net periodic pension cost	[1]	2.5	0.3	3.6	2.2
Income taxes related to other comprehensive income		(0.6)	(0.4)	(0.9)	(1.1)
Other Comprehensive Income		0.8	0.8	1.3	1.7
Comprehensive Income		10.9	11	37.3	47.3
Comprehensive income attributable to noncontrolling interest		(0.3)	(1)	(0.9)	(1.4)
Comprehensive income attributable to A&B		$ 10.6	$ 10	$ 36.4	$ 45.9
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details).

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 2.3	$ 2.8
Accounts and other notes receivable, net	43.8	33.1
Contracts retention	9.5	9.1
Costs and estimated earnings in excess of billings on uncompleted contracts	13.4	15.9
Inventories	79.8	81.9
Real estate held for sale	6.6	2.5
Deferred income taxes	8.3	8.3
Income tax receivable	4.2	6.7
Prepaid expenses and other assets	15.4	15.6
Total current assets	183.3	175.9
Investments in Affiliates	409.5	418.6
Real Estate Developments	179.5	224
Property – net	1,286.2	1,301.7
Intangible Assets - net	58.8	63.9
Goodwill	102.3	102.3
Other Assets	50	43.5
Total assets	2,269.6	2,329.9
Current Liabilities:
Notes payable and current portion of long-term debt	48.8	74.5
Accounts payable	35.6	37.6
Billings in excess of costs and estimated earnings on uncompleted contracts	1.8	3.6
Accrued interest	5.5	5.7
Deferred revenue	2.5	16.5
Indemnity holdback related to Grace acquisition	9.3	9.3
Accrued and other liabilities	32.7	35.8
Total current liabilities	136.2	183
Long-term Liabilities:
Long-term debt	568.6	631.5
Deferred income taxes	210.9	194
Accrued pension and postretirement benefits	53.7	54.8
Other non-current liabilities	51.2	51.8
Total long-term liabilities	$ 884.4	$ 932.1
Commitments and Contingencies (Note 3)
Equity:
Common stock	$ 1,149.2	$ 1,147.3
Accumulated other comprehensive loss	(43.1)	(44.4)
Retained earnings	131.1	101
Total A&B Shareholders' equity	1,237.2	1,203.9
Noncontrolling interest	11.8	10.9
Total equity	1,249	1,214.8
Total liabilities and equity	$ 2,269.6	$ 2,329.9

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Cash Flows from (used in) Operating Activities:	$ 69.4	$ (20.6)
Cash Flows from Investing Activities:
Capital expenditures for property, plant and equipment	(20.4)	(19.7)
Capital expenditures related to 1031 commercial property transactions	(1.3)	0
Proceeds from investment tax credits and grants related to Port Allen Solar Farm	0	4.5
Proceeds from disposal of property and other assets	5.1	8.2
Proceeds from disposals related to 1031 commercial property transactions	25.2	71.7
Payments for purchases of investments in affiliates	(18.1)	(9)
Proceeds from investments in affiliates	37.2	6.2
Change in restricted cash associated with 1031 transactions	(2.7)	(0.5)
Net cash provided by investing activities	25	61.4
Cash Flows from Financing Activities:
Proceeds from issuances of long-term debt	51	73
Payments of long-term debt and deferred financing costs	(136.9)	(43.4)
Proceeds from (payments of) line-of-credit agreements, net	(2.5)	(63.7)
Dividends paid	(4.9)	(3.9)
Distributions to non-controlling interest	(1.1)	0
Proceeds from issuance (repurchase) of capital stock and other, net	(0.5)	0.1
Net cash used in financing activities	(94.9)	(37.9)
Cash and Cash Equivalents:
Net increase (decrease) for the period	(0.5)	2.9
Balance, beginning of period	2.8	3.3
Balance, end of period	2.3	6.2
Other Cash Flow Information:
Interest paid	(14.3)	(14.8)
Income taxes paid	(3.6)	(11)
Other Non-cash Information:
Real estate exchanged for note receivable	0	3.6
Land contributed into real estate joint venture	9.6	0
Capital expenditures included in accounts payable and accrued expenses	$ 4.8	$ 3.1

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	A&B Share- holders' Equity	Non- controlling interest
Beginning balance at Dec. 31, 2013	$ 1,168.7	$ 1,159.8	$ 8.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45.6	44.2	1.4
Other comprehensive income, net of tax	1.7	1.7
Dividends paid on common stock	(3.9)	(3.9)
Share-based compensation	2.4	2.4
Shares issued or repurchased, net	(1.3)	(1.3)
Excess tax benefit from share-based awards	1.3	1.3
Ending balance at Jun. 30, 2014	1,214.5	1,204.2	10.3
Beginning balance at Dec. 31, 2014	1,214.8	1,203.9	10.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36	35.1	0.9
Other comprehensive income, net of tax	1.3	1.3
Dividends paid on common stock	(4.9)	(4.9)
Share-based compensation	2.3	2.3
Shares issued or repurchased, net	(1)	(1)
Excess tax benefit from share-based awards	0.5	0.5
Ending balance at Jun. 30, 2015	$ 1,249	$ 1,237.2	$ 11.8

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business. A&B is headquartered in Honolulu and operates four segments: Real Estate Development and Sales; Real Estate Leasing; Agribusiness; and Materials and Construction. Real Estate Development and Sales: The Real Estate Development and Sales segment generates its revenue through the investment in and development and sale of land and commercial and residential properties in Hawaii and through the sale of properties in the Company's Leasing portfolio. 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 performs asphalt paving as prime contractor and subcontractor; imports and sells liquid asphalt; mines, processes and sells basalt aggregate; produces and sells construction materials; and provides and sells various construction- and traffic-control-related products.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation. The condensed consolidated financial statements are unaudited. Because of the nature of the Company’s operations, the results for interim periods are not necessarily indicative of results to be expected for the year. While these condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. Therefore, the interim condensed consolidated financial statements should be read in conjunction with the consolidated balance sheets as of December 31, 2014 and 2013 , and the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the three years in the period ended December 31, 2014 and the notes thereto included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2014 , and other subsequent filings with the SEC. Revisions of prior period financial statements: In the first quarter of 2014, the Company recorded an out-of-period 2013 adjustment to income taxes, which had the effect of increasing income tax expense and reducing net income and income from continuing operations by $1.6 million , or approximately $0.03 per diluted share. In the course of preparing the Company’s financial statements for the year ended December 31, 2014, the Company identified immaterial misstatements in certain deferred tax accounts related to prior periods. In connection with the correction of these misstatements, which were reflected in the Company's 2014 Form 10-K, the Company also corrected for the 2013 out-of-period income tax adjustment by retroactively adjusting income taxes for the first quarter of 2014, which increased net income and income from continuing operations by $1.6 million , or approximately $0.03 per diluted share, from the results previously reported in the Company's Form 10-Q for the quarter ended March 31, 2014. The impact of the adjustments had no impact on pre-tax income or cash flows from operating, investing or financing activities. Rounding: Amounts in the condensed consolidated financial statements and notes are rounded to the nearest tenth of a million, but per-share calculations and percentages were determined based on amounts before rounding. Accordingly, a recalculation of some per-share amounts and percentages, if based on the reported data, may be slightly different.

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments, Guarantees and Contingencies	Commitments, Guarantees and Contingencies: Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 10 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2014 , included the following (in millions) as of June 30, 2015 : Standby letters of credit $ 12.0 Bonds related to real estate and construction* $ 421.5 * Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds have been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon. Indemnity Agreements: For certain real estate joint ventures, the Company may be obligated under bond indemnities to complete construction of the real estate development if the joint venture does not perform. These indemnities are designed to protect the surety in exchange for the issuance of surety bonds that cover joint venture construction activities, such as project amenities, roads, utilities, and other infrastructure, at its joint ventures. Under the indemnities, the Company and its joint venture partners agree to indemnify the surety bond issuer from all losses and expenses arising from the failure of the joint venture to complete the specified bonded construction. The maximum potential amount of aggregate future payments is a function of the amount covered by outstanding bonds at the time of default by the joint venture, reduced by the amount of work completed to date. The recorded amounts of the indemnity liabilities were not material individually or in the aggregate. Other than the above items and those described in the Company's 2014 Form 10-K, obligations of the Company’s non-consolidated joint ventures do not have recourse to the Company and the Company’s “at-risk” amounts are limited to its investment. Legal Proceedings and Other Contingencies: A&B owns 16,000 acres of watershed lands in East Maui that supply a significant portion of the irrigation water used by Hawaiian Commercial & Sugar Company (“HC&S”), a division of A&B that produces raw sugar. A&B also held four water licenses to another 30,000 acres owned by the State of Hawaii in East Maui which, over the last ten years , have supplied approximately 56 percent of the irrigation water used by HC&S. The last of these water license agreements expired in 1986, and all four agreements were then extended as revocable permits that were renewed annually. In 2001, a request was made to the State Board of Land and Natural Resources (the “BLNR”) to replace these revocable permits with a long-term water lease. Pending the conclusion by the BLNR of this contested case hearing on the request for the long-term lease, the BLNR has kept the existing permits on a holdover basis. A third party filed a lawsuit on April 10, 2015 alleging that the BLNR has been renewing the revocable permits annually rather than keeping them in holdover status, and that the BLNR unlawfully failed to conduct an environmental assessment for the renewals. The lawsuit seeks a court order voiding the revocable permits and requiring preparation of an environmental assessment of the renewals. If the Company is not permitted to utilize sufficient quantities of stream waters from state lands in East Maui, it would 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 Hawaii Intermediate Court of Appeals dismissed the petitioner’s appeal. On November 29, 2011, the petitioner appealed the Hawaii Intermediate Court of Appeals’ dismissal to the Hawaii Supreme Court. On January 11, 2012, the Hawaii Supreme Court vacated the Hawaii 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. The evidentiary phase of the hearing before the Commission-appointed hearings officer was completed on April 2, 2015, and the final decision of the Commission is not expected until 2016. Water loss that may result from the Water Commission’s future decisions would 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. In January 2013, the Environmental Protection Agency (“EPA”) finalized nationwide standards for controlling hazardous air pollutant emissions from industrial, commercial, institutional boilers and process heaters (the “Boiler MACT” rule), which apply to Hawaiian Commercial & Sugar Company's (“HC&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 $1 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 five -year period (2009-2013) and alleged violations relating primarily to periods of excess visible emissions and operation of the wet scrubbers installed to control particulate matter emissions from the boiler stacks. All incidents were self-reported by HC&S to the DOH prior to the DOH’s review, and there is no indication that these deviations resulted in any violation of health-based air quality standards. The NFVO includes an administrative penalty of $1.3 million , which HC&S has contested. The Company is unable to predict, at this time, the outcome or financial impact of the NFVO, but does not believe that the financial impact of the NFVO will be material to its financial position, cash flows or results of operations. On July 1, 2015, a lawsuit was filed against the State of Hawaii and the Director of the Department of Health, alleging that the sugar cane burning permits issued by the State to HC&S were unlawfully issued, and seeking an injunction against the burning of cane. On July 6, 2015, the plaintiffs added the Company as a defendant. If the Company is not permitted or is substantially limited in its ability to burn sugar cane, this would have a material adverse effect on the Company’s sugar operations. The Company will vigorously defend itself in this matter. A&B is a party to, or may be contingently liable in connection with, other legal actions arising in the normal conduct of its businesses, the outcomes of which, in the opinion of management after consultation with counsel, would not have a material effect on A&B’s condensed consolidated financial statements as a whole.

Earnings Per Share (_EPS_)

Earnings Per Share (“EPS”)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”) : The following table provides a reconciliation of income from continuing operations to income from continuing operations attributable to A&B (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income from continuing operations, net of tax $ 10.1 $ 10.2 $ 36.0 $ 11.3 Noncontrolling interest (0.3 ) (1.0 ) (0.9 ) (1.4 ) Income from continuing operations attributable to A&B shareholders, net of tax $ 9.8 $ 9.2 $ 35.1 $ 9.9 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Denominator for basic EPS – weighted average shares 48.9 48.7 48.8 48.7 Effect of dilutive securities: Employee/director stock options and restricted stock units 0.5 0.6 0.5 0.5 Denominator for diluted EPS – weighted average shares 49.4 49.3 49.3 49.2 Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares, if any, that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive shares of common stock include non-qualified stock options, time-based restricted stock units and performance share units. The vesting of performance share units is contingent upon the achievement of relative total shareholder return metrics. Prior to vesting, if all necessary conditions would have been satisfied by the end of the reporting period (as if the end of the reporting period were deemed to be the end of the performance measurement period), the dilutive effect of the performance share units, if any, is included in the computation of diluted EPS using the treasury stock method. During the three and six month periods ended June 30, 2015 and 2014 , there were no anti-dilutive securities outstanding.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The fair values of receivables and short-term borrowings approximate their carrying values due to the short-term nature of the instruments. The Company’s cash and cash equivalents, consisting principally of cash on deposit, may from time to time include short-term money markets funds. The fair values of these money market funds, based on market prices (level 2), approximate their carrying values due to their short-maturities. The carrying amount and fair value of the Company’s long-term debt at June 30, 2015 was $ 617.4 million and $632.0 million , respectively, and $706.0 million and $729.6 million at December 31, 2014 , respectively. The fair value of long-term debt is calculated by discounting the future cash flows of the debt at rates based on instruments with similar risk, terms and maturities as compared to the Company’s existing debt arrangements (level 2).

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories. Sugar inventories are stated at the lower of cost (first-in, first-out basis) or market value. Materials and supplies and Materials and Construction segment inventory are stated at the lower of cost (principally average cost, first-in, first-out basis) or market value. Inventories at June 30, 2015 and December 31, 2014 were as follows (in millions): June 30, 2015 December 31, 2014 Sugar inventories $ 17.2 $ 23.3 Work in process - sugar 17.2 — Asphalt 14.3 21.3 Processed rock, portland cement, and sand 13.3 15.7 Work in process 3.2 2.8 Retail merchandise 1.6 1.5 Parts, materials and supplies inventories 13.0 17.3 Total $ 79.8 $ 81.9

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation. Under the 2012 Plan, which provides for grants of equity-based incentive compensation, 4.3 million shares of common stock were initially reserved for issuance and, as of June 30, 2015 , 1,277,179 shares of the Company’s common stock remained available for future issuance, which is reflective of a 2.7 million share reduction for outstanding equity awards replaced in the separation transaction from Matson, Inc. in 2012. The shares of common stock authorized to be issued under the 2012 Plan may be drawn from the shares of the Company’s authorized but unissued common stock or from shares of its common stock that the Company acquires, including shares purchased on the open market or in private transactions. The Company does not currently grant stock options under its share-based equity program. The last grant of options occurred in January 2012. Activity in the Company’s stock option plans in 2015 was as follows (in thousands, except weighted average exercise price and weighted average contractual life): 2012 Plan Weighted Average Exercise Price Weighted Average Contractual Life Aggregate Intrinsic Value Outstanding, January 1, 2015 1,124.6 $ 18.84 Exercised (25.9 ) $ 20.13 Outstanding, June 30, 2015 1,098.7 $ 18.81 4.1 $ 22,635 Exercisable, June 30, 2015 1,098.7 $ 18.81 4.1 $ 22,635 The following table summarizes non-vested restricted stock unit activity through June 30, 2015 (in thousands, except weighted average grant-date fair value amounts): 2012 Plan Restricted Stock Units Weighted Average Grant-Date Fair Value Outstanding, January 1, 2015 279.0 $ 33.76 Granted 124.7 $ 40.85 Vested (103.1 ) $ 31.78 Canceled (25.4 ) $ 35.15 Outstanding, June 30, 2015 275.2 $ 37.59 A portion of the restricted stock unit awards are time-based awards that vest ratably over three years . The remaining portion of the awards represents market-based awards that cliff vest after two or three years, provided that the total shareholder return of the Company’s common stock over the relevant measurement period meets or exceeds pre-defined levels of relative total shareholder returns of the Standard & Poor’s MidCap 400 index and the Russell 2000 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 market-based awards 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 weighted average assumptions: 2015 Grants 2014 Grants Volatility of A&B common stock 29.5% 25.4% Average volatility of peer companies 34.2% 27.3% Risk-free interest rate 0.7% 0.4% A summary of compensation cost related to share-based payments is as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Share-based expense (net of estimated forfeitures): Stock options $ — $ 0.1 $ — $ 0.3 Restricted stock units 1.1 1.1 2.3 2.1 Total share-based expense 1.1 1.2 2.3 2.4 Total recognized tax benefit (0.3 ) (0.3 ) (0.6 ) (0.7 ) Share-based expense (net of tax) $ 0.8 $ 0.9 $ 1.7 $ 1.7

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations. In the first half of 2015, there were no sales that were classified as discontinued operations. In the first half of 2014, the Company sold a retail property on Maui whose revenue and expenses were classified as discontinued operations because the sale met the conditions for classification as discontinued operations for 2014. The revenue, operating profit, income tax expense and after-tax effects of sales treated as discontinued operations were as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Proceeds from the sale of income-producing properties $ — $ — $ — $ 70.1 Real estate leasing revenue — — — 0.3 Total $ — $ — $ — $ 70.4 Gain on sale of income-producing properties $ — $ — $ — $ 55.9 Real estate leasing operating profit — — — 0.3 Total operating profit before taxes — — — 56.2 Income tax expense — — — 21.9 Income from discontinued operations $ — $ — $ — $ 34.3

Pension and Post-retirement Pla

Pension and Post-retirement Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Post-retirement Plans	Pension and Post-retirement Plans. The Company has defined benefit pension plans that cover substantially all non-bargaining unit and certain bargaining unit employees. The Company also has unfunded non-qualified plans that provide benefits in excess of the amounts permitted to be paid under the provisions of the tax law to participants in qualified plans. In 2007, the Company changed the traditional defined benefit pension plan formula for new non-bargaining unit employees hired after January 1, 2008 and replaced it with a cash balance defined benefit pension plan formula. Subsequently, effective January 1, 2012, the Company froze the benefits under its traditional defined benefit plans for non-bargaining unit employees hired before January 1, 2008 and replaced the benefit with the same cash balance defined benefit pension plan formula provided to those employees hired after January 1, 2008. Retirement benefits under the cash balance pension plan formula are based on a fixed percentage of employee eligible compensation, plus interest. The plan interest credit rate will vary from year-to-year based on the ten-year U.S. Treasury rate. The assumptions related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, mortality and health care cost trend rates, along with other factors, are used in determining the assets, liabilities and expenses associated with pension benefits. Management reviews the assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company’s intentions with respect to these plans. Management believes that its assumptions and estimates are reasonable. Different assumptions, however, could result in material changes to the assets, obligations and costs associated with benefit plans. The components of net periodic benefit cost recorded for the three months ended June 30, 2015 and 2014 were as follows (in millions): Pension Benefits Post-retirement Benefits 2015 2014 2015 2014 Service cost $ 0.7 $ 0.5 $ 0.1 $ — Interest cost 1.7 2.2 — 0.1 Expected return on plan assets (2.8 ) (2.6 ) — — Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of net loss 2.5 0.1 — — Net periodic benefit cost $ 1.9 $ — $ 0.1 $ 0.1 The components of net periodic benefit cost recorded for the six months ended June 30, 2015 and 2014 were as follows (in millions): Pension Benefits Post-retirement Benefits 2015 2014 2015 2014 Service cost $ 1.5 $ 1.2 $ 0.1 $ 0.1 Interest cost 4.0 4.1 0.2 0.2 Expected return on plan assets (5.5 ) (5.3 ) — — Amortization of prior service credit (0.4 ) (0.4 ) — — Amortization of net loss 3.5 2.0 0.1 0.1 Net periodic benefit cost $ 3.1 $ 1.6 $ 0.4 $ 0.4

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs , ("ASU 2015-03"). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in ASU 2015-03 are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income. The changes in accumulated other comprehensive income by component for the six months ended June 30, 2015 were as follows (in millions, net of tax): Pension and Postretirement Plans Six Months Ended June 30, 2015 Beginning balance $ 44.4 Amounts reclassified from accumulated other comprehensive income, net of tax (1.3 ) Ending balance $ 43.1 The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Quarter Ended June 30, Six Months Ended June 30, Details about Accumulated Other Comprehensive Income Components 2015 2014 2015 2014 Actuarial gain (loss)* $ (0.8 ) $ 1.2 $ (0.8 ) $ 1.2 Amortization of defined benefit pension items reclassified to net periodic pension cost: Net loss* $ 2.5 0.3 $ 3.6 2.2 Prior service credit* (0.3 ) (0.3 ) (0.6 ) (0.6 ) Total before income tax 1.4 1.2 2.2 2.8 Income taxes (0.6 ) (0.4 ) (0.9 ) (1.1 ) Other comprehensive income net of tax $ 0.8 $ 0.8 $ 1.3 $ 1.7 * These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes. The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments are applied in the calculation of tax credits, tax benefits and deductions, and in the calculation of certain deferred tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and deferred tax liabilities are adjusted to the extent necessary to reflect tax rates expected to be in effect when the temporary differences reverse. Adjustments may be required to deferred tax assets and deferred tax liabilities due to changes in tax laws and audit adjustments by tax authorities. To the extent adjustments are required in any given period, the adjustments would be included within the tax provision in the condensed consolidated statements of income or balance sheet. 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 with its 2014 tax return. The Company is subject to taxation by the United States and various state and local jurisdictions. As of June 30, 2015 , the Company’s tax years 2012 (short-year return) and 2013, which were prepared on a standalone basis excluding Matson, are open to examination by the federal and state tax authorities. For tax years in which the Company was included in the consolidated tax group together with Matson, the 2011 and 2012 tax years remain open to examination by the federal and state tax authorities, and in addition the 2010 tax year remains open to examination by California. The Company's 2012 short-year tax return is currently under examination by the IRS.

Investment in Affiliates

Investment in Affiliates	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Affiliates	Investment in Affiliates . At June 30, 2015 , investments in affiliates consisted principally of equity investments 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 Company’s operating results include its share of net earnings from its equity method investments. For the six months ended June 30, 2015 , the financial results reported by a significant joint venture were $243.0 million for operating revenue and $32.3 million for operating income, income from continuing operations, and net income.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments. The Company is exposed to interest rate risk related to its floating rate debt. The Company balances its cost of debt and exposure to interest rates primarily through its mix of fixed and floating rate debt. From time to time, the Company may use interest rate swaps to manage its exposure to interest rate risk. The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps (Level 2) are determined based on discounted cash flow analysis, reflecting the terms of the contracts, and utilize observable inputs such as interest rates and yield curves. As of June 30, 2015 , the Company had a gross notional amount of $19.5 million related to interest rate swaps that were assumed in connection with 2013 acquisitions, in which the floating rates were swapped for fixed rates. The table below presents the fair value of derivative financial instruments, which are included in Other non-current liabilities in the condensed consolidated balance sheets (in millions): As of June 30, As of December 31, 2015 2014 Interest rate swap liability - floating to fixed rate $ 2.6 $ 2.9 The amount of expense the Company recorded in Interest income and other in the condensed consolidated statements of income for the change in the fair values of the interest rate swaps was not material in 2014 or 2015.

Segment Results

Segment Results	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Results	Segment Results. Segment results for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: Real Estate 1 : Leasing $ 34.8 $ 31.0 $ 67.5 $ 62.2 Development and sales 52.4 21.4 88.9 92.4 Less amounts reported in discontinued operations — — — (70.4 ) Materials and construction 57.4 64.5 114.3 114.7 Agribusiness 25.8 29.8 54.7 42.7 Reconciling item 2 (16.7 ) — (21.0 ) — Total revenue $ 153.7 $ 146.7 $ 304.4 $ 241.6 Operating Profit (Loss), Net Income: Real Estate 1 : Leasing $ 13.9 $ 12.0 $ 27.1 $ 23.8 Development and sales 14.3 7.8 46.3 60.1 Less amounts reported in discontinued operations — — — (56.2 ) Materials and construction 7.0 8.0 14.2 11.4 Agribusiness (4.7 ) 0.4 (2.8 ) 3.5 Total operating profit 30.5 28.2 84.8 42.6 Interest expense (6.6 ) (7.2 ) (13.7 ) (14.5 ) General corporate expenses (5.3 ) (4.3 ) (10.9 ) (9.5 ) Reduction in KRS II carrying value (1.5 ) — (1.6 ) — Income from continuing operations before income taxes 17.1 16.7 58.6 18.6 Income tax expense 7.0 6.5 22.6 7.3 Income from continuing operations 10.1 10.2 36.0 11.3 Income from discontinued operations (net of income taxes) — — — 34.3 Net income 10.1 10.2 36.0 45.6 Income attributable to noncontrolling interest (0.3 ) (1.0 ) (0.9 ) (1.4 ) Net income attributable to A&B $ 9.8 $ 9.2 $ 35.1 $ 44.2 1 Prior year amounts recast for amounts treated as discontinued operations. 2 Represents the deduction of revenue from the sales of a Colorado retail property in March 2015 and a Texas office building in June 2015 that are classified as "Gain on the sale of improved property" in the Condensed Consolidated Statements of Income, but reflected as revenue for segment reporting purposes.

Commitments, Guarantees and C22

Commitments, Guarantees and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments, guarantees and contingencies	Commitments and financial arrangements not recorded on the Company's condensed consolidated balance sheet, excluding lease commitments that are disclosed in Note 10 of the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2014 , included the following (in millions) as of June 30, 2015 : Standby letters of credit $ 12.0 Bonds related to real estate and construction* $ 421.5 * Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds have been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon.

Earnings Per Share (_EPS_) (Tab

Earnings Per Share (“EPS”) (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculation of numerator and denominator in earnings per share	The following table provides a reconciliation of income from continuing operations to income from continuing operations attributable to A&B (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Income from continuing operations, net of tax $ 10.1 $ 10.2 $ 36.0 $ 11.3 Noncontrolling interest (0.3 ) (1.0 ) (0.9 ) (1.4 ) Income from continuing operations attributable to A&B shareholders, net of tax $ 9.8 $ 9.2 $ 35.1 $ 9.9 The number of shares used to compute basic and diluted earnings per share is as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Denominator for basic EPS – weighted average shares 48.9 48.7 48.8 48.7 Effect of dilutive securities: Employee/director stock options and restricted stock units 0.5 0.6 0.5 0.5 Denominator for diluted EPS – weighted average shares 49.4 49.3 49.3 49.2

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of inventory	Inventories at June 30, 2015 and December 31, 2014 were as follows (in millions): June 30, 2015 December 31, 2014 Sugar inventories $ 17.2 $ 23.3 Work in process - sugar 17.2 — Asphalt 14.3 21.3 Processed rock, portland cement, and sand 13.3 15.7 Work in process 3.2 2.8 Retail merchandise 1.6 1.5 Parts, materials and supplies inventories 13.0 17.3 Total $ 79.8 $ 81.9

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	Activity in the Company’s stock option plans in 2015 was as follows (in thousands, except weighted average exercise price and weighted average contractual life): 2012 Plan Weighted Average Exercise Price Weighted Average Contractual Life Aggregate Intrinsic Value Outstanding, January 1, 2015 1,124.6 $ 18.84 Exercised (25.9 ) $ 20.13 Outstanding, June 30, 2015 1,098.7 $ 18.81 4.1 $ 22,635 Exercisable, June 30, 2015 1,098.7 $ 18.81 4.1 $ 22,635
Summarizes non-vested restricted stock unit activity	The following table summarizes non-vested restricted stock unit activity through June 30, 2015 (in thousands, except weighted average grant-date fair value amounts): 2012 Plan Restricted Stock Units Weighted Average Grant-Date Fair Value Outstanding, January 1, 2015 279.0 $ 33.76 Granted 124.7 $ 40.85 Vested (103.1 ) $ 31.78 Canceled (25.4 ) $ 35.15 Outstanding, June 30, 2015 275.2 $ 37.59
Schedule of fair value assumptions for RSU's	The fair value of the Company’s market-based awards 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 weighted average assumptions: 2015 Grants 2014 Grants Volatility of A&B common stock 29.5% 25.4% Average volatility of peer companies 34.2% 27.3% Risk-free interest rate 0.7% 0.4%
Summary of compensation cost related to share-based payments	A summary of compensation cost related to share-based payments is as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Share-based expense (net of estimated forfeitures): Stock options $ — $ 0.1 $ — $ 0.3 Restricted stock units 1.1 1.1 2.3 2.1 Total share-based expense 1.1 1.2 2.3 2.4 Total recognized tax benefit (0.3 ) (0.3 ) (0.6 ) (0.7 ) Share-based expense (net of tax) $ 0.8 $ 0.9 $ 1.7 $ 1.7

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
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 sales treated as discontinued operations were as follows (in millions): Quarter Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Proceeds from the sale of income-producing properties $ — $ — $ — $ 70.1 Real estate leasing revenue — — — 0.3 Total $ — $ — $ — $ 70.4 Gain on sale of income-producing properties $ — $ — $ — $ 55.9 Real estate leasing operating profit — — — 0.3 Total operating profit before taxes — — — 56.2 Income tax expense — — — 21.9 Income from discontinued operations $ — $ — $ — $ 34.3

Pension and Post-retirement P27

Pension and Post-retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost	The components of net periodic benefit cost recorded for the three months ended June 30, 2015 and 2014 were as follows (in millions): Pension Benefits Post-retirement Benefits 2015 2014 2015 2014 Service cost $ 0.7 $ 0.5 $ 0.1 $ — Interest cost 1.7 2.2 — 0.1 Expected return on plan assets (2.8 ) (2.6 ) — — Amortization of prior service credit (0.2 ) (0.2 ) — — Amortization of net loss 2.5 0.1 — — Net periodic benefit cost $ 1.9 $ — $ 0.1 $ 0.1 The components of net periodic benefit cost recorded for the six months ended June 30, 2015 and 2014 were as follows (in millions): Pension Benefits Post-retirement Benefits 2015 2014 2015 2014 Service cost $ 1.5 $ 1.2 $ 0.1 $ 0.1 Interest cost 4.0 4.1 0.2 0.2 Expected return on plan assets (5.5 ) (5.3 ) — — Amortization of prior service credit (0.4 ) (0.4 ) — — Amortization of net loss 3.5 2.0 0.1 0.1 Net periodic benefit cost $ 3.1 $ 1.6 $ 0.4 $ 0.4

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in accumulated other comprehensive income	The changes in accumulated other comprehensive income by component for the six months ended June 30, 2015 were as follows (in millions, net of tax): Pension and Postretirement Plans Six Months Ended June 30, 2015 Beginning balance $ 44.4 Amounts reclassified from accumulated other comprehensive income, net of tax (1.3 ) Ending balance $ 43.1
Reclassifications of other comprehensive income	The reclassifications of other comprehensive income components out of accumulated other comprehensive income for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Quarter Ended June 30, Six Months Ended June 30, Details about Accumulated Other Comprehensive Income Components 2015 2014 2015 2014 Actuarial gain (loss)* $ (0.8 ) $ 1.2 $ (0.8 ) $ 1.2 Amortization of defined benefit pension items reclassified to net periodic pension cost: Net loss* $ 2.5 0.3 $ 3.6 2.2 Prior service credit* (0.3 ) (0.3 ) (0.6 ) (0.6 ) Total before income tax 1.4 1.2 2.2 2.8 Income taxes (0.6 ) (0.4 ) (0.9 ) (1.1 ) Other comprehensive income net of tax $ 0.8 $ 0.8 $ 1.3 $ 1.7 * These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details).

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative financial instruments	The table below presents the fair value of derivative financial instruments, which are included in Other non-current liabilities in the condensed consolidated balance sheets (in millions): As of June 30, As of December 31, 2015 2014 Interest rate swap liability - floating to fixed rate $ 2.6 $ 2.9

Segment Results (Tables)

Segment Results (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment results	Segment results for the three and six months ended June 30, 2015 and 2014 were as follows (in millions): Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenue: Real Estate 1 : Leasing $ 34.8 $ 31.0 $ 67.5 $ 62.2 Development and sales 52.4 21.4 88.9 92.4 Less amounts reported in discontinued operations — — — (70.4 ) Materials and construction 57.4 64.5 114.3 114.7 Agribusiness 25.8 29.8 54.7 42.7 Reconciling item 2 (16.7 ) — (21.0 ) — Total revenue $ 153.7 $ 146.7 $ 304.4 $ 241.6 Operating Profit (Loss), Net Income: Real Estate 1 : Leasing $ 13.9 $ 12.0 $ 27.1 $ 23.8 Development and sales 14.3 7.8 46.3 60.1 Less amounts reported in discontinued operations — — — (56.2 ) Materials and construction 7.0 8.0 14.2 11.4 Agribusiness (4.7 ) 0.4 (2.8 ) 3.5 Total operating profit 30.5 28.2 84.8 42.6 Interest expense (6.6 ) (7.2 ) (13.7 ) (14.5 ) General corporate expenses (5.3 ) (4.3 ) (10.9 ) (9.5 ) Reduction in KRS II carrying value (1.5 ) — (1.6 ) — Income from continuing operations before income taxes 17.1 16.7 58.6 18.6 Income tax expense 7.0 6.5 22.6 7.3 Income from continuing operations 10.1 10.2 36.0 11.3 Income from discontinued operations (net of income taxes) — — — 34.3 Net income 10.1 10.2 36.0 45.6 Income attributable to noncontrolling interest (0.3 ) (1.0 ) (0.9 ) (1.4 ) Net income attributable to A&B $ 9.8 $ 9.2 $ 35.1 $ 44.2 1 Prior year amounts recast for amounts treated as discontinued operations. 2 Represents the deduction of revenue from the sales of a Colorado retail property in March 2015 and a Texas office building in June 2015 that are classified as "Gain on the sale of improved property" in the Condensed Consolidated Statements of Income, but reflected as revenue for segment reporting purposes.

Description of Business (Detail

Description of Business (Details)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of operating segments	4
Real Estate Development and Sales
Segment Reporting Information [Line Items]
Number of operating segments	1
Real Estate Leasing
Segment Reporting Information [Line Items]
Number of operating segments	1
Agribusiness
Segment Reporting Information [Line Items]
Number of operating segments	1
Materials and Construction
Segment Reporting Information [Line Items]
Number of operating segments	1

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
The effect to current period income tax expense and net income due to out of period adjustment			$ 1.6
Tax effect per diluted share (in dollars per share)			$ 0.03
Income from continuing operations, net of tax	$ 10.1	$ 10.2		$ 36	$ 11.3
Out of Period Tax Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income from continuing operations, net of tax			$ 1.6

Commitments, Guarantees and C33

Commitments, Guarantees and Contingencies (Details) a in Thousands, $ in Millions		Jun. 24, 2014USD ($)Boiler	Jun. 30, 2015USD ($)aLicense	Aug. 20, 2014Petition	May. 31, 2010Petition	Sep. 25, 2008Petition	May. 24, 2001Stream
Petitions Filed Requesting IIFS In West Maui Streams
Loss Contingencies [Line Items]
Period provided by irrigation system			10 years
Standby letters of credit
Loss Contingencies [Line Items]
Maximum amount of possible loss contingency			$ 12
Performance and customs bonds
Loss Contingencies [Line Items]
Maximum amount of possible loss contingency	[1]		$ 421.5
Long Term Water Lease Request
Loss Contingencies [Line Items]
Watershed lands in East Maui owned (in acres) | a			16
Number of water licenses held and extended as revocable permits | License			4
Additional watershed lands accessible by licenses (in acres) | a			30
Capacity of irrigation water supplied by additional watershed lands (in percent)			56.00%
Petitions Filed Requesting IIFS In East Maui Streams
Loss Contingencies [Line Items]
Number of streams for which IIFS was requested | Stream							27
Number of petitions on which the Water Commission took action | Petition				27	19	8
Environmental Protection Agency | Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Maximum amount of possible loss contingency			$ 1
Hawaii State Department of Health | Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Number of boilers not compliant | Boiler		3
Number of periods of alleged violations		5 years
Possible administrative penalty		$ 1.3
[1]	Represents bonds related to construction and real estate activities in Hawaii, and include construction bonds issued by third party sureties (bid, performance, and payment bonds) and commercial bonds issued by third party sureties (permit, subdivision, license, and notary bonds). In the event the bonds are drawn upon, the Company would be obligated to reimburse the surety that issued the bond. None of the bonds have been drawn upon to date, and the Company believes it is unlikely that any of these bonds will be drawn upon.

Earnings Per Share (_EPS_) (Det

Earnings Per Share (“EPS”) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 10.1	$ 10.2	$ 36	$ 11.3
Income attributable to noncontrolling interest	(0.3)	(1)	(0.9)	(1.4)
Income from continuing operations attributable to A&B shareholders, net of tax	$ 9.8	$ 9.2	$ 35.1	$ 9.9
Shares used to compute basic and diluted earnings per share [Abstract]
Denominator for basic EPS - weighted average shares (in shares)	48,900,000	48,700,000	48,800,000	48,700,000
Effect of dilutive securities:
Employee/director stock options and restricted stock units (in shares)	500,000	600,000	500,000	500,000
Denominator for diluted EPS - weighted average shares (in shares)	49,400,000	49,300,000	49,300,000	49,200,000
Anti-dilutive securities excluded from the computation of weighted average dilutive shares outstanding (in shares)	0	0	0	0

Fair Value of Financial Instr35

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Fair Value Measuremnt of Long-term Debt [Line Items]
Long-term debt value	$ 617.4	$ 706
Fair Value
Fair Value Measuremnt of Long-term Debt [Line Items]
Long-term debt value	$ 632	$ 729.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Inventory [Line Items]
Inventories	$ 79.8	$ 81.9
Sugar inventories
Inventory [Line Items]
Inventories	17.2	23.3
Work in process - sugar
Inventory [Line Items]
Inventories	17.2	0
Asphalt
Inventory [Line Items]
Inventories	14.3	21.3
Processed rock, portland cement, and sand
Inventory [Line Items]
Inventories	13.3	15.7
Work in process
Inventory [Line Items]
Inventories	3.2	2.8
Retail merchandise
Inventory [Line Items]
Inventories	1.6	1.5
Parts, materials and supplies inventories
Inventory [Line Items]
Inventories	$ 13	$ 17.3

Share-Based Compensation (Detai

Share-Based Compensation (Details) - Jun. 30, 2015 - shares	Total
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares)	4,300,000
Stock available for future issuance (in shares)	1,277,179
Options granted in period (in shares)	2,700,000
Time-Based Vesting | Restricted Stock Units (RSUs) | 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Two years | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Three years | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Share-Based Compensation - Acti

Share-Based Compensation - Activity of stock option plans (Details) - Jun. 30, 2015 - Stock Options - 2012 Plan - USD ($) $ / shares in Units, $ in Thousands	Total
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	1,124,600
Exercised (in shares)	(25,900)
Outstanding, ending balance (in shares)	1,098,700
Exercisable (in shares)	1,098,700
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 18.84
Exercised (in dollars per share)	20.13
Outstanding, ending balance (in dollars per share)	18.81
Exercisable (in dollars per share)	$ 18.81
Weighted Average Contractual Life [Abstract]
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	4 years 1 month 12 days
Exercisable weighted average contractual life	4 years 1 month
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Aggregate Intrinsic Value [Abstract]
Outstanding aggregate intrinsic value	$ 22,635
Exercisable intrinsic value	$ 22,635

Share-Based Compensation - Ac39

Share-Based Compensation - Activity of non-vested restricted stock units (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) - 2012 Plan - $ / shares	Total
2012 Plan Restricted Stock Units [Roll Forward]
Outstanding, beginning balance (in shares)	279,000
Granted (in shares)	124,700
Vested (in shares)	(103,100)
Canceled (in shares)	(25,400)
Outstanding, ending balance (in shares)	275,200
Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 33.76
Granted (in dollars per share)	40.85
Vested (in dollars per share)	31.78
Canceled (in dollars per share)	35.15
Outstanding, ending balance (in dollars per share)	$ 37.59

Share-Based Compensation - Fair

Share-Based Compensation - Fair value measurement assumptions (Details) - 2012 Plan - Restricted Stock Units (RSUs) - Time-Based Vesting	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility of A&B common stock	29.50%	25.40%
Average volatility of peer companies	34.20%	27.30%
Risk-free interest rate	0.70%	0.40%

Share-Based Compensation - Shar

Share-Based Compensation - Share-based expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based expense	$ 1.1	$ 1.2	$ 2.3	$ 2.4
Total recognized tax benefit	(0.3)	(0.3)	(0.6)	(0.7)
Share-based expense (net of tax)	0.8	0.9	1.7	1.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based expense	0	0.1	0	0.3
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based expense	$ 1.1	$ 1.1	$ 2.3	$ 2.1

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of income-producing properties	$ 0	$ 0	$ 1.9	$ 0
Income from discontinued operations	0	0	0	34.3
Discontinued Operations | 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	0	0	0	70.1
Real estate leasing revenue	0	0	0	0.3
Revenue from discontinued operations	0	0	0	70.4
Gain on sale of income-producing properties	0	0	0	55.9
Real estate leasing operating profit	0	0	0	0.3
Total operating profit before taxes	0	0	0	56.2
Income tax expense	0	0	0	21.9
Income from discontinued operations	$ 0	$ 0	$ 0	$ 34.3

Pension and Post-retirement P43

Pension and Post-retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Benefits
Components of net periodic benefit cost [Abstract]
Service cost	$ 0.7	$ 0.5	$ 1.5	$ 1.2
Interest cost	1.7	2.2	4	4.1
Expected return on plan assets	(2.8)	(2.6)	(5.5)	(5.3)
Amortization of prior service credit	(0.2)	(0.2)	(0.4)	(0.4)
Amortization of net loss	2.5	0.1	3.5	2
Net periodic benefit cost	1.9	0	3.1	1.6
United States Postretirement Benefit Plans of US Entity, Defined Benefit
Components of net periodic benefit cost [Abstract]
Service cost	0.1	0	0.1	0.1
Interest cost	0	0.1	0.2	0.2
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	0	0	0	0
Amortization of net loss	0	0	0.1	0.1
Net periodic benefit cost	$ 0.1	$ 0.1	$ 0.4	$ 0.4

Accumulated Other Comprehensi44

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes In Accumulated Other Comprehensive Income [Roll Forward]
Pension and postretirement plans, Beginning balance				$ 44.4
Amounts reclassified from accumulated other comprehensive income, net of tax				(1.3)
Pension and postretirement plans, Ending balance		$ 43.1		43.1
Amortization of defined benefit pension items reclassified to net periodic pension cost:
Actuarial gain (loss)	[1]	(0.8)	$ 1.2	(0.8)	$ 1.2
Net loss	[1]	2.5	0.3	3.6	2.2
Prior service credit	[1]	(0.3)	(0.3)	(0.6)	(0.6)
Total before income tax		1.4	1.2	2.2	2.8
Income taxes		(0.6)	(0.4)	(0.9)	(1.1)
Other Comprehensive Income		$ 0.8	$ 0.8	$ 1.3	$ 1.7
[1]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 9 for additional details).

Investment in Affiliates (Detai

Investment in Affiliates (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Operating revenue	$ 243
Operating income	$ 32.3

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross notional amount related to interest rate swaps	$ 19,500,000
Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap	$ 2,600,000	$ 2,900,000

Segment Results (Details)

Segment Results (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenue		$ 153.7		$ 146.7		$ 304.4	$ 241.6
Operating profit		30.5		28.2		84.8	42.6
Interest expense		(6.6)		(7.2)		(13.7)	(14.5)
General corporate expenses		(5.3)		(4.3)		(10.9)	(9.5)
Reduction in KRS II carrying value		(1.5)		0		(1.6)	0
Income From Continuing Operations Before Income Taxes		17.1		16.7		58.6	18.6
Income tax expense		7		6.5		22.6	7.3
Income From Continuing Operations		10.1		10.2		36	11.3
Income From Discontinued Operations (net of income taxes)		0		0		0	34.3
Net Income		10.1		10.2		36	45.6
Income attributable to noncontrolling interest		(0.3)		(1)		(0.9)	(1.4)
Net Income Attributable to A&B Shareholders		9.8		9.2		35.1	44.2
Leasing
Segment Reporting Information [Line Items]
Revenue	[1]	34.8		31		67.5	62.2
Operating profit	[1]	13.9		12		27.1	23.8
Development and sales
Segment Reporting Information [Line Items]
Revenue	[1]	52.4		21.4		88.9	92.4
Operating profit	[1]	14.3		7.8		46.3	60.1
Less amounts reported in discontinued operations
Segment Reporting Information [Line Items]
Revenue	[1]	0		0		0	70.4
Operating profit	[1]	0		0		0	56.2
Materials and construction
Segment Reporting Information [Line Items]
Revenue		57.4		64.5		114.3	114.7
Operating profit		7		8		14.2	11.4
Agribusiness
Segment Reporting Information [Line Items]
Revenue		25.8		29.8		54.7	42.7
Operating profit		(4.7)		0.4		(2.8)	3.5
Reconciling item
Segment Reporting Information [Line Items]
Revenue		$ (16.7)	[2]	$ 0	[2]	$ (21)	$ 0
[1]	Prior year amounts recast for amounts treated as discontinued operations.
[2]	Represents the deduction of revenue from the sales of a Colorado retail property in March 2015 and a Texas office building in June 2015 that are classified as "Gain on the sale of improved property" in the Condensed Consolidated Statements of Income, but reflected as revenue for segment reporting purposes.